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November 5, 2012
17:36 EDTNGTEastern American to sell Royalty NPI for $5.92M
Eastern American Natural Gas Trust announced that the sponsor of the trust, Energy Corporation of America has exercised its right of first refusal to acquire the trust's Royalty NPI. Consequently, the purchase and sale agreement dated October 24 between the trust, as seller, and Softvest, LP, as buyer, has terminated in accordance with its terms. In lieu of selling the Royalty NPI to Softvest, the trust will sell the Royalty NPI to ECA for the purchase price determined by the Softvest agreement which, based on the closing price of the NYMEX December 2012 contract on November 2, is $5.92M. The sale is expected to close in January 2013. Net proceeds of the sale, after payment of expenses of the sale and any other expenses of the trust, and subject to any reserves the trustee may establish in connection with the termination of the trust, are expected to be distributed as part of the final distribution from the trust to unitholders of record as of the record date for the quarterly period ending March 31, 2013.
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