Eastern American Natural Gas Trust Announces Extension for Sale of Royalty NPI
EASTERN AMERICAN NATURAL GAS TRUST (NYSE: NGT) announced today that the time by which the Trust is required to either sell its interest in the Royalty NPI it holds or engage an appraiser to appraise the Royalty NPI has been extended from September 30, 2012 to October 31, 2012.
The sponsor of the Trust, Energy Corporation of America (“ECA”), granted the waiver in order to allow the Trust additional time in which to market the Royalty NPI. ECA will have the right to purchase the Royalty NPI at the appraised value if the Royalty NPI has not been sold by October 31, 2012. Under the terms of the Trust Agreement, ECA also has a right of first refusal to purchase the Royalty NPI on the terms offered by any prospective third party purchaser prior to the October 31, 2012 deadline.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.