Attached files
-3-
Exhibit 99
PR NEWSWIRE
NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES NET INCOME
AND RESULTS FOR THE FIRST QUARTER OF FISCAL 2016
Red Bank, N.J. February 12, 2016 -- North European Oil Royalty Trust (NYSE-
NRT) reported the net income and results for the first quarter of fiscal 2016
which appear below compared with the first quarter of fiscal 2015. The
figures for "Total Royalties Received" shown in the table below reflect the
various adjustments, both positive and negative, that occur during the
quarter. The total adjustments for the first quarters of fiscal 2016 and
2015 reduced Total Royalties Received by $560,902 and $200,209, respectively.
---------------------------------------------------------------------------
1st Fiscal Qtr. 1st Fiscal Qtr. Percentage
Ended 1/31/2016 Ended 1/31/2015 Change
--------------- --------------- ----------
Total Royalties Received $1,832,471 $3,442,713 - 46.77%
Net Income $1,573,687 $3,096,916 - 49.19%
Distributions per Unit $0.16 $0.35 - 54.29%
---------------------------------------------------------------------------
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 fourth calendar quarters of 2015 and 2014. Further
details will be available in the Trust's 10-Q filing available through the
SEC or on the Trust's website, www.neort.com, on February 26, 2016.
Factors Determining Gas Royalties Payable
--------------------------------------------------
4th Calendar Qtr. 4th Calendar Qtr. Percentage
Ended 12/31/2015 Ended 12/31/2014 Change
---------------- ---------------- ----------
Mobil Agreement
---------------
Gas Sales (Bcf)(1) 6.604 7.876 - 16.15%
Gas Prices (Ecents/Kwh)(2) 1.8649 2.3538 - 20.77%
Average Exchange Rate (3) 1.0881 1.2127 - 10.27%
Gas Royalties $1,538,701 $2,577,934 - 40.31%
OEG Agreement
-------------
Gas Sales (Bcf) 20.507 23.497 - 12.73%
Gas Prices (Ecents/Kwh) 1.9803 2.4808 - 20.17%
Average Exchange Rate 1.0874 1.1973 - 9.18%
Gas Royalties $668,112 $1,129,397 - 40.84%
(1) Billion cubic feet (2) Euro cents per Kilowatt hour
(3) Based on average exchange rates of cumulative royalty transfers
-4-
Trust expenses for the first quarter of fiscal 2016 decreased 25.58% or
$89,325 to $259,884 in comparison to $349,209 in the first quarter of fiscal
2015. The decrease in costs reflects a shift in the timing of payments of
the NYSE annual fee and the mailing of the materials for the annual meeting
as well as reduced legal expenses and a reduction in the amount of Trustee
fees as specified in the Trust Agreement.
The previously declared distribution of 16 cents per unit will be paid on
February 24, 2016 to owners of record as of February 12, 2016. 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.
