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
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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 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
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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.