-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RSmEWoMtj4nInNvzixI3s5nlSkdRFVA4Pm56jvy460XOFDYSmL+z5L5wWwWZV9u0 MBrBGN44WgyP9j8qea/iQw== 0000072633-07-000017.txt : 20070814 0000072633-07-000017.hdr.sgml : 20070814 20070814143244 ACCESSION NUMBER: 0000072633-07-000017 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070731 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070814 DATE AS OF CHANGE: 20070814 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: 071053948 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 8-K 1 ek081407.txt 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): August 13, 2007 -------------------- 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 August 13, 2007 North European Oil Royalty Trust issued a press release via PR Newswire announcing the Trust's earnings for the third quarter of fiscal 2007. Furnished herewith is a copy of the press release, which is incorporated by reference herein. The information in this Item 2.02, including Exhibit 99 hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing. Item 9.01. Financial Statements and Exhibits. ---------------------------------- (c) Exhibits The following exhibit is furnished herewith: Exhibit 99. A press release dated August 13, 2007 and disseminated through PR Newswire announcing the earnings of North European Oil Royalty Trust for the third quarter of fiscal 2007. 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: August 14, 2007 EX-99 2 x99-0814.txt -3- Exhibit 99 PR NEWSWIRE NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES EARNINGS FOR THE THIRD FISCAL QUARTER & THE NINE-MONTH PERIOD Red Bank, N.J. August 13, 2007 - North European Oil Royalty Trust (NYSE-NRT) announced that net income for its third fiscal quarter ended July 31, 2007 was $5,264,505, a decrease of 26.3% from the prior year's equivalent period. Net income for the nine-month period ended July 31, 2007 was $20,858,133, a decrease of 9.9% from the prior year's equivalent period. Cumulative distributions for the twelve-month period including the quarter just ended totaled $3.05 per unit. John R. Van Kirk, Managing Director, reported that lower average gas prices and lower gas sales under both royalty agreements are the primary reasons behind the significant decline in royalty income for the quarter. The higher average exchange rates helped to partially offset the decline in royalty income. NORTH EUROPEAN OIL ROYALTY TRUST - (Unaudited) ---------------------------------------------- Quarter Ended 7/31/07 7/31/06 - ------------- ----------- ----------- German Royalties Received $ 5,402,889 $ 7,312,458 Net Income 5,264,505 7,140,701 Net Income per Unit $ 0.57 $ 0.78 Distributions per Unit $ 0.58 $ 0.77 Nine Months Ended 7/31/07 7/31/06 - ----------------- ----------- ----------- German Royalties Received $21,430,819 $23,794,149 Net Income 20,858,133 23,147,752 Net Income per Unit $ 2.27 $ 2.52 Distributions per Unit $ 2.27 $ 2.50 For the quarter just ended the average price for gas sold under the higher royalty rate agreement covering western Oldenburg (the "Mobil Agreement") decreased 25.75% to 1.5159 Euro cents per Kilowatt hour ("Ecents/KWh") from 2.0417 Ecents/KWh for the third quarter of fiscal 2006. Gas sales under the Mobil Agreement declined by 8.15% to 16.177 billion cubic feet ("Bcf") from 17.613 Bcf for the third quarter of fiscal 2006. The average price for gas sold under the lower royalty rate agreement covering the entire Oldenburg concession (the "OEG Agreement") decreased by 14.27% to 1.8774 Ecents/KWh from 2.1900 Ecents/KWh for the third quarter of fiscal 2006. Overall gas sales under the OEG Agreement decreased by 10.76% to 37.982 Bcf from 42.563 Bcf for the third quarter of fiscal 2006. Based on the actual conversions and transfers of royalties received under the Mobil and OEG Agreements during the quarter just ended, the average value of the Euro was $1.3540 and $1.3455 respectively, an increase of 7.20% and 6.66%, respectively from the third quarter of fiscal 2006. Using these average values to convert German gas prices into more familiar terms, average gas prices under the Mobil and OEG Agreements were $5.90 and $7.10 per Mcf, respectively. -4- Trust expenses for the third quarter of fiscal 2007 were $195,843, 13.21% lower than the third quarter of fiscal 2006, largely due to lower legal and professional expenses. Trust expenses for the nine-month period were $741,048, a decline of 1.84% in comparison to the prior year's equivalent period. Contact -- John R. Van Kirk, Managing Director, telephone: (732) 741-4008, e-mail: jvankirk@neort.com, website: www.neort.com. -----END PRIVACY-ENHANCED MESSAGE-----