0000072633-13-000004.txt : 20130213 0000072633-13-000004.hdr.sgml : 20130213 20130213152033 ACCESSION NUMBER: 0000072633-13-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20130131 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130213 DATE AS OF CHANGE: 20130213 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: 13602570 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 ek021313.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 11, 2013 ----------------- 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 11, 2013 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 2013. 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 11, 2013 and disseminated through PR Newswire announcing the net income and results for North European Oil Royalty Trust for the first quarter of fiscal 2013. 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 13, 2013 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 2013 Red Bank, N.J. February 11, 2013 -- North European Oil Royalty Trust (NYSE- NRT) reported the net income and results for the first quarter of fiscal 2013 which appear below compared with the first quarter of fiscal 2012. 1st Fiscal Qtr. 1st Fiscal Qtr. Percentage Ended 1/31/2013 Ended 1/31/2012 Change --------------- --------------- ---------- German Royalties Received $5,795,834 $6,538,261 - 11.36% Net Income $5,473,010 $6,079,264 - 9.97% Distribution per Unit $0.59 $0.66 - 10.61% 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. The decline in total royalty income in the first quarter of fiscal 2013 as compared to the first quarter of fiscal 2012 primarily resulted from a negative adjustment of $424,951 from the fourth quarter of fiscal 2012 that was deducted from royalty income under the Mobil Agreement in the first quarter of fiscal 2013. There was also a decline in sulfur royalties received under the Mobil Agreement of $59,576 in the first quarter of fiscal 2013. These two factors in combination with the decline in gas sales under both the Mobil and OEG Agreements accounted for the decline in the first quarter of fiscal 2013. While gas prices and the average exchange rates under both agreements were higher, they did not completely offset the decline in gas sales. 1st Fiscal Qtr. 1st Fiscal Qtr. Percentage Ended 1/31/2013 Ended 1/31/2012 Change --------------- --------------- ---------- Mobil Agreement --------------- Gas Sales (Bcf)(1) 8.897 9.749 - 8.74% Gas Prices (Ecents/Kwh)(2) 2.9620 2.8563 + 3.70% Average Exchange Rate (3) 1.3158 1.3017 + 1.08% Gas Royalties $3,980,691 $4,159,733 - 4.30% OEG Agreement ------------- Gas Sales (Bcf) 27.117 28.187 - 3.80% Gas Prices (Ecents/Kwh) 3.0363 2.9205 + 3.97% Average Exchange Rate 1.3083 1.3028 + 0.42% Gas Royalties $1,804,401 $1,847,625 - 2.34% -4- (1) Billion cubic feet (2) Euro cents per Kilowatt hour (3) Based on average exchange rates of cumulative royalty transfers Interest income received in the first quarter of fiscal 2013 was $6,923, a decrease from interest income of $10,124 received in the first quarter of fiscal 2012. Trust expenses for the first quarter of fiscal 2013 decreased 29.71% or $139,374 to $329,747 in comparison to $469,121 in the first quarter of fiscal 2012. The reduction in expenses reflects the termination of the Trust's litigation in Germany in May 2012 as well as timing differences in mailing costs associated with the annual meeting. In addition, because this was an alternate year, there were no costs associated with the biennial examination of the operating companies in Germany. The 2013 Annual Meeting is scheduled to begin at 10:30 A.M. on February 12, 2013. The previously declared distribution of $0.59 per unit will be paid on February 27, 2013 to owners of record as of February 15, 2013. 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.