Attached files
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Exhibit 99
PR NEWSWIRE
NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES
NET INCOME AND RESULTS FOR THE THIRD QUARTER OF FISCAL 2015
Red Bank, N.J. August 14, 2015 -- North European Oil Royalty Trust (NYSE-NRT)
reported the net income and results for the third quarter of fiscal 2015
which appear below compared with the third quarter of fiscal 2014. Total
royalties received reflect the impact of accounting adjustments from prior
periods as well as the inclusion of sulfur royalty payments by the operating
companies.
3rd Fiscal Qtr. 3rd Fiscal Qtr. Percentage
Ended 7/31/2015 Ended 7/31/2014 Change
--------------- --------------- ----------
Total Royalties Received $3,459,645 $4,462,842 - 22.48%
Net Income $3,312,307 $4,287,987 - 22.75%
Distributions per Unit $0.36 $0.46 - 21.74%
The Trust receives nearly all of its royalties under two royalty agreements.
The Mobil Agreement, the higher royalty rate agreement, covers gas sales from
the western half of the Oldenburg concession. The OEG Agreement, the lower
royalty rate agreement, covers gas sales from the entire Oldenburg
concession. The factors determining the amount of gas royalties payable
under the two agreements from the preceding calendar quarter are shown in the
table below comparing the second calendar quarters of 2015 and 2014. Further
details will be available in the Trust's quarterly report on Form 10-Q which
will be available through the SEC or on the Trust's website, www.neort.com,
on or about August 28, 2015.
Factors Determining Gas Royalties Payable
-----------------------------------------
2nd Calendar Qtr. 2nd Calendar Qtr. Percentage
Ended 6/30/2015 Ended 6/30/2014 Change
---------------- ---------------- ----------
Mobil Agreement
---------------
Gas Sales (Bcf)(1) 7.382 7.738 - 4.60%
Gas Prices (Ecents/Kwh)(2) 2.0017 2.3661 - 15.40%
Average Exchange Rate (3) 1.1113 1.3577 - 18.15%
Gas Royalties $1,884,107 $2,855,047 - 34.01%
OEG Agreement
-------------
Gas Sales (Bcf) 22.591 24.194 - 6.63%
Gas Prices (Ecents/Kwh) 2.0401 2.4367 - 16.28%
Average Exchange Rate 1.1159 1.3577 - 17.81%
Gas Royalties $796,230 $1,287,867 - 38.17%
(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 third quarter of fiscal 2015 decreased 16.67%, or
$29,932, to $149,586 in comparison to $179,518 for the third quarter of
fiscal 2014. The decrease was due to lower Trustee fees as specified in
the Trust Agreement and reduced legal expenses, both domestic and German,
following the resolution in 2014 of negotiations concerning a gas pricing
proposal by EMPG.
Nine Months Nine Months Percentage
Ended 7/31/2015 Ended 7/31/2014 Change
--------------- --------------- ----------
Total Royalties Received $10,140,493 $15,104,824 - 32.87%
Net Income $ 9,483,718 $14,386,796 - 34.08%
Distributions per Unit $1.04 $1.56 - 33.33%
The previously declared distribution of 36 cents per unit will be paid on
August 26, 2015 to owners of record as of August 14, 2015. 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.
