UNITED STATES
SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

FORM 10-Q

(Mark One)ý

QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period ended September 30, 2009ORo

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period
from                                to


Commission File Number 1-11748

EASTERN AMERICAN NATURAL GAS TRUST(Exact name of registrant as specified in its charter)

Delaware(State or other jurisdiction of
incorporation or organization)

36-7034603(I.R.S. Employer
Identification No.)


The
Bank of New York Mellon Trust Company, N.A, Trustee
Global Corporate Trust
919 Congress Avenue Suite 500
Austin, Texas
(Address of principal executive offices)

78701
(Zip Code)

(800) 852-1422
(Registrant's telephone number, including area code)

Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past
90 days. Yes ý    No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be
submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the
registrant was required to submit and post such files). Yes o    No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
company. See definitions of "large accelerated filer", "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act (Check one).

Large accelerated filer o

Accelerated filer ý

Non-accelerated filer o (Do not check if a
smaller reporting company)

Smaller reporting company o


Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act). Yes o    No ý

As of November 3, 2009, 5,900,000 Units of Beneficial Interest in Eastern American Natural Gas Trust were issued, outstanding and held by
non-affiliates of the registrant (the "Outstanding Units"). Of the Outstanding Units, 286,650 Units of Beneficial Interest (the "Withdrawn Units") have been withdrawn from trading by
voluntary action of Holders and may not be traded unless such Holders comply with certain requirements provided in the related Trust Agreement.



---





PART IFINANCIAL INFORMATION

ITEM 1.    Financial Statements

EASTERN AMERICAN NATURAL GAS TRUST        CONDENSED STATEMENTS OF DISTRIBUTABLE INCOME        (unaudited)

Nine Months Ended
September 30,

Three Months Ended
September 30,2009

2008

2009

2008Royalty Income

$
6,761,212

$
13,207,336

$
2,040,357

$
4,980,328Operating ExpensesTaxes on Production and Property


516,063


971,482


158,245


365,031Operating Cost Charges


512,957


463,173


162,112


154,391Total Operating Expenses


1,029,020


1,434,655


320,357


519,422Net Proceeds to the Trust


5,732,192


11,772,681


1,720,000


4,460,906General and Administrative Expenses


732,076


741,430


157,703


159,325Distributable Income


5,000,116


11,031,251


1,562,297


4,301,581Distribution Amount

$
5,000,116

$
11,031,251

$
1,562,297

$
4,301,581Distributable Income per Unit (5,900,000 units authorized and outstanding)

$
0.8475

$
1.8697

$
0.2648

$
0.7291Distribution Amount per Unit (5,900,000 units authorized and outstanding)

$
0.8475

$
1.8697

$
0.2648

$
0.7291


The
accompanying notes are an integral part of these unaudited condensed financial statements.

2

---





EASTERN AMERICAN NATURAL GAS TRUST        CONDENSED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS        (Unaudited)

September 30,
2009

December 31,
2008Assets:Cash

$
164,023

$
121,173Net Proceeds Receivable


1,746,621


3,383,989Net Profits Interests in Gas Properties


93,162,180


93,162,180Accumulated Amortization


(75,875,510
)

(74,097,304
)17,286,670


19,064,876Total Assets

$
19,197,314

$
22,570,038Liabilities and Trust Corpus:Trust General and Administrative Expenses Payable

$
148,347

$
286,764Distributions Payable


1,562,297


3,018,398Trust Corpus (5,900,000 units authorized and outstanding)


17,486,670


19,264,876Total Liabilities and Trust Corpus

$
19,197,314

$
22,570,038


The
accompanying notes are an integral part of these unaudited condensed financial statements.

3

---





EASTERN AMERICAN NATURAL GAS TRUST        CONDENSED STATEMENTS OF CHANGES IN TRUST CORPUS        (unaudited)

Nine Months
Ended
September 30,
2009

Nine Months
Ended
September 30,
2008Trust Corpus, beginning of period

$
19,264,876

$
21,823,160Distributable Income


5,000,116


11,031,251Distributions Payable to Unitholders


(5,000,116
)

(11,031,251
)Amortization of Net Profits Interests in Gas Properties


(1,778,206
)

(1,924,428
)Trust Corpus, end of period

$
17,486,670

$
19,898,732


The
accompanying notes are an integral part of these unaudited condensed financial statements.

