0000072633-12-000024.txt : 20121115 0000072633-12-000024.hdr.sgml : 20121115 20121115114233 ACCESSION NUMBER: 0000072633-12-000024 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20121031 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20121115 DATE AS OF CHANGE: 20121115 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: 121207634 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 ek111512.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): November 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 November 14, 2012 North European Oil Royalty Trust issued a press release via PR Newswire announcing the Trust's net income and results for the fourth 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 November 14, 2012 and disseminated through PR Newswire announcing the net income and results of North European Oil Royalty Trust for the fourth 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: November 15, 2012 EX-99 2 x99-1115.txt -3- Exhibit 99 PR NEWSWIRE NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES NET INCOME AND RESULTS FOR THE FOURTH QUARTER OF FISCAL 2012 Red Bank, N.J. November 14, 2012 -- North European Oil Royalty Trust (NYSE- NRT) reported the net income and results for the fourth quarter of fiscal 2012 which appear below compared with the fourth quarter of fiscal 2011. 4th Fiscal Qtr. 4th Fiscal Qtr. Percentage Ended 10/31/2012 Ended 10/31/2011 Change ---------------- ---------------- ---------- Total Royalties Received $4,846,079 $6,042,056 -19.79% Net Income $4,679,489 $5,866,147 -20.23% Distribution per Unit $0.51 $0.64 -20.31% 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. Gas royalties under the OEG Agreement for the fourth quarter of fiscal 2012 were reduced by negative adjustments from the prior quarter and year totaling $567,669, as compared to negative adjustments totaling $122,870 for the fourth quarter of fiscal 2011. Net income in the fourth quarter of 2012 was lower than the fourth quarter of 2011 due to lower gas prices, reduced gas sales and lower average exchange rates. Relevant details are shown below. 4th Fiscal Qtr. 4th Fiscal Qtr. Percentage Ended 10/31/2012 Ended 10/31/2011 Change ---------------- ---------------- ---------- Mobil Agreement --------------- Gas Sales (Bcf)(1) 9.018 10.021 -10.01% Gas Prices (Ecents/Kwh)(2) 2.3884 2.5102 - 4.85% Average Exchange Rate (3) 1.2824 1.3938 - 7.99% Gas Royalties $3,274,349 $3,786,264 -13.52% OEG Agreement ------------- Gas Sales (Bcf) 25.912 28.671 - 9.62% Gas Prices (Ecents/Kwh) 2.6346 2.7998 - 5.90% Average Exchange Rate 1.2845 1.3929 - 7.78% Gas Royalties $855,191 $1,803,626 -52.58% (1) Billion cubic feet (2) Euro cents per Kilowatt hour (3) Based on average exchange rates of cumulative royalty transfers -4- Compared to the prior year, Trust expenses for the fourth quarter of fiscal 2012 declined 6.31% to $175,112 from $186,899 in the fourth quarter of fiscal 2011 due to lower Trustee fees as mandated by the terms of the Trust Agreement. Trust interest income for the fourth quarter of fiscal 2012 declined 22.45% to $8,523 from $10,990 in the fourth quarter of fiscal 2011 due to the reduced funds available for investment. Net income for fiscal 2012 was lower than fiscal 2011 due to the combination under both the Mobil and OEG Agreements of lower gas sales of 13.62% and 10.22%, respectively, and of lower average exchange rates of 7.34% and 7.40%, respectively. The negative impact of these two factors was partially offset by the positive impact of higher gas prices under both the Mobil and OEG Agreements of 10.61% and 5.74%, respectively. The comparison of the relevant periods is shown below. Fiscal Year Fiscal Year Percentage Ended 10/31/2012 Ended 10/31/2011 Change ---------------- ---------------- ---------- Total Royalties Received $23,672,808 $25,148,523 - 5.87% Net Income $22,609,961 $24,195,907 - 6.55% Distribution per Unit $2.46 $2.63 - 6.46% The 2013 Annual Meeting is scheduled to begin at 10:30 A.M. on February 12, 2013. The previously declared distribution of $0.51 per unit will be paid on November 28, 2012 to owners of record as of November 16, 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.