North European Oil Royalty Trust (NYSE-NRT) (the Trust) reported the net income for the first quarter ended January 31st of fiscal 2021 which appears in the table below compared to net income for the first quarter of fiscal 2020  Total royalty income includes positive and negative adjustments that the operators made during the quarter based upon their corrected royalty calculations for the prior periods as well as Mobil sulfur royalties  Total royalties in the first quarter of fiscal 2021 were reduced by negative adjustments of $538651 and increased by Mobil sulfur royalties of $65267 (a correction of $35070 for the first quarter of calendar 2020 and $30197 for the fourth quarter of calendar 2020)  By comparison total royalties in the first quarter of fiscal 2020 were reduced by negative adjustments of $388634 and increased by Mobil sulfur royalties of $39273

The economic disruption associated with COVID-19 continued to impact the Trust's total royalty income received during the first quarter of fiscal 2021  Under the Mobil Agreement for the first quarter of fiscal 2021 gas sales gas prices and the average exchange rate showed percentage changes of -3403% -1192% and +910% respectively in comparison to the first quarter of fiscal 2020  In a corresponding comparison under the OEG Agreement gas sales gas prices and the average exchange rate showed percentage changes of -2748% -1192% and +907% respectively  

Trust expenses for the first quarter of fiscal 2021 decreased 3871% or $108443 to $171680 from $280123 for the first quarter of fiscal 2020  The decrease in expenses reflects the lower insurance costs reduced Trustee fees as specified by the Trust Agreement lower meeting expenses resulting from the change to virtual meetings and the shift in the timing of the payment relating to the biennial examination of the royalty statements by the Trust's German accountants

The previously declared distribution of $004 per unit will be paid on February 24 2021 to owners of record as of February 12 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 February 25 2021