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Exhibit 99
PR NEWSWIRE
NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES
EARNINGS FOR SECOND QUARTER OF FISCAL 2004
Red Bank, N.J. May 13, 2004 -- North European Oil Royalty Trust (NYSE-NRT)
reported that net royalty income for the second fiscal quarter ended
April 30, 2004 declined by 14.8% to $3,858,689 compared to the prior year's
equivalent period. This level of income permitted a distribution of
43 cents per unit payable on May 26, 2004.
John R. Van Kirk, Managing Director, noted that this quarter's gross royalty
income decreased by $624,747 or 13.3% from the prior year's equivalent
period. The primary reasons behind the decrease in the amount of Trust
royalties were the decline in gas sales and gas prices under both royalty
agreements. Under the higher royalty rate agreement covering western
Oldenburg gas sales declined by 15.1% from 20.3 to 17.3 billion cubic feet
("Bcf"). Gas prices declined by 8.6% from 1.3761 to 1.2583 Euro cents per
Kwh ("Ecents/Kwh"). Under the lower royalty rate agreement covering the
entire Oldenburg concession gas sales decreased by 14.3% from 52.9 to 45.3
Bcf. Gas prices declined 3.1% from 1.3051 to 1.2646 Ecents/Kwh. Based on
the transfers of royalties from Germany to the U.S. during the quarter, the
average value of the Euro under the higher and lower royalty rate agreements,
was $1.2106 and $1.2105, increases of 12.3% and 11.2%, respectively. When
we convert the average gas prices using the average exchange rates for the
quarter into more common U.S. terminology, the average gas prices under both
the lower and higher royalty rate agreements were $4.27 and $4.34 per
thousand cubic feet, respectively. Compared to the prior year, Trust
expenses for the second quarter of fiscal 2004 were higher due to the timing
of the payment of the listing fees as well as additional legal expenses
related to the increased compliance requirements arising out of the
Sarbanes-Oxley Act of 2002.
NORTH EUROPEAN OIL ROYALTY TRUST
Quarter Ended 4/30/04 4/30/03
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German Royalties Received $ 4,075,008 $ 4,699,755
Net Income 3,858,689 4,528,543
Net Income Per Unit $0.43 $0.51
Distribution Per Unit $0.43 $0.50
Six Months Ended 4/30/04 4/30/03
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German Royalties Received $ 8,435,738 $ 9,466,319
Net Income 7,992,802 9,048,910
Net Income Per Unit $0.89 $1.01
Distribution Per Unit $0.89 $1.01
Contact -- John H. Van Kirk, Managing Trustee, or John R. Van Kirk,
Managing Director, telephone: (732) 741-4008, e-mail: NEORT@AOL.Com.
Website: WWW.NEORT.Com.