0000072633-12-000018.txt : 20120815
0000072633-12-000018.hdr.sgml : 20120815
20120815123520
ACCESSION NUMBER: 0000072633-12-000018
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20120731
ITEM INFORMATION: Results of Operations and Financial Condition
ITEM INFORMATION: Financial Statements and Exhibits
FILED AS OF DATE: 20120815
DATE AS OF CHANGE: 20120815
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: 121036310
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
ek081412.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 14, 2012
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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
----------------------------------------------------------------
(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 14, 2012 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 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 August 14, 2012 and
disseminated through PR Newswire announcing the net income
and results of North European Oil Royalty Trust for the
third 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: August 15, 2012
EX-99
2
x99-0814.txt
-3-
Exhibit 99
PR NEWSWIRE
NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES
NET INCOME AND RESULTS FOR THE THIRD QUARTER OF FISCAL 2012
Red Bank, N.J. August 14, 2012 -- North European Oil Royalty Trust (NYSE-NRT)
reported the net income and results for the third quarter of fiscal 2012
which appear below compared with the third quarter of fiscal 2011.
3rd Fiscal Qtr. 3rd Fiscal Qtr. Percentage
Ended 7/31/2012 Ended 7/31/2011 Change
--------------- --------------- ----------
Total Royalties Received $5,846,833 $6,744,676 -13.31%
Net Income $5,589,094 $6,566,627 -14.89%
Distribution per Unit $0.61 $0.71 -14.08%
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. Due to the combination of lower gas sales and lower average
exchange rates in the third quarter of fiscal 2012, gas royalty income under
both agreements was lower in comparison to gas royalty income received during
the third quarter of fiscal 2011. While gas prices under the Mobil Agreement
were higher, they could not offset the impact of the reduction in gas sales
and the lower average exchange rates. Relevant details are shown below.
3rd Fiscal Qtr. 3rd Fiscal Qtr. Percentage
Ended 7/31/2012 Ended 7/31/2011 Change
--------------- --------------- ----------
Mobil Agreement
---------------
Gas Sales (Bcf)(1) 9.140 10.671 -14.35%
Gas Prices (Ecents/Kwh)(2) 2.6666 2.3838 +11.86%
Average Exchange Rate (3) 1.2530 1.4091 -11.08%
Gas Royalties $3,510,504 $4,114,508 -14.68%
OEG Agreement
-------------
Gas Sales (Bcf) 26.254 29.595 -11.29%
Gas Prices (Ecents/Kwh) 2.5079 2.5379 - 1.18%
Average Exchange Rate 1.2488 1.4148 -11.73%
Gas Royalties $1,391,324 $1,830,995 -24.01%
(1) Billion cubic feet
(2) Euro cents per Kilowatt hour
(3) Based on average exchange rates of cumulative royalty transfers
-4-
Trust expenses for the third quarter of fiscal 2012 increased 41.25% or
$78,208 to $267,816 in comparison to the prior year's equivalent period.
This increase in expenses is due to legal costs associated with the
litigation in Germany (including fees payable upon dismissal thereof) and
the conclusion of the royalty examination for 2009-2010. Trust interest
income received during the third quarter of fiscal 2012 remained at a
relatively minor level due to the low interest rates applicable during the
period and the reduced funds available for investment.
The decrease in total royalty income during the first nine months of fiscal
2012 (as shown in the table below) resulted from a combination of lower gas
sales and lower average exchange rates. These two factors more than offset
an increase in gas prices.
Nine Months Nine Months Percentage
Ended 7/31/2012 Ended 7/31/2011 Change
--------------- --------------- ----------
Total Royalties Received $18,826,729 $19,106,466 - 1.46%
Net Income $17,930,472 $18,329,759 - 2.18%
Distribution per Unit $1.95 $1.99 - 2.01%
The previously declared distribution of 61 cents per unit will be paid on
August 29, 2012 to owners of record as of August 10, 2012. 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 on the Trust's website:
www.neort.com.