4

---





EASTERN AMERICAN NATURAL GAS TRUST        NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

NOTE 1.    Organization of the Trust

The Eastern American Natural Gas Trust (the "Trust") was formed under the Delaware Business Trust Act pursuant to a Trust Agreement (the "Trust Agreement") among Eastern American Energy
Corporation ("Eastern American"), as grantor; Bank of Montreal Trust Company, as Trustee; and Wilmington Trust Company, as Delaware Trustee (the "Delaware Trustee"). Effective May 8, 2000, The
Bank of New York acquired the corporate trust business of the Bank of Montreal Trust Company / Harris Trust, and consequently, The Bank of New York served as trustee of the Trust. On
November 20, 2004, the holders of a majority of the Trust Units voting at a special meeting approved the resignation of The Bank of New York as trustee and depository of the Trust and the
appointment of JPMorgan Chase Bank, N.A. as successor trustee of the Trust, effective as of January 1, 2005. Effective October 2, 2006, The Bank of New York Trust Company, N. A. replaced
JPMorgan Chase Bank, N.A. as trustee in connection with the sale by JPMorgan Chase Bank of substantially all of its corporate trust business to The Bank of New York. Consequently, references herein to
the "Trustee" mean Bank of Montreal Trust Company until May 8, 2000; The Bank of New York as successor Trustee from May 8, 2000 through December 31, 2004; JPMorgan Chase Bank,
N.A. as successor Trustee from January 1, 2005 through October 2, 2006; and The Bank of New York Trust Company, N.A. (now known as The Bank of New York Mellon Trust Company, N.A.) as
successor Trustee, effective as of October 2, 2006. The transfer agent for the Trust is Bondholder Communications, an affiliate of The Bank of New York Mellon Trust Company, N.A.

The
Trust was formed to acquire and hold net profits interests (the "Net Profits Interests") created from the working interests owned by Eastern American in 650 producing gas wells and
65 proved development well locations (the "Development Wells") in West Virginia and Pennsylvania (the "Underlying Properties").

On
March 15, 1993, 5,900,000 Depositary Units were issued in a public offering at an initial public offering price of $20.50 per Depositary Unit. Each Depositary Unit consists of
beneficial ownership of one unit of beneficial interest ("Trust Unit") in the Trust and a $20 face amount beneficial ownership interest in a $1,000 face amount zero coupon United States Treasury
Obligation ("Treasury Obligation") maturing on May 15, 2013. The financial statements of the Trust to which these notes
relate do not include information concerning the Treasury Obligations, the beneficial interest in which is held for the Unitholders by the Depositary.

The
Net Profits Interests are passive in nature, and neither the Trustee nor the Delaware Trustee has management control or authority over, nor any responsibility relating to, the
operation of the properties subject to the Net Profits Interests. The Trust Agreement provides, among other things, that the Trust shall not engage in any business or commercial activity or acquire
any asset other than the Net Profits Interests initially conveyed to the Trust; the Trustee may establish a reserve for payment of any liability that is contingent, uncertain in amount or is not
currently due and payable; the Trustee is authorized to borrow funds required to pay liabilities of the Trust, provided that such borrowings are repaid in full prior to further distributions to
Unitholders; and the Trustee will make quarterly cash distributions to Unitholders from funds of the Trust.

After
the Trust was formed, 59 of the 65 Development Wells were drilled and completed. The remaining six Development Wells were not drilled. Clear title to two of the Development Wells
could not be established, and they were excluded from the Trust in accordance with the conveyance transferring them to the Trust. Eastern American asserted that the remaining four undrilled
Development Wells, if drilled, would be too close to then existing wells on adjoining property, and

5

---



EASTERN AMERICAN NATURAL GAS TRUST

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS (Continued)

NOTE 1.    Organization of the Trust (Continued)

thereafter
settled its dispute with the Trust about drilling those four Development Wells by agreeing instead to pay the Trust on an annual basis, commencing on April 1, 1997 and over the
remaining life of the Trust for the annual volume of gas projected to be produced from those Development Wells as if they had been drilled.

The
Net Profits Interests initially consisted of a royalty interest ("Royalty NPI") in 322 wells and a term interest ("Term NPI") in the remaining wells and locations. As of
September 30, 2009, the Trust held Net Profits Interests in 670 wells, consisting of Royalty NPI in 317 wells and Term NPI in the remaining wells. The Term NPI expire by their terms on
May 15, 2013, or such earlier time as 41,683 MMcf of gas has been produced that is attributable to Eastern American's net revenue interest in the properties burdened by the Term NPI. As of
December 31, 2008, based on the Independent Petroleum Engineer's Report, 24,786 MMcf of the maximum 41,683 MMcf had been produced.

Between
May 15, 2012 and May 15, 2013 (the "Liquidation Date"), the Trustee is required to sell all the Royalty NPI and liquidate the Trust. Under the Trust Agreement,
Eastern American has the right of first refusal to purchase any of the Royalty NPI the Trustee is required to sell after the Liquidation Date. If it exercises this right, Eastern American must pay the
appraised Fair Value (as defined in the Trust Agreement) of the Royalty NPI, or the relevant third party offer price if a third party has offered to purchase the Royalty NPI. Unitholders of record on
the relevant record dates will receive the net proceeds from selling the Royalty NPI in accordance with the Trust Agreement, and also will receive their respective share of the matured face amount of
the Treasury Obligations held by the Depositary.

