Printer Friendly

NORTH EUROPEAN OIL ROYALTY TRUST REPORTS ROYALTY REVENUES

 RED BANK, N.J., Nov. 15 /PRNewswire/ -- North European Oil Royalty Trust (NYSE: NET) reported that royalty revenues for the fourth quarter of its fiscal year through Oct. 31, 1993, decreased by 9.4 percent from those for the same period last year.
 The primary factor affecting royalty revenue for this quarter was the weakening value of the Deutsche mark. From an average value of 67.9 cents during the fourth quarter of fiscal 1992, the Deutsche mark declined by 11.6 percent to an average of 60 cents during this most recent quarter. The prices for Oldenburg gas under both the higher and lower royalty agreements increased by 5.2 percent and 2.6 percent, respectively. While overall Oldenburg sales declined by 3.1 percent, sales from the higher royalty area of western Oldenburg increased slightly by 1.9 percent.
 NORTH EUROPEAN OIL ROYALTY TRUST
 Quarter Ended 10/31/93 10/31/92
 German Royalties Received $2,779,515 $3,060,061
 Net Income 2,693,642 2,948,855
 Net Income Per Unit $0.32 $0.35
 Fiscal Year Ended 10/31/93 10/31/92
 German Royalties Received $10,718,289 $13,458,150
 Net Income 10,248,982 12,870,740
 Net Income Per Unit $1.24 $1.55
 The Trust declared a distribution to owners of 32 cents per unit for the fourth fiscal quarter, making the total distribution for the 1993 fiscal year $1.22 per unit compared to $1.55 for last year, a 21.3 percent decrease. The distribution will be paid on Nov. 24, 1993, to holders of record on Nov. 12, 1993.
 -0- 11/15/93 R
 /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-JG -- NY117R -- 5575 11/17/93 14:36 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 17, 1993
Words:321
Previous Article:TRIBUNE MEDIA REVENUES UP 6.3 PERCENT IN OCTOBER; PUBLISHING UP 10.2 PERCENT, BOOSTED BY ACQUISITIONS
Next Article:KATY INDUSTRIES, INC., REPORTS BREAKEVEN FOR THE THIRD QUARTER OF 1993
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters