PR Newswire
RED BANK, N.J., Oct. 31, 2018
RED BANK, N.J., Oct. 31, 2018 /PRNewswire/ -- The Trustees
of North European Oil Royalty Trust (NYSE: NRT) announced today a quarterly distribution of $0.15
per unit for the fourth quarter of fiscal 2018, payable on November 28, 2018 to holders of record
on November 16, 2018. Natural gas sold during the third calendar quarter of 2018 is the
primary source of royalty income on which the November 2018 distribution is based.
John R. Van Kirk, Managing Director, reported that this year's quarterly distribution of
$0.15 per unit is 31.82%, or $0.07 per unit, lower than the
distribution of $0.22 per unit for the fourth quarter of fiscal 2017. Lower gas sales and
lower average exchange rates, along with large negative adjustments carried over from the third quarter of fiscal 2018, combined
to more than offset the rise in gas prices and the positive adjustment from fiscal 2017. The reduced processing capacity at
the Grossenkneten desulfurization plant through August 21, 2018 contributed significantly to the
decline in gas sales. Specific details will be available in the earnings press release scheduled for publication on or
about November 15, 2018.
The table below shows an estimate of the amount of royalties anticipated to be received in the first quarter of fiscal 2019
based on the actual amount of royalties that were payable to the Trust for the third calendar quarter of 2018. Amounts in
dollars are based on the current exchange rate of 1.13435. Actual royalty income in dollars is valued based on exchange
rates on the day funds are transferred. Distributions are based on royalty income received less expenses incurred.
|
Estimated Combined
Royalties Anticipated in
|
Combined Royalties
in Euros
|
Combined Royalties
in Dollars
|
Dollar Royalties
in Cents per Unit
|
|
November
|
Euros 483,422
|
$548,370
|
$0.0597
|
|
December
|
Euros 483,422
|
$548,370
|
$0.0597
|
|
January
|
Euros 483,422
|
$548,370
|
$0.0597
|
The cumulative 12-month distribution for fiscal 2018, which includes this November distribution and the three prior quarterly
distributions, is $0.70 per unit. This 12-month cumulative distribution is 7.89% or
$0.06 per unit lower than the cumulative 12-month distribution of $0.76 for fiscal 2017. 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 at the Trust's website: www.neort.com.
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SOURCE North European Oil Royalty Trust
