NORTH EUROPEAN OIL ROYALTY TRUST REPORTS RESULTS
NORTH EUROPEAN OIL ROYALTY TRUST REPORTS RESULTS RED BANK, N.J., Nov. 13 /PRNewswire/ -- North European Oil Royalty
Trust (NYSE: NET) today reported that royalty revenues for the fourth quarter of its fiscal year through Oct. 31, 1991, increased by 4.3 percent from those of the same period last year.
The three factors affecting revenues, price, level of sales and exchange rate, partially offset each other in contributing to the moderate increase in revenues. While overall sales in Oldenburg were up by 2.8 percent, sales in the higher royalty western area were down by 2.1 percent. Gas prices showed significant improvement over the same period last year with overall prices rising by 23.9 percent and western prices by 19.6 percent. The weaker Deutsche mark (average value 58 cents) could not reach last year's high levels and ended with a decline of 11.5 percent for overall Oldenburg and 9.8 percent for the western area. NORTH EUROPEAN OIL ROYALTY TRUST Periods ended: Quarter Fiscal Year Oct. 31: 1991 1990 1991 1990 German royalties received $3,481,862 $3,336,888 $13,026,234 $12,191,660 Net income 3,385,447 3,238,974 12,517,318 11,706,277 Net income per unit $0.41 $0.39 $1.51 $1.41 The trust declared a distribution to owners of 40 cents per unit for the fourth fiscal quarter, making the total distribution for the 1991 fiscal year $1.49 per unit compared to $1.41 for last year. The distribution will be paid on Nov. 20, 1991, to holders of record on November 8. -0- 11/13/91 /CONTACT: John H. Van Kirk, managing trustee, or John R. Van Kirk, managing director of North European Oil Royalty Trust, 908-741-4008/ (NET) CO: North European Oil Royalty Trust ST: New Jersey IN: OIL SU: ERN TS-CK -- NY026 -- 3859 11/13/91 10:40 EST
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|Date:||Nov 13, 1991|
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