-----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, Kkhu0gNdwCt+t2f3uKcqy5B4e8LMJcXZPOBZjs1smhMKKwBILwATx/Q3EUz94IEs ZAUFxKdIJdQUy20NeBqk+g== 0000072633-08-000018.txt : 20080814 0000072633-08-000018.hdr.sgml : 20080814 20080814131006 ACCESSION NUMBER: 0000072633-08-000018 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080731 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080814 DATE AS OF CHANGE: 20080814 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: 081017081 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 ek081408.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, 2008 ---------------- 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, 2008 North European Oil Royalty Trust issued a press release via PR Newswire announcing the Trust's net income and results for the third quarter of fiscal 2008. 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, 2008 and disseminated through PR Newswire announcing the net income and results of North European Oil Royalty Trust for the third quarter of fiscal 2008. 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, 2008 EX-99 2 x99-0814.txt -3- Exhibit 99 PR NEWSWIRE NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES NET INCOME AND RESULTS FOR THE THIRD QUARTER OF FISCAL 2008 Red Bank, N.J. August 13, 2008 -- North European Oil Royalty Trust (NYSE-NRT) reported the net income and results for the third quarter of fiscal 2008 which appear below compared with the third quarter of fiscal 2007. The previously declared distribution of 89 cents per unit will be paid on August 27, 2008 to owners of record as of August 14, 2008. Third Fiscal Third Fiscal Percentage Quarter Quarter Change Ended 7/31/08 Ended 7/31/07 ------------- ------------- ---------- German Royalties Received $8,463,341 $5,402,889 +56.64% Net Income $8,226,859 $5,264,505 +56.27% Net Income per Unit $0.90 $0.57 +57.89% Distribution per Unit $0.89 $0.58 +53.45% Net income in the third quarter of 2008 was higher than the third quarter 2007 due to higher gas prices and higher average exchange rates both of which contributed to the increase in royalty income and offset the impact of lower gas sales. The Trust receives nearly all of its royalties under two royalty agreements. The Mobil Agreement is the higher royalty rate agreement and covers gas sales from the western half of the Oldenburg concession. The OEG Agreement is the lower royalty rate agreement and covers gas sales from the entire Oldenburg concession. Third Fiscal Third Fiscal Percentage Quarter Quarter Change Ended 7/31/08 Ended 7/31/07 ------------- ------------- ---------- Mobil Agreement: Gas Sales (Bcf)(1) 12.314 Bcf 16.177 Bcf -23.88% Gas Prices (Ecents/Kwh)(2) 2.4704 Ecents/Kwh 1.5159 Ecents/Kwh +62.96% Gas Prices ($/Mcf)(3) $11.16/Mcf $5.90/Mcf +89.27% OEG Agreement: Gas Sales (Bcf) 31.045 Bcf 37.982 Bcf -18.26% Gas Prices (Ecents/Kwh) 2.5699 Ecents/Kwh 1.8774 Ecents/Kwh +36.89% Gas Prices ($/Mcf) $11.34/Mcf $7.10/Mcf +59.78% Average Exchange Rate $1.5702 $1.3517 +16.16% (1) Billion cubic feet (2) Euro cents per Kilowatt hour (3) Dollars per thousand cubic feet Interest income was lower reflecting the decline in interest rates applicable during the period. For the quarter just ended, Trust interest income decreased 69.84% to $17,332 from $57,459 in the third quarter of fiscal 2007. Trust expenses for the third quarter of fiscal 2008 were $253,814, 29.60% -4- higher than the third quarter of fiscal 2007, largely due to higher costs related to the biennial examination of the German operating companies' royalty payments and various legal matters related thereto. Net income for the first nine months of fiscal 2008 was higher than the first nine months of fiscal 2007 due to a combination of higher gas prices and higher average exchange rates. This combination more than offset lower gas sales. Nine Months Nine Months Percentage Ended 7/31/08 Ended 7/31/07 Change ------------- ------------- ---------- German Royalties Received $25,039,400 $21,430,819 +16.84% Net Income $24,255,590 $20,858,133 +16.29% Net Income per Unit $2.64 $2.27 +16.30% Distribution per Unit $2.63 $2.27 +15.86% In lieu of the quarterly report previously mailed to unit owners, the complete text of the 10-Q will be posted to the Trust's website, www.neort.com, at or around the end of this month. The 10-Q provides more information than could previously be supplied in the quarterly report. Contact: John R. Van Kirk, Managing Director, (732) 741-4008, or via e-mail at jvankirk@neort.com. -----END PRIVACY-ENHANCED MESSAGE-----