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.