KEENE,
N.H, April 29, 2022 /PRNewswire/ -- The
Trustees of North European Oil Royalty Trust (NYSE-NRT) announced
today a quarterly distribution of $0.38 per unit for the second quarter of fiscal
2022, payable on May 25, 2022 to
owners of record on May 13,
2022. Natural gas sold during the first calendar quarter of
2022 is the primary source of royalty income on which the
May 2022 distribution is
based.
John R. Van Kirk, Managing
Director, reported that this year's quarterly distribution of
$0.38 per unit is 171.43%, or
$0.24 per unit, higher than the
distribution of $0.14 per unit for
the second quarter of fiscal 2021. For the quarter ending
April 30, 2022, the impact on royalty
income of higher gas prices easily offset both the lower gas
sales and lower average exchange rate. There were no
adjustments during either the second quarter of fiscal 2022 or
2021. Royalty income under the Mobil Sulfur Agreement was
$70,618 and $36,411 for the second quarters of fiscal 2022
and 2021, respectively. Additional details will be included
in the earnings press release scheduled for publication on or about
May 13, 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 first
calendar quarters of 2022 and 2021.
|
Quarterly Gas Data
Providing Basis for Fiscal Quarter Royalties
|
Mobil
Agreement
|
1st Calendar
Quarter
Ended
3/31/2022
|
1st Calendar
Quarter
Ended
3/31/2021
|
Percentage
Change
|
Gas Sales
(Bcf1)
|
3.605
|
4.354
|
- 17.20%
|
Gas Prices2
(Ecents/kWh3)
|
5.1442
|
1.5395
|
+ 234.15%
|
Average Exchange
Rates4
|
1.0883
|
1.2020
|
- 9.46%
|
Gas
Royalties
|
$2,307,437
|
$921,896
|
+ 150.29%
|
|
|
|
|
OEG
Agreement
|
|
|
|
Gas Sales
(Bcf)
|
13.123
|
14.495
|
- 9.47%
|
Gas Prices
(Ecents/kWh)
|
5.2460
|
1.5700
|
+ 234.14%
|
Average Exchange
Rates
|
1.0867
|
1.2022
|
- 9.61%
|
Gas
Royalties
|
$1,257,976
|
$383,843
|
+ 227.73%
|
1 Billion cubic feet
2 Gas prices derived from November-January 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
May 2022 distribution and the three
prior quarterly distributions, is $0.92 per unit. This 12-month cumulative
distribution is 196.77% or $0.61 per unit higher than the prior
cumulative 12-month distribution of $0.31 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