NOTE 2.    Basis of Presentation

The preparation of financial statements requires the Trust to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Without limiting the foregoing statement, the information
furnished is based upon certain estimates of the revenues attributable to the Trust from natural gas production for the three and nine month periods ended September 30, 2009 and is therefore
subject to adjustment in future periods to reflect actual production for the periods presented.

The
information furnished reflects all adjustments which are, in the opinion of the Trustee, necessary for a fair presentation of the results for the interim periods presented. The
accompanying unaudited interim financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Trust's Annual Report on
Form 10-K for the year ended December 31, 2008. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all
disclosures required by accounting principles generally accepted in the United States of America.

NOTE 3.    Recently Adopted Accounting Standards

In May 2009, the Financial Accounting Standards Board (FASB) issued FASB ASC 855, Subsequent Events ("ASC 855"). ASC 855 establishes principles and standards related to the accounting
for and disclosure of events that occur after the date of the balance sheet included in financial statements being presented, but before such financial statements are issued. ASC 855 requires an
entity to recognize, in the financial statements, subsequent events that provide additional information

6

---



EASTERN AMERICAN NATURAL GAS TRUST

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS (Continued)

NOTE 3.    Recently Adopted Accounting Standards (Continued)

regarding
conditions that existed at the balance sheet date. Subsequent events that provide information about conditions that did not exist at the balance sheet date are not to be recognized in the
financial statements under ASC 855. ASC 855 is effective for interim and annual reporting periods ending after June 15, 2009. The Trust adopted this standard effective as of June 30,
2009. The adoption of ASC 855 did not have a material effect on the Trust's financial statements.

In
June 2009, the FASB issued a statement that establishes the FASB Accounting Standards Codification as the source of authoritative U.S. generally accepted accounting principles
(U.S. GAAP). The Codification, which changes the referencing of financial standards, became effective for our third quarter 2009 financial statements. The Codification did not change or alter
existing U.S. GAAP.

NOTE 4.    Significant Accounting Policies

The financial statements of the Trust differ from financial statements prepared in accordance with accounting principles generally accepted in the United States of America due to the
following: (i) certain cash reserves may be established for contingencies which were not accrued in the financial statements; (ii) amortization of the Net Profits Interests in Gas
Properties is charged directly to Trust Corpus; and (iii) the sale of the Net Profits Interests, if any, is reflected in the Statements of Distributable Income as Cash Proceeds on Sale of Net
Profit Interests to the Trust.

Most
accounting pronouncements apply to entities whose financial statements are prepared in accordance with accounting principles generally accepted in the United States of America.
Because the Trust's financial statements are prepared on a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America, as described above,
most accounting pronouncements are not applicable to the Trust's financial statements.

Revenue and Expenses:

The Trust serves as a pass-through entity, with items of depletion, interest income and expense, and income tax attributes
being based upon the status and election of the Unitholders. Thus, the Statements of Distributable Income purport to show Distributable Income, defined as Trust income available for distribution to
Unitholders before application of those Unitholders' additional expenses, if any, for depletion, interest income and expense, and income taxes.

The
Trust uses the accrual basis to recognize revenue, with Royalty Income recorded as reserves are extracted from the Underlying Properties and sold. Expenses are also recognized on an
accrual basis. Operating expenses, which include Taxes on Property and Production and Operating Cost Charges, are recognized as incurred pursuant to the Conveyances on a per well production basis. The
payment
provisions of the Gas Purchase Contract between the Trust and Eastern Marketing Corporation ("Eastern Marketing"), a wholly owned subsidiary of Eastern American, require payment with respect to gas
production for a calendar quarter to be made to the Trust on or before the tenth day of the third month following such quarter.

Net Profits Interests in Gas Properties:

The Net Profits Interests in gas properties are assessed to determine whether their net capitalized cost is impaired, whenever events
or changes in circumstances indicate that its carrying amount may not be recoverable, pursuant to FASB Accounting Standards Codification 360, Property, Plant and

7

---



EASTERN AMERICAN NATURAL GAS TRUST

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS (Continued)

NOTE 4.    Significant Accounting Policies (Continued)

Equipment
("ASC 360"). The Trust will determine if a writedown is necessary to its investment in the Net Profits Interests in gas properties to the extent that total capitalized costs, less
accumulated amortization, exceed undiscounted future net revenues attributable to proved gas reserves of the Underlying Properties. The Trust will then provide a writedown to the extent that the net
capitalized costs exceed the fair value of the investment in net profits interests attributable to proved gas reserves of the Underlying Properties. Any such writedown would not reduce Distributable
Income, although it would reduce Trust Corpus. No impairment in the Underlying Properties was recognized during the three and nine month periods ended September 30, 2009.

