This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

North European Oil Royalty Trust Announces Net Income And Results For The First Quarter Of Fiscal 2010

RED BANK, N.J., Feb. 12 /PRNewswire-FirstCall/ -- North European Oil Royalty Trust (NYSE: NRT) reported the net income and results for the first quarter of fiscal 2010 which appear below compared with the first quarter of fiscal 2009.

                     First Fiscal         First Fiscal  
                       Quarter              Quarter          Percentage
                   Ended 1/31/2010     Ended 1/31/2009         Change
                   ---------------     ---------------         ------
     Received          $4,894,409         $10,180,979         - 51.93%
    Net Income         $4,616,291          $9,846,469         - 53.12%
    Net Income per
     Unit                   $0.50               $1.07         - 53.27%
     per Unit               $0.50               $1.06         - 52.83%

Net income in the first quarter of 2010 was lower than the first quarter 2009 due to the significant decline in gas prices combined with a smaller decline in gas sales.  Lower prices and sales occurred under both royalty agreements.  While the average value of the Euro relative to the dollar was higher, it had the least impact of all these factors.  The Trust receives nearly all of its royalties under two royalty agreements.  The Mobil Agreement is the higher royalty rate agreement and covers gas sales from the western half of the Oldenburg concession.  The OEG Agreement is the lower royalty rate agreement and covers gas sales from the entire Oldenburg concession.  Relevant details are shown below.

                             First Fiscal    First Fiscal
                                Quarter         Quarter     Percentage
        Mobil Agreement     Ended 1/31/2010 Ended 1/31/2009   Change
        ---------------     --------------- ---------------   ------
    Gas Sales (Bcf(1))          11.861          13.699       - 13.42%
    Gas Prices (Ecents/
     Kwh(2))                    1.6491          3.1861       - 48.24%
    Gas Prices ($/Mcf(3))        $6.88          $12.30       - 44.07%
    Average Exchange
     Rate(4)                    1.4493          1.3404       +  8.12%
         OEG Agreement
    Gas Sales (Bcf)             30.616          34.351       - 10.87%
    Gas Prices (Ecents/Kwh)     1.9151          3.4411       - 44.35%
    Gas Prices ($/Mcf )          $7.74          $12.93       - 40.14%
    Average Exchange Rate       1.4405          1.3382       +  7.64%
    (1) Billion cubic feet    
    (2) Euro cents per Kilowatt hour   
    (3) Dollars per thousand cubic feet
    (4) Based on average exchange rates of cumulative royalty transfers

For the quarter just ended, Trust interest income decreased 98.08% to $181 from $9,451 in the first quarter of fiscal 2009, reflecting the continuing low interest rates applicable during the period along with the reduced funds available for investment.  Trust expenses for the first quarter of fiscal 2010 decreased 19.09% or $65,662 to $278,299 in comparison to $343,961 in the prior year's equivalent period.   The decrease in costs primarily reflects a reduction in Trustee's fees, which are calculated based on provisions specified in the Trust Agreement.

The previously declared distribution of $0.50 per unit will be paid on February 24, 2010 to owners of record as of February 12, 2010.  For further information contact John R. Van Kirk, Managing Director, at (732) 741-4008 or via e-mail at

SOURCE North European Oil Royalty Trust

Copyright 2009 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs