Market Overview

Energy Corp. of America Launches Exchange Offer of ECT for NGT Units

Related ECT
Citigroup Reiterates Neutral Rating, $20.50 PT on ECA Marcellus Trust I
UPDATE: Citi Lowers ECA Marcellus Trust's PT
Related NGT
Eastern American Natural Gas Trust Announces Agreement for Sale of Royalty NPI
Eastern American Natural Gas Trust Announces Extension for Sale of Royalty NPI

Officials with Energy Corporation of America (the "Company") announced today that the Company has commenced an offer to exchange (the "Offer") approximately 4.1 million common units of ECA Marcellus Trust I (NYSE: ECT) that it currently owns, for up to approximately 3.2 million Depositary Units of Eastern American Natural Gas Trust (NYSE: NGT). A leading private exploration and production company, Energy Corporation of America is offering each holder of NGT Depositary Units a number of ECT Common Units valued at $22.55 for each NGT Depositary Unit tendered, representing a 7.6% premium to the approximately $20.95 that will be paid to NGT Depositary Unitholders following the liquidation of NGT. The $20.95 consists of the value of the Treasury Obligation at maturity plus the per unit share of the proceeds attributable to the sale of the perpetual net profits interest. NGT begins to liquidate and wind down on May 15, 2013. The Offer will remain open until March 13, 2013 at 11:59 PM New York City time, unless extended. NGT Depositary Unitholders participating in the Offer will receive ECT Common Units valued at a 7.6% premium to the estimated cash value of the distributions to be made to NGT Depositary Unitholders following liquidation and will acquire ECT Common Units thereby allowing such NGT Depositary Unitholders to continue the benefit of quarterly cash distributions as long as such holders continue to own ECT Common Units or until ECT terminates in 2030. The final exchange ratio will be determined based on the volume weighted average trading prices of ECT Common Units for the 10-day period ending on the 18th business day following commencement of the Offer (or two business days prior to the expiration of the Offer if the Offer is extended beyond the initial 20 business day offer period). Upon the closing of trading on the New York Stock Exchange on the exchange ratio determination date, the Company will announce in a press release the final exchange ratio. At any time in which the Offer is open prior to such date, NGT Depositary Unitholders may contact D.F. King & Co., Inc., the information agent for the Offer, to inquire what the exchange ratio would be if determined as of that date

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