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Exhibit 99
PR NEWSWIRE
NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES NET INCOME
AND RESULTS FOR THE FIRST QUARTER OF FISCAL 2017
Red Bank, N.J. February 10, 2017 -- North European Oil Royalty Trust (NYSE-
NRT) reported the net income and results for the first quarter of fiscal 2017
which appear below compared with the first quarter of fiscal 2016. Total
royalty income reflects the inclusion of adjustments made by the operating
companies based upon their corrected royalty calculations for prior periods
as well as the inclusion of Mobil sulfur royalties. The total adjustments
for the first quarter of fiscal 2017 increased total royalty income by
$23,796. By comparison, in the first quarter of fiscal 2016 total royalty
income was reduced by $560,902.
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1st Fiscal Qtr. 1st Fiscal Qtr. Percentage
Ended 1/31/2017 Ended 1/31/2016 Change
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Total Royalty Income $1,724,686 $1,832,471 - 5.88%
Net Income $1,475,017 $1,573,687 - 6.27%
Distributions per Unit $0.15 $0.16 - 6.25%
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The Trust receives nearly all of its royalties under two royalty agreements.
The Mobil Agreement, the higher royalty rate agreement, covers gas sales from
the western half of the Oldenburg concession. The OEG Agreement, the lower
royalty rate agreement, covers gas sales from the entire Oldenburg concession.
The factors determining the amount of gas royalties payable under the two
agreements from the preceding calendar quarter are shown in the table below
comparing the fourth calendar quarters of 2016 and 2015. Further details
will be available in the Trust's 10-Q filing available through the SEC or on
the Trust's website, www.neort.com, on February 27, 2017.
Factors Determining Gas Royalties Payable
4th Calendar Qtr. 4th Calendar Qtr. Percentage
Ended 12/31/2016 Ended 12/31/2015 Change
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Mobil Agreement
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Gas Sales (Bcf)(1) 6.489 6.604 - 1.74%
Gas Prices(2)(Ecents/Kwh)(3) 1.4789 1.8649 - 20.70%
Average Exchange Rate (4) 1.0582 1.0881 - 2.75%
Gas Royalties $1,164,964 $1,538,701 - 24.29%
OEG Agreement
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Gas Sales (Bcf) 20.060 20.507 - 2.18%
Gas Prices (Ecents/Kwh) 1.5081 1.9803 - 23.84%
Average Exchange Rate 1.0590 1.0874 - 2.61%
Gas Royalties $466,168 $668,112 - 30.23%
(1) Billion cubic feet (2) Gas prices derived from August-October period
(3) Euro cents per Kilowatt hour (4) Based on average exchange rates of
cumulative royalty transfers
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Trust expenses for the first quarter of fiscal 2017 decreased 3.63% or $9,425
to $250,459 in comparison to $259,884 in the first quarter of fiscal 2016.
The reduction in expenses reflects the absence of current costs relating to
the biennial examination of the royalty statements by the Trust's German
accountants because 2017 is an alternate year. Additionally, the decrease in
the amount of Trustee fees as specified in the Trust Agreement contributed to
lower expenses.
The previously declared distribution of 15 cents per unit will be paid on
February 22, 2017 to owners of record as of February 17, 2017. 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 on the Trust's website:
www.neort.com.