Significant
dispositions or abandonment of the Underlying Properties are charged to Net Profits Interests and the Trust Corpus.

Amortization
of the Net Profits Interests in gas properties is calculated on a units-of-production basis, whereby the Trust's cost basis in the properties is
divided by total Trust proved reserves to derive an amortization rate per reserve unit. Such amortization does not reduce Distributable Income, rather it is charged directly to Trust Corpus. Revisions
to estimated future units-of-production are treated on a prospective basis beginning on the date significant revisions are known.

The
conveyance of the Royalty and Term Interests to the Trust was accounted for as a purchase transaction. The $93,162,180 reflected in the Statements of Assets, Liabilities and Trust
Corpus as Net Profits Interests in Gas Properties represents 5,900,000 Trust Units valued at $20.50 per depository unit less the $27,787,820 paid for Treasury obligations. The carrying value of the
Trust's investment in the Royalty Interests is not necessarily indicative of the fair value of such Royalty Interests.

NOTE 5.    Income Taxes

The Trust is a grantor trust and is not required to pay federal or state income taxes. Accordingly, no provision for federal or state income taxes has been made. All income is taxed to
the Unitholders of the Trust.

NOTE 6.    Subsequent Events

Management evaluated all activity of the Trust through November 9, 2009 and concluded that no subsequent events have occurred that would require recognition in the Financial
Statements or disclosure in the Notes to the Financial Statements.

8

---





ITEM 2.    Management's Discussion and Analysis of Financial Condition and Results of Operations

Cautionary Statement

This Form 10-Q includes "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 other than statements of historical fact included in this Form 10-Q,
including without limitation the statements under "Management's Discussion and Analysis of Financial Condition and Results of Operations" are forward-looking statements. Although Eastern American has
advised the Trustee that it believes that the expectations reflected in the forward-looking statements contained herein are reasonable, no assurance can be given that such expectations will prove to
have been correct. Important factors that could cause actual results to differ materially from expectations ("Cautionary Statements") are disclosed in this Form 10-Q and in the
Trust's Annual Report on Form 10-K for the year ended December 31, 2008 and include the fact that the Trust, the Trustee or Eastern American is not able to predict future
changes in gas prices, gas production levels, economic activity, legislation or regulation, or certain changes in expenses of the Trust. All subsequent written and oral forward-looking statements
attributable to the Trust or persons acting on its behalf are expressly qualified in their entirety by the Cautionary Statements. The Trust, the Trustee and Eastern American disclaim any obligation to
update any forward-looking statements.

General

The Trust does not conduct any operations or activities. The Trust's purpose is, in general, to hold the Net Profits Interests, to
distribute the cash proceeds to Unitholders which the Trust receives in respect of the Net Profits Interests (net of Trust expenses), and to perform certain administrative functions in respect of the
Net Profits Interests and the Depositary Units. Accordingly, the Trust derives substantially all of its income and cash flows from the Net Profits Interests. The Trust has no source of liquidity or
capital resources other than the cash flows from the Net Profits Interests.

The
Net Profits Interests were created pursuant to conveyances (the "Conveyances") from Eastern American to the Trust. In connection therewith, Eastern American assigned its rights under
a gas purchase contract (the "Gas Purchase Contract"), which obligates Eastern Marketing Corporation, a subsidiary of Eastern American, to purchase all of the natural gas produced from the Underlying
Properties that is attributable to the Net Profits Interests.

The
Conveyances and the Gas Purchase Contract entitle the Trust to receive an amount of cash for each calendar quarter equal to the Net Proceeds for such quarter. "Net Proceeds" for any
calendar quarter generally means an amount of cash equal to (a) 90% of a volume of gas equal to (i) the volume of gas produced during such quarter attributable to the Underlying
Properties less (ii) a volume of gas equal to "Chargeable Costs" for such quarter, multiplied by (b) the applicable price for such quarter under the Gas Purchase Contract. "Chargeable
Costs" is that volume of gas which equates in value, determined by reference to the relevant sales price under the Gas Purchase Contract or the Conveyances, as applicable, to the sum of the "Operating
Cost Charge", "Capital Costs" and "Taxes".

The
"Operating Cost Charge" for 2009 is based on an annual rate of $648,448, and 2008 was based on an annual rate of $617,564. As provided in the Conveyances, the Operating Cost Charge
will fluctuate based on the lesser of (A) five percent (5%) or (B) a percentage, not less than zero percent (0%), equal to the percentage increase, if any, in the average weekly earnings
of Crude Petroleum and Gas Production Workers for the last calendar year, as shown by the index of average weekly earnings of Crude Petroleum and Gas Production Workers, as published by the United
States Department of Labor, Bureau of Labor Statistics, based on a December-to-December comparison.

