UPDATE: Eagle Rock Announces Public Offering of Common Units; Shares Drop 3%


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Eagle Rock Energy Partners, L.P. ( EROC ) is down 2.9% at $8.69 after it announced it has commenced, subject to market conditions, an underwritten public offering of 8 million of its common units representing limited partner interests.

The company says it intends to use the net proceeds of the offering 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.

EROC trades in a 52-week range of $8.25 - $11.81. Shares have fallen 18% in the last 12 months.

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This article appears in: Investing , Commodities

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