KEENE, N.H., July 30, 2021 /PRNewswire/ -- The Trustees
of North European Oil Royalty Trust (NYSE:NRT) announced today a
quarterly distribution of $0.15 per
unit for the third quarter of fiscal 2021, payable on August 25, 2021 to holders of record on
August 13, 2021. Natural gas
sold during the second calendar quarter of 2021 is the primary
source of royalty income on which the August
2021 distribution is based.
John R. Van Kirk, Managing
Director, reported that this year's quarterly distribution of
$0.15 per unit is 36.36%, or
$0.04 per unit, higher than the
distribution of $0.11 per unit for
the third quarter of fiscal 2020. Additional details will be
available in the earnings press release scheduled for publication
on or about August 13, 2021.
The Trust receives nearly 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 second
calendar quarters of 2021 and 2020.
|
Quarterly Gas Data
Providing Basis for Fiscal Quarter Royalties
|
Mobil
Agreement
|
2nd
Calendar Quarter
Ended
6/30/2021
|
2nd
Calendar Quarter
Ended
6/30/2020
|
Percentage
Change
|
Gas Sales
(Bcf)1
|
4.259
|
4.565
|
-
6.70%
|
Gas
Prices2 (Ecents/Kwh)3
|
1.6032
|
1.2326
|
+ 30.07%
|
Average Exchange
Rate4
|
1.2004
|
1.1143
|
+
7.73%
|
Gas
Royalties
|
$937,634
|
$718,425
|
+ 30.51%
|
OEG
Agreement
|
|
|
|
Gas Sales
(Bcf)
|
14.465
|
13.948
|
+
3.71%
|
Gas Prices
(Ecents/Kwh)
|
1.6349
|
1.2570
|
+ 30.06%
|
Average Exchange
Rate
|
1.1998
|
1.1141
|
+
7.69%
|
Gas
Royalties
|
$402,862
|
$236,432
|
+ 70.39%
|
1Billion
cubic feet
|
2Gas prices derived from
February-April period
|
3Euro cents per kilowatt
hour
|
4Based on
average Euro/dollar exchange rates of cumulative royalty
transfers
|
The cumulative 12-month distribution, which includes the
August 2021 distribution and the
three prior quarterly distributions, is $0.35 per unit. This 12-month cumulative
distribution is 23.91%, or $0.11 per
unit, lower than the prior 12-month distribution of $0.46 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, email:
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