NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES THE RETIREMENT OF THE MANAGING TRUSTEE AND THE NAMING OF HIS SUCCESSOR

Rhea-AI Summary

North European Oil Royalty Trust (NRT) announced the retirement of Robert P. Adelman, the Managing Trustee, effective March 13, 2023. He will remain an active Trustee until April 30, 2023. The Trustees appointed Nancy J. Floyd Prue as the new Managing Trustee, effective March 14, 2023. Floyd Prue has over 40 years of investment experience, including significant roles in the oil and gas sector. She has been a Trustee since March 2018 and also serves as a director and treasurer of the Keswick Multi-Care Board. John R. Van Kirk, Managing Director, acknowledged Adelman's long-standing leadership and contributions to the Trust.

Positive

• Nancy J. Floyd Prue brings over 40 years of investment experience, potentially enhancing Trust management.
• Floyd Prue's extensive knowledge of the energy sector may lead to informed decision-making.

Negative

• Retirement of Robert P. Adelman could create uncertainty in management continuity.
• Transition in leadership might lead to short-term instability in the Trust's operations.

KEENE, N.H., March 14, 2023 /PRNewswire/ -- Mr. Robert P. Adelman, the Managing Trustee of North European Oil Royalty Trust (the "Trust") (Symbol: NRT), has advised the Trustees that he has decided to retire from his position of Managing Trustee as of March 13, 2023 and as an active Trustee as of the end of the current fiscal quarter of the Trust, April 30, 2023. 

The remaining Trustees named Ms. Nancy J. Floyd Prue, a Trustee since March 15, 2018, to fill the role of Managing Trustee beginning on March 14, 2023.  Ms. Floyd Prue has been a member of the Trust's Board of Trustees since March 2018. Ms. Floyd Prue has over 40 years of investment experience including 35 years with Adams Funds. During her tenure with Adams Funds, Ms. Floyd Prue served as President of Adams Natural Resources Fund and as a portfolio manager focusing on the oil and gas industry. As a result of serving in these roles and serving as a member of our Audit Committee, Ms. Floyd Prue has accumulated significant leadership and financial reporting experience as well as extensive knowledge of the energy industry.  Ms. Floyd Prue is currently a director and treasurer of the Keswick Multi-Care Board and is member of the Board of Directors of the Keswick Foundation. Ms. Floyd Prue is a former President and a director of the National Association of Petroleum Investment Analysts. 

In reporting the resignation and appointment, John R. Van Kirk, the Trust's Managing Director, said, "The Trustees accepted the resignation with regret, recognizing the long years of leadership which Mr. Adelman had provided to the Trust for the benefit of its owners.  His familiarity with the origins of the royalty rights held by the Trust and his conduct of negotiations concerning those rights made him uniquely qualified for the position of Managing Trustee.  He filled the position with expertise and diligence."

For further information, contact Mr. John R. Van Kirk, Managing Director, at (732) 741-4008, or via e-mail at jvankirk@neort.com.  Website: www.neort.com.

 

View original content:https://www.prnewswire.com/news-releases/north-european-oil-royalty-trust-announces-the-retirement-of-the-managing-trustee-and-the-naming-of-his-successor-301771970.html

SOURCE North European Oil Royalty Trust

FAQ

Who has replaced Robert P. Adelman as the Managing Trustee of NRT?

Nancy J. Floyd Prue has been appointed as the Managing Trustee of North European Oil Royalty Trust, effective March 14, 2023.

When did Robert P. Adelman retire from his position at NRT?

Robert P. Adelman retired from his position as Managing Trustee on March 13, 2023.

What experience does Nancy J. Floyd Prue have?

Nancy J. Floyd Prue has over 40 years of investment experience, including significant roles focused on the oil and gas industry.

How long has Nancy J. Floyd Prue been a Trustee at NRT?

Nancy J. Floyd Prue has been a Trustee since March 15, 2018.

Why did Robert P. Adelman resign from NRT?

The press release does not specify the reasons for Robert P. Adelman's resignation from his position.