KEENE, N.H., Oct. 29, 2021 /PRNewswire/ -- The Trustees
of North European Oil Royalty Trust (NYSE: NRT) announced a
quarterly distribution of $0.14 per
unit for the fourth quarter of fiscal 2021, payable on November 24, 2021 to holders of record on
November 12, 2021. Natural gas
sold during the third calendar quarter of 2021 is the primary
source of royalty income on which the November 2021 distribution is based.
John R. Van Kirk, Managing
Director, reported that this year's quarterly distribution of
$0.14 per unit is 600.0%, or
$0.12 per unit, higher than the
distribution of $0.02 per unit for
the fourth quarter of fiscal 2020. For the quarter ending
October 31, 2021, the combination of
higher gas sales and gas prices more than offset the slight decline
in average exchange rates and the negative year-end adjustments for
calendar 2020
(-$157,538) resulting in the
higher distribution. The more significant economic impact of
COVID-19 during the first half of calendar 2020 resulted in the
negative year-end adjustments. Additional details will be
included in the earnings press release scheduled for publication on
or about November 12, 2021.
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 third
calendar quarters of 2021 and 2020.
|
Quarterly Gas Data
Providing Basis for Fiscal Quarter Royalties
|
Mobil
Agreement
|
3rd
Calendar Quarter
Ended
9/30/2021
|
3rd
Calendar Quarter
Ended
9/30/2020
|
Percentage
Change
|
Gas Sales
(Bcf1)
|
3.985
|
3.186
|
+ 25.08%
|
Gas
Prices2 (Ecents/Kwh3)
|
1.9573
|
0.9255
|
+111.49%
|
Average Exchange
Rates4
|
1.1703
|
1.1761
|
-
0.49%
|
Gas
Royalties
|
$1,043,662
|
$395,791
|
+163.69%
|
|
|
|
|
OEG
Agreement
|
|
|
|
Gas Sales
(Bcf)
|
13.365
|
10.601
|
+ 26.07%
|
Gas Prices
(Ecents/Kwh)
|
1.9961
|
0.9438
|
+111.50%
|
Average Exchange
Rates
|
1.1714
|
1.1730
|
-
0.14%
|
Gas
Royalties
|
$441,458
|
$97,128
|
+354.51%
|
1Billion
cubic feet 2Gas prices derived
from May-July period 3Euro cents
per kilowatt hour
4 Based on average Euro/dollar exchange rates of
cumulative royalty
transfers
|
The cumulative 12-month distribution for fiscal 2021, which
includes this November distribution and the three prior quarterly
distributions, is $0.47 per
unit. This 12-month cumulative distribution is 46.88% or
$0.15 per unit higher than the
cumulative 12-month distribution of $0.32 for fiscal 2020. 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