0000072633-13-000025.txt : 20131113
0000072633-13-000025.hdr.sgml : 20131113
20131113141054
ACCESSION NUMBER: 0000072633-13-000025
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20131031
ITEM INFORMATION: Results of Operations and Financial Condition
ITEM INFORMATION: Financial Statements and Exhibits
FILED AS OF DATE: 20131113
DATE AS OF CHANGE: 20131113
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: 131213938
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
ek111313.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 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
----------------------------------------------------------------
(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 13, 2013 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 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 November 13, 2013 and
disseminated through PR Newswire announcing the net income
and results of North European Oil Royalty Trust for the
fourth 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: November 13, 2013
EX-99
2
x99-1113.txt
-3-
Exhibit 99
PR NEWSWIRE
NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES
NET INCOME AND RESULTS FOR THE FOURTH QUARTER OF FISCAL 2013
Red Bank, N.J. November 13, 2013 -- North European Oil Royalty Trust (NYSE-
NRT) reported the net income and results for the fourth quarter of fiscal
2013 which appear below compared with the fourth quarter of fiscal 2012.
4th Fiscal Qtr. 4th Fiscal Qtr. Percentage
Ended 10/31/2013 Ended 10/31/2012 Change
---------------- ---------------- ----------
Total Royalties Received $5,014,749 $4,846,079 + 3.48%
Net Income $4,860,365 $4,679,489 + 3.87%
Distribution per Unit $0.53 $0.51 + 3.92%
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 Mobil Agreement for the fourth quarter of
fiscal 2013 were reduced by negative adjustments from the prior quarter and
year totaling $100,303, as compared to negative adjustments totaling $312,460
for the fourth quarter of fiscal 2012. Gas royalties under the OEG Agreement
for the fourth quarter of fiscal 2013 were reduced by negative adjustments
from the prior quarter and year totaling $177,955, as compared to negative
adjustments totaling $559,933 for the fourth quarter of fiscal 2012. Net
income in the fourth quarter of 2013 was higher than the fourth quarter of
2012 due to a combination of lower negative adjustments in fiscal 2013 along
with higher gas prices and higher average exchange rates. Relevant details
are shown below.
4th Fiscal Qtr. 4th Fiscal Qtr. Percentage
Ended 10/31/2013 Ended 10/31/2012 Change
---------------- ---------------- ----------
Mobil Agreement
---------------
Gas Sales (Bcf)(1) 8.174 9.018 - 9.36%
Gas Prices (Ecents/Kwh)(2) 2.6583 2.3884 +11.30%
Average Exchange Rate (3) 1.3334 1.2824 + 3.98%
Gas Royalties $3,325,026 $3,274,349 + 1.55%
OEG Agreement
-------------
Gas Sales (Bcf) 25.195 25.912 - 2.77%
Gas Prices (Ecents/Kwh) 2.7003 2.6346 + 2.49%
Average Exchange Rate 1.3352 1.2845 + 3.95%
Gas Royalties $1,375,873 $855,191 +60.88%
(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 fourth quarter of fiscal 2013 declined 8.98% to
$159,395 from $175,112 in comparison to the prior year's equivalent quarter
due to lower Trustee fees as mandated by the terms of the Trust Agreement
and reduced legal expenses.
Total royalty income for fiscal 2013 declined in comparison to fiscal 2012
due to lower gas sales under both the Mobil and OEG Agreements, which showed
a reduction of 9.88% and 3.01%, respectively. The comparison of the relevant
periods is shown below.
Fiscal Year Fiscal Year Percentage
Ended 10/31/2013 Ended 10/31/2012 Change
---------------- ---------------- ----------
Total Royalties Received $21,546,298 $23,672,808 - 8.98%
Net Income $20,635,306 $22,609,961 - 8.73%
Distribution per Unit $2.25 $2.46 - 8.54%
The 2014 Annual Meeting is scheduled to begin at 10:30 A.M. on February 11,
2014.
The previously declared distribution of 53 cents per unit will be paid on
November 27, 2013 to owners of record as of November 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 on the Trust's website:
www.neort.com.