Eagle Rock Energy exercises option to acquire its General Partner. Co announces that it has delivered notice to Eagle Rock Holdings of its exercise of its previously-announced option to acquire its general partner entities, pursuant to the Amended and Restated Securities Purchase and Global Transaction Agreement and the Recapitalization and Related Transactions thereunder. As consideration for the GP Acquisition, Eagle Rock will issue 1,000,000 common units to ERH and cancel the 844,551 general partner units outstanding. Management expects that the closing of the GP Acquisition will occur on or about Friday, July 30, 2010.
Pretty much meaningless, a few extra units of dilution. It was part of the recap deal. Still messing around will legal junk obviously, looks like it might be awhile until we get distribution visibility.