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 --------------- 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 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.