This is an initial public offering of common units representing beneficial interests in ECA Marcellus Trust I // Für die Fans der boilerplate vulgo das Kleingedruckte

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Subject to Completion dated June 23, 2010
PRELIMINARY PROSPECTUS
ECA Marcellus Trust I
8,802,500 Common Units
This is an initial public offering of common units representing beneficial interests in ECA Marcellus Trust I. The
trust is selling all of the units offered hereby. Energy Corporation of America (“ECA”) has formed the trust and will
convey, or cause to be conveyed, certain royalty interests and certain hedging contracts established for the benefit of
the trust in exchange for all of the net proceeds of this offering as well as common and subordinated units
representing a 50% beneficial interest in the trust.
Prior to this offering, there has been no public market for the common units. ECA expects that the public offering
price will be between $19.00 and $21.00 per common unit. The common units have been approved for listing on the
New York Stock Exchange under the symbol “ECT”, subject to official notice of issuance.
The Trust Units. Trust units, consisting of the common and subordinated units, are units of beneficial interest in
the trust and represent undivided interests in the trust. They do not represent any interest in ECA.
The Trust. The trust will own term and perpetual royalty interests in natural gas properties owned by ECA in the
Marcellus Shale formation in Greene County, Pennsylvania. These royalty interests will entitle the trust to receive 90% of
the proceeds attributable to ECA’s interest in the sale of production from 14 horizontal Marcellus Shale natural gas wells
(eight of which are currently producing and the remaining six are expected to be producing by August 15, 2010) located
in Greene County, Pennsylvania and 50% of the proceeds attributable to ECA’s interest in the sale of production from 52
horizontal Marcellus Shale natural gas development wells to be drilled on drill sites included within approximately
9,300 acres held by ECA, of which it owns substantially all of the working interests, in Greene County, Pennsylvania.
The trust will be treated as a partnership for federal income tax purposes.
The Trust Unitholders. As a trust unitholder, you will receive quarterly distributions of cash from the proceeds
that the trust receives from ECA’s sale of natural gas subject to the royalty interests held by the trust.
Ownership of Trust Units by ECA. After the completion of this offering, ECA will own 3,296,683 common units
and 4,401,250 subordinated units representing 43.7% of trust units. If the underwriters exercise their over-allotment
option in full, ECA will own 1,976,308 common units and 4,401,250 subordinated units representing 36.2% of trust
units. Certain Private Investors will own 1,104,567 common units representing 6.3% of trust units. For more
information on the Private Investors, please read “Certain Transactions.”
ECA’s Right to Incentive Distributions. ECA will be entitled to receive incentive distributions equal to 50% of the
amount, if any, by which the cash available for distribution on all of the trust units in any quarter exceeds certain
target distribution levels. ECA will be entitled to reimbursement for approximately $5 million in expenses incurred in
connection with establishing floor price contracts to be transferred to the trust from the remaining 50% of cash
available for distribution in excess of these thresholds. Please see “Target distributions and subordination and
incentive thresholds.”
Investing in the common units involves a high degree of risk. Before buying any common units, you should read
the discussion of material risks of investing in the common units in “Risk factors” beginning on page 19 of this
prospectus.
Neither the Securities and Exchange Commission nor any state securities commission has approved or
disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation
to the contrary is a criminal offense.
Per Common Unit Total
Price to the public . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ $
Underwriting discounts and commissions (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ $
Proceeds to the trust (before expenses) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ $
(1) Excludes a structuring fee equal to 0.50% of the gross proceeds of this offering, or approximately $ million, payable to
Raymond James & Associates, Inc.
The underwriters may also purchase up to an additional 1,320,375 common units at the initial public offering
price, less underwriting discounts and commissions, to cover over-allotments, if any, within 30 days of the date of this
prospectus. If the underwriters exercise this option in full, the total underwriting discounts and commissions will be
$ , and the trust’s total proceeds, after deducting underwriting discounts and commissions and before
expenses, will be $ . The net proceeds of any exercise of the underwriters’ over-allotment option will be used
to redeem an equal number of common units held by ECA.
The underwriters are offering the common units as set forth under “Underwriting.” Delivery of the common units
will be made on or about , 2010.
RAYMOND JAMES CITI
OPPENHEIMER & CO. RBC CAPITAL MARKETS


TABLE OF CONTENTS
Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Risk factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Forward-looking statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
Use of proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
Natural gas fundamentals in the Marcellus Shale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
Energy Corporation of America . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
The trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55
Target distributions and subordination and incentive thresholds. . . . . . . . . . . . . . . . . . . . . 58
The underlying properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70
Description of the royalty interests . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85
Description of the trust agreement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91
Description of the trust units. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97
Trust units eligible for future sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101
Federal income tax considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103
State tax considerations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122
ERISA considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123
Selling trust unitholder . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124
Underwriting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125
Certain transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130
Legal matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133
Experts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133
Where you can find more information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133
Glossary of certain oil and natural gas terms and terms related to the trust. . . . . . . . . . . . . 134
Index to financial statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F-1
Information about Energy Corporation of America . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ECA-1
Summary reserve reports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-1
Calculation of target distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . B-1