During
2003, the United States Department of Labor, Bureau of Labor Statistics converted all of its industry-based statistics to a different reporting system that was developed in
cooperation with the

9

---



United
States' North American Free Trade Agreement Partners, Canada and Mexico, in an effort to standardize and modernize reporting codes. As a result of this conversion, the Crude Petroleum and Gas
Production Workers index is no longer available for use in the annual calculation of overhead adjustment called for in the various Council of Petroleum Accountants Societies, or COPAS, model forms
after March 2003.

Research
by COPAS covering a ten year period indicated that by blending the Oil and Gas Extraction Index with the Professional and Technical Services Index, the results approximate the
data from the old Crude Petroleum and Natural Gas Workers Index. Accordingly, COPAS has calculated the percentage change in the simple average of the Oil and Extraction Index and the Professional and
Technical Services Index, commencing in April 2004. This "Overhead Adjustment Index" has been provided as a guidance to the industry as a replacement index for use in calculating the overhead
adjustment. The adjustment for the effective time period is 5.0%. Since the Conveyance Documents do not specifically provide for a replacement index if the Crude Petroleum and Gas Production Workers
Index was no longer published, Eastern American believes, and advised the Trustee, that the "Overhead Adjustment Index" as calculated by COPAS is a reasonable index to utilize since the industry is
generally adopting the same as a replacement. Eastern American, with the concurrence of the Trustee, will utilize this "Overhead Adjustment Index" to adjust the "Operating Cost Charge" so long as such
index is published by COPAS.

The
Operating Cost Charge will be reduced for each well that is sold (free of the Net Profits Interests) or plugged and abandoned. Capital Costs are defined as Eastern American's working
interest share of capital costs for operations on the Underlying Properties having a useful life of at least three years, and excluding any capital costs incurred in drilling the Development Wells.
Taxes refer to ad valorem taxes, production and severance taxes, and other taxes imposed on Eastern American's or the Trust's interests in the Underlying Properties, or production therefrom.

Pursuant
to the Gas Purchase Contract, Eastern Marketing is obligated to purchase such gas production at a purchase price per Mcf equal to the Index Price. The Index Price for any
quarter is determined solely by reference to the Variable Price component. The Variable Price for any quarter is equal to the Henry Hub Average Spot Price (as defined) per MMBtu plus $0.30 per MMBtu,
multiplied by 110% to effect a fixed adjustment for Btu content. The Henry Hub Average Spot Price is defined as the price per MMBtu determined for any calendar quarter equal to the price obtained with
respect to each of the three months in such quarter, in the manner specified below, and then taking the average of the prices determined for each of such three months. The price determined for any
month of such quarter is equal to the average of (i) the final settlement price per MMBtu for Henry Hub Gas Futures Contracts (as defined), as reported inThe Wall
Street Journal, for such contracts which expired in each of the five months prior to such month; (ii) the final settlement price per MMBtu for Henry Hub Gas Futures
Contracts, as reported inThe Wall Street Journal, for such contracts which expire during such month; and (iii) the closing settlement price per
MMBtu of Henry Hub Gas Futures Contracts determined as of the contract settlement date for such month, as reported inThe Wall Street
Journal, for such contracts which expire in each of the six months following such month. A Henry Hub Gas Futures Contract is defined as a gas futures contract for gas to be
delivered to the Henry Hub that is traded on the New York Mercantile Exchange.

Accordingly,
the Index Price payable to the Trust for production may be higher or lower based on the fluctuations in natural gas futures prices during the relevant calculation period.
The price payable to the Trust will have a direct impact, positively or negatively, on the quarterly Distributions Payable by the Trust to its Unitholders.

Eastern
American had a disagreement with the Trust over Eastern American's obligation to drill certain Development Wells that were closely offset by third parties. The Trust agreed that
in lieu of drilling these closely offset Development Wells, Eastern American could provide the Trust, on an

10

---



annual
basis commencing on April 1, 1997, and over the remaining life of the Trust, a volume of gas which is equal to the projected volumes of the wells as if they had been drilled. These
volumes have been estimated by Ryder Scott Company, independent petroleum engineers. During the quarter ended September 30, 2009, payment for an additional volume of 3,018 Mcf was delivered to
the Trust, as compared to a payment for 3,263 Mcf for the quarter ended September 30, 2008. These additional payments fulfill Eastern American's agreement to provide payment for volumes for
Development Wells that had been closely offset by third parties.

Eastern
American has fulfilled its obligation with respect to the drilling of the Development Wells. Since the inception of the Trust, Eastern has drilled a total of 59 Development
Wells, which are online and producing. (See the Trust's Annual Report on Form 10-K for the year ended December 31, 2008, for a more complete description of the Development
Wells.)

