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Exhibit 99.1
PR NEWSWIRE
NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES RESULTS OF THE ANNUAL MEETING
AND NET INCOME AND RESULTS FOR THE FIRST FISCAL QUARTER
Red Bank, N.J. February 13, 2009 -- North European Oil Royalty Trust (NYSE-
NRT) reported that at the Annual Meeting of Unit Owners held Tuesday,
February 10, 2009 in New York, unit owners re-elected the currently serving
Trustees: Robert P. Adelman, Samuel M. Eisenstat, Lawrence A. Kobrin,
Willard B. Taylor and Rosalie J. Wolf.
Net income and results for the first quarter of fiscal 2009 appears below,
compared with the first quarter of fiscal 2008.
First Fiscal First Fiscal Percentage
Quarter Quarter Change
Ended 1/31/09 Ended1/31/08
------------- ------------ ----------
German Royalties Received $10,180,979 $ 7,215,083 +41.11%
Net Income $ 9,846,469 $ 6,979,325 +41.08%
Net Income per Unit $1.07 $0.76 +40.79%
Distribution per Unit $1.06 $0.76 +39.47%
Net income in the first quarter of 2009 was higher than the first quarter
2008 due to the increase in gas prices, which more than offset declines in
both gas sales and the average value of the Euro. Complete information
regarding gas sales, gas prices and average exchange rates was previously
distributed in a press release dated January 28, 2009.
Interest income was lower reflecting the decline in interest rates on
Treasury bills during the period. For the quarter just ended, Trust interest
income decreased 71.67% to $9,451 from $33,355 in the first quarter of fiscal
2008. Trust expenses for the first quarter of fiscal 2009 increased 27.81%
or $74,848 to $343,961 in comparison to the prior year's equivalent period.
The increase in costs reflects various legal matters related to the
examination of the German operating companies' royalty payments that is made
every two years, higher Trustees fees calculated based on the provisions of
the Trust Agreement and timing issues.
The previously declared distribution of $1.06 per unit will be paid on
February 25, 2009 to owners of record as of February 13, 2009. For further
information contact John R. Van Kirk, Managing Director, at (732) 741-4008
or via e-mail at jvankirk@neort.com. The Trust's website is www.neort.com.