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Stock Market & Financial Investment News

News Breaks
October 25, 2012
15:49 EDTNGTEastern American Natural Gas Trust to sell Royalty NPI interest to Softvest
Eastern American Natural Gas Trust ((NGT) announced that it has entered into a definitive agreement to sell its Royalty NPI interest to Softvest, LP for $6.5M, 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 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 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.
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