Attached files
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Exhibit 99
PR NEWSWIRE
NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES
NET INCOME AND RESULTS FOR THE SECOND QUARTER OF FISCAL 2012
Red Bank, N.J. May 14, 2012 -- North European Oil Royalty Trust (NYSE-NRT)
reported the net income and results for the second quarter of fiscal 2012
which appear below compared with the second quarter of fiscal 2011.
2nd Fiscal Qtr. 2nd Fiscal Qtr. Percentage
Ended 4/30/2012 Ended 4/30/2011 Change
--------------- --------------- ----------
Total Royalties Received $6,441,635 $6,965,508 - 7.52%
Net Income $6,262,114 $6,678,994 - 6.24%
Distribution per Unit $0.68 $0.73 - 6.85%
The Trust receives nearly all of its royalties under two royalty agreements.
The Mobil Agreement is the higher royalty rate agreement and covers gas sales
from the western half of the Oldenburg concession. The OEG Agreement is the
lower royalty rate agreement and covers gas sales from the entire Oldenburg
concession. Due to the combination of lower gas sales and lower average
exchange rates in the second quarter of fiscal 2012, gas royalty income under
both agreements was lower in comparison to gas royalty income received during
the second quarter of fiscal 2011. Total royalty income for the second
quarter of fiscal 2012 was also lower in comparison to the second quarter of
fiscal 2011 due to the previously mentioned factors and additional payments
and adjustments received during the second quarter of fiscal 2011. Relevant
details are shown below.
2nd Fiscal Qtr. 2nd Fiscal Qtr. Percentage
Ended 4/30/2012 Ended 4/30/2011 Change
--------------- --------------- ----------
Mobil Agreement
---------------
Gas Sales (Bcf)(1) 9.632 11.057 -12.89%
Gas Prices (Ecents/Kwh)(2) 2.8708 2.5087 +14.43%
Gas Prices ($/Mcf)(3) $10.74 $10.06 + 6.76%
Average Exchange Rate (4) 1.3024 1.3962 - 6.72%
Gas Royalties $4,137,430 $4,447,703 - 6.98%
OEG Agreement
-------------
Gas Sales (Bcf) 26.104 30.098 -13.27%
Gas Prices (Ecents/Kwh) 3.0872 2.6826 +15.08%
Gas Prices ($/Mcf) $11.24 $10.51 + 6.95%
Average Exchange Rate 1.3019 1.3989 - 6.93%
Gas Royalties $1,806,345 $1,959,645 - 7.82%
(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
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Trust expenses for the second quarter of fiscal 2012 decreased 33.65%, or
$96,861, to $190,954 from $287,815 in the second quarter of fiscal 2011.
This decline in expenses is primarily due to a difference in the timing of
payments of the New York Stock Exchange annual fee and mailing costs
associated with the annual meeting, as well as reduced legal expenses.
Trust interest income received during the second quarter of fiscal 2012
increased to $11,434 in comparison to $1,301 received in the second quarter
of fiscal 2011 due to a shift to money market deposits.
The increase in total royalty income during the first six months of fiscal
2012 resulted from the absence of any negative adjustments in comparison to
the presence of negative adjustments during the first six months of fiscal
2011. This increase in total royalty income occurred despite a decline in
gas royalty income received under both the Mobil and OEG Agreements during
the first six months of fiscal 2012.
Six Months Six Months Percentage
Ended 4/30/2011 Ended 4/30/2010 Change
--------------- --------------- ----------
Total Royalties Received $12,979,896 $12,361,791 + 5.00%
Net Income $12,341,378 $11,763,133 + 4.92%
Distribution per Unit $1.34 $1.28 + 4.69%
The previously declared distribution of 68 cents per unit will be paid on
May 30, 2012 to owners of record as of May 11, 2012. 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 on the Trust's website:
www.neort.com.
