-----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, Hf9fTc0FOxv8b3jis319qeByflCP+Dv56ccs9z9sQ2xwEfFi/mQFrSnhClWxOXLk raZXNgxm5mpTv/5LwqDAiQ== 0000072633-10-000004.txt : 20100212 0000072633-10-000004.hdr.sgml : 20100212 20100212152317 ACCESSION NUMBER: 0000072633-10-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100131 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100212 DATE AS OF CHANGE: 20100212 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: 10598523 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 ek021210.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): February 12, 2010 -------------------- 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 February 12, 2010 North European Oil Royalty Trust issued a press release via PR Newswire announcing the Trust's net income and results for the first quarter of fiscal 2010. 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 February 12, 2010 and disseminated through PR Newswire announcing the net income and results for North European Oil Royalty Trust for the first quarter of fiscal 2010. 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 hereunto duly authorized. NORTH EUROPEAN OIL ROYALTY TRUST -------------------------------- (Registrant) By: /s/ John R. Van Kirk ------------------------ John R. Van Kirk Managing Director Dated: February 12, 2010 EX-99 2 x99-0212.txt -3- Exhibit 99.1 PR NEWSWIRE NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES NET INCOME AND RESULTS FOR THE FIRST QUARTER OF FISCAL 2010 Red Bank, N.J. February 12, 2010 -- North European Oil Royalty Trust (NYSE- NRT) reported the net income and results for the first quarter of fiscal 2010 which appear below compared with the first quarter of fiscal 2009. First Fiscal First Fiscal Percentage Quarter Quarter Change Ended 1/31/10 Ended1/31/09 ------------- ------------ ---------- German Royalties Received $ 4,894,409 $10,180,979 -51.93% Net Income $ 4,616,291 $ 9,846,469 -53.12% Net Income per Unit $0.50 $1.07 -53.27% Distribution per Unit $0.50 $1.06 -52.83% Net income in the first quarter of 2010 was lower than the first quarter 2009 due to the significant decline in gas prices combined with a smaller decline in gas sales. Lower prices and sales occurred under both royalty agreements. While the average value of the Euro relative to the dollar was higher, it had the least impact of all these factors. The Trust receives nearly all of its royalties under two royalty agreements. The Mobil Agreement is the higher royalty rate agreement and covers gas sales from the western half of the Oldenburg concession. The OEG Agreement is the lower royalty rate agreement and covers gas sales from the entire Oldenburg concession. Relevant details are shown below. 1st Fiscal Qtr. 1st Fiscal Qtr. Percentage Ended 1/31/10 Ended 1/31/09 Change -------------- -------------- ---------- Mobil Agreement: Gas Sales (Bcf)(1) 11.861 13.699 -13.42% Gas Prices (Ecents/Kwh)(2) 1.6491 3.1861 -48.24% Gas Prices ($/Mcf)(3) $ 6.88 $12.30 -44.07% Average Exchange Rate (4) 1.4493 1.3404 + 8.12% OEG Agreement: Gas Sales (Bcf) 30.616 34.351 -10.87% Gas Prices (Ecents/Kwh) 1.9151 3.4411 -44.35% Gas Prices ($/Mcf) $ 7.74 $12.93 -40.14% Average Exchange Rate 1.4405 1.3382 + 7.64% (1) Billion cubic feet (2) Euro cents per Kilowatt hour (3) Dollars per thousand cubic feet (4) Based on average exchange rates of cumulative royalty transfers -4- For the quarter just ended, Trust interest income decreased 98.08% to $181 from $9,451 in the first quarter of fiscal 2009, reflecting the continuing low interest rates applicable during the period along with the reduced funds available for investment. Trust expenses for the first quarter of fiscal 2010 decreased 19.09% or $65,662 to $278,299 in comparison to $343,961 in the prior year's equivalent period. The decrease in costs primarily reflects a reduction in Trustee's fees, which are calculated based on provisions specified in the Trust Agreement. The previously declared distribution of $0.50 per unit will be paid on February 24, 2010 to owners of record as of February 12, 2010. For further information contact John R. Van Kirk, Managing Director, at (732) 741-4008 or via e-mail at jvankirk@neort.com. The Trust's website is www.neort.com. -----END PRIVACY-ENHANCED MESSAGE-----