e4
 

OMB APPROVAL
OMB Number: 3235-0287
Expires: January 31, 2005
Estimated average burden
hours per response...0.5


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 4

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935
or Section 30(h) of the Investment Company Act of 1940

o Check this box if no longer
subject to Section 16.
Form 4 or Form 5
obligations may continue.
See Instruction 1(b).
1. Name and Address of Reporting
Person* (Last, First, Middle)		 2. Issuer Name and Ticker or
Trading Symbol		 3. I.R.S. Identification Number of Reporting
Person, if an entity (Voluntary)
  Robertson (Jr.), Corbin J.
  Natural Resource Partners L.P. (NRP)
   
  601 Jefferson Street
Suite 3600
4. Statement for Month/Day/Year 5. If Amendment, Date of Original (Month/Day/Year)
    11/18/02
   
   
  (Street) 6. Relationship of Reporting Person(s)
to Issuer (Check All Applicable)		 7. Individual or Joint/Group Filing
(Check Applicable Line)
  Houston, TX 77002
(City)                (State)           (Zip)		   x  Director x  10% Owner   x Form filed by One Reporting Person
    x  Officer (give title below)   o Form filed by More than One Reporting Person
    o  Other (specify below)  
        Chief Executive Officer
     
Reminder:   Report on a separate line for each class of securities beneficially owned directly or indirectly.
 
*   If the form is filed by more than one reporting person, see instruction 4(b)(v).
 

 

 
Table I — Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security
(Instr. 3)		 2. Transaction Date
(Month/Day/Year)		 2a. Deemed Execution
Date, if any.
(Month/Day/Year)		 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A)
or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities
Beneficially Owned
Following Reported
Transactions(s)
(Instr. 3 and 4)		 6. Ownership
Form:
Direct (D) or
Indirect (I)
(Instr. 4)		 7. Nature of
Indirect
Beneficial
Ownership
(Instr. 4)
              Code V   Amount (A)
or
(D)		 Price            
  Common Units   11/18/02       J(1)   66,353 (2)   A 20.00         I (2)   By Great Northern Properties
Limited Partnership(2)
  Common Units   11/18/02       J(1)   9,150 (3)   A 20.00           I (3)   By New Gauley Coal
Corporation(3)
  Common Units                             4,007,988     I (4)   (4)
                     
                     
                     

Page 2

 
Table II — Derivative Securities Acquired, Disposed of, or Beneficially Owned
  (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative
Security
(Instr. 3)		 2. Conversion or Exercise
Price of Derivative
Security		 3. Transaction
Date
(Month/Day/Year)		 3a. Deemed Execution
Date, if any
(Month/Day/Year)		 4. Transaction
Code
(Instr. 8)		 5. Number of Derivative Securities
Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
                      Code V   (A) (D)
               
             
             
             
             
             
             
             
             

Page 3

 
Table II — Derivative Securities Acquired, Disposed of, or Beneficially Owned — Continued
(e.g., puts, calls, warrants, options, convertible securities)
6. Date Exercisable and
Expiration Date
(Month/Day/Year)		 7. Title and Amount
of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative
Security
(Instr. 5)		 9. Number of Derivative
Securities Beneficially Owned
Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of
Derivative Security:
Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of
Indirect
Beneficial
Ownership
(Instr. 4)
  Date
Exercisable		 Expiration
Date		   Title Amount or
Number of
Shares		                        
                 
                 
                 
                 
                 
                 
                 
                 
                 

Explanation of Responses:

(1) On November 18, 2002, Great Northern Properties Limited Partnership and New Gauley Coal Corporation purchased an aggregate of 75,503 Common Units at $20.00 per Common Unit upon the expiration of the underwriters' over-allotment option, as described in the Prospectus.

(2) These units are beneficially owned by Great Northern Properties Limited Partnership, whose general partner is GNP Management Corporation, a corporation controlled by Mr. Robertson. Mr. Robertson also holds indirect limited partner interests in Great Northern Properties Limited Partnership.  All the securities owned by Great Northern Properties Limited Partnership are reported on this line. Mr. Robertson disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

(3) These units are beneficially owned by New Gauley Coal Corporation, in which Mr. Robertson holds an interest.  All the securities owned by New Gauley Coal Corporation are reported on this line.  Mr. Robertson disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

(4) This total number of units includes the units owned by Great Northern Properties Limited Partnership, New Gauley Coal Corporation, Western Pocahontas Properties Limited Partnership, the William K. Robertson 1993 Trust and the Frances C. Robertson 1992 Management Trust. Western Pocahontas Properties Limited Partnership's general partner is Western Pocahontas Corporation, a corporation controlled by Mr. Robertson. Mr. Robertson also holds indirect limited partner interests in Western Pocahontas Properties Limited Partnership. All the securities owned by Western Pocahontas Properties Limited Partnership are reported on this line. Mr. Robertson is the trustee of the William K. Robertson 1993 Trust and the Frances C. Robertson 1992 Management Trust. Mr. Robertson's children are the beneficiaries of these trusts. Mr. Robertson disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

/s/ CORBIN J. ROBERTSON, JR.   11/20/02
**Signature of Reporting Person		  
Date

**   Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
 
Note:   File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
 

Page 4