Eastern American Natural Gas Trust Announces Extension for Sale of Royalty NPI
25 Septembre 2012 - 10:30PM
Business Wire
EASTERN AMERICAN NATURAL GAS TRUST (NYSE: NGT) announced today
that the time by which the Trust is required to either sell its
interest in the Royalty NPI it holds or engage an appraiser to
appraise the Royalty NPI has been extended from September 30, 2012
to October 31, 2012.
The sponsor of the Trust, Energy Corporation of America (“ECA”),
granted the waiver in order to allow the Trust additional time in
which to market the Royalty NPI. ECA will have the right to
purchase the Royalty NPI at the appraised value if the Royalty NPI
has not been sold by October 31, 2012. Under the terms of the Trust
Agreement, ECA also has a right of first refusal to purchase the
Royalty NPI on the terms offered by any prospective third party
purchaser prior to the October 31, 2012 deadline.
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.
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