KEENE,
N.H., Oct. 31, 2022 /PRNewswire/ -- The Trustees
of North European Oil Royalty Trust (NYSE-NRT) announced a
quarterly distribution of $0.74 per
unit for the fourth quarter of fiscal 2022, payable on November 30, 2022 to holders of record on
November 18, 2022. Natural gas
sold during the third calendar quarter of 2022 is the primary
source of royalty income on which the November 2022 distribution is based.
John R. Van Kirk, Managing
Director, reported that this year's quarterly distribution of
$0.74 per unit is 428.57%, or
$0.60 per unit, higher than the
distribution of $0.14 per unit for
the fourth quarter of fiscal 2021. For the quarter ending
October 31, 2022, the impact of
higher gas prices in combination with the positive year-end
adjustment for calendar 2021 ($1,550,048) more than offset the impact of lower
gas sales and the decline in average exchange rates resulting in
the higher distribution. Additional details will be included
in the earnings press release scheduled for publication on or about
November 16, 2022.
The Trust receives all 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 third
calendar quarters of 2022 and 2021.
|
Quarterly Gas Data
Providing Basis for Fiscal Quarter Royalties
|
|
Mobil
Agreement
|
3rd
Calendar Quarter
Ended
9/30/2022
|
3rd
Calendar Quarter
Ended
9/30/2021
|
Percentage
Change
|
|
Gas Sales
(Bcf1)
|
3.499
|
3.985
|
-
12.20 %
|
|
Gas Prices2
(Ecents/Kwh3)
|
8.3302
|
1.9573
|
+325.60 %
|
|
Average Exchange
Rates4
|
0.9864
|
1.1703
|
-
15.71%
|
|
Gas
Royalties
|
$3,287,124
|
$1,043,662
|
+214.96 %
|
|
|
|
|
|
OEG
Agreement
|
|
|
|
|
Gas Sales
(Bcf)
|
12.951
|
13.365
|
-
3.10%
|
|
Gas Prices
(Ecents/Kwh)
|
8.4951
|
1.9961
|
+325.58 %
|
|
Average Exchange
Rates
|
0.9868
|
1.1714
|
-
15.76%
|
|
Gas
Royalties
|
$1,904,864
|
$441,458
|
+331.49 %
|
|
|
1Billion
cubic feet 2Gas prices derived
from May-July period 3Euro cents
per kilowatt hour 4Based on average
Euro/dollar exchange rates of cumulative royalty transfers
|
The cumulative 12-month distribution for fiscal 2022, which
includes this November distribution and the three prior quarterly
distributions, is $1.83 per
unit. This 12-month cumulative distribution is 289.36% or
$1.36 per unit higher than the
cumulative 12-month distribution of $0.47 for fiscal 2021. 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 on the Trust's website:
www.neort.com.
View original
content:https://www.prnewswire.com/news-releases/north-european-oil-royalty-trust-announces-the-distribution-for-the-fourth-quarter-of-fiscal-2022-301663408.html
SOURCE North European Oil Royalty Trust