North European Oil Royalty Trust Announces Net Income and Results for the Fourth Quarter of Fiscal 2009
November 13 2009 - 12:19PM
PR Newswire (US)
RED BANK, N.J., Nov. 13 /PRNewswire-FirstCall/ -- North European
Oil Royalty Trust (NYSE:NRT) reported net income and results for
the fourth fiscal quarter of fiscal 2009 ended October 31, 2009
which appear below compared with the fourth quarter of fiscal 2008.
The previously declared distribution of 38 cents per unit will be
paid on November 25, 2009 to owners of record as of November 13,
2009. 4th Fiscal Qtr. 4th Fiscal Qtr. Percentage Ended 10/31/09
Ended 10/31/08 Change German Royalties Received $3,651,925
$9,605,759 - 61.98% Net Income $3,486,314 $9,409,548 - 62.95% Net
Income per Unit $0.38 $1.02 - 62.75% Distribution per Unit $0.38
$1.03 - 63.11% Net income in the fourth quarter of 2009 was lower
than the fourth quarter 2008 due to significantly lower gas prices
and moderately lower gas sales. The higher Euro/Dollar exchange
rate helped to offset slightly the combined negative impact. The
Trust receives nearly all of its royalties under two royalty
agreements. The Mobil Agreement is the higher royalty rate
agreement and covers gas sales from the western half of the
Oldenburg concession. The OEG Agreement is the lower royalty rate
agreement and covers gas sales from the entire Oldenburg
concession. 4th Fiscal Qtr. 4th Fiscal Qtr. Percentage Ended
10/31/09 Ended 10/31/08 Change Mobil Agreement: Gas Sales (Bcf) (1)
11.938 13.545 - 11.86% Gas Prices (Ecents/Kwh) (2) 1.4274 2.7510 -
48.11% Gas Prices ($/Mcf) (3) $6.01 $11.03 - 45.51% OEG Agreement:
Gas Sales (Bcf) 30.805 33.170 - 7.13% Gas Prices (Ecents/Kwh)
1.6487 2.9060 - 43.27% Gas Prices ($/Mcf) $6.72 $10.96 - 38.69%
Average Euro/Dollar Exchange Rate(4) $1.4606 $1.3736 + 6.33% 1.
Billion cubic feet 2. Eurocents per Kilowatt hour 3. Dollars per
thousand cubic feet 4. Based on average exchange rates of
cumulative royalty transfers Interest income for the fourth quarter
of fiscal 2009 decreased 96.52% to $631 from $18,136 in the fourth
quarter of fiscal 2008 reflecting the reduced funds available for
investment and the substantial decline in interest rates applicable
on short term treasury instruments during the period. Trust
expenses for the fourth quarter of fiscal 2009 decreased 22.44% to
$166,242 from $214,347 for the fourth quarter of fiscal 2008 due to
reduced Trustees' fees as specified under the Trust Agreement and
the earlier resolution of various legal matters raised in the
examination of the royalty payments during the 2005-06 calendar
years. Net income for fiscal 2009 was lower than fiscal 2008 due to
a combination of lower gas prices and gas sales, which more than
offset the increase in the average Euro/Dollar exchange rates.
Fiscal Year Ended Fiscal Year Ended Percentage 10/31/09 10/31/08
Change German Royalties Received $28,724,078 $34,645,159 -17.09%
Net Income $27,699,227 $33,665,138 -17.72% Net Income per Unit
$3.01 $3.66 -17.76% Distribution per Unit $3.01 $3.66 -17.76% The
2010 Annual Meeting has been scheduled to begin at 10:30 A.M. on
February 17, 2010. Contact: John R. Van Kirk, Managing Director,
(732) 741-4008, or via e-mail at . The Trust's website is
http://www.neort.com/. DATASOURCE: North European Oil Royalty Trust
CONTACT: John R. Van Kirk, Managing Director of North European Oil
Royalty Trust, +1-732-741-4008, Web Site: http://www.neort.com/
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