-----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, Kt/wxfiGvmLGc+sme5fO07oM6eKZCU7LlIYcOhBpjlm4cXurNcjqj4gMvQ/JGBVH BxY1UvA6uZCcjrwE90BSRA== 0000072633-07-000025.txt : 20071116 0000072633-07-000025.hdr.sgml : 20071116 20071116153331 ACCESSION NUMBER: 0000072633-07-000025 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20071031 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20071116 DATE AS OF CHANGE: 20071116 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: 071253146 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 ek111607.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): November 16, 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 November 16, 2007 North European Oil Royalty Trust issued a press release via PR Newswire announcing the Trust's net income for the fourth 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 November 16, 2007 and disseminated through PR Newswire announcing the net income of North European Oil Royalty Trust for the fourth 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: November 16, 2007 EX-99 2 x99-1116.txt -3- Exhibit 99 PR NEWSWIRE NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES EARNINGS FOR THE FOURTH FISCAL QUARTER & THE FISCAL YEAR Red Bank, N.J. November 16, 2007-- North European Oil Royalty Trust (NYSE-NRT) announced that net income for its fourth fiscal quarter ended October 31, 2007 was $5,881,536, a decrease of 17.29% from the prior year's equivalent period. Net income for the fiscal year ended October 31, 2007 ("fiscal 2007") was $26,739,669, a decrease of 11.63% from the fiscal year ended October 31, 2006 ("fiscal 2006") . Cumulative distributions for fiscal 2007, including the quarter just ended, totaled $2.91 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 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 10/31/07 10/31/06 - ------------- ----------- ----------- German Royalties Received $ 6,053,435 $ 7,284,973 Net Income 5,881,536 7,111,192 Net Income per Unit $ 0.64 $ 0.77 Distributions per Unit $ 0.64 $ 0.78 Fiscal Year Ended 10/31/07 10/31/06 - ----------------- ----------- ----------- German Royalties Received $27,484,254 $31,079,122 Net Income 26,739,669 30,258,944 Net Income per Unit $ 2.91 $ 3.29 Distributions per Unit $ 2.91 $ 3.28 For the quarter just ended, the average price for gas sold under the higher royalty rate agreement covering western Oldenburg (the "Mobil Agreement") decreased 22.23% to 1.6366 Euro cents per Kilowatt hour ("Ecents/KWh") from 2.1046 Ecents/KWh for the fourth quarter of fiscal 2006. Gas sales under the Mobil Agreement declined by 13.56% to 14.792 billion cubic feet ("Bcf") from 17.113 Bcf for the fourth 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 9.33% to 1.9568 Ecents/KWh from 2.1582 Ecents/KWh for the fourth quarter of fiscal 2006. Overall gas sales under the OEG Agreement decreased by 12.11% to 36.260 Bcf from 41.258 Bcf for the fourth 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 $1.4004 and $1.4042 respectively, an increase of 10.52% and 10.64%, respectively from the fourth 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 $6.59 and $7.73 per Mcf, respectively. -4- Trust expenses for the fourth quarter of fiscal 2007 were $211,469, 7.75% lower than the fourth quarter of fiscal 2006. Trust expenses for fiscal 2007 were $952,517, a decline of 3.22% in comparison to fiscal 2006. Contact -- John R. Van Kirk, Managing Director, telephone: (732) 741-4008, e-mail: jvankirk@neort.com, website: www.neort.com. -----END PRIVACY-ENHANCED MESSAGE-----