NATURAL RESOURCE PARTNERS LP — Director's Dealing 2007

May 18, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NATURAL RESOURCE PARTNERS LP (NRP)
CIK: 0001171486
Period of Report: 2007-05-16

Reporting Person: VECELLIO LEO A JR (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-05-16	Phantom Units	$	A	2250	Acquired	2008-02-11	Common Units (2250)	Direct
2007-05-16	Phantom Units	$	A	3000	Acquired	2009-02-14	Common Units (3000)	Direct
2007-05-16	Phantom Units	$	A	3000	Acquired	2010-02-13	Common Units (3000)	Direct
2007-02-16	Phantom Units	$	A	3000	Acquired	2011-02-13	Common Units (3000)	Direct

Footnotes

F1: The phantom units were granted to the reporting person under the Issuer's long-term incentive plan.

F2: The phantom units will be paid in cash based on the average closing price of the common units for the 20 trading days immediately prior to the date of vesting.