0000072633-13-000018.txt : 20130813
0000072633-13-000018.hdr.sgml : 20130813
20130813123622
ACCESSION NUMBER: 0000072633-13-000018
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20130731
ITEM INFORMATION: Results of Operations and Financial Condition
ITEM INFORMATION: Financial Statements and Exhibits
FILED AS OF DATE: 20130813
DATE AS OF CHANGE: 20130813
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: 131032149
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
ek081313.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 13, 2013
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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
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(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 13, 2013 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 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 August 13, 2013 and
disseminated through PR Newswire announcing the net income
and results of North European Oil Royalty Trust for the
third 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: August 13, 2013
EX-99
2
x99-0813.txt
-3-
Exhibit 99
PR NEWSWIRE
NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES
NET INCOME AND RESULTS FOR THE THIRD QUARTER OF FISCAL 2013
Red Bank, N.J. August 13, 2013 -- North European Oil Royalty Trust (NYSE-NRT)
reported the net income and results for the third quarter of fiscal 2013
which appear below compared with the third quarter of fiscal 2012.
3rd Fiscal Qtr. 3rd Fiscal Qtr. Percentage
Ended 7/31/2013 Ended 7/31/2012 Change
--------------- --------------- ----------
Total Royalties Received $4,687,351 $5,846,833 -19.83%
Net Income $4,456,386 $5,589,094 -20.21%
Distribution per Unit $0.49 $0.61 -19.67%
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 factors determining the amount of gas royalties under the two
agreements are shown in the table below comparing the third quarters of fiscal
2013 and 2012. While gas prices and average exchange rates under the Mobil
Agreement were higher, they did not offset the impact of the reduction in gas
sales. Gas sales under the OEG Agreement were also lower, but higher gas
prices and higher average exchange rates more than offset the sales decline.
3rd Fiscal Qtr. 3rd Fiscal Qtr. Percentage
Ended 7/31/2013 Ended 7/31/2012 Change
--------------- --------------- ----------
Mobil Agreement
---------------
Gas Sales (Bcf)(1) 8.102 9.140 -11.36%
Gas Prices (Ecents/Kwh)(2) 2.7651 2.6666 + 3.69%
Average Exchange Rate (3) 1.3090 1.2530 + 4.47%
Gas Royalties $3,368,452 $3,510,504 - 4.05%
OEG Agreement
-------------
Gas Sales (Bcf) 24.436 26.254 - 6.92%
Gas Prices (Ecents/Kwh) 2.7696 2.5079 +10.44%
Average Exchange Rate 1.3048 1.2488 + 4.48%
Gas Royalties $1,457,094 $1,391,324 + 4.73%
(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 2013 decreased 13.08% or
$35,033 to $232,783 in comparison to the prior year's equivalent period.
This decline in expenses is due to the reduction in legal costs associated
with the termination of litigation in Germany and the reduction in
accounting costs associated with the prior completion of the examination
of royalty calculations for 2009-2010.
The decrease in total royalty income during the first nine months of fiscal
2013 (as shown in the table below) resulted primarily from lower gas sales
under both the Mobil and OEG Agreements and lower gas prices under the Mobil
Agreement.
Nine Months Nine Months Percentage
Ended 7/31/2013 Ended 7/31/2012 Change
--------------- --------------- ----------
Total Royalties Received $16,531,549 $18,826,729 -12.91%
Net Income $15,774,941 $17,930,472 -12.02%
Distribution per Unit $1.72 $1.95 -11.79%
The previously declared distribution of 49 cents per unit will be paid on
August 28, 2013 to owners of record as of August 16, 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 on the Trust's website:
www.neort.com.