Daniel R Moore
Portfolio strategy, bonds, oil & gas, long-term horizon

ECA Marcellus Trust I - Still An Expensive Natural Gas Pure Play

In February of 2013, I published an article entitled "ECA Marcellus Trust is an Expensive Natural Gas Play - Income Investors Beware." At the time, the ECA Marcellus Trust (NYSE:ECT) units were trading at $18.34. Today, the units trade at $8.75. Since I have not published a report on ECT in over a year, the following article is my updated opinion about the current fair value of the Trust.

On March 14, 2014, ECA Marcellus Trust I published its 10-K annual report, which contained an updated standardized measure of proven reserves (PV-10). Within the 10-K, investors can find important information about the Trust. ECA Marcellus Trust is a Delaware statutory trust formed in March 2010 by...

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