Over
the remaining life of the Trust, wells may be disposed of from time to time in accordance with the documents governing the Trust.

The
administrative costs the Trust incurs in the future will fluctuate depending primarily on the expenses the Trust incurs for professional services, particularly legal, accounting and
engineering services.

Critical Accounting Policies

The following is a summary of the critical accounting policies followed by the Trust.

Basis of Accounting:

The financial statements of the Trust differ from financial statements prepared in accordance with accounting principles generally
accepted in the United States of America due to the following: (i) certain cash reserves may be established for contingencies which were not accrued in the financial statements;
(ii) amortization of the Net Profits Interests in Gas Properties is charged directly to Trust Corpus; and (iii) the sale of the Net Profits Interests is reflected in the Statements of
Distributable Income as cash proceeds to the Trust.

Most
accounting pronouncements apply to entities whose financial statements are prepared in accordance with accounting principles generally accepted in the United States of America.
Because the Trust's financial statements are prepared on a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America, as described above,
most accounting pronouncements are not applicable to the Trust's financial statements.

Net Profits Interests in Gas Properties:

The Net Profits Interests in gas properties are assessed to determine whether their net capitalized cost is impaired, whenever events
or changes in circumstances indicate that its carrying amount may not be recoverable, pursuant to ASC 360. The Trust will determine if a writedown is necessary to its investment in the Net Profits
Interests in gas properties to the extent that total capitalized costs, less accumulated amortization, exceed undiscounted future net revenues attributable to proved gas reserves of the Underlying
Properties. The Trust will then provide a writedown to the extent that the net capitalized costs exceed the fair value of the investment in net profits interests attributable to proved gas reserves of
the Underlying Properties. Any such writedown would not reduce Distributable Income, although it would reduce Trust Corpus.

Significant
dispositions or abandonment of the Underlying Properties are charged to Net Profits Interests and the Trust Corpus.

11

---



Amortization
of the Net Profits Interests in gas properties is calculated on a units-of-production basis, whereby the Trust's cost basis in the properties is
divided by total Trust proved reserves to derive an amortization rate per reserve unit. Such amortization does not reduce Distributable Income, rather it is charged directly to Trust Corpus. Revisions
to estimated future units-of-production are treated on a prospective basis beginning on the date significant revisions are known.

The
Net Profits Interest impairment test and the determination of amortization rates are dependent on estimates of proved gas reserves attributable to the Trust. Numerous uncertainties
are inherent in estimating reserve volumes and values, including economic and operating conditions, and such estimates are subject to change as additional information becomes available.

Recent Accounting Pronouncements

In January 2009, the SEC published its final rule,Modernization of Oil and Gas
Reporting, which modifies the SEC's reporting and disclosure rules for oil and natural gas reserves. The most notable changes of the final rule include the replacement of the
single day period-end pricing to value oil and natural gas reserves to a 12-month average of the first day of the month price for each month within the reporting period. The
final rule also permits voluntary disclosure of probable and possible reserves, a disclosure previously prohibited by SEC rules. The revised reporting and disclosure requirements are effective for our
Form 10-K for the year ending December 31, 2009. Early adoption is not permitted. We are currently evaluating the impact that adoption of this final rule will have on our
financial statements, related disclosure and management's discussion and analysis.

In
May 2009, the Financial Accounting Standards Board (FASB) issued FASB ASC 855, Subsequent Events ("ASC 855"). ASC 855 establishes principles and standards related to the accounting
for and disclosure of events that occur after the date of the balance sheet included in financial statements being presented, but before such financial statements are issued. ASC 855 requires an
entity to recognize, in the financial statements, subsequent events that provide additional information regarding conditions that existed at the balance sheet date. Subsequent events that provide
information about conditions that did not exist at the balance sheet date are not to be recognized in the financial statements under ASC 855. ASC 855 is effective for interim and annual reporting
periods ending after June 15, 2009. The Trust adopted this standard effective as of June 30, 2009. The adoption of ASC 855 did not have a material effect on the Trust's financial
statements.

In
June 2009, the FASB issued a statement that establishes the FASB Accounting Standards Codification as the source of authoritative U.S. generally accepted accounting principles
(U.S. GAAP). The Codification, which changes the referencing of financial standards, became effective for our third quarter 2009 financial statements. The Codification did not change or alter
existing U.S. GAAP.

Liquidity and Capital Resources

The Trust has no source of liquidity or capital resources other than the distributions received from the Net Profits Interests.

In
accordance with the provisions of the Conveyances, generally all revenues received by the Trust, net of Trust administrative and operating expenses and the amount of established
reserves, are distributed currently to the Unitholders.

The
Trust did not have any contractual obligations as of September 30, 2009. At September 30, 2009, the Trust had Trust General and Administrative Expenses Payable of
$148,347 and Distributions Payable of $1,562,297.

