KEENE, N.H., April 30, 2021 /PRNewswire/ -- The Trustees
of North European Oil Royalty Trust (NYSE-NRT) announced today a
quarterly distribution of $0.14 per
unit for the second quarter of fiscal 2021, payable on May 26, 2021 to owners of record on May 14, 2021. Natural gas sold during the
first calendar quarter of 2021 is the primary source of royalty
income on which the May 2021
distribution is based.
John R. Van Kirk, Managing
Director, reported that this year's quarterly distribution of
$0.14 per unit is 27.27%, or
$0.03 per unit, higher than the
distribution of $0.11 per unit for
the second quarter of fiscal 2020. For the quarter ending
April 30, 2021, the impact on royalty
income of lower gas sales and gas prices was largely offset by a
higher average exchange rate. There were no adjustments
during the second quarter of fiscal 2021 as compared to a negative
adjustment of ($137,944) during the
second quarter of fiscal 2020. In addition, stable
anticipated royalty payments during the upcoming quarter enabled
the higher distribution.
The Trust receives all of its royalties under two royalty
agreements. The Mobil Agreement, which is the higher royalty
rate agreement, covers gas sales from the western half of the
Oldenburg concession. The OEG Agreement, which is 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 first
calendar quarters of 2021 and 2020. Further details will be
included in the earnings press release scheduled for publication on
or about May 14, 2021.
|
Quarterly Gas Data
Providing Basis for Fiscal Quarter Royalties
|
Mobil
Agreement
|
1st
Calendar Quarter
Ended
3/31/2021
|
1st
Calendar Quarter
Ended
3/31/2020
|
Percentage
Change
|
Gas Sales
(Bcf1)
|
4.354
|
4.624
|
-
5.84%
|
Gas
Prices2 (Ecents/kWh3)
|
1.5395
|
1.6349
|
-
5.84%
|
Average Exchange
Rates4
|
1.2020
|
1.0943
|
+
9.84%
|
Gas
Royalties
|
$921,896
|
$946,174
|
-
2.57%
|
|
|
|
|
OEG
Agreement
|
|
|
|
Gas Sales
(Bcf)
|
14.495
|
15.266
|
-
5.05%
|
Gas Prices
(Ecents/kWh)
|
1.5700
|
1.6672
|
-
5.83%
|
Average Exchange
Rates
|
1.2022
|
1.0955
|
+
9.74%
|
Gas
Royalties
|
$383,843
|
$393,001
|
-
2.33%
|
1 Billion
cubic feet 2 Gas prices derived from
November-January period 3 Euro cents per
kilowatt hour 4 Based on average
Euro/dollar exchange rates of cumulative royalty
transfers
|
The cumulative 12-month distribution, which includes the
May 2021 distribution and the three
prior quarterly distributions, is $0.31 per unit. This 12-month cumulative
distribution is 45.61% or $0.26 per
unit lower than the prior cumulative 12-month distribution of
$0.57 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 Trust's press releases and other
pertinent information are available on the Trust's website:
www.neort.com.
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SOURCE North European Oil Royalty Trust