North European Oil Royalty Trust Announces Net Income and Results for the Third Quarter of Fiscal 2009
August 12 2009 - 3:01PM
PR Newswire (US)
RED BANK, N.J., Aug. 12 /PRNewswire-FirstCall/ -- North European
Oil Royalty Trust (NYSE:NRT) reported the net income and results
for the third quarter of fiscal 2009 which appear below compared
with the third quarter of fiscal 2008. The previously declared
distribution of 58 cents per unit will be paid on August 26, 2009
to owners of record as of August 14, 2009. Third Fiscal Qtr. Third
Fiscal Qtr. Percentage Ended 7/31/09 Ended 7/31/08 Change
---------------- ---------------- ---------- German Royalties
Received $5,466,337 $8,463,341 -35.41% Net Income $5,243,544
$8,226,859 -36.26% Net Income per Unit $0.57 $0.90 -36.67%
Distribution per Unit $0.58 $0.89 -34.83% Net income in the third
quarter of 2009 was lower than the third quarter 2008 due to lower
gas prices and lower average exchange rates which contributed to
the decline in royalty income. Gas sales were virtually unchanged.
The Trust receives nearly all of its royalties under two royalty
agreements. The Mobil Agreement is the higher royalty rate
agreement and covers gas sales from the western half of the
Oldenburg concession. The OEG Agreement is the lower royalty rate
agreement and covers gas sales from the entire Oldenburg
concession. Third Fiscal Qtr. Third Fiscal Qtr. Percentage Ended
7/31/09 Ended 7/31/08 Change ---------------- ----------------
---------- Mobil Agreement: Gas Sales (Bcf(1)) 12.290 12.314 -0.20%
Gas Prices (Ecents/Kwh(2)) 1.8579 2.4704 -24.79% Gas Prices ($/Mcf
(3)) $7.52 $11.16 -32.62% OEG Agreement: Gas Sales (Bcf) 31.205
31.045 +0.51% Gas Prices (Ecents/Kwh) 2.1681 2.5699 -15.63% Gas
Prices ($/Mcf) $8.48 $11.35 -25.29% Average Euro Exchange Rate (4)
$1.4024 $1.5702 -10.69% (1) Billion cubic feet (2) Euro cents per
Kilowatt hour (3) Dollars per thousand cubic feet (4) Based on
average exchange rates of cumulative royalty transfers Interest
income was lower reflecting the decline in interest rates
applicable during the period. For the quarter just ended, Trust
interest income decreased 93.13% to $1,191 from $17,332 in the
third quarter of fiscal 2008. Trust expenses for the third quarter
of fiscal 2009 were $223,984, 11.75% lower than the third quarter
of fiscal 2008, largely due to start-up costs and early work by the
Trust's new German counsel regarding issues raised in the prior
year during the verification of the operating companies' royalty
calculations for the period of 2005 through 2006. Net income for
the first nine months of fiscal 2009 was lower than the first nine
months of fiscal 2008 due primarily to the reduction in interest
income received during the first nine months of fiscal 2009. Nine
Months Ended Nine Months Ended Percentage 7/31/09 7/31/08 Change
----------------- ----------------- ---------- German Royalties
Received $25,072,153 $25,039,400 +0.13% Net Income $24,212,913
$24,255,590 -0.18% Net Income per Unit $2.63 $2.64 -0.38%
Distribution per Unit $2.63 $2.63 0.00% Contact: John R. Van Kirk,
Managing Director, (732) 741-4008, or via e-mail at . DATASOURCE:
North European Oil Royalty Trust CONTACT: John R. Van Kirk,
Managing Director of North European Oil Royalty Trust,
+1-732-741-4008, .
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