North European Oil Royalty Trust (NYSE-NRT) reported the net income for the second quarter of fiscal 2021 which appears in the table below compared with the net income for the second quarter of fiscal 2020  Total royalty income includes any adjustments made by the operating companies based upon their corrected royalty calculations for prior periods as well as any Mobil sulfur royalties  During the second quarter of fiscal 2021 there were no prior period adjustments to total royalty income whereas during the second quarter of fiscal 2020 total royalty income was reduced by prior period adjustments totaling $137944  The Trust received separate sulfur royalty payments under the Mobil Agreement of $36411 and $31105 during the second quarters of fiscal 2021 and 2020 respectively

Under the Mobil Agreement for the second quarter of fiscal 2021 gas sales gas prices and the average exchange rate showed percentage changes of -584% -584% and +984% respectively in comparison to the second quarter of fiscal 2020  Under the OEG Agreement for the second quarter of fiscal 2021 gas sales gas prices and the average exchange rate showed percentage changes of -505% -583% and +974% respectively in comparison to the second quarter of fiscal 2020

Trust expenses for the second quarter of fiscal 2021 decreased 1394% or $32686 to $201814 from $234500 in the second quarter of fiscal 2020  The decrease in expenses reflects reduced Trustee fees as specified by the Trust Agreement reduced printing costs related to the changed format for the annual report lower meeting and travel expenses resulting from the change to virtual meetings during the pandemic- imposed restriction period and the shift in the timing of the payment relating to the biennial examination of the royalty statements by the Trust's German accountants    

Total royalty income received during the first six months of fiscal 2021 decreased in comparison to fiscal 2020 due to lower gas prices and lower gas sales under both the Mobil and the OEG Agreements  During the first six months of fiscal 2021 and 2020 total royalty income amounts were reduced by negative prior period adjustments of $538651 and $388634 respectively  The comparison of the relevant periods is shown below

The previously declared distribution of 14 cents per unit will be paid on May 26 2021 to owners of record as of May 14 2021  For further information contact John R Van Kirk Managing Director at (732) 741-4008 or via e-mail at [email protected]  The Trust's press releases and other pertinent information are available on the Trust's website: wwwneortcom  The Trust's 10-Q filing will be available through the SEC or on the Trust's website wwwneortcom on or about May 28 2021