KEENE,
N.H., Jan. 31, 2024 /PRNewswire/ -- The Trustees
of North European Oil Royalty Trust (NYSE-NRT) announced today a
distribution of $0.05 per unit for
the first quarter of fiscal 2024, payable on February 28, 2024 to owners of record on
February 16, 2024.
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 monthly royalty payments are paid based on the amount of
royalties payable to the Trust in the prior 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. When actual prices and volumes are reported,
there will be a positive reconciliation in the current quarter or a
negative reconciliation in the subsequent quarter. As of the end of
the first quarter of fiscal 2024, there remained a negative
adjustment of Euros 200,113 under the OEG Agreement. The
earlier negative adjustments under the Mobil Agreement have been
fully offset.
With the first scheduled payments to be received by the Trust in
February 2024, the negative carryover
adjustments from previous quarters will be offset. The scheduled
payments in March and April 2024 will
not be encumbered by negative carryover adjustments. Therefore, the
Trustees anticipate a higher distribution in the second quarter of
2024.
Additional details will be included in the earnings press
release scheduled for publication on or about February 15, 2024.
Contact – John R. Van Kirk,
Managing Director, telephone: (732) 741-4008, e-mail:
jvankirk@neort.com.
The Trust's press releases and other 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