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Exhibit 99
PR NEWSWIRE
NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES
NET INCOME AND RESULTS FOR THE FOURTH QUARTER OF FISCAL 2008
Red Bank, N.J. November 14, 2008-- North European Oil Royalty Trust (NYSE-NRT)
reported net income and results for the fourth fiscal quarter of fiscal 2008
ended October 31, 2008 which appear below compared with the fourth quarter of
fiscal 2007. The previously declared distribution of $1.03 per unit will be
paid on November 26, 2008 to owners of record as of November 14, 2008.
Fourth Fiscal Fourth Fiscal Percentage
Quarter Quarter Change
Ended 10/31/08 Ended 10/31/07
-------------- -------------- ----------
German Royalties Received $9,605,759 $6,053,435 +58.68%
Net Income $9,409,548 $5,881,537 +59.98%
Net Income per Unit $1.02 $0.64 +59.38%
Distribution per Unit $1.03 $0.64 +60.94%
Royalty income in the fourth quarter of 2008 was higher than the fourth
quarter 2007 due to higher gas prices which more than offset the impact of
lower gas sales and lower average exchange rates. The Trust receives nearly
all of its royalties under two royalty agreements. The Mobil Agreement is
the higher royalty rate agreement and covers gas sales from the western half
of the Oldenburg concession. The OEG Agreement is the lower royalty rate
agreement and covers gas sales from the entire Oldenburg concession.
Fourth Fiscal Fourth Fiscal Percentage
Quarter Quarter Change
Ended 10/31/08 Ended 10/31/07
-------------- -------------- ----------
Mobil Agreement:
Gas Sales (Bcf)(1) 13.545 Bcf 14.792 Bcf - 8.43%
Gas Prices (Ecents/Kwh)(2) 2.7510 Ecents/Kwh 1.6366 Ecents/Kwh +68.09%
Gas Prices ($/Mcf)(3) $11.03/Mcf $6.59/Mcf +67.37%
OEG Agreement:
Gas Sales (Bcf) 33.170 Bcf 36.260 Bcf - 8.52%
Gas Prices (Ecents/Kwh) 2.9060 Ecents/Kwh 1.9568 Ecents/Kwh +48.51%
Gas Prices ($/Mcf) $10.96/Mcf $7.73/Mcf +41.79%
Average Exchange Rate (4) $1.3736 $1.4024 - 2.05%
(1) Billion cubic feet
(2) Euro cents per Kilowatt hour
(3) Dollars per thousand cubic feet
(4) Based on average exchange rates of cumulative royalty transfers
Interest income was lower reflecting the significant decline in interest rates
applicable during the period. For the quarter just ended, Trust interest
income decreased 54.17% to $18,136 from $39,570 in the fourth quarter of
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fiscal 2007. Trust expenses for the fourth quarter of fiscal 2008 increased
1.36% to $214,347 from $211,469 for the fourth quarter of fiscal 2007.
Royalty income for fiscal 2008 was higher than fiscal 2007 due to a
combination of higher gas prices and higher average exchange rates, which
more than offset the decline in gas sales.
Fiscal Year Fiscal Year Percentage
Ended Ended Change
10/31/08 10/31/07
------------- ------------- ----------
German Royalties Received $34,645,159 $27,484,254 +26.05%
Net Income $33,665,138 $26,739,669 +25.90%
Net Income per Unit $3.66 $2.91 +25.77%
Distribution per Unit $3.66 $2.91 +25.77%
The 2009 Annual Meeting has been scheduled for February 10, 2009.
Contact: John R. Van Kirk, Managing Director, (732) 741-4008, or
via e-mail at jvankirk@neort.com. The Trust's website is www.neort.com.