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NORTH EUROPEAN OIL ROYALTY TRUST REPORTS RESULTS

 RED BANK, N.J., Feb. 10 /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 1993 were also reported at the annual meeting, as indicated below with a comparison to the prior year's figures.
 NORTH EUROPEAN OIL ROYALTY TRUST
 Three months ended Jan. 31: 1993 1992
 German Royalties received $2,151,748 $4,038,217
 Net income 1,989,086 3,891,417
 Net income per unit $.24 $.47
 John R. Van Kirk, managing director, indicated that the decline in the earnings resulted primarily from the significant decline in prices for gas in Germany (25.7 percent for the higher royalty area of western Oldenburg 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 sales 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 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.
 The distribution of 23 cents per unit previously declared, will be paid Feb. 24, 1993 to holders of record on Feb. 12, 1993.
 -0- 2/10/93
 /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

SH-TS -- NY077 -- 5265 02/10/93 15:01 EST
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Publication:PR Newswire
Date:Feb 10, 1993
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