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 2015
Red Bank, N.J. November 13, 2015 -- North European Oil Royalty Trust (NYSE-
NRT) reported the net income and results for the fourth quarter of fiscal
2015 which appear below compared with the fourth quarter of fiscal 2014.
Total royalties received include adjustments made by the operating companies
based upon their corrected royalty calculations for prior periods.
4th Fiscal Qtr. 4th Fiscal Qtr. Percentage
Ended 10/31/2015 Ended 10/31/2014 Change
---------------- ---------------- ----------
Total Royalties Received $2,250,082 $3,822,181 - 41.13%
Net Income $ 2,096,955 $3,657,783 - 42.67%
Distributions per Unit $0.23 $0.39 - 41.03%
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 third calendar quarters of 2015 and 2014. Further
details will be available in the Trust's annual report on Form 10-K which
will be available through the SEC or on the Trust's website, www.neort.com,
on or about December 30, 2015.
Factors Determining Gas Royalties Payable
--------------------------------------------------
3rd Calendar Qtr. 3rd Calendar Qtr. Percentage
Ended 9/30/2015 Ended 9/30/2014 Change
----------------- ----------------- ----------
Mobil Agreement
---------------
Gas Sales (Bcf)(1) 5.829 7.675 - 24.05%
Gas Prices (Ecents/Kwh)(2) 2.1662 2.1709 - 0.22%
Average Exchange Rate (3) 1.1301 1.2944 - 12.69%
Gas Royalties $1,636,070 $2,474,536 - 33.88%
OEG Agreement
-------------
Gas Sales (Bcf) 18.728 23.139 - 19.06%
Gas Prices (Ecents/Kwh) 2.2187 2.2803 - 2.70%
Average Exchange Rate 1.1309 1.2891 - 12.27%
Gas Royalties $ 714,479 $1,083,346 - 34.05%
(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 2015 decreased 8.17%, or
$13,756, to $154,667 from $168,423 in comparison to the fourth 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.
Total royalties received for fiscal 2015 declined in comparison to fiscal
2014 due to lower gas sales, lower gas prices and lower average exchange
rates under both the Mobil and OEG Agreements. Under the Mobil Agreement,
gas sales, gas prices and average exchange rates declined 7.84%, 10.99% and
15.96%, respectively. Under the OEG Agreement, gas sales, gas prices and
average exchange rates declined 9.47%, 10.47% and 15.99%, respectively.
The comparison of the relevant periods is shown below.
Fiscal Year Fiscal Year Percentage
Ended 10/31/2015 Ended 10/31/2014 Change
---------------- ---------------- ----------
Total Royalties Received $12,390,575 $18,927,005 - 34.53%
Net Income $11,580,673 $18,044,579 - 35.82%
Distributions per Unit $1.27 $1.95 - 34.87%
The 2016 Annual Meeting is scheduled to begin at 10:00 A.M. on February 16,
2016.
The previously declared distribution of 23 cents per unit will be paid on
November 25, 2015 to owners of record as of November 13, 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.
