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Eagle Rock Announces Closing Of Public Offering Of Common Units

HOUSTON, Aug. 17, 2012 (GLOBE NEWSWIRE) -- Eagle Rock Energy Partners, L.P. (the "Partnership" or "Eagle Rock") (Nasdaq:EROC) announced today that it has closed its underwritten public offering of 10,120,000 common units representing limited partner interests, which includes 1,320,000 common units purchased pursuant to the full exercise of the underwriters' option to purchase additional common units to cover over-allotments.

The Partnership intends to use the approximately $84.5 million in net proceeds from the offering, after deducting underwriting discounts, commissions and offering expenses, to fund a portion of the consideration for the proposed acquisition of two of BP America Production Company's gas processing facilities in the Texas Panhandle and the associated gathering system (the "BP Acquisition"). Pending the application of the net proceeds to fund a portion of the consideration for the BP Acquisition, the Partnership intends to use the net proceeds to repay a portion of the outstanding borrowings under its credit facility. If the BP Acquisition is not consummated for any reason, the Partnership will use the net proceeds for general partnership purposes, including future acquisitions and capital program expenditures.

UBS Investment Bank, BofA Merrill Lynch, Citigroup, RBC Capital Markets and Wells Fargo Securities acted as joint book-running managers of the offering.

The offering was made only by means of a prospectus supplement and accompanying base prospectus, copies of which may be obtained from the underwriters as follows:
UBS Securities LLC BofA Merrill Lynch
Attn: Prospectus Department Attn: Prospectus Department, 
299 Park Avenue 222 Broadway, 7th Floor, 
New York, New York 10171 New York, New York 10038, 
Toll-free number: (888) 827-7275 or by e-mail at dg.prospectus_requests@baml.com
   
Citigroup Global Markets Inc. RBC Capital Markets, LLC
Prospectus Department Attn: Prospectus Department
Brooklyn Army Terminal 3 World Financial Center
140 58th Street, 8th Floor 200 Vesey Street, 8th Floor
Brooklyn, New York 11220 New York, New York 10281-8098
Email: batprospectusdept@citi.com Toll-free number: (877) 822-4089
Toll-free number: (800) 831-9146  
   
Wells Fargo Securities, LLC  
Attn: Equity Syndicate Department  
375 Park Avenue  
New York, New York 10152  
Email: cmclientsupport@wellsfargo.com        
Toll-free number: (800) 326-5897  

The common units were offered and sold pursuant to an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering was made only by means of a prospectus and related prospectus supplement.

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