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
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NORTH EUROPEAN OIL ROYALTY TRUST
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(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
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(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.