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.