Search the web
Welcome, Guest
[Sign Out, My Account]
EDGAR_Online

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
NGT > SEC Filings for NGT > Form 8-K on 30-Oct-2012All Recent SEC Filings

Show all filings for EASTERN AMERICAN NATURAL GAS TRUST

Form 8-K for EASTERN AMERICAN NATURAL GAS TRUST


30-Oct-2012

Entry into a Material Definitive Agreement, Financial Statemen


Item 1.01 Entry into a Material Definitive Agreement.

On October 24, 2012, the registrant (the "Trust") entered into a Purchase and Sale Agreement, dated October 24, 2012 (the "Agreement"), with Softvest, LP, a Delaware limited partnership ("Softvest"). Pursuant to the Agreement, the Trust will sell the Royalty NPI to Softvest at closing for $6.5 million, subject to reduction for changes in the price of natural gas prior to closing and defects in title to the Royalty NPI, if any.

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 Amended and Restated Trust Agreement governing the Trust (the "Trust Agreement") to cause the sale of the Royalty NPI. The Trustee engaged EnergyNet.com, Inc. ("EnergyNet") to market the Royalty NPI and conduct an auction of the Royalty NPI. Softvest was the winning bidder. Pursuant to the terms of the Trust's agreement with EnergyNet, the Trust will pay EnergyNet a fee equal to 4.0% of the first $2 million of the sales price, and an additional 2.0% of the amount of the sales price in excess of $2 million.

Pursuant to the Trust Agreement, the sponsor of the Trust, Energy Corporation of America ("ECA") holds a right of first refusal to purchase the Royalty NPI on the same terms offered by Softvest. The Trust is required to reimburse Softvest for up to $25,000 of expenses if ECA exercises its right of first refusal. The Trust expects to incur additional expenses in connection with the sale of the Royalty NPI.

Based on filings made by Softvest with the Securities and Exchange Commission, Softvest is the holder of approximately 5.95% of the Trust's outstanding units of beneficial interest.

In 2007 an affiliate of Softvest purchased all or substantially all of the assets of Santa Fe Energy Trust, a trust created under the laws of the State of Texas that terminated in early 2008. The Bank of New York Mellon Trust Company, N.A. also served as trustee of Santa Fe Energy Trust.

The description of the Agreement under this Item 1.01 is qualified in its entirety by reference to the Agreement, a copy of which is filed as an exhibit to this Current Report on Form 8-K and incorporated by reference in this Item 1.01.



Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

10.1 Purchase and Sale Agreement with Softvest, LP, dated October 24, 2012.


  Add NGT to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for NGT - All Recent SEC Filings
Copyright © 2014 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.