KEENE,
N.H., July 31, 2024 /PRNewswire/ -- The Trustees
of North European Oil Royalty Trust (NYSE: NRT) announced today a
quarterly distribution of $0.21 per
unit for the third quarter of fiscal 2024, payable on August 28, 2024 to holders of record on
August 16, 2024. The
distribution for the third quarter of fiscal 2023 was also
$0.21 per unit. Distributions
are based on actual royalty income received less incurred and
anticipated expenses.
The Trust receives its royalties under the Mobil and OEG Royalty
Agreements as detailed in the 2023 10-K on the Trust's website.
The Trust's scheduled monthly royalty payments are paid based
on the amount of royalties payable to the Trust in the prior
calendar quarter. End-of-quarter royalty adjustments result
from the need to align scheduled royalty payments from the
operating companies with actual royalties that should have been
paid in the immediately preceding calendar quarter. When
actual prices and volumes are reported, there will be a positive
reconciliation in the current fiscal quarter or a negative
reconciliation in the subsequent fiscal quarter. As of the
end of the third quarter of fiscal 2024 and based on the current
exchange rate of 1.09, there were negative adjustments of
$387,930 under the Mobil Agreement
and $219,645 under the OEG Agreement.
These negative adjustments will be offset against the
scheduled royalty payments for the Trust's fourth fiscal
quarter.
Scheduled royalty payments for the fourth quarter of fiscal 2024
are estimated to be $1.2 million at
the current exchange rate of 1.09. The exchange rate on the
date of transfer of funds will determine actual royalty income.
Factors not reflected in the calculation that will determine
the distribution may include a potential positive or negative
royalty adjustment for calendar 2023 in September and the
end-of-quarter royalty adjustment at the end of October 2024. Additionally, expenses in the
quarter will be deducted from royalty income prior to the
calculation of the fourth fiscal quarter's distribution.
Further details will be available in the Trust's 10-Q filing
at the Trust's website, shown below, or through the SEC's EDGAR
website on or about August 30,
2024.
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.
Forward-Looking Statements
This press release may contain forward-looking statements
intended to qualify for the safe harbor from liability established
by the Private Securities Litigation Reform Act of 1995. Such
statements address future expectations and events or conditions
concerning the Trust, such as statements concerning future gas
prices, royalty payments and cash distributions. Many of these
statements are based on information provided to the Trust by the
operating companies or by consultants using public information
sources, are difficult to predict, and are generally beyond the
control of the Trust. These statements are subject to certain
risks and uncertainties that could cause actual results to differ
materially from those anticipated in any forward-looking
statements. These include: the fact that the assets of the Trust
are depleting assets and, if the operators developing the
concession do not perform additional development projects, the
assets may deplete faster than expected; risks and uncertainties
concerning levels of gas production and gas sale prices, general
economic conditions, and currency exchange rates; the ability or
willingness of the operating companies to perform under their
contractual obligations with the Trust; potential disputes with the
operating companies and the resolution thereof; and political and
economic uncertainty arising from Russia's invasion of Ukraine. Any
forward-looking statement speaks only as of the date on which such
statement is made, and the Trust does not undertake any obligation
to update any forward-looking statement to reflect events or
circumstances after the date on which such statement is made.
View original
content:https://www.prnewswire.com/news-releases/north-european-oil-royalty-trust-announces-the-distribution-for-the-third-quarter-of-fiscal-2024-302211208.html
SOURCE North European Oil Royalty Trust