0000072633-16-000040.txt : 20160513 0000072633-16-000040.hdr.sgml : 20160513 20160513105357 ACCESSION NUMBER: 0000072633-16-000040 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20160429 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160513 DATE AS OF CHANGE: 20160513 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: 161646606 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 ek051316.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 13, 2016 -------------- 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 May 13, 2016 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 2016. 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 13, 2016 and disseminated through PR Newswire announcing the net income and results of North European Oil Royalty Trust for the second quarter of fiscal 2016. 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 13, 2016 EX-99 2 x99-0513.txt -3- Exhibit 99 PR NEWSWIRE NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES NET INCOME AND RESULTS FOR THE SECOND QUARTER OF FISCAL 2016 Red Bank, N.J. May 13, 2016 -- North European Oil Royalty