Eastern American Natural Gas Trust Announces Agreement for Sale of Royalty NPI
Eastern American Natural Gas Trust (the "Trust") (NYSE: NGT) announced today that it has entered into a definitive agreement to sell its Royalty NPI interest to Softvest, LP for $6.5 million, 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 (the "Trustee") 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.
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