0000072633-12-000004.txt : 20120215
0000072633-12-000004.hdr.sgml : 20120215
20120215151031
ACCESSION NUMBER: 0000072633-12-000004
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20120131
ITEM INFORMATION: Results of Operations and Financial Condition
ITEM INFORMATION: Financial Statements and Exhibits
FILED AS OF DATE: 20120215
DATE AS OF CHANGE: 20120215
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: 12615720
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
ek021312.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 13, 2012
-----------------
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 13, 2012 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 2012. 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 13, 2012 and
disseminated through PR Newswire announcing the net income
and results for North European Oil Royalty Trust for the
first quarter of fiscal 2012.
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: February 15, 2012
EX-99
2
x99-0213.txt
-3-
Exhibit 99
PR NEWSWIRE
NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES NET INCOME
AND RESULTS FOR THE FIRST QUARTER OF FISCAL 2012
Red Bank, N.J. February 13, 2012 -- North European Oil Royalty Trust
(NYSE-NRT) reported the net income and results for the first quarter of
fiscal 2012, which appear below, compared with the first quarter of fiscal
2011. The previously declared distribution of $0.66 per unit will be paid
on February 29, 2012 to owners of record as of February 17, 2012.
1st Fiscal Qtr. 1st Fiscal Qtr. Percentage
Ended 1/31/2012 Ended 1/31/2011 Change
--------------- --------------- ----------
German Royalties Received $6,538,261 $5,396,283 + 21.16%
Net Income $6,079,264 $5,084,139 + 19.57%
Net Income per Unit $0.66 $0.55 + 20.00%
Distribution per Unit $0.66 $0.55 + 20.00%
The increase in net income for the first quarter of fiscal 2012 in
comparison to the first quarter of fiscal 2011 did not result from the
typical factors determining royalty income. The differences in net income
shown in the table above resulted from a negative adjustment that reduced
royalty income in the first quarter of fiscal 2011 by the equivalent of
$861,629 and the receipt of $238,055 of western sulfur royalty income in
first quarter of fiscal 2012. The typical key drivers (shown in the table
below) of gas sales, gas prices and the average exchange rates had little
impact on the change in net income as higher gas prices were almost
completely offset by lower gas sales and lower average exchange rates.
The Trust receives nearly all of its royalties under two royalty agreements.
The Mobil Agreement is the higher royalty rate agreement and covers gas sales
from the western half of the Oldenburg concession. The OEG Agreement is the
lower royalty rate agreement and covers gas sales from the entire Oldenburg
concession.
1st Fiscal Qtr. 1st Fiscal Qtr. Percentage
Ended 1/31/2012 Ended 1/31/2011 Change
--------------- --------------- ----------
Mobil Agreement
---------------
Gas Sales (Bcf)(1) 9.749 11.707 - 16.73%
Gas Prices (Ecents/Kwh)(2) 2.8563 2.3753 + 20.25%
Gas Prices ($/Mcf)(3) $10.67 $ 9.16 + 16.48%
Average Exchange Rate (4) 1.3017 1.3431 - 3.08%
OEG Agreement
-------------
Gas Sales (Bcf) 28.187 30.213 - 6.71%
Gas Prices (Ecents/Kwh) 2.9205 2.5404 + 14.96%
Gas Prices ($/Mcf) $10.63 $ 9.55 + 11.31%
Average Exchange Rate 1.3028 1.3436 - 3.04%
-4-
(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
In the first quarter of fiscal 2012, Trust interest income was $10,124
versus $2,383 in the first quarter of fiscal 2011. Trust expenses for the
first quarter of fiscal 2012 increased 49.15% or $154,594 to $469,121 versus
$314,527 in the first quarter of fiscal 2011. The increase in expenses
reflects legal costs associated with the Trust's litigation with OEG in
Germany, costs associated with the biennial examination of the operating
companies in Germany and timing differences in the NYSE fee and mailing costs
associated with the annual meeting.
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.