BRP LLC is a joint venture formed in June 2010 between Natural Resource Partners L.P. (NYSE:NRP) and International Paper (NYSE:IP).  BRP will own and manage the current leases as well as the further development of the more than 7 million acres previously held by International Paper.  NRP will be the managing and controlling partner with a 51% interest and IP will hold the remaining 49% interest.  NRP will receive a $4.25 million annual cumulative preferred distribution from the joint venture before profit sharing commences.

The mineral acres are located in 31 states and consist of:

• Oil and gas reserves
• Coal reserves
• Aggregate reserves
• Coal bed methane rights
• Geothermal rights
• CO2 sequestration rights
• Water rights
• Cell tower rights
• Precious metal reserves
• Industrial minerals
• Base metals

Approximately three-fourths of the acreage is located in the Gulf Coast Region, with the second largest area being the Pacific Northwest.

The business plan for BRP is very similar to the business plan for Natural Resource Partners.  BRP will own and manage the reserves and will lease them to various companies in exchange for a royalty on the production from the property or a fee depending on the asset.

The assets currently have active leases for oil and gas, coal, aggregates and cell towers with upside potential from additional leasing and development.