North European Oil Royalty Trust Announces The Distribution For The Second Quarter Of Fiscal 2013
RED BANK, N.J., April 29, 2013 /PRNewswire/ — The Trustees of North European Oil Royalty Trust (NYSE-NRT) today announced a quarterly distribution of $0.64 per unit for the second quarter of fiscal 2013, payable on May 29, 2013 to holders of record on May 17, 2013. Natural gas sold during the first calendar quarter of 2013 is the primary source of royalty income on which the May 2013 distribution is based. John R. Van Kirk, Managing Director, reported that this year’s quarterly distribution of $0.64 per unit is 5.88%, or $0.04 per unit, lower than the distribution of $0.68 per unit for the second quarter of fiscal 2012. No details on sales or production have yet been received from the operating companies. Specific details will be available in the earnings press release scheduled for release on or about May 14, 2013.
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. In the quarter just ending, the overpayment of Euros 590,834 will be deducted from royalties anticipated to be received in May 2013.
The table below shows the amount of royalties anticipated to be received during the third quarter of fiscal 2013 based on the actual amount of royalties that were paid to the Trust for the first calendar quarter of 2013. Amounts in dollars are based on the current exchange rate of 1.3087. Actual royalty income in dollars is valued based on exchange rates on the day funds are transferred.
Combined Royalties Combined Royalties Combined Royalties Dollar Royalties Anticipated in In Euros In Dollars In Cents per Unit -------------- -------- ---------- ----------------- May Euros 711,529 $931,178 $0.1013 June Euros 1,302,363 $1,704,402 $0.1855 July Euros 1,302,363 $1,704,402 $0.1855 ---- --------------- ---------- -------
The cumulative 12-month distribution, which includes the May 2013 distribution and the three prior quarterly distributions, is $2.35 per unit. This 12-month cumulative distribution is 12.64% or $0.34 per unit lower than the prior 12-month distribution of $2.69 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@example.com. 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