NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES THE DISTRIBUTION FOR THE THIRD QUARTER OF FISCAL 2023
This year's quarterly distribution of
In accordance with the agreements between the Trust and the operating companies, the Trust's monthly scheduled royalty payments are paid based on the amount of royalties that were payable to the Trust in the prior calendar quarter. The recent decline in gas prices and the three-week shutdown of the de-sulfurization plant during the quarter for maintenance resulted in an overpayment of royalties during the third quarter of fiscal 2023. This overpayment of royalties has resulted in a negative carry-over that will eliminate the amount of royalties that would be paid to the Trust in the fourth fiscal quarter. This elimination of royalty income is expected to result in the absence of a cash distribution to unit owners for the Trust's fourth fiscal quarter. The potential impact of the negative carry-over on the royalties payable or the cash distributions to be made in any fiscal quarter beyond the fourth fiscal quarter of 2023 cannot be determined with any certainty at this time.
The cumulative 12-month distribution, which includes the August 2023 distribution and the three prior quarterly distributions, is
Contact – John R. Van Kirk, Managing Director, telephone: (732) 741-4008, email: jvankirk@neort.com. The Trust's press releases and other pertinent information are available on the Trust's website: www.neort.com.
Forward-Looking Statements
This press release may contain forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Such statements address future expectations and events or conditions concerning the Trust, such as statements concerning future gas prices, royalty payments and cash distributions. Many of these statements are based on information provided to the Trust by the operating companies or by consultants using public information sources, are difficult to predict, and are generally beyond the control of the Trust. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in any forward-looking statements. These include: the fact that the assets of the Trust are depleting assets and, if the operators developing the concession do not perform additional development projects, the assets may deplete faster than expected; risks and uncertainties concerning levels of gas production and gas sale prices, general economic conditions, and currency exchange rates; the ability or willingness of the operating companies to perform under their contractual obligations with the Trust; potential disputes with the operating companies and the resolution thereof; and political and economic uncertainty arising from
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SOURCE North European Oil Royalty Trust
