ECA Marcellus Trust I Announces Quarterly Distribution
May 06 2019 - 4:15PM
Business Wire
ECA MARCELLUS TRUST I (NYSE: ECT) announced today that the
Trust’s distribution for the quarter ended March 31, 2019 will be
$0.064 per unit, which is expected to be distributed on or before
May 31, 2019 to holders of record as of the close of business on
May 21, 2019.
The Trust was formed to own royalty interests in natural gas
properties now held by Greylock Energy LLC, and certain of its
wholly owned subsidiaries (“Greylock”) in the Marcellus Shale
formation in Greene County, Pennsylvania. The Trust is entitled to
receive certain amounts of the proceeds attributable to Greylock’s
interest in the sale of production from the properties. As
described in the Trust's filings, the amount of the quarterly
distributions is expected to fluctuate from quarter to quarter,
depending on the proceeds received by the Trust as a result of
production and natural gas prices and the amount of the Trust's
administrative expenses, among other factors.
Pursuant to IRC Section 1446, withholding tax on income
effectively connected to a United States trade or business
allocated to foreign partners should be made at the highest
marginal rate. Under Section 1441, withholding tax on fixed,
determinable, annual, periodic income from United States sources
allocated to foreign partners should be made at 30% of gross income
unless the rate is reduced by treaty. This release is intended to
be a qualified notice to nominees and brokers as provided for under
Treasury Regulation Section 1.1446-4(b) by ECA Marcellus Trust I,
and while specific relief is not specified for Section 1441 income,
this disclosure is intended to suffice. For distributions made to
foreign partners, nominees and brokers should withhold at the
highest effective tax rate.
This press release contains statements that are "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements contained in this press
release, other than statements of historical facts, are
"forward-looking statements" for purposes of these provisions.
These forward-looking statements include the amount and date of any
anticipated distribution to unit holders. The anticipated
distribution is based, in part, on the amount of cash received or
expected to be received by the Trust from Greylock with respect to
the relevant quarterly period. Any differences in actual cash
receipts by the Trust could affect this distributable amount. Other
important factors that could cause actual results to differ
materially include expenses of the Trust and reserves for
anticipated future expenses. Statements made in this press release
are qualified by the cautionary statements made in this press
release. Neither Greylock nor the Trustee intends, and neither
assumes any obligation, to update any of the statements included in
this press release. An investment in Common Units issued by ECA
Marcellus Trust I is subject to the risks described in the Trust's
Annual Report on Form 10-K for the year ended December 31, 2018,
and all of its other filings with the Securities and Exchange
Commission. The Trust's annual, quarterly and other filed reports
are or will be available over the Internet at the SEC's web site at
http://www.sec.gov.
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version on businesswire.com: https://www.businesswire.com/news/home/20190506005591/en/
ECA Marcellus Trust IThe Bank of New York Mellon Trust
Company, N.A., as TrusteeSarah Newell1(512)
236-6555
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