KEENE, N.H., July 31, 2024 /PRNewswire/ -- The Trustees of North European Oil Royalty Trust (NYSE: NRT) announced today a quarterly distribution of $0.21 per unit for the third quarter of fiscal 2024, payable on August 28, 2024 to holders of record on August 16, 2024.  The distribution for the third quarter of fiscal 2023 was also $0.21 per unit.  Distributions are based on actual royalty income received less incurred and anticipated expenses.

The Trust receives its royalties under the Mobil and OEG Royalty Agreements as detailed in the 2023 10-K on the Trust's website.  The Trust's scheduled monthly royalty payments are paid based on the amount of royalties payable to the Trust in the prior calendar quarter.  End-of-quarter royalty adjustments result from the need to align scheduled royalty payments from the operating companies with actual royalties that should have been paid in the immediately preceding calendar quarter.  When actual prices and volumes are reported, there will be a positive reconciliation in the current fiscal quarter or a negative reconciliation in the subsequent fiscal quarter.  As of the end of the third quarter of fiscal 2024 and based on the current exchange rate of 1.09, there were negative adjustments of $387,930 under the Mobil Agreement and $219,645 under the OEG Agreement.  These negative adjustments will be offset against the scheduled royalty payments for the Trust's fourth fiscal quarter.

Scheduled royalty payments for the fourth quarter of fiscal 2024 are estimated to be $1.2 million at the current exchange rate of 1.09.  The exchange rate on the date of transfer of funds will determine actual royalty income.  Factors not reflected in the calculation that will determine the distribution may include a potential positive or negative royalty adjustment for calendar 2023 in September and the end-of-quarter royalty adjustment at the end of October 2024.  Additionally, expenses in the quarter will be deducted from royalty income prior to the calculation of the fourth fiscal quarter's distribution.  Further details will be available in the Trust's 10-Q filing at the Trust's website, shown below, or through the SEC's EDGAR website on or about August 30, 2024.

Contact – John R. Van Kirk, Managing Director, telephone: (732) 741-4008, email: [email protected].  The Trust's press releases and other pertinent information are available on the Trust's website: www.neort.com.

Forward-Looking Statements