2010-07-28-2010-07-28

To acquire general partner, subsequent to which two independent directors will join board.

Eagle Rock Energy Partners LP, Houston, (Nasdaq: EROC) has exercised its option to acquire its general partner Eagle Rock Holdings LP for an undisclosed price.

Eagle Rock will issue 1 million common units to Eagle Rock Holdings and will cancel the 844,551 general partner units outstanding. The deal is expected to close by July 30.

Subsequently, two additional independent directors appointed by the conflicts committee will join the partnership's board.

A simplified capital restructure was approved by a majority of Eagle Rock unaffiliated unitholders on May 21. The sale of its fee mineral and royalty interests business to Black Stone Minerals Co. LP, Houston, closed on May 24.

Eagle Rock has upstream, midstream and downstream operations with E&P assets in Alabama and Texas.