PR Newswire | Jan 29, 2021 04:15PM EST

Quarter Of Fiscal 2021

01/29 15:15 CST

North European Oil Royalty Trust Announces The Distribution For The First Quarter Of Fiscal 2021 KEENE, N.H., Jan. 29, 2021

KEENE, N.H., Jan. 29, 2021 /PRNewswire/ -- The Trustees of North European Oil Royalty Trust (NYSE-NRT) announced today a quarterly distribution of $0.04 per unit for the first quarter of fiscal 2021, payable on February 24, 2021 to owners of record on February 12, 2021. Natural gas sold during the fourth calendar quarter of 2020 is the primary source of royalty income on which the February 2021 distribution is based.

John R. Van Kirk, Managing Director, reported that this year's quarterly distribution of $0.04 per unit is 50.00%, or $0.04 per unit, lower than the distribution of $0.08 per unit for the first quarter of fiscal 2020. For the quarter ending January 31, 2021, the combination of lower gas sales and gas prices as well as negative royalty adjustments totaling $538,651 from the prior quarter resulted in the lower distribution. The complete shutdown of Grossenkneten from September 8 to October 13, 2020 in combination with the continuing impact of COVID-19 on gas sales contributed to the decline in royalties.

The Trust receives all of its royalties under two royalty agreements. The Mobil Agreement, which is the higher royalty rate agreement, covers gas sales from the western half of the Oldenburg concession. The OEG Agreement, which is the lower royalty rate agreement, covers gas sales from the entire Oldenburg concession. The factors determining the amount of gas royalties payable under the two agreements from the preceding calendar quarter are shown in the table below comparing the fourth calendar quarters of 2020 and 2019. Further details will be included in the earnings press release scheduled for publication on or about February 12, 2021.

Quarterly Gas Data Providing Basis for Fiscal Quarter Royalties

4^th Calendar Quarter4^th Calendar QuarterPercentage Mobil Agreement Ended 12/31/2020 Ended 12/31/2019 Change

Gas Sales (Bcf^1) 3.222 4.884 - 34.03%

Gas Prices^2 (Ecents/ 1.1935 1.3550 - 11.92% kWh^3)

Average Exchange Rate^1.2116 1.1105 + 9.10% 4

Gas Royalties $532,128 $843,908 - 36.94%



OEG Agreement

Gas Sales (Bcf) 11.622 16.026 - 27.48%

Gas Prices (Ecents/ 1.2171 1.3818 - 11.92% kWh)

Average Exchange Rate 1.2123 1.1115 + 9.07%

Gas Royalties $160,621 $332,242 - 51.66%

^1 Billion cubic feet ^2 Gas prices derived from August-October period ^3Euro cents per kilowatt hour ^4 Based on average Euro/dollar exchange rates of cumulative royalty transfers

The cumulative 12-month distribution, which includes the February 2021 distribution and the three prior quarterly distributions, is $0.28 per unit. This 12-month cumulative distribution is 58.82% or $0.40 per unit lower than the prior cumulative 12-month distribution of $0.68 per unit. The Trust makes quarterly distributions to unit owners during the months of February, May, August and November.

Contact - John R. Van Kirk, Managing Director, telephone: (732) 741-4008, e-mail: jvankirk@neort.com. The Trust's press releases and other pertinent information are available on the Trust's website: www.neort.com.

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SOURCE North European Oil Royalty Trust