Natural Gas Partners ups bid for Eagle Rock business by $10 million

By Lisa Kerner

Charlotte, N.C., Oct. 13 - Eagle Rock Energy Partners, LP announced that Natural Gas Partners VII, LP and its affiliates revised the terms and conditions of their Sept. 17 proposal, raising their bid for Eagles Rock's mineral business to $145 million from $135 million.

Natural Gas Partners has a significant equity position in Eagle Rock Holdings, LP, which owns all of the equity interests in Eagle Rock's general partner, Eagle Rock Energy GP, LP.

The conflicts committee of Eagle Rock's board determined that the revised proposal "constitutes an acceptable framework for negotiation of definitive documents," according to an Eagle Rock news release.

Eagle Rock, a Houston-based natural gas and natural gas liquids company, also announced that its commercial lenders reaffirmed its existing borrowing base of $135 million under its senior secured credit facility.

Natural Gas Partners is an Irving, Texas-based private equity firm.

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