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NGT > SEC Filings for NGT > Form 8-K on 16-Jan-2013All Recent SEC Filings

Show all filings for EASTERN AMERICAN NATURAL GAS TRUST | Request a Trial to NEW EDGAR Online Pro

Form 8-K for EASTERN AMERICAN NATURAL GAS TRUST


16-Jan-2013

Other Events


Item 8.01 Other Information.

As reported in the filings made by Eastern American Natural Gas Trust (the "Trust") since the creation of the Trust, the trustee of the Trust 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 held by the Trust (the "Royalty NPI"). Also as previously disclosed, in accordance with the requirements of the Trust Agreement, The Bank of New York Mellon Trust Company, N.A., as Trustee (the "Trustee") marketed the Royalty NPI and entered into a Purchase and Sale Agreement with the highest bidder for the Royalty NPI (the "October 24, 2012 Agreement"). Further, as previously reported, on November 5, 2012, Energy Corporation of America ("ECA"), which is the sponsor of the Trust, exercised its right of first refusal under the Trust Agreement to purchase the Royalty NPI on the terms set forth in the October 24, 2012 Agreement. As a consequence of ECA's exercise of its right of first refusal, the October 24, 2012 Agreement terminated in accordance with its terms, and the Trust became obligated to sell the Royalty NPI to ECA for the purchase price determined by the October 24, 2012 Agreement.

Also as previously reported, on January 3, 2013, the Trust entered into a Purchase and Sale Agreement dated January 3, 2013 with ECA in order to document the terms of the sale of the Royalty NPI to ECA and to eliminate provisions of the October 24, 2012 Agreement that were inapplicable to the sale of the Royalty NPI to ECA.

The sale of the Royalty NPI to ECA was completed on January 10, 2013. The price, after making the adjustment for gas price changes required by the October 24, 2012 Agreement, was $5,917,275, and was paid in cash. The amount was determined by reference to the October 24, 2012 Agreement, which in turn was the result of a competitive bidding process as described in the Trust's previous filings.

The Trustee and ECA are parties to the various agreements entered into in connection with the formation of the Trust or otherwise related to the Trust. The Bank of New York Mellon Trust Company, N.A. and ECA are also parties to the various agreements entered into in connection with the formation of ECA Marcellus Trust I or otherwise related to ECA Marcellus Trust I.


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