Attached files
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Exhibit 99
PR NEWSWIRE
NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES
NET INCOME AND RESULTS FOR THE FOURTH QUARTER OF FISCAL 2013
Red Bank, N.J. November 13, 2013 -- North European Oil Royalty Trust (NYSE-
NRT) reported the net income and results for the fourth quarter of fiscal
2013 which appear below compared with the fourth quarter of fiscal 2012.
4th Fiscal Qtr. 4th Fiscal Qtr. Percentage
Ended 10/31/2013 Ended 10/31/2012 Change
---------------- ---------------- ----------
Total Royalties Received $5,014,749 $4,846,079 + 3.48%
Net Income $4,860,365 $4,679,489 + 3.87%
Distribution per Unit $0.53 $0.51 + 3.92%
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. Gas royalties under the Mobil Agreement for the fourth quarter of
fiscal 2013 were reduced by negative adjustments from the prior quarter and
year totaling $100,303, as compared to negative adjustments totaling $312,460
for the fourth quarter of fiscal 2012. Gas royalties under the OEG Agreement
for the fourth quarter of fiscal 2013 were reduced by negative adjustments
from the prior quarter and year totaling $177,955, as compared to negative
adjustments totaling $559,933 for the fourth quarter of fiscal 2012. Net
income in the fourth quarter of 2013 was higher than the fourth quarter of
2012 due to a combination of lower negative adjustments in fiscal 2013 along
with higher gas prices and higher average exchange rates. Relevant details
are shown below.
4th Fiscal Qtr. 4th Fiscal Qtr. Percentage
Ended 10/31/2013 Ended 10/31/2012 Change
---------------- ---------------- ----------
Mobil Agreement
---------------
Gas Sales (Bcf)(1) 8.174 9.018 - 9.36%
Gas Prices (Ecents/Kwh)(2) 2.6583 2.3884 +11.30%
Average Exchange Rate (3) 1.3334 1.2824 + 3.98%
Gas Royalties $3,325,026 $3,274,349 + 1.55%
OEG Agreement
-------------
Gas Sales (Bcf) 25.195 25.912 - 2.77%
Gas Prices (Ecents/Kwh) 2.7003 2.6346 + 2.49%
Average Exchange Rate 1.3352 1.2845 + 3.95%
Gas Royalties $1,375,873 $855,191 +60.88%
(1) Billion cubic feet (2) Euro cents per Kilowatt hour
(3) Based on average exchange rates of cumulative royalty transfers
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Trust expenses for the fourth quarter of fiscal 2013 declined 8.98% to
$159,395 from $175,112 in comparison to the prior year's equivalent quarter
due to lower Trustee fees as mandated by the terms of the Trust Agreement
and reduced legal expenses.
Total royalty income for fiscal 2013 declined in comparison to fiscal 2012
due to lower gas sales under both the Mobil and OEG Agreements, which showed
a reduction of 9.88% and 3.01%, respectively. The comparison of the relevant
periods is shown below.
Fiscal Year Fiscal Year Percentage
Ended 10/31/2013 Ended 10/31/2012 Change
---------------- ---------------- ----------
Total Royalties Received $21,546,298 $23,672,808 - 8.98%
Net Income $20,635,306 $22,609,961 - 8.73%
Distribution per Unit $2.25 $2.46 - 8.54%
The 2014 Annual Meeting is scheduled to begin at 10:30 A.M. on February 11,
2014.
The previously declared distribution of 53 cents per unit will be paid on
November 27, 2013 to owners of record as of November 15, 2013. 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.
