KEENE,
N.H., July 29, 2022 /PRNewswire/ -- The Trustees
of North European Oil Royalty Trust (NYSE-NRT) announced today a
quarterly distribution of $0.46 per
unit for the third quarter of fiscal 2022, payable on August 31, 2022 to holders of record on
August 19, 2022. Natural gas
sold during the second calendar quarter of 2022 is the primary
source of royalty income on which the August
2022 distribution is based.
John R. Van Kirk, Managing
Director, reported that this year's quarterly distribution of
$0.46 per unit is 206.67%, or
$0.31 per unit, higher than the
distribution of $0.15 per unit for
the third quarter of fiscal 2021. For the quarter ending
July 31, 2022, the impact on royalty
income of higher gas prices substantially offset both the lower gas
sales and lower average exchange rate. Additional details
will be available in the earnings press release scheduled for
publication on or about August 19,
2022.
The Trust receives 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 second
calendar quarters of 2022 and 2021.
|
Quarterly Gas Data
Providing Basis for Fiscal Quarter Royalties
|
Mobil
Agreement
|
2nd Calendar
Quarter
Ended
6/30/2022
|
2nd Calendar
Quarter
Ended
6/30/2021
|
Percentage
Change
|
Gas Sales
(Bcf)1
|
3.665
|
4.259
|
-
13.95 %
|
Gas Prices2
(Ecents/Kwh)3
|
6.1535
|
1.6032
|
+283.83 %
|
Average Exchange
Rate4
|
1.0236
|
1.2004
|
-
14.73 %
|
Gas
Royalties
|
$2,640,584
|
$937,634
|
+181.62 %
|
OEG
Agreement
|
|
|
|
Gas Sales
(Bcf)
|
13.341
|
14.465
|
-
7.77%
|
Gas Prices
(Ecents/Kwh)
|
6.2753
|
1.6349
|
+283.83 %
|
Average Exchange
Rate
|
1.0236
|
1.1998
|
-
14.69 %
|
Gas
Royalties
|
$1,469,383
|
$402,862
|
+264.74 %
|
|
1Billion
cubic feet 2Gas prices derived from
February-April period 3Euro cents per
kilowatt hour
4Based on average Euro/dollar exchange rates of
cumulative royalty transfers
|
The cumulative 12-month distribution, which includes the
August 2022 distribution and the
three prior quarterly distributions, is $1.23 per unit. This 12-month cumulative
distribution is 251.43%, or $0.88 per
unit, higher than the prior 12-month distribution of $0.35 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, email:
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