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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Eastern American Natural Gas Trust | NYSE:NGT | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 20.90 | 0.00 | 01:00:00 |
EASTERN AMERICAN NATURAL GAS TRUST (NYSE:NGT) (the “Trust”) announced today that Energy Corporation of America (the “Company”) has informed the Trust today that the Company has accepted for payment all depositary units (“NGT Depositary Units”) of Eastern American Natural Gas Trust (“NGT”) that were validly tendered in its offer to exchange up to approximately 4.1 million common units (“ECT Common Units”) of ECA Marcellus Trust I (“ECT”) that the Company owns for up to approximately 3.2 million NGT Depositary Units. The offer to exchange (the “Offer”) expired at 11:59 P.M. (New York City time) at the end of the day on March 13, 2013.
The Company informed the Trust that the final exchange ratio of 1.361 was determined based on the volume weighted average trading price of ECT Common Units for the 10-day period ending on March 11, 2013 (the 18th business day following commencement of the Offer ($16.56)), and that holders of NGT Depositary Units will receive 136 ECT Common Units and a cash payment equivalent to .1 ECT Common Units ($1.65) for every 100 NGT Depositary Units validly tendered and delivered pursuant to the Offer and accepted by the Company.
The Company further informed the Trust that:
Eastern American Natural Gas Trust is a grantor trust, which holds net profit interests in approximately 329 producing gas wells located in West Virginia and Pennsylvania. The Trust will terminate and be liquidated in 2013.
An investment in Depositary 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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