Attached files
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Exhibit 99
PR NEWSWIRE
NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES
NET INCOME AND RESULTS FOR THE THIRD QUARTER OF FISCAL 2014
Red Bank, N.J. August 13, 2014 -- North European Oil Royalty Trust (NYSE-NRT)
reported the net income and results for the third quarter of fiscal 2014
which appear below compared with the third quarter of fiscal 2013.
3rd Fiscal Qtr. 3rd Fiscal Qtr. Percentage
Ended 7/31/2014 Ended 7/31/2013 Change
--------------- --------------- ----------
Total Royalty Income $4,462,842 $4,687,351 - 4.79%
Net Income $4,287,987 $4,456,386 - 3.84%
Distributions per Unit $0.46 $0.49 - 6.12%
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. The factors determining the amount of gas royalties under the
two agreements are shown in the table below comparing the third quarters of
fiscal 2014 and 2013. Gas royalties under both the Mobil and OEG Agreements
for the third quarter of fiscal 2014 were lower than gas royalties for the
third quarter of fiscal 2013 due to lower gas sales and lower gas prices.
The impact of these negative factors was partially offset by increases in
the average exchange rates.
3rd Fiscal Qtr. 3rd Fiscal Qtr. Percentage
Ended 7/31/2014 Ended 7/31/2013 Change
--------------- --------------- ----------
Mobil Agreement
---------------
Gas Sales (Bcf)(1) 7.738 8.102 - 4.49%
Gas Prices (Ecents/Kwh)(2) 2.3661 2.7651 -14.43%
Average Exchange Rate (3) 1.3577 1.3090 + 3.72%
Gas Royalties $2,855,047 $3,368,452 -15.24%
OEG Agreement
-------------
Gas Sales (Bcf) 24.194 24.436 - 0.99%
Gas Prices (Ecents/Kwh) 2.4367 2.7696 -12.02%
Average Exchange Rate 1.3577 1.3048 + 4.05%
Gas Royalties $1,287,867 $1,457,094 -11.61%
(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 third quarter of fiscal 2014 decreased 22.88% or
$53,265 to $179,518 in comparison to $232,783 for the prior year's
equivalent period. This decline in expenses is due to the absence of
current costs following the completion of legal work by the Trust
coordinating with EMPG in the response to a tax inquiry directed at EMPG.
Additionally, Trust expenses were lower due to reduced Trustee fees as
specified according to the Trust Agreement.
Nine Months Nine Months Percentage
Ended 7/31/2014 Ended 7/31/2013 Change
--------------- --------------- ----------
Total Royalty Income $15,104,824 $16,531,549 - 8.63%
Net Income $14,386,796 $15,774,941 - 8.80%
Distributions per Unit $1.56 $1.72 - 9.30%
The previously declared distribution of 46 cents per unit will be paid on
August 27, 2014 to owners of record as of August 15, 2014. 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.
