North European Oil Royalty Trust has limited information regarding gas reserves within the Oldenburg Concession which is the primary source of royalties for the Trust. According to the contractual agreement with the operating company, the operating company, BEB ( a joint venture between ExxonMobil Corp. and the Royal Dutch/Shell Group of Companies) does not have to provide detailed geological information to holders of overriding royalty rights. Despite numerous past requests for additional information, the operating companies have refused any additional data. The reserves on which the Trust reports are categorized solely as “proved producing” reserves. Proved producing reserves can only be calculated on those wells for which there is current production. The petroleum consultants for the Trust have expressed confidence in their ability to provide reasonable estimates as to the level of proved producing reserves based on the production data which is provided to the Trust by the operating companies for specific wells and fields. While this methodology cannot be entirely accurate given the lack of confirming data, it does provide some logical assessment of the proved producing reserves for the Trust. This methodology does not address the reserve categories of “proved non-producing,” “probable” or “possible.” The complete text of the reserve report and the limitations under which it is prepared are included in the Appendix for the Trust’s official 10-K Filing with the S.E.C. These reports can be accessed through the Investor’s section of this Website.