Attached files
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Exhibit 99
PR NEWSWIRE
NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES NET INCOME
AND RESULTS FOR THE FIRST QUARTER OF FISCAL 2012
Red Bank, N.J. February 13, 2012 -- North European Oil Royalty Trust
(NYSE-NRT) reported the net income and results for the first quarter of
fiscal 2012, which appear below, compared with the first quarter of fiscal
2011. The previously declared distribution of $0.66 per unit will be paid
on February 29, 2012 to owners of record as of February 17, 2012.
1st Fiscal Qtr. 1st Fiscal Qtr. Percentage
Ended 1/31/2012 Ended 1/31/2011 Change
--------------- --------------- ----------
German Royalties Received $6,538,261 $5,396,283 + 21.16%
Net Income $6,079,264 $5,084,139 + 19.57%
Net Income per Unit $0.66 $0.55 + 20.00%
Distribution per Unit $0.66 $0.55 + 20.00%
The increase in net income for the first quarter of fiscal 2012 in
comparison to the first quarter of fiscal 2011 did not result from the
typical factors determining royalty income. The differences in net income
shown in the table above resulted from a negative adjustment that reduced
royalty income in the first quarter of fiscal 2011 by the equivalent of
$861,629 and the receipt of $238,055 of western sulfur royalty income in
first quarter of fiscal 2012. The typical key drivers (shown in the table
below) of gas sales, gas prices and the average exchange rates had little
impact on the change in net income as higher gas prices were almost
completely offset by lower gas sales and lower average exchange rates.
The Trust receives nearly all of its royalties under two royalty agreements.
The Mobil Agreement is the higher royalty rate agreement and covers gas sales
from the western half of the Oldenburg concession. The OEG Agreement is the
lower royalty rate agreement and covers gas sales from the entire Oldenburg
concession.
1st Fiscal Qtr. 1st Fiscal Qtr. Percentage
Ended 1/31/2012 Ended 1/31/2011 Change
--------------- --------------- ----------
Mobil Agreement
---------------
Gas Sales (Bcf)(1) 9.749 11.707 - 16.73%
Gas Prices (Ecents/Kwh)(2) 2.8563 2.3753 + 20.25%
Gas Prices ($/Mcf)(3) $10.67 $ 9.16 + 16.48%
Average Exchange Rate (4) 1.3017 1.3431 - 3.08%
OEG Agreement
-------------
Gas Sales (Bcf) 28.187 30.213 - 6.71%
Gas Prices (Ecents/Kwh) 2.9205 2.5404 + 14.96%
Gas Prices ($/Mcf) $10.63 $ 9.55 + 11.31%
Average Exchange Rate 1.3028 1.3436 - 3.04%
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(1) Billion cubic feet
(2) Euro cents per Kilowatt hour
(3) Dollars per thousand cubic feet
(4) Based on average exchange rates of cumulative royalty transfers
In the first quarter of fiscal 2012, Trust interest income was $10,124
versus $2,383 in the first quarter of fiscal 2011. Trust expenses for the
first quarter of fiscal 2012 increased 49.15% or $154,594 to $469,121 versus
$314,527 in the first quarter of fiscal 2011. The increase in expenses
reflects legal costs associated with the Trust's litigation with OEG in
Germany, costs associated with the biennial examination of the operating
companies in Germany and timing differences in the NYSE fee and mailing costs
associated with the annual meeting.
For further information contact John R. Van Kirk, Managing Director, at
(732) 741-4008 or via e-mail at jvankirk@neort.com. The text of the Trust's
press releases along with other pertinent information is available at the
Trust's website: www.neort.com.
