Attached files
-3-
Exhibit 99
PR NEWSWIRE
NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES
THE DISTRIBUTION FOR THE FIRST QUARTER OF FISCAL 2015
Red Bank, N.J. January 30, 2015 - The Trustees of North European Oil
Royalty Trust (NYSE-NRT) today announced a quarterly distribution of $0.35
per unit for the first quarter of fiscal 2015, payable on February 25, 2015
to holders of record on February 13, 2015. Natural gas sold during the
fourth calendar quarter of 2014 is the primary source of royalty income on
which the February distribution is based.
John R. Van Kirk, Managing Director, reported that this year's quarterly
distribution of $0.35 per unit is 35.19%, or $0.19 per unit, lower than the
distribution of $0.54 per unit for the first quarter of fiscal 2014.
Preliminary data suggests that the reduction in this quarter's distribution
resulted from a combination of lower gas sales, lower gas prices and lower
average exchange rates. Specific details will be available in the earnings
press release scheduled for publication on or about February 13, 2015.
Trust royalty payments for each fiscal quarter are based on actual
royalties payable for the preceding calendar quarter. In the final month
of the Trust's fiscal quarter, the operating companies determine the actual
amount of royalties that should have been paid to the Trust and compare this
amount to the amount actually paid. Any underpayment would be added to the
amount of royalties paid during the final month of the current fiscal
quarter. Any overpayment would be deducted from the amount of royalties to
be paid in the first month of the Trust's next fiscal quarter. The operating
companies may make further adjustments during the quarter based on the
recalculation of royalties payable for prior periods, and the Trust has no
means of predicting such adjustments.
The table below shows an estimate of the amount of royalties anticipated
to be received in the second quarter of fiscal 2015 based on the actual
amount of royalties that were payable to the Trust for the fourth calendar
quarter of 2014. Amounts in dollars are based on the current exchange rate
of 1.1309. Actual royalty income in dollars is valued based on exchange
rates on the days funds are transferred. The February estimate below
includes adjustments totaling Euros 211,881 reflecting a negative adjustment
of Euros 492,790 for calendar 2013 along with positive adjustments from the
prior quarter of Euros 195,767 and sulfur royalties in the amount of
Euros 85,142. The negative adjustment for calendar 2013, which (as
disclosed in the October 30, 2014 press release) the Trust anticipated would
be applied against royalties payable to the Trust in the first fiscal
quarter, still has not been applied.
------------------------------------------------------------------------------
Estimated Combined Combined Combined Dollar
Royalties Royalties Royalties Royalties in
Anticipated in In Euros In Dollars Cents per Unit
------------------------------------------------------------------------------
February Euros 855,973 $ 968,020 $0.105
March Euros 1,067,854 $1,207,636 $0.131
April Euros 1,067,854 $1,207,636 $0.131
------------------------------------------------------------------------------
-4-
The cumulative 12-month distribution, which includes this February
distribution and the three prior quarterly distributions, is $1.76 per unit.
This 12-month cumulative distribution is 20% or $0.44 per unit lower than the
prior 12-month distribution of $2.20 per unit. The Trust makes quarterly
distributions to unit owners during the months of February, May, August and
November.
Contact - John R. Van Kirk, Managing Director, telephone: (732) 741-4008,
e-mail: 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
