NORTH EUROPEAN OIL ROYALTY TRUST REPORTS RESULTS
NORTH EUROPEAN OIL ROYALTY TRUST REPORTS RESULTS RED BANK, N.J., Feb. 12 /PRNewswire/ -- North European Oil Royalty
Trust (NYSE: NET) reported that at the annual meeting of unit holders held today, the currently serving trustees, John H. Van Kirk, Robert P. Adelman, Robert J. Castle, Sidney Goldin and Willard B. Taylor were re- elected for another year. The firm of Arthur Andersen & Company was re- appointed as auditor for the trust.
Earnings for the first three months of fiscal 1992 were also reported at the annual meeting, as indicated below with a comparison of the prior year's figures. NORTH EUROPEAN OIL ROYALTY TRUST Three months ended Jan. 31 1992 1991 German royalties received $4,038,217 $3,326,471 Net income 3,891,417 3,179,946 Net income per unit $0.46 $0.38 John R. Van Kirk, managing director, indicated that the improvement in the earnings resulted from an increase in gas prices within Germany as compared to last year's equivalent quarter and from a temporary shift in production to the higher royalty area of western Oldenburg. These two factors more than compensated for the decline in the exchange rate and in overall production. The distribution of 46 cents per unit previously declared, will be paid Feb. 26, 1992, to holders of record on Feb. 14. -0- 2/12/92 /CONTACT: John H. Van Kirk or John R. Van Kirk of North European Oil Royalty Trust, 908-741-4008/ (NET) CO: North European Oil Royalty Trust ST: New Jersey IN: OIL SU: ERN CK-SM -- NY044 -- 9322 02/12/92 14:30 EST
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|Date:||Feb 12, 1992|
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