0000072633-14-000014.txt : 20140514 0000072633-14-000014.hdr.sgml : 20140514 20140514135614 ACCESSION NUMBER: 0000072633-14-000014 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20140430 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140514 DATE AS OF CHANGE: 20140514 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: 14840640 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 ek051414.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): May 14, 2014 -------------- 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 May 14, 2014 North European Oil Royalty Trust issued a press release via PR Newswire announcing the Trust's net income and results for the second quarter of fiscal 2014. 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 May 14, 2014 and disseminated through PR Newswire announcing the net income and results of North European Oil Royalty Trust for the second quarter of fiscal 2014. 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: May 14, 2014 EX-99 2 x99-0514.txt -3- Exhibit 99 PR NEWSWIRE NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES NET INCOME AND RESULTS FOR THE SECOND QUARTER OF FISCAL 2014 Red Bank, N.J. May 14, 2013 -- North European Oil Royalty Trust (NYSE-NRT) reported the net income and results for the second quarter of fiscal 2014 which appear below compared with the second quarter of fiscal 2013. 2nd Fiscal Qtr. 2nd Fiscal Qtr. Percentage Ended 4/30/2014 Ended 4/30/2013 Change --------------- --------------- ---------- Total Royalty Income $5,346,449 $6,048,364 -11.61% Net Income $5,140,001 $5,842,545 -12.02% Distribution per Unit $0.56 $0.64 -12.50% 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. Under the Mobil Agreement, higher average gas prices and higher average exchange rates offset the decline in gas sales in the second quarter of fiscal 2014. Under the OEG Agreement, lower gas sales and lower average gas prices offset higher average exchange rates leading to reduced gas royalties in the second quarter of fiscal 2014. Relevant details are shown below. 2nd Fiscal Qtr. 2nd Fiscal Qtr. Percentage Ended 4/30/2014 Ended 4/30/2013 Change --------------- --------------- ---------- Mobil Agreement --------------- Gas Sales (Bcf)(1) 7.651 8.656 -11.61% Gas Prices (Ecents/Kwh)(2) 2.6635 2.4352 + 9.38% Average Exchange Rate (3) $1.3776 $1.3105 + 5.12% Gas Royalty Income $3,225,728 $3,175,013 + 1.60% OEG Agreement ------------- Gas Sales (Bcf) 24.355 26.508 - 8.12% Gas Prices (Ecents/Kwh) 2.7096 2.9002 - 6.57% Average Exchange Rate $1.3774 $1.3105 + 5.10% Gas Royalty Income $1,487,638 $1,698,860 -12.43% (1) Billion cubic feet (2) Euro cents per Kilowatt hour (3) Based on average exchange rates of cumulative royalty transfers Trust expenses for the second quarter of fiscal 2014 decreased 1.34%, or $2,863, to $211,568 from $214,431 in the second quarter of fiscal 2013. This decrease was due primarily to reduced German legal expenses. -4- The decrease in total royalty income during the first six months of fiscal 2014 (as shown in the table below) was due primarily to lower gas sales under both the Mobil and the OEG Agreements. Six Months Six Months Percentage Ended 4/30/2014 Ended 4/30/2013 Change --------------- --------------- ---------- Total Royalty Income $10,641,982 $11,844,198 -10.15% Net Income $10,098,809 $11,315,555 -10.75% Distribution per Unit $1.10 $1.23 -10.57% The previously declared distribution of 56 cents per unit will be paid on May 28, 2014 to owners of record as of May 15, 2014. 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.