NATURAL RESOURCE PARTNERS LP — Director's Dealing 2007

Nov 21, 2007

SEC Form 4/A — Form 4/A

Issuer: NATURAL RESOURCE PARTNERS LP (NRP)
CIK: 0001171486
Period of Report: 2007-11-14

Reporting Person: ROBERTSON CORBIN J JR (Director, Chairman and CEO, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-11-14	Common Units	M	5231764	—	Acquired	17279860	Indirect
2007-11-14	Common Units	M	1116064	—	Acquired	2979558	Indirect
2007-11-14	Common Units	M	208906	—	Acquired	670024	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-11-14	Subordinated Units	$	M	5231764	Disposed		Common Units (5231764)	Indirect
2007-11-14	Subordinated Units	$	M	1116064	Disposed		Common Units (1116064)	Indirect
2007-11-14	Subordinated Units	$	M	208906	Disposed		Common Units (208906)	Indirect

Footnotes

F1: As set forth in the partnership agreement, the remaining original subordinated units outstanding on November 14, 2007 converted to common units on that date. In connection with the conversion, 5,231,764 subordinated units, 1,116,064 subordinated units and 208,906 subordinated units held by Western Pocahontas Properties Limited Partnership, Great Northern Limited Partnership and New Gauley Coal Corporation, respectively, were converted.

F2: These units are beneficially owned by Western Pocahontas Properties Limited Partnership, whose general partner is Western Pocahontas Corporation, a corporation controlled by Mr. Robertson. Mr. Robertson also holds indirect limited partner interests in Western Pocahontas Properties Limited Partnership. All the common units owned by Western Pocahontas Properties Limited Partnership are reported on this line. Mr. Robertson disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

F3: These units are beneficially owned by Great Northern Properties Limited Partnership, whose general partner is GNP Management Corporation, a corporation, in which Mr. Robertson owns 85% of the common stock. Mr. Robertson also holds indirect limited partner interests in Great Northern Properties Limited Partnership. All the common units owned by Great Northern Properties Limited Partnership are reported on this line. Mr. Robertson disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

F4: These units are beneficially owned by New Gauley Coal Corporation, a corporation controlled by Mr. Robertson. All the common units owned by New Gauley Coal Corporation are reported on this line. Mr. Robertson disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.