-----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, PY3LOmVEm3pskgxftDIwa9DRVCmT4Ej1uCyLriqzANi3/Ft3p57+eod5U+s2hGLU 8p5LPKUU4uJ5L7ia9gyuAw== 0000072633-10-000022.txt : 20101115 0000072633-10-000022.hdr.sgml : 20101115 20101115135023 ACCESSION NUMBER: 0000072633-10-000022 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20101031 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20101115 DATE AS OF CHANGE: 20101115 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: 101191078 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 ek111510.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 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 November 12, 2010 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 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 November 12, 2010 and disseminated through PR Newswire announcing the net income and results of North European Oil Royalty Trust for the fourth 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 thereunto duly authorized. NORTH EUROPEAN OIL ROYALTY TRUST -------------------------------- (Registrant) By: /s/ John R. Van Kirk ------------------------ John R. Van Kirk Managing Director Dated: November 15, 2010 EX-99 2 x99-1115.txt -3- Exhibit 99 PR NEWSWIRE NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES NET INCOME AND RESULTS FOR THE FOURTH QUARTER OF FISCAL 2010 Red Bank, N.J. November 12, 2010 -- North European Oil Royalty Trust (NYSE- NRT) reported the net income and results for the fourth quarter of fiscal 2010 which appear below compared with the fourth quarter of fiscal 2009. 4th Fiscal Qtr. 4th Fiscal Qtr. Percentage Ended 10/31/2010 Ended 10/31/2009 Change ---------------- ---------------- ---------- German Royalties Received $5,342,026 $3,651,925 + 46.28% Net Income $5,168,831 $3,486,314 + 48.26% Net Income per Unit $0.56 $0.38 + 47.37% Distribution per Unit $0.56 $0.38 + 47.37% Net income in the fourth quarter of 2010 was higher than the fourth quarter of 2009 due to higher gas prices, which offset both lower gas sales and lower average exchange rates. The Trust receives nearly all of its royalties under two royalty agreements. The Mobil Agreement is the higher royalty rate agreement and covers gas sales from the western half of the Oldenburg concession. The OEG Agreement is the lower royalty rate agreement and covers gas sales from the entire Oldenburg concession. Relevant details are shown below. 4th Fiscal Qtr. 4th Fiscal Qtr. Percentage Ended 10/31/2010 Ended 10/31/2009 Change ---------------- ---------------- ---------- Mobil Agreement --------------- Gas Sales (Bcf)(1) 8.599 11.938 - 27.97% Gas Prices (Ecents/Kwh)(2) 2.2021 1.4274 + 54.27% Gas Prices ($/Mcf)(3) $ 8.36 $ 6.01 + 39.10% Average Exchange Rate (4) 1.3262 1.4620 - 9.29% OEG Agreement ------------- Gas Sales (Bcf) 23.094 30.805 - 25.03% Gas Prices (Ecents/Kwh) 2.3395 1.6487 + 41.90% Gas Prices ($/Mcf) $ 8.66 $ 6.72 + 28.87% Average Exchange Rate 1.3305 1.4544 - 8.52% (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- Compared to the prior year, Trust expenses for the fourth quarter of fiscal 2010 increased 5.43% to $175,273 from $166,242 in the fourth quarter of fiscal 2009 due to ongoing legal work related to the 2007-2008 auditors' examination of the royalty payments by the German operating companies. For both the quarter just ended and the prior year's equivalent quarter, Trust interest income remained at relatively minimal amounts due to the very low interest rates applicable during the periods. Net income for fiscal 2010 was lower than fiscal 2009 due primarily to moderate declines in both average gas prices and total gas sales under the Mobil and OEG Agreements. The average Euro/dollar exchange rate for the comparable periods was virtually flat. The comparison of the relevant periods is shown below. Fiscal Year Fiscal Year Percentage Ended 10/31/2010 Ended 10/31/2009 Change ---------------- ---------------- ---------- German Royalties Received $19,645,331 $28,724,078 - 31.61% Net Income $18,720,265 $27,699,228 - 32.42% Net Income per Unit $2.04 $3.01 - 32.23% Distribution per Unit $2.04 $3.01 - 32.23% The 2011 Annual Meeting is scheduled to begin at 10:30 A.M. on February 15, 2011. The previously declared distribution of 56 cents per unit will be paid on November 24, 2010 to owners of record as of November 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 text of the Trust's press releases along with other pertinent information is available at the Trust's website: www.neort.com. -----END PRIVACY-ENHANCED MESSAGE-----