| Business Summary | | Eastern
American
Natural
Gas
Trust
(Trust)
was
formed
pursuant
to
a
Trust
Agreement
among
Eastern
American
Energy
Corporation,
as
grantor,
Bank
of
Montreal
Trust
Company,
as
trustee
(Trustee)
and
Wilmington
Trust
Company.
The
Trust
was
formed
to
acquire
and
hold
net
profits
interests
created
from
the
working
interests
owned
by
Eastern
American
in
650
producing
gas
wells
and
65
proved
development
well
locations
located
in
West
Virginia
and
Pennsylvania.
As
of
December
31,
2000,
such
properties
consisted
of
681
producing
gas
wells.
The
Net
Profits
Interests
consist
of
a
royalty
interest
in
322
wells
and
a
term
interest
in
the
remaining
wells
and
locations.
Eastern
American
was
obligated
to
drill
and
complete,
at
its
expense,
65
development
wells
on
the
development
well
locations
conveyed
to
the
Trust,
and
has
fulfilled
its
obligation.
After
May
15,
2012,
and
prior
to
or
on
May
15,
2013
(Liquidation
Date),
the
Trustee
is
required
to
sell
the
royalty
interests
and
liquidate
the
Trust. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | Eastern
American
Natural
acquires
and
holds
net
profit
interests
owned
by
Eastern
American
Energy
Company
in
681
producing
gas
wells
and
65
proven
development
well
locations
in
WV
and
PA.
For
the
six
months
ended
6/30/01,
royalty
income
increased
70%
to
$8.1
million.
Net
distributable
income
rose
78%
to
$7
million.
Revenues
reflect
an
increase
in
the
price
payable
to
the
Trust.
Earnings
reflect
an
increase
in
operating
margins. | More
from
Market Guide: Significant
Developments |
| Officers | | | More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
|