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Exhibit 99
PR NEWSWIRE
NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES
NET INCOME AND RESULTS FOR THE THIRD QUARTER OF FISCAL 2010
Red Bank, N.J. August 13, 2010 -- North European Oil Royalty Trust (NYSE-NRT)
reported the net income and results for the third quarter of fiscal 2010
which appear below compared with the third quarter of fiscal 2009.
3rd Fiscal Qtr. 3rd Fiscal Qtr. Percentage
Ended 7/31/2010 Ended 7/31/2009 Change
--------------- --------------- ----------
German Royalties Received $4,482,847 $5,466,337 -17.99%
Net Income $4,316,443 $5,243,544 -17.68%
Net Income per Unit $0.47 $0.57 -17.54%
Distribution per Unit $0.47 $0.58 -18.97%
Net income in the third quarter of 2010 was lower than the third quarter of
2009 due to the lower average Euro/dollar exchange rates and, to a lesser
extent, declines in gas sales compared to the prior year's equivalent
quarter. Gas prices were mixed. The Trust receives nearly all of its
royalties under two royalty agreements. The Mobil Agreement is the higher
royalty rate agreement and covers gas sales from the western half of the
Oldenburg concession. The OEG Agreement is the lower royalty rate agreement
and covers gas sales from the entire Oldenburg concession. Relevant details
are shown below.
3rd Fiscal Qtr. 3rd Fiscal Qtr. Percentage
Ended 7/31/2010 Ended 7/31/2009 Change
--------------- --------------- ----------
Mobil Agreement
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Gas Sales (Bcf)(1) 11.770 12.290 - 4.23%
Gas Prices (Ecents/Kwh)(2) 1.9666 1.8579 + 5.85%
Gas Prices ($/Mcf)(3) $ 7.08 $ 7.52 - 5.85%
Average Exchange Rate (4) 1.2522 1.4060 -10.94%
OEG Agreement
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Gas Sales (Bcf) 30.131 31.205 - 3.44%
Gas Prices (Ecents/Kwh) 2.1186 2.1681 - 2.28%
Gas Prices ($/Mcf) $ 7.49 $ 8.48 -11.67%
Average Exchange Rate 1.2596 1.3946 - 9.68%
(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
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Compared to the prior year, Trust expenses for the third quarter of fiscal
2010 decreased 24.45% to $169,228 from $223,984 in the third quarter of
fiscal 2009 due to reduced Trustee fees as specified in the Trust Agreement
and reduced work needed on the legal issues raised as a result of the
examination of the German operating companies' royalty payments. For the
quarter just ended, Trust interest income remained at relatively minimal
amounts due to the low interest rates applicable during the period and the
reduced funds available for investment.
Net income for the first nine months of fiscal 2010 was lower than the first
nine months of fiscal 2009 due primarily to a substantial decline in gas
prices and a moderate decline in gas sales under both the Mobil and OEG
Agreements. The average Euro/dollar exchange rate for the comparable periods
was virtually flat. The comparison of the relevant periods is shown below.
Nine Months Nine Months Percentage
Ended 7/31/2010 Ended 7/31/2009 Change
--------------- --------------- ----------
German Royalties Received $14,303,305 $25,072,153 -42.95%
Net Income $13,551,435 $24,212,913 -44.03%
Net Income per Unit $1.47 $2.63 -44.11%
Distribution per Unit $1.48 $2.63 -43.73%
The previously declared distribution of 47 cents per unit will be paid on
August 25, 2010 to owners of record as of August 13, 2010. For further
information contact John R. Van Kirk, Managing Director, at (732) 741-4008
or via e-mail at jvankirk@neort.com. The text of the Trust's press releases
along with other pertinent information is available at the Trust's website:
www.neort.com.