KEENE,
N.H., Oct. 31, 2024 /PRNewswire/ -- The
Trustees of North European Oil Royalty Trust (NYSE-NRT) announced
today a quarterly distribution of $0.02 per unit for the fourth quarter of fiscal
2024, payable on November 27, 2024 to
owners of record on November 15,
2024.
In accordance with the agreements between the Trust and the
operating companies, the Trust's monthly scheduled royalty payments
are paid based on the amount of royalties that were payable to the
Trust in the prior calendar quarter. For the quarter ending
October 31, 2024, the reduction in
the amount of the distribution payable largely resulted from the
carry-over negative adjustments from the prior quarter and the
substantial negative adjustment from calendar 2023 under both the
Mobil and OEG royalty agreements. The negative carry-over
adjustment from calendar 2023 will impact the scheduled royalty
payments for the first quarter of fiscal 2025. Further
details will be available in the 10-K scheduled to be released on
or about December 31, 2024.
The cumulative 12-month distribution, which includes the
November 2024 distribution and the
three prior quarterly distributions, is $0.48 per unit. This 12-month cumulative
distribution is 78.8%, or $1.78 per
unit, lower than the prior 12-month distribution of $2.26 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.
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.
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SOURCE North European Oil Royalty Trust
