KEENE,
N.H., April 30, 2024 /PRNewswire/ -- The
Trustees of North European Oil Royalty Trust (NYSE-NRT) announced
today a distribution of $0.20 per
unit for the second quarter of fiscal 2024, payable on May 29, 2024 to owners of record on May 17, 2024.
The Trust receives its royalties under the Mobil and OEG Royalty
Agreements as detailed in the 2023 10-K on the Trust's website. The
Trust's monthly royalty payments are paid based on the amount of
royalties payable to the Trust in the prior quarter. End of quarter
royalty adjustments result from the need to align scheduled royalty
payments from the operating companies with actual royalties that
should have been paid. When actual prices and volumes are reported,
there will be a positive reconciliation in the current quarter
or a negative reconciliation in the subsequent quarter. As of
the end of the second quarter of fiscal 2024, there were positive
adjustments of $125,240 under the
Mobil Agreement and $51,781 under the
OEG Agreement.
Scheduled royalty payments for the third quarter of fiscal 2024
are estimated to be $2.4 million at
the current exchange rate of 1.070338. The exchange rate on the
date of transfer of funds will determine actual royalty income.
Factors not reflected in the calculation that will determine the
distribution may include a potential royalty adjustment at the end
of July 2024. Additionally, expenses
in the quarter will be deducted from royalty income prior to the
calculation of the third fiscal quarter's distribution. Additional
details will be available in the Trust's 10-Q filing at the Trust's
website, shown below, or through the SEC's EDGAR website on or
about May 30, 2024.
Contact – John R. Van Kirk,
Managing Director, telephone: (732) 741-4008, e-mail:
jvankirk@neort.com. The Trust's press releases, tax information,
SEC filings, and other information are available on the Trust's
website: www.neort.com.
Forward-Looking Statements
This press release may contain forward-looking statements
intended to qualify for the safe harbor from liability established
by the Private Securities Litigation Reform Act of 1995. Such
statements address future expectations and events or conditions
concerning the Trust, such as statements concerning future gas
prices, royalty payments and cash distributions. Many of these
statements are based on information provided to the Trust by the
operating companies or by consultants using public information
sources, are difficult to predict, and are generally beyond the
control of the Trust. These statements are subject to certain risks
and uncertainties that could cause actual results to differ
materially from those anticipated in any forward-looking
statements. These include: the fact that the assets of the Trust
are depleting assets and, if the operators developing the
concession do not perform additional development projects, the
assets may deplete faster than expected; risks and uncertainties
concerning levels of gas production and gas sale prices, general
economic conditions, and currency exchange rates; the ability or
willingness of the operating companies to perform under their
contractual obligations with the Trust; potential disputes with the
operating companies and the resolution thereof; and political and
economic uncertainty arising from Russia's invasion of Ukraine. Any forward-looking statement speaks
only as of the date on which such statement is made, and the Trust
does not undertake any obligation to update any forward-looking
statement to reflect events or circumstances after the date on
which such statement is made.
View original
content:https://www.prnewswire.com/news-releases/north-european-oil-royalty-trust-announces-the-distribution-for-the-second-quarter-of-fiscal-2024-302132216.html
SOURCE North European Oil Royalty Trust
