ECA Marcellus Trust I (NYSE: ECT), a Delaware statutory trust sponsored by privately held E&P company Energy Corp. of America (ECA), has completed its initial public offering of approximately 8.8 million of its common units, with total gross proceeds of approximately $176.1 million.

ECA and certain affiliates hold the remaining 8.8 million units of ECT. The underwriters also could purchase up to an additional 1.3 million common units from ECA at the initial public offering price by July 30.

The publicly traded royalty trust consists of 14 producing horizontal Marcellus wells and 52 horizontal Marcellus wells to be drilled over four years in Greene County, Pa. Currently, ECA holds 9,300 acres in this area. ECA conveyed the producing wells to the trust in connection with this offering and will be responsible for drilling the wells.

Raymond James & Associates Inc. and Citi are lead book-running managers. Oppenheimer & Co. Inc., RBC Capital Markets Corp. and Robert W. Baird & Co. Inc. are co-managers.

ECA focuses on the exploration, development, production, gathering, aggregation and sale of natural gas and oil, primarily in the Appalachian Basin, Gulf Coast and Rocky Mountain regions of the U.S. and in New Zealand. It owns and operates approximately 5,100 wells, 5,000 miles of pipeline, and 1,000,000 acres in North America.

Also going to market was Oasis Petroleum Inc., Houston, (NYSE: OAS), which completed its initial public offering of 48.3 million shares at $14 each for a total $676.2 million to pay debt from its revolving credit facility and to fund its exploration and development program.

Oasis sold 30.37 million shares and selling shareholder OAS Holding Co. LLC sold an additional 17.93 million shares, including 6.3 million as overallotment. The offering was originally for 30.37 million company shares and 11.63 million shares being offered by the selling shareholder.

Net proceeds received by Oasis from the offering were approximately $395.7 million after deducting underwriting discounts and estimated offering expenses.

When first announced on June 3, the company planned to offer up to 48.3 million shares at up to $15 each.

Other underwriters in the offering include J.P. Morgan, Tudor, Pickering, Holt & Co., Wells Fargo Securities, BNP Paribas, Canaccord Genuity, Johnson Rice & Co. LLC, Morgan Keegan & Co. Inc., Raymond James, RBC, Capital Markets and Scotia Capital.