ECA MARCELLUS TRUST I (NYSE: ECT) announced today that although gas production was curtailed during the quarter due to emergency interstate pipeline repairs, its distribution for the quarter ended September 30, 2011 will be $.630 per unit, which is expected to be distributed on or before November 30, 2011 to holders of record as of the close of business on November 14, 2011. During the quarter production exceeded the targeted estimate and NYMEX gas prices were less than the targeted estimate. The Trust was formed by Energy Corporation of America ("ECA") to own royalty interests in natural gas properties owned by ECA in the Marcellus Shale formation in Greene County, Pennsylvania, and is entitled to receive certain amounts of the proceeds attributable to ECA’s interest in the sale of production from the properties. As described in the Trust's filings, the amount of the quarterly distributions are expected to fluctuate from quarter to quarter, depending on the proceeds received by the Trust as a result of production and natural gas prices and the amount of the Trust's administrative expenses, among other factors.
Energy Corporation of America, the sponsor of the ECA Marcellus Trust I announced that it will host a conference call on November 14 th at 4:15 p.m. EST. The call information is 1-866-203-3436 (domestic) or 1-617-213-8849 (international) the participant code for both numbers is 82757713. The call may also be accessed via the Internet at http://www.media-server.com/m/p/epf9v477. A replay of the call can be accessed from November 14, 2011 (7:15 PM, EST) through November 21, 2011 (11:59 PM, EST) by calling 1-888-286-8010 (domestic) or 1-617-801-6888 (international) the participant code for both replay lines is 36723700.
Pursuant to IRC Section 1446, withholding tax on income effectively connected to a United States trade or business allocated to foreign partners should be made at the highest marginal rate. Under Section 1441, withholding tax on fixed, determinable, annual, periodic income from United States sources allocated to foreign partners should be made at 30% of gross income unless the rate is reduced by treaty. This release is intended to be a qualified notice to nominees and brokers as provided for under Treasury Regulation Section 1.1446-4(b) by ECA Marcellus Trust I, and while specific relief is not specified for Section 1441 income, this disclosure is intended to suffice. Nominees and brokers should withhold 35% of the distribution made to foreign partners.
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