1. How to use GuruFocus - Tutorials
  2. What Is in the GuruFocus Premium Membership?
  3. A DIY Guide on How to Invest Using Guru Strategies
10qk
10qk
Articles 

Eastern American Natural Gas Trust Depos Reports Operating Results (10-Q)

August 09, 2011 | About:

Eastern American Natural Gas Trust Depos (NGT) filed Quarterly Report for the period ended 2011-06-30.

Eastern American Natural Gas Trust Depositary Unit has a market cap of $136.25 million; its shares were traded at around $23.21 with and P/S ratio of 16.68. The dividend yield of Eastern American Natural Gas Trust Depositary Unit stocks is 3.09%.

Highlight of Business Operations:

The Trust's Distributable Income was $1,586,758 for the three months ended June 30, 2011 as compared to $1,529,559 for the three months ended June 30, 2010. This increase was due to the Cash Proceeds from the sale of wells of $181,928 in the quarter ended June 30, 2011. The increase in Distributable Income was also due to the decrease in Operating Cost Charge of $21,629 due to the sale of wells in the quarter ended June 30, 2011. Offsetting this increase was a decrease in Royalty Income of $154,733 ($1,912,473 for the three months ended June 30, 2011 as compared to $2,067,206 for the three months ended June 30, 2010). The decrease in Royalty Income was related to a decrease in the price payable to the Trust under the Gas Purchase Contract as discussed below ($5.105 per Mcf for the three months ended June 30, 2011 as compared to $5.367 per Mcf for the three months ended June 30, 2010). This decrease was also related to a decrease in production of gas attributable to the Net Profits Interests for the three months ended June 30, 2011 (374 MMcf) as compared to the three months ended June 30, 2010 of (386 MMcf). Taxes on Production and Property were $135,191 for the three months ended June 30, 2011 as compared to $156,423 for the three months ended June 30, 2010. The

decrease in taxes is due directly to the decrease in Royalty Income as discussed above. General and Administrative Expenses were $229,430 for the three months ended June 30, 2011 as compared to $216,577 for the three months ended June 30, 2010. The increase in General and Administrative Expenses was due primarily to an increase in professional fees.

The price payable to the Trust for gas production attributable to the Net Profits Interests was $5.105 per Mcf for the three months ended June 30, 2011 and $5.367 per Mcf for the three months ended June 30, 2010. The price per Mcf was lower for the three months ended June 30, 2011 than for the corresponding three month period ended June 30, 2010 due to a decrease in the average spot market price for gas delivered at the Henry Hub near Henry, Louisiana ($4.341 per Dth for the three months ended June 30, 2011 as compared to $4.579 per Dth for the three months ended June 30, 2010).

The Trust's Distributable Income was $2,639,372 for the six months ended June 30, 2011 as compared to $2,837,583 for the six months ended June 30, 2010. This decrease was due to a decrease in Royalty Income for the six months ended June 30, 2011 to $3,658,475 as compared to the six months ended June 30, 2010 of $4,220,039. The decrease in Royalty Income was due to a decrease in the price payable to the Trust under the Gas Purchase Contract as discussed below ($4.976 per Mcf for the six months ended June 30, 2011 as compared to $5.545 per Mcf for the six months ended June 30, 2010). This decrease was also partially due to a decrease in production of gas attributable to the Net Profits Interests for the six months ended June 30, 2011 (735 MMcf) as compared to the six months ended June 30, 2010 (762 MMcf). The decline in production is primarily attributable to natural production declines. Offsetting this decrease was an increase in Cash Proceeds from the sale of wells of $181,928 in the quarter ended June 30, 2011. Taxes on Production and Property were $258,048 for the six months ended June 30, 2011 as compared to $322,000 for the six months ended June 30, 2010. The decrease in taxes is due directly to the decrease in Royalty Income as discussed above. General and Administrative Expenses were $635,310 for the six months ended June 30, 2011 as compared to $731,178 for the six months ended June 30, 2010. The decrease in General and Administrative Expenses was due primarily to a decrease in professional fees.

The price payable to the Trust for gas production attributable to the Net Profits Interests was $4.976 per Mcf for the six months ended June 30, 2011 and $5.545 per Mcf for the six months ended June 30, 2010. The price per Mcf was lower for the six months ended June 30, 2011 than for the corresponding six month period ended June 30, 2010 due to a decrease in the average spot market price for gas delivered at the Henry Hub near Henry, Louisiana ($4.224 per Dth for the six months ended June 30, 2011 as compared to $4.741 per Dth for the six months ended June 30, 2010).

For the calendar quarter ended June 30, 2011, the high and low closing prices of the Treasury Obligations (which have $1,000 face principal amount), as quoted in the over-the-counter market for United States Treasury obligations were $995.90 and $980.80, respectively. On June 30, 2011, the closing price of the Treasury Obligations, as quoted on such market, was $993.80.

Read the The complete Report

About the author:

10qk
Charlie Tian, Ph.D., is the founder of GuruFocus. You can now order his book Invest Like a Guru on Amazon.

Rating: 2.0/5 (1 vote)

Comments

Please leave your comment:


Performances of the stocks mentioned by 10qk


User Generated Screeners


pjmason14Momentum
pascal.van.garsseHigh FCF-M2
kosalmmuse6
kosalmmuseBest one1
DBrizanall 2019Feb26
kosalmmuseBest one
DBrizanall 2019Feb25
kosalmmuseNice
kosalmmusehan
MsDale*52-Week Low
Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)

GF Chat

{{numOfNotice}}
FEEDBACK