Attached files
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Exhibit 99
PR NEWSWIRE
NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES
NET INCOME AND RESULTS FOR THE SECOND QUARTER OF FISCAL 2013
Red Bank, N.J. May 14, 2013 -- North European Oil Royalty Trust (NYSE-NRT)
reported the net income and results for the second quarter of fiscal 2013
which appear below compared with the second quarter of fiscal 2012.
2nd Fiscal Qtr. 2nd Fiscal Qtr. Percentage
Ended 4/30/2013 Ended 4/30/2012 Change
--------------- --------------- ----------
Total Royalties Received $6,048,364 $6,441,635 - 6.11%
Net Income $5,842,545 $6,262,114 - 6.70%
Distribution per Unit $0.64 $0.68 - 5.88%
The Trust receives nearly all of its royalties under two royalty agreements.
The Mobil Agreement is the higher royalty rate agreement and covers gas sales
from the western half of the Oldenburg concession. The OEG Agreement is the
lower royalty rate agreement and covers gas sales from the entire Oldenburg
concession. Gas royalty income under both the Mobil and the OEG Agreements
in the second quarter of 2013 was lower in comparison to income received
during the second quarter of 2012. This decline was due primarily to lower
gas prices under both royalty agreements as well as lower gas sales under the
Mobil Agreement in the second quarter of 2013. Relevant details are shown
below.
2nd Fiscal Qtr. 2nd Fiscal Qtr. Percentage
Ended 4/30/2013 Ended 4/30/2012 Change
--------------- --------------- ----------
Mobil Agreement
---------------
Gas Sales (Bcf)(1) 8.656 9.632 -10.13%
Gas Prices (Ecents/Kwh)(2) 2.4352 2.8708 -15.17%
Average Exchange Rate (3) 1.3105 1.3024 + 0.62%
Gas Royalty Income $3,175,013 $4,137,430 -23.26%
OEG Agreement
-------------
Gas Sales (Bcf) 26.508 26.104 + 1.55%
Gas Prices (Ecents/Kwh) 2.9002 3.0872 - 6.06%
Average Exchange Rate 1.3105 1.3019 + 0.66%
Gas Royalty Income $1,698,860 $1,806,345 - 5.95%
(1) Billion cubic feet
(2) Euro cents per Kilowatt hour
(3) Based on average exchange rates of cumulative royalty transfers
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Trust expenses for the second quarter of fiscal 2013 increased 12.29%, or
$23,477, to $214,431 from $190,954 in the second quarter of fiscal 2012.
This increase in expenses is primarily due to a difference in the timing of
payments of mailing costs associated with the annual meeting. Trust interest
income received during the second quarter of fiscal 2013 decreased to $8,612
in comparison to $11,433 received in the second quarter of fiscal 2012 due to
reduced funds available for investment.
The decrease in total royalty income during the first six months of fiscal
2013 (as shown in the table below) was caused primarily by a decline in gas
royalty income received under both the Mobil and OEG Agreements. This
decline resulted from a combination of lower gas sales and lower gas prices.
Six Months Six Months Percentage
Ended 4/30/2013 Ended 4/30/2012 Change
--------------- --------------- ----------
Total Royalties Received $11,844,198 $12,979,896 - 8.75%
Net Income $11,315,555 $12,341,378 - 8.31%
Distribution per Unit $1.23 $1.34 - 8.21%
The previously declared distribution of 64 cents per unit will be paid on
May 29, 2013 to owners of record as of May 17, 2013. 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.
