Attached files
-3-
Exhibit 99
PR NEWSWIRE
NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES
NET INCOME FOR THE THIRD QUARTER OF FISCAL 2015
Red Bank, N.J. August 12, 2016 -- North European Oil Royalty Trust (NYSE-NRT)
reported its net income for the third quarter of fiscal 2016 and 2015 as set
out below. As detailed in the July 29, 2016 distribution press release, the
decline in total royalties received was primarily attributable to lower gas
sales and lower gas prices under both royalty agreements. Total royalties
received also reflect the impact of accounting adjustments by the operating
companies and Mobil sulfur royalty payments. The total adjustments for the
third quarters of fiscal 2016 and 2015 reduced total royalties received by
$407,560 and $35,346, respectively. There was no Mobil sulfur royalty
payment during the third quarter of fiscal 2016 compared to $74,523 in the
third quarter of fiscal 2015.
3rd Fiscal Qtr. 3rd Fiscal Qtr. Percentage
Ended 7/31/2016 Ended 7/31/2015 Change
--------------- --------------- ----------
Total Royalties Received $1,561,026 $3,459,645 - 54.88%
Net Income $1,388,796 $3,312,307 - 58.07%
Distributions per Unit $0.15 $0.36 - 58.33%
Trust expenses for the third quarter of fiscal 2016 increased by 15.94%, or
$23,848, to $173,434 in comparison to $149,586 for the third quarter of
fiscal 2015. The increase was due to higher domestic legal and German
accounting expenses regarding a dispute about a possible error by EMPG in the
Trust's royalty calculation and a new pricing proposal by EMPG upon which the
Trust's royalty calculation would be based.
Nine Months Nine Months Percentage
Ended 7/31/2016 Ended 7/31/2015 Change
--------------- --------------- ----------
Total Royalties Received $ 5,727,167 $10,140,493 - 43.52%
Net Income $ 5,062,847 $ 9,483,718 - 46.62%
Distributions per Unit $0.55 $1.04 - 47.12%
Trust expenses for the first nine months of fiscal 2016 increased by 0.55%
or $3,645 to $668,319 in comparison to $664,674 for the prior fiscal year's
equivalent period. This increase in expenses is primarily due to higher
accounting costs associated with the biennial examination by the Trust's
German accountants of the royalty payments.
The previously declared distribution of 15 cents per unit will be paid on
August 31, 2016 to owners of record as of August 19, 2016. 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