0000072633-15-000004.txt : 20150218
0000072633-15-000004.hdr.sgml : 20150216
20150217151932
ACCESSION NUMBER: 0000072633-15-000004
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20150131
ITEM INFORMATION: Results of Operations and Financial Condition
ITEM INFORMATION: Financial Statements and Exhibits
FILED AS OF DATE: 20150217
DATE AS OF CHANGE: 20150217
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: 15621622
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
ek021715.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):
February 13, 2015
-----------------
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 February 13, 2015 North European Oil Royalty Trust issued a
press release via PR Newswire announcing the Trust's net income
and results for the first quarter of fiscal 2015. 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 February 13, 2015 and
disseminated through PR Newswire announcing the net income
and results for North European Oil Royalty Trust for the
first quarter of fiscal 2015.
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: February 17, 2015
EX-99
2
x99-0217.txt
-3-
Exhibit 99
PR NEWSWIRE
NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES NET INCOME
AND RESULTS FOR THE FIRST QUARTER OF FISCAL 2015
Red Bank, N.J. February 13, 2015 -- North European Oil Royalty Trust (NYSE-
NRT) reported the net income and results for the first quarter of fiscal 2015
which appear below compared with the first quarter of fiscal 2014.
1st Fiscal Qtr. 1st Fiscal Qtr. Percentage
Ended 1/31/2015 Ended 1/31/2014 Change
--------------- --------------- ----------
Total Royalty Income $3,442,713 $5,295,533 - 34.99%
Net Income $3,096,916 $4,958,808 - 37.55%
Distribution per Unit $0.35 $0.54 - 35.19%
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.
The decline in net income between the first quarter of fiscal 2015 and the
first quarter of fiscal 2014 primarily resulted from the combination of lower
gas sales, lower gas prices and lower average exchange rates under both the
Mobil and OEG Agreements. The figures for "Total Royalties Received" shown in
the table above reflect the various adjustments, both positive and negative,
that occur during the quarter. The figures for "Gas Royalties" shown in the
table below are based solely on the actual gas sales shown in the table and
do not reflect any adjustments. This information is intended to illustrate
trends based on actual gas sales in each quarter. Further details will be
available in the Trust's 10-Q filing available through the SEC or on the
Trust's website, www.neort.com, on February 27, 2015.
Quarterly Gas Data Providing Basis for Fiscal Quarter Royalties
---------------------------------------------------------------
4th Calendar Qtr. 4th Calendar Qtr. Percentage
Ended 12/31/2014 Ended 12/31/2013 Change
---------------- ---------------- ----------
Mobil Agreement
---------------
Gas Sales (Bcf)(1) 7.876 8.108 - 2.86%
Gas Prices (Ecents/Kwh)(2) 2.3538 2.7458 - 14.28%
Average Exchange Rate (3) 1.2127 1.3597 - 10.81%
Gas Royalties $2,577,934 $3,479,344 - 25.91%
OEG Agreement
-------------
Gas Sales (Bcf) 23.497 25.467 - 7.74%
Gas Prices (Ecents/Kwh) 2.4808 2.7962 - 11.28%
Average Exchange Rate 1.1973 1.3604 - 11.99%
Gas Royalties $1,129,397 $1,604,867 - 29.63%
(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 first quarter of fiscal 2015 increased 2.22% or $7,568
to $349,209 in comparison to $341,641 in the first quarter of fiscal 2014.
The increase in costs reflects a shift in the timing of payments associated
with the mailing of the materials for the annual meeting.
The previously declared distribution of 35 cents per unit will be paid on
February 25, 2015 to owners of record as of February 13, 2015. 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.