North European Oil Royalty Trust (NYSE: NRT) (the Trust) reported its net income for the first quarter of fiscal 2022 which appears in the table below compared to its net income for the first quarter of fiscal 2021  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 royalty income for the first quarter of fiscal 2022 was not affected because there were no prior period adjustments but was increased by Mobil sulfur royalties of $59517  By comparison 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) 

Despite the continuing economic disruption caused by COVID-19 the resumption of a more normal economy resulted in increased demands for energy  Under the Mobil Agreement for the first quarter of fiscal 2022 gas prices gas sales and the average exchange rate showed percentage changes of +15642% +2741% and -710% respectively in comparison to the first quarter of fiscal 2021  In a corresponding comparison under the OEG Agreement gas prices gas sales and the average exchange rate showed percentage changes of +15643% +2020% and -716% respectively  

Trust expenses for the first quarter of fiscal 2022 increased 1356% or $23277 to $194957 from $171680 for the first quarter of fiscal 2021  The increase in expenses reflects the shift in the timing of the payment relating to the biennial examination of the royalty statements by the Trust's German accountants increased Trustee fees as specified by the Trust Agreement and increased fees associated with the Trust's petroleum consultant

The previously declared distribution of $025 per unit will be paid on February 23 2022 to owners of record as of February 11 2022  Comprehensive details will be available in the Trust's 10-Q filing available through the SEC or on the Trust's website wwwneortcom on or about February 25 2022  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 also available on the Trust's website