0000072633-14-000026.txt : 20141113 0000072633-14-000026.hdr.sgml : 20141113 20141113145312 ACCESSION NUMBER: 0000072633-14-000026 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20141031 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20141113 DATE AS OF CHANGE: 20141113 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: 141217953 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 ek111314.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, 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 November 12, 2014 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 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 November 12, 2014 and disseminated through PR Newswire announcing the net income and results of North European Oil Royalty Trust for the fourth 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: November 13, 2014 EX-99 2 x99-1114.txt -3- Exhibit 99 PR NEWSWIRE NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES NET INCOME AND RESULTS FOR THE FOURTH QUARTER OF FISCAL 2014 Red Bank, N.J. November 12, 2014 -- North European Oil Royalty Trust (NYSE- NRT) reported the net income and results for the fourth quarter of fiscal 2014 which appear below compared with the fourth quarter of fiscal 2013. 4th Fiscal Qtr. 4th Fiscal Qtr. Percentage Ended 10/31/2014 Ended 10/31/2013 Change ---------------- ---------------- ---------- Total Royalty Income $3,822,181 $5,014,749 - 23.78% Net Income $3,657,783 $4,860,365 - 24.74% Distribution per Unit $0.39 $0.53 - 26.42% The Trust receives nearly all of its royalties under two royalty agreements. The Mobil Agreement, the higher royalty rate agreement, covers gas sales from the western half of the Oldenburg concession. The OEG Agreement, the lower royalty rate agreement, covers gas sales from the entire Oldenburg concession. Gas royalties under the Mobil Agreement for the fourth quarter of fiscal 2014 were reduced by negative adjustments from the prior quarter of $271,157, as compared to negative adjustments totaling $100,303 for the fourth quarter of fiscal 2013. Gas royalties under the OEG Agreement for the fourth quarter of fiscal 2014 were reduced by negative adjustments from the prior quarter and year totaling $205,145, as compared to negative adjustments totaling $177,955 for the fourth quarter of fiscal 2013. Gas royalties, as shown in the table below, for the fourth quarter of fiscal 2014 were lower than the fourth quarter of fiscal 2013 due to a combination of lower gas sales, lower gas prices and lower average exchange rates. 4th Fiscal Qtr. 4th Fiscal Qtr. Percentage Ended 10/31/2014 Ended 10/31/2013 Change ---------------- ---------------- ---------- Mobil Agreement --------------- Gas Sales (Bcf)(1) 7.675 8.174 - 6.10% Gas Prices (Ecents/Kwh)(2) 2.1709 2.6583 - 18.34% Average Exchange Rate (3) 1.2944 1.3334 - 2.92% Gas Royalties $2,474,536 $3,332,658 - 25.75% OEG Agreement ------------- Gas Sales (Bcf) 23.139 25.195 - 8.16% Gas Prices (Ecents/Kwh) 2.2803 2.7003 - 15.55% Average Exchange Rate 1.2891 1.3352 - 3.45% Gas Royalties $1,083,346 $1,496,100 - 27.59% (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 2014 increased 5.66% to $168,423 from $159,395 in comparison to the prior year's equivalent quarter due to higher domestic and German legal fees related to an ongoing issue regarding the calculation of the average price raised in the 2012-13 royalty examination. Total royalty income for fiscal 2014 declined in comparison to fiscal 2013 due to lower gas sales and lower gas prices under both the Mobil and OEG Agreements. Under the Mobil Agreement, gas sales and gas prices declined 7.86% and 8.00%, respectively. Under the OEG Agreement, gas sales and gas prices declined 5.91% and 10.29%, respectively. The comparison of the relevant periods is shown below. Fiscal Year Fiscal Year Percentage Ended 10/31/2014 Ended 10/31/2013 Change ---------------- ---------------- ---------- Total Royalty Income $18,927,005 $21,546,298 - 12.16% Net Income $18,044,579 $20,635,306 - 12.55% Distribution per Unit $1.95 $2.25 - 13.33% The 2015 Annual Meeting is scheduled to begin at 10:00 A.M. on February 24, 2015. The previously declared distribution of 39 cents per unit will be paid on November 26, 2014 to owners of record as of November 14, 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.