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