12

---



Comparison of Results of Operations for Three Months Ended September 30, 2009 and Three Months Ended September 30, 2008

The Trust's Distributable Income was $1,562,297 for the three months ended September 30, 2009 as compared to $4,301,581 for the
three months ended September 30, 2008. This decrease was due to a decrease in Royalty Income for the three months ended September 30, 2009 to $2,040,357 as compared to the three months
ended September 30, 2008 of $4,980,328. 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 ($4.967 per
Mcf for the three months ended September 30, 2009 as compared to $12.111 per Mcf for the three months ended September 30, 2008). Production of gas attributable to the Net Profits
Interests did not change for the three months ended September 30, 2009
(411 MMcf) as compared to the three months ended September 30, 2008 of (411 MMcf). Taxes on Production and Property were $158,245 for the three months ended September 30, 2009 as
compared to $365,031 for the three months ended September 30, 2008. The decrease in taxes is due directly to the decrease in Royalty Income as discussed above. General and Administrative
Expenses were $157,703 for the three months ended September 30, 2009 as compared to $159,325 for the three months ended September 30, 2008. 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 $4.967 per Mcf for the three months ended September 30, 2009 and $12.111 per Mcf
for the three months ended September 30, 2008. The price per Mcf was lower for the three months ended September 30, 2009 than for the corresponding three month period ended
September 30, 2008 due to a decrease in the average spot market price for gas delivered at the Henry Hub near Henry, Louisiana ($4.215 per Dth for the three months ended September 30,
2009 as compared to $10.710 per Dth for the three months ended September 30, 2008).

Financial
results depend on many factors, particularly the price of natural gas. During the third quarter of 2009, the Trust experienced a continuation of the dramatic decline in natural
gas prices, from the prior year. Price variations may have a material impact on the financial statements.

Comparison of Results of Operations for Nine Months Ended September 30, 2009 and Nine Months Ended September 30, 2008

The Trust's Distributable Income was $5,000,116 for the nine months ended September 30, 2009 as compared to $11,031,251 for the
nine months ended September 30, 2008. This decrease was due to a decrease in Royalty Income for the nine months ended September 30, 2009 to $6,761,212 as compared to the nine months
ended September 30, 2008 of $13,207,336. 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 ($5.631 per
Mcf for the nine months ended September 30, 2009 as compared to $10.702 per Mcf for the nine months ended September 30, 2008). This decrease was also partially due to a decrease in
production of gas attributable to the Net Profits Interests for the nine months ended September 30, 2009 (1,204 MMcf) as compared to the nine months ended September 30, 2008 (1,231
MMcf). The decline in production is primarily attributable to natural production declines. Taxes on Production and Property were $516,063 for the nine months ended September 30, 2009 as
compared to $971,482 for the nine months ended September 30, 2008. The decrease in taxes is due directly to the decrease in Royalty Income as discussed above. General and Administrative
Expenses were $732,076 for the nine months ended September 30, 2009 as compared to $741,430 for the nine months ended September 30, 2008. The decrease in General and Administrative
Expenses was due primarily to a decrease in professional fees. Operating expenses include expenses of $26,620 for a recomplete on one of the existing wells, due to a casing leak.

13

---



The
price payable to the Trust for gas production attributable to the Net Profits Interests was $5.631 per Mcf for the nine months ended September 30, 2009 and $10.702 per Mcf for
the nine months ended September 30, 2008. The price per Mcf was lower for the nine months ended September 30, 2009 than for the corresponding nine month period ended September 30,
2008 due to a decrease in the average spot market price for gas delivered at the Henry Hub near Henry, Louisiana ($4.819 per Dth for the nine months ended September 30, 2009 as compared to
$9.429 per Dth for the nine months ended September 30, 2008).

Financial
results depend on many factors, particularly the price of natural gas. During the nine months ended September 30, 2009, the Trust experienced a continuation of the
dramatic decline in natural gas prices, from the prior year. Price variations may have a material impact on the financial statements.

Off-Balance Sheet Arrangements

The Trust does not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future
effect on the Trust's financial condition, changes in financial condition, revenue or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to
investors.

Other Information

For the calendar quarter ended September 30, 2009, 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 $936.10 and $912.00, respectively. On September 30,
2009, the closing price of the Treasury Obligations, as quoted on such market, was $933.60.

The
Trust provides Unitholders with the option to separate the related Treasury Obligation from the Trust Units. Upon exercising this option, the Trustee transfers such Trust Units from
the name of the Depositary to the name of the withdrawing Unitholder. As of September 30, 2009, this option was
exercised on 286,650 Trust Units. (See the Trust's Form 10-K for the year ended December 31, 2008 for a more complete description of the Withdrawal of Trust Units and
Restriction on Transfer.)

ITEM 3.    Quantitative and Qualitative Disclosures about Market Risk

The Trust does not engage in any operations, and does not utilize market risk sensitive instruments, either for trading purposes or for
other than trading purposes. As described elsewhere herein, the Depositary Units consist of beneficial ownership of one unit of beneficial interest in the Trust and a $20 face amount beneficial
ownership interest in a $1,000 face amount zero coupon Treasury Obligation maturing on May 15, 2013. High and low price information for the Treasury Obligations is included under Item 2.
As described elsewhere herein, gas production attributable to the Net Profits Interests is sold to a wholly owned subsidiary of Eastern American pursuant to the Gas Purchase Contract described herein,
and the Trust's quarterly distributions are highly dependent on the price payable to the Trust for gas production attributable to the Net Profits Interests. Natural gas prices can fluctuate widely in
response to many factors, all of which are out of the control of the Trust, the Trustee and Eastern American.

ITEM 4.    Controls and Procedures

Evaluation of Disclosure Controls and Procedures.The Trustee maintains disclosure controls and procedures designed to ensure that
information
required to be disclosed by the Trust in the reports that it files or submits under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time
periods specified in the Securities and Exchange

14

---



Commission's
rules and regulations. Disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed by the Trust is accumulated and
communicated by several parties, including without limitation, the working interest owner, Eastern American Energy Corporation ("Eastern American"), and the independent reserve engineer to The Bank of
New York Mellon Trust Company, N.A., as Trustee of the Trust, and its employees who participate in the preparation of the Trust's periodic reports as appropriate to allow timely decisions
regarding required disclosure. In addition, the Trustee is required by the Trust Agreement to engage and has engaged an independent registered public accounting firm to review the quarterly financial
statements of the Trust and audit the annual financial statements of the Trust, which includes financial data provided by Eastern American.

As
of September 30, 2009, the Trustee carried out an evaluation of the Trustee's disclosure controls and procedures. Mike Ulrich, as Trust Officer of the Trustee, has concluded
that the disclosure controls and procedures are effective at a reasonable assurance level.

Due
to (i) the contractual arrangements of the Trust Agreement and (ii) the rights of the Trustee under the Conveyances regarding information furnished by Eastern American,
there are certain potential weaknesses that may limit the effectiveness of disclosure controls and procedures established by the Trustee or its employees and their ability to verify the accuracy of
certain financial information. The contractual limitations creating potential weaknesses in disclosure controls and procedures may be deemed to include the following:



Other
than reviewing the financial and other information provided to the Trust by Eastern American and the independent reserve engineer, the Trustee made no independent or direct
verification of this financial or other information.

The
Trustee does not intend to expand its responsibilities beyond those permitted or required by the Trust Agreement and those required under applicable law.

The
Trustee does not expect that the Trustee's disclosure controls and procedures or the Trustee's internal control over financial reporting will prevent all errors or all fraud.
Further, the design of disclosure controls and procedures and internal control over financial reporting must reflect the fact
that there are resource constraints, and the benefits of controls must be considered relative to costs. Because of the inherent limitations in all control systems, no evaluation of controls can
provide absolute assurance that all control issues and instances of fraud, if any, have been detected.

Changes in Internal Control Over Financial Reporting

In connection with the evaluation by the Trustee of changes in internal control over financial reporting of the Trust that occurred
during the Trust's last fiscal quarter, no change in the Trust's internal control over financial reporting was identified that has materially affected, or is reasonably likely to materially affect,
the Trust's internal control over financial reporting.

15

---





PART IIOTHER INFORMATION

ITEM 1.    Legal Proceedings.

None.

ITEM 1A.    Risk Factors.

There have been no material changes in the risk factors disclosed under Part I, Item 1A of the Trust's Annual Report on
Form 10-K for the year ended December 31, 2008.

ITEM 2.    Unregistered Sales of Equity Securities and Use of Proceeds.

None.

ITEM 3.    Defaults Upon Senior Securities.

None.

ITEM 4.    Submission of Matters to a Vote of Security Holders.

None.

ITEM 5.    Other Information.

None.

ITEM 6.    Exhibits.

Exhibit
Number

Description31.

Rule 13a-14(a)/15d-14(a) Certification32.

Section 1350 Certification


16

---





SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized.

EASTERN AMERICAN NATURAL GAS TRUSTBy:

The Bank of New York Mellon Trust Company, N.A., Trustee/s/ MIKE ULRICHName:

Mike UlrichTitle:

Vice President
The Bank of New York Mellon Trust Company, N.A.


Date:
November 9, 2009

The
Registrant, Eastern American Natural Gas Trust, has no principal executive officer, principal financial officer, board of directors or persons performing similar functions.
Accordingly, no additional signatures are available and none have been provided.

17

---



QuickLinks