<SEC-DOCUMENT>0000072633-15-000024.txt : 20151116
<SEC-HEADER>0000072633-15-000024.hdr.sgml : 20151116
<ACCEPTANCE-DATETIME>20151116133655
ACCESSION NUMBER: 0000072633-15-000024
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20151030
ITEM INFORMATION: Results of Operations and Financial Condition
ITEM INFORMATION: Financial Statements and Exhibits
FILED AS OF DATE: 20151116
DATE AS OF CHANGE: 20151116
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: NORTH EUROPEAN OIL ROYALTY TRUST
CENTRAL INDEX KEY: 0000072633
STANDARD INDUSTRIAL CLASSIFICATION: OIL ROYALTY TRADERS [6792]
IRS NUMBER: 222084119
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1031
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-08245
FILM NUMBER: 151233240
BUSINESS ADDRESS:
STREET 1: P O BOX 456
STREET 2: 43 WEST FRONT STREET SUITE 19-A
CITY: RED BANK
STATE: NJ
ZIP: 07701
BUSINESS PHONE: 7327414008
MAIL ADDRESS:
STREET 1: P O BOX 456
STREET 2: 43 WEST FRONT STREET SUITE 19-A
CITY: RED BANK
STATE: NJ
ZIP: 07701
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>ek111315.txt
<TEXT>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
November 13, 2015
-----------------
NORTH EUROPEAN OIL ROYALTY TRUST
------------------------------------------------------
(Exact name of Registrant as specified in its charter)
Commission File No. 1-8245
Delaware 22-2084119
----------------------- -----------------------
(State of organization) (IRS Employer I.D. No.)
Suite 19A, 43 West Front Street, Red Bank, N.J. 07701
----------------------------------------------------------------
(Address of principal executive offices)
732-741-4008
---------------------------------------------------
(Registrant's telephone number including area code)
Not Applicable
------------------------------------------------------------
Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
-2-
Item 2.02. Results of Operations and Financial Condition.
----------------------------------------------
On November 13, 2015 North European Oil Royalty Trust issued a
press release via PR Newswire announcing the Trust's net income
and results for the fourth quarter of fiscal 2015. Furnished
herewith is a copy of the press release, which is incorporated
by reference herein.
Item 9.01. Financial Statements and Exhibits.
----------------------------------
(c) Exhibits
The following exhibit is furnished herewith:
Exhibit 99. A press release dated November 13, 2015 and
disseminated through PR Newswire announcing the net income
and results of North European Oil Royalty Trust for the
fourth quarter of fiscal 2015.
SIGNATURES
----------
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
NORTH EUROPEAN OIL ROYALTY TRUST
--------------------------------
(Registrant)
By: /s/ John R. Van Kirk
------------------------
John R. Van Kirk
Managing Director
Dated: November 16, 2015
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>x99-1113.txt
<TEXT>
-3-
Exhibit 99
PR NEWSWIRE
NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES
NET INCOME AND RESULTS FOR THE FOURTH QUARTER OF FISCAL 2015
Red Bank, N.J. November 13, 2015 -- North European Oil Royalty Trust (NYSE-
NRT) reported the net income and results for the fourth quarter of fiscal
2015 which appear below compared with the fourth quarter of fiscal 2014.
Total royalties received include adjustments made by the operating companies
based upon their corrected royalty calculations for prior periods.
4th Fiscal Qtr. 4th Fiscal Qtr. Percentage
Ended 10/31/2015 Ended 10/31/2014 Change
---------------- ---------------- ----------
Total Royalties Received $2,250,082 $3,822,181 - 41.13%
Net Income $ 2,096,955 $3,657,783 - 42.67%
Distributions per Unit $0.23 $0.39 - 41.03%
The Trust receives nearly all of its royalties under two royalty agreements.
The Mobil Agreement, the higher royalty rate agreement, covers gas sales from
the western half of the Oldenburg concession. The OEG Agreement, the lower
royalty rate agreement, covers gas sales from the entire Oldenburg
concession. The factors determining the amount of gas royalties payable
under the two agreements from the preceding calendar quarter are shown in the
table below comparing the third calendar quarters of 2015 and 2014. Further
details will be available in the Trust's annual report on Form 10-K which
will be available through the SEC or on the Trust's website, www.neort.com,
on or about December 30, 2015.
Factors Determining Gas Royalties Payable
--------------------------------------------------
3rd Calendar Qtr. 3rd Calendar Qtr. Percentage
Ended 9/30/2015 Ended 9/30/2014 Change
----------------- ----------------- ----------
Mobil Agreement
---------------
Gas Sales (Bcf)(1) 5.829 7.675 - 24.05%
Gas Prices (Ecents/Kwh)(2) 2.1662 2.1709 - 0.22%
Average Exchange Rate (3) 1.1301 1.2944 - 12.69%
Gas Royalties $1,636,070 $2,474,536 - 33.88%
OEG Agreement
-------------
Gas Sales (Bcf) 18.728 23.139 - 19.06%
Gas Prices (Ecents/Kwh) 2.2187 2.2803 - 2.70%
Average Exchange Rate 1.1309 1.2891 - 12.27%
Gas Royalties $ 714,479 $1,083,346 - 34.05%
(1) Billion cubic feet (2) Euro cents per Kilowatt hour
(3) Based on average exchange rates of cumulative royalty transfers
-4-
Trust expenses for the fourth quarter of fiscal 2015 decreased 8.17%, or
$13,756, to $154,667 from $168,423 in comparison to the fourth quarter of
fiscal 2014. The decrease was due to lower Trustee fees as specified in the
Trust Agreement and reduced legal expenses, both domestic and German,
following the resolution in 2014 of negotiations concerning a gas pricing
proposal by EMPG.
Total royalties received for fiscal 2015 declined in comparison to fiscal
2014 due to lower gas sales, lower gas prices and lower average exchange
rates under both the Mobil and OEG Agreements. Under the Mobil Agreement,
gas sales, gas prices and average exchange rates declined 7.84%, 10.99% and
15.96%, respectively. Under the OEG Agreement, gas sales, gas prices and
average exchange rates declined 9.47%, 10.47% and 15.99%, respectively.
The comparison of the relevant periods is shown below.
Fiscal Year Fiscal Year Percentage
Ended 10/31/2015 Ended 10/31/2014 Change
---------------- ---------------- ----------
Total Royalties Received $12,390,575 $18,927,005 - 34.53%
Net Income $11,580,673 $18,044,579 - 35.82%
Distributions per Unit $1.27 $1.95 - 34.87%
The 2016 Annual Meeting is scheduled to begin at 10:00 A.M. on February 16,
2016.
The previously declared distribution of 23 cents per unit will be paid on
November 25, 2015 to owners of record as of November 13, 2015. For further
information contact John R. Van Kirk, Managing Director, at (732) 741-4008
or via e-mail at jvankirk@neort.com. The text of the Trust's press releases
along with other pertinent information is available on the Trust's website:
www.neort.com.
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>