KEENE, N.H., Jan. 31, 2022 /PRNewswire/ -- The Trustees of
North European Oil Royalty Trust (NYSE-NRT) announced today a
quarterly distribution of $0.25 per
unit for the first quarter of fiscal 2022, payable on February 23, 2022 to owners of record on
February 11, 2022. Natural gas
sold during the fourth calendar quarter of 2021 is the primary
source of royalty income on which the February 2022 distribution is based.
John R. Van Kirk, Managing
Director, reported that this year's quarterly distribution of
$0.25 per unit is 525.00%, or
$0.21 per unit, higher than the
distribution of $0.04 per unit for
the first quarter of fiscal 2021. For the quarter ending
January 31, 2022, the combination of
higher gas prices and gas sales as well as positive royalty
adjustments totaling $973,794 from
the prior quarter resulted in the higher distribution.
Additional details will be included in the earnings press release
scheduled for publication on or about February 11, 2022.
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 fourth
calendar quarters of 2021 and 2020.
|
Quarterly Gas Data
Providing Basis for Fiscal Quarter Royalties
|
|
Mobil
Agreement
|
4th
Calendar Quarter
Ended
12/31/2021
|
4th
Calendar Quarter
Ended
12/31/2020
|
Percentage
Change
|
|
Gas Sales
(Bcf1)
|
4.105
|
3.222
|
+
27.41%
|
|
Gas
Prices2 (Ecents/kWh3)
|
3.0604
|
1.1935
|
+156.42%
|
|
Average Exchange
Rate4
|
1.1256
|
1.2116
|
-
7.10%
|
|
Gas
Royalties
|
$1,618,746
|
$532,128
|
+204.20%
|
|
|
|
|
|
OEG
Agreement
|
|
|
|
|
Gas Sales
(Bcf)
|
13.970
|
11.622
|
+
20.20%
|
|
Gas Prices
(Ecents/kWh)
|
3.1210
|
1.2171
|
+156.43%
|
|
Average Exchange
Rate
|
1.1255
|
1.2123
|
-
7.16%
|
|
Gas
Royalties
|
$778,969
|
$193,266
|
+303.06%
|
|
|
1 Billion
cubic feet 2 Gas prices derived from
August-October period 3 Euro cents per
kilowatt
hour
4 Based on
average Euro/dollar exchange rates of cumulative royalty
transfers
|
The cumulative 12-month distribution, which includes the
February 2022 distribution and the
three prior quarterly distributions, is $0.68 per unit. This 12-month cumulative
distribution is 142.86% or $0.40 per
unit higher than the prior cumulative 12-month distribution of
$0.28 per unit. 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
