PR Newswire
KEENE, N.H.
,
Jan. 29, 2021
/PRNewswire/ — The Trustees of North European Oil Royalty Trust (NYSE-NRT) announced today a quarterly distribution of
$0.04
per unit for the first quarter of fiscal 2021, payable on
February 24, 2021
to owners of record on
February 12
, 2021. Natural gas sold during the fourth calendar quarter of 2020 is the primary source of royalty income on which the
February 2021
distribution is based.
John R. Van Kirk
, Managing Director, reported that this year’s quarterly distribution of
$0.04
per unit is 50.00%, or
$0.04
per unit, lower than the distribution of
$0.08
per unit for the first quarter of fiscal 2020. For the quarter ending
January 31, 2021
, the combination of lower gas sales and gas prices as well as negative royalty adjustments totaling
$538,651
from the prior quarter resulted in the lower distribution. The complete shutdown of Grossenkneten from
September 8 to October 13, 2020
in combination with the continuing impact of COVID-19 on gas sales contributed to the decline in royalties.
The Trust receives all of 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 fourth calendar quarters of 2020 and 2019. Further details will be included in the earnings press release scheduled for publication on or about
February 12, 2021
.
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The cumulative 12-month distribution, which includes the
February 2021
distribution and the three prior quarterly distributions, is
$0.28
per unit. This 12-month cumulative distribution is 58.82% or
$0.40
per unit lower than the prior cumulative 12-month distribution of
$0.68
per unit. 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:
[email protected].
The Trust’s press releases and other pertinent information are available on the Trust’s website:
www.neort.com.
View original content:
http://www.prnewswire.com/news-releases/north-european-oil-royalty-trust-announces-the-distribution-for-the-first-quarter-of-fiscal-2021-301218222.html
SOURCE North European Oil Royalty Trust
