NATURAL RESOURCE PARTNERS LP — Director's Dealing 2007

Feb 27, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: NATURAL RESOURCE PARTNERS LP (NRP)
CIK: 0001171486
Period of Report: 2007-02-26

Reporting Person: HAGER KATHY E (VP Investor Relations)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-02-26	Common Units	M	2426	—	Acquired	6803	Direct
2007-02-26	Common Units	D	2426	$61.76	Disposed	4377	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-02-26	Phantom Units	$	M	2426	Disposed	2007-02-26	Common Units (2426)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Phantom Units	$	2008-02-11	Common Units (1820)	1820	Direct
Phantom Units	$	2009-02-14	Common Units (2000)	2000	Direct
Phantom Units	$	2010-02-13	Common Units (2000)	2000	Direct
Phantom Units	$	2011-02-13	Common Units (2200)	2200	Direct

Footnotes

F1: The common units were deemed to have been purchased and sold on the date of vesting of the phantom units listed in Table II, which were paid in cash on a one for one basis based on the average closing price of the common units for the 20 trading days immediately preceding the date of vesting.

F2: The phantom units were originally granted to the reporting person under the issuer's long term incentive plan.

F3: As described in Footnote 1, upon vesting, the phantom units were paid in cash on a one for one basis based on the average closing price of the common units for the 20 trading days immediately preceding the date of vesting.

F4: The phantom units will be paid in cash based on the average closing price of the common units for the 20 trading days immediately preceding the date of vesting.