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NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES DISTRIBUTION

 RED BANK, N.J., Jan. 29 /PRNewswire/ -- The trustees of North European Oil Royalty Trust (NYSE: NET) announced today a quarterly distribution of 23 cents per unit for the first quarter of fiscal 1993, payable on Feb. 24, 1993 to holders of record on Feb. 12, 1993. The February distribution reflects royalties from sales made during the last calendar quarter of 1992.
 John R. Van Kirk, managing director, reported that this year's distribution was 50 percent lower than last year's distribution of 46 cents. The primary factor affecting this distribution was a significant decline in prices for gas in Germany (25.7 percent for the higher royalty area of western Oldenberg and 23.9 percent for overall Oldenburg). At the same time prices were declining, production was also declining (18.3 percent for western and 6.5 percent for overall Oldenburg) primarily due to an emergency repair at the Grossenkneten desulfurization plant, which significantly curtailed production during the month of November. The lower distribution in the current quarter also reflects the suspension of the 2 percent royalty on sulfur paid by Mobil. Under this sulfur royalty agreement, the Trust is not entitled to royalties on sulfur when the sale price falls below specified minimum amounts. The drop in the world sulfur price during the last year lowered Mobil's sales price below that minimum, resulting in the temporary suspension of payments. In addition, Mobil has reduced the current royalty payment to recover sulfur royalties inadvertently made in 1992 when prices were below the minimum amount.
 John R. Van Kirk also reported that information distributed to unit owners had recommended a cost depletion percentage of 8.819 percent for 1992 federal income tax reporting purposes. Unit owners may deduct this percentage of the adjusted cost of their units as depletion. A more complete explanation of the treatment of Trust income for tax purposes is outlined in a letter available at the address below.
 The annual meeting of units owners will be held at 1:30 p.m. on Feb. 10, 1993 at the University Club in New York City. Al owners are invited to attend.
 -0- 1/29/93
 /CONTACT: John H. Van Kirk, managing trustee, or John R. Van Kirk, managing director, 908-741-4008, North European Oil Royalty Trust.
 (NET)


CO: North European Oil Royalty Trust ST: New Jersey IN: OIL SU: DIV

LD-TM -- NY089 -- 0976 01/29/93 17:33 EST
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Publication:PR Newswire
Date:Jan 29, 1993
Words:400
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