0000072633-11-000018.txt : 20110812 0000072633-11-000018.hdr.sgml : 20110812 20110812135825 ACCESSION NUMBER: 0000072633-11-000018 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110731 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110812 DATE AS OF CHANGE: 20110812 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: 111030620 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 ek081211.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 12, 2011 ----------------- 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 12, 2011 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 2011. 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 August 12, 2011 and disseminated through PR Newswire announcing the net income and results of North European Oil Royalty Trust for the third quarter of fiscal 2011. 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 12, 2011 EX-99 2 x99-0812.txt -3- Exhibit 99 PR NEWSWIRE NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES NET INCOME AND RESULTS FOR THE THIRD QUARTER OF FISCAL 2011 Red Bank, N.J. August 12, 2011 -- North European Oil Royalty Trust (NYSE-NRT) reported the net income and results for the third quarter of fiscal 2011 which appear below compared with the third quarter of fiscal 2010. 3rd Fiscal Qtr. 3rd Fiscal Qtr. Percentage Ended 7/31/2011 Ended 7/31/2010 Change --------------- --------------- ---------- German Royalties Received $6,744,676 $4,482,847 + 50.46% Net Income $6,566,627 $4,316,443 + 52.13% Net Income per Unit $0.71 $0.47 + 51.06% Distribution per Unit $0.71 $0.47 + 51.06% Net income in the third quarter of 2011 was higher than the third quarter of 2010 due to significantly higher gas prices and higher average Euro/dollar exchange rates. The combination of these two factors more than offset a decline in gas sales. The Trust receives nearly all of its royalties under two royalty agreements. The Mobil Agreement is the higher royalty rate agreement and covers gas sales from the western half of the Oldenburg concession. The OEG Agreement is the lower royalty rate agreement and covers gas sales from the entire Oldenburg concession. Relevant details are shown below. 3rd Fiscal Qtr. 3rd Fiscal Qtr. Percentage Ended 7/31/2011 Ended 7/31/2010 Change --------------- --------------- ---------- Mobil Agreement --------------- Gas Sales (Bcf)(1) 10.671 11.770 - 9.34% Gas Prices (Ecents/Kwh)(2) 2.3838 1.9666 + 21.21% Gas Prices ($/Mcf)(3) $ 9.64 $ 7.08 + 36.16% Average Exchange Rate (4) 1.4091 1.2522 + 12.53% OEG Agreement ------------- Gas Sales (Bcf) 29.595 30.131 - 1.78% Gas Prices (Ecents/Kwh) 2.5379 2.1186 + 19.79% Gas Prices ($/Mcf) $10.05 $ 7.49 + 34.18% Average Exchange Rate 1.4148 1.2596 + 12.32% (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 third quarter of fiscal 2011 increased 12.04% to $189,608 from $169,228 in the third quarter of fiscal 2010 due to an increase in Trustee fees (which, as specified in provisions in the Trust Agreement, change as a result of fluctuations in gross royalty income). For the quarter just ended, Trust interest income remained minor. Net income for the first nine months of fiscal 2011 was higher than the first nine months of fiscal 2010 due primarily to a substantial increase in gas prices under both the Mobil and OEG Agreements. The average Euro/dollar exchange rate for the first nine months of fiscal 2011 was up slightly and gas sales declined slightly. The income comparison of the relevant periods is shown below. Nine Months Nine Months Percentage Ended 7/31/2011 Ended 7/31/2010 Change --------------- --------------- ---------- German Royalties Received $19,106,466 $14,303,305 + 33.58% Net Income $18,329,759 $13,551,435 + 35.26% Net Income per Unit $1.99 $1.47 + 35.37% Distribution per Unit $1.99 $1.48 + 34.46% The previously declared distribution of 71 cents per unit will be paid on August 31, 2011 to owners of record as of August 12, 2011. 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.