NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES NET RESULTS FOR THE FIRST QUARTER OF FISCAL YEAR 2022

KEENE, NH, February 11, 2022 /PRNewswire/ — North European Oil Royalty Trust (NYSE: NRT) (the “Trust”) reported its net income for the first quarter of fiscal 2022 which appears in the table below compared to its net income for the first quarter of fiscal 2021 Total royalty income includes positive and negative adjustments operators made during the quarter based on their corrected royalty calculations for prior periods, as well as Mobil sulfur royalties. Total royalty revenue for the first quarter of fiscal 2022 was unaffected as there were no prior period adjustments, but was increased by Mobil sulfur royalties from $59,517. In comparison, total royalties for the first quarter of fiscal 2021 were reduced by negative adjustments of $538,651 and increased Mobil sulfur royalties of $65,267 (a correction of $35,070 for the first quarter of calendar year 2020 and $30,197 for the fourth quarter of calendar year 2020).


1st fiscal quarter

Ended on 01/31/2022

1st fiscal quarter

Ended on 01/31/2021

Percentage

Change

Total royalty income

$2,546,539

$283,439

+798.44%

Net revenue

$2,351,819

$111,842

+2,002.80%

Distributions per unit

$0.25

$0.04

+525.00%

Despite the continued economic disruption caused by COVID-19, the resumption of a more “normal” economy has led to an increase in energy demand. As part of the Mobil agreement for the first quarter of fiscal 2022, gas prices, gas sales and the average exchange rate showed percentage changes of +156.42%, +27.41 % and -7.10%, respectively, compared to the first quarter of fiscal 2021 In a corresponding comparison under the OEG agreement, gas prices, gas sales and the average exchange rate showed percentage changes of +156.43%, +20.20% and -7.16%, respectively.

Trust expenses for the first quarter of fiscal 2022 increased by 13.56%, or $23,277at $194,957 from $171,680 for the first quarter of fiscal 2021. The increase in expenses reflects the change in the payment schedule related to the biennial review of royalty statements by the Trust’s German accountants, the increase in trustee fees as specified by the Trust Agreement and increased fees associated with the Trust’s Petroleum Consultant.

The previously reported distribution of $0.25 per unit will be paid on February 23, 2022 to registered owners from February 11th2022. Full details will be available in the Trust’s 10-Q filing available from the SEC or on the Trust’s website, www.neort.com, at or about February 252022. For more information, contact John R. Van KirkGeneral Manager, at (732) 741-4008 or by email at [email protected] The Trust’s press releases and other relevant information are also available on the Trust’s website.

SOURCE North European Oil Royalty Trust