North European Oil Royalty Trust Announces The Distribution For The Second Quarter Of Fiscal 2016

News provided by

Apr 28, 2016, 10:42 ET

RED BANK, N.J., April 28, 2016 /PRNewswire/ -- The Trustees of North European Oil Royalty Trust (NYSE: NRT) today announced a quarterly distribution of $0.24 per unit for the second quarter of fiscal 2016, payable on May 25, 2016 to holders of record on May 13, 2016. Natural gas sold during the first calendar quarter of 2016 is the primary source of royalty income on which the May 2016 distribution is based. John R. Van Kirk, Managing Director, reported that this year's quarterly distribution of $0.24 per unit is 27.27%, or $0.09 per unit, lower than the distribution of $0.33 per unit for the second quarter of fiscal 2015. Specific details will be available in the earnings press release scheduled for publication on or about May 13, 2016.

Trust royalty payments for each fiscal quarter are based on actual royalties payable for the preceding calendar quarter. In the final month of the Trust's fiscal quarter, the operating companies determine the actual amount of royalties that should have been paid to the Trust and compare this amount to the amount actually paid. Any underpayment would be added to the amount of royalties paid during the final month of the current fiscal quarter. Any overpayment would be deducted from the amount of royalties to be paid in the first month of the Trust's next fiscal quarter. The operating companies may make further adjustments during the quarter based on the recalculation of royalties payable for prior periods, and the Trust has no means of predicting such adjustments.

The table below shows an estimate of the amount of royalties anticipated to be received in the third quarter of fiscal 2016 based on the actual amount of royalties that were paid to the Trust for the first calendar quarter of 2016. Amounts in dollars are based on the current exchange rate of 1.132758. Actual royalty income in dollars is valued based on exchange rates on the day funds are transferred. The May estimate below includes negative adjustments totaling Euros 360,768 for the first quarter of calendar 2016.

Estimated Combined Royalties Anticipated in	Combined Royalties In Euros	Combined Royalties In Dollars	Dollar Royalties In Cents per Unit
May	Euros 225,036	$ 254,911	$0.0277
June	Euros 585,804	$ 663,574	$0.0722
July	Euros 585,804	$ 663,574	$0.0722

The cumulative 12-month distribution, which includes the May 2016 distribution and the three prior quarterly distributions, is $0.99 per unit. This 12-month cumulative distribution is 35.29% or $0.54 per unit lower than the prior 12-month distribution of $1.53 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 text of the Trust's press releases along with other pertinent information is available at the Trust's website: www.neort.com.

SOURCE North European Oil Royalty Trust