Eastern American Natural Gas Trust (the "Trust") (NYSE: NGT) announced today that it has entered into a definitive agreement to sell its Royalty NPI interest to Softvest, LP for $6.5 million, subject to reduction for certain potential matters in accordance with the terms of the agreement.
As previously disclosed, The Bank of New York Mellon Trust Company, N.A., as Trustee of the Trust (the "Trustee") is required by the terms of the Trust Agreement to cause the sale of the Royalty NPI. The Trustee engaged EnergyNet to market the Royalty NPI and conduct an auction, and Softvest was the winning bidder.
Pursuant to the Trust Agreement, Energy Corporation of America ("ECA") holds a right of first refusal to purchase the Royalty NPI on the same terms offered by Softvest. Under certain circumstances the Trust may be required to reimburse Softvest for up to $25,000 of expenses if ECA exercises its right of first refusal.
Eastern American Natural Gas Trust is a grantor trust, which holds net profit interests in approximately 600 producing gas wells located in West Virginia and Pennsylvania.This press release may contain statements that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are "forward-looking statements" for purposes of these provisions. An investment in Units issued by Eastern American Natural Gas Trust is subject to the risks described in the Trust's Annual Report on Form 10-K for the year ended December 31, 2011, and all of its other filings with the Securities and Exchange Commission. The Trust's annual, quarterly and other filed reports are available over the Internet at the SEC's web site at http://www.sec.gov.