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
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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 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.