KEENE,
N.H., Jan. 31, 2025 /PRNewswire/ -- The Trustees
of North European Oil Royalty Trust (NYSE-NRT) announced today a
quarterly distribution of $0.04 per
unit for the first quarter of fiscal 2025, payable on February 26, 2025 to owners of record on
February 14, 2025.
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
January 31, 2025, the reduction in
the amount of the distribution payable largely resulted from the
substantial negative adjustment from calendar 2023 under both the
Mobil and OEG royalty agreements. The negative carry-over
adjustment from calendar 2023 eliminated all first quarter fiscal
2025 royalty payments under the OEG royalty with a small residual
negative balance that will partially reduce OEG's scheduled royalty
payment in February 2025. The
negative carry-over adjustment from calendar 2023 was fully offset
with a reduction of the scheduled royalty payment under the Mobil
royalty in December 2024. Further details will be available
in the 10-Q scheduled to be released on or about February 28, 2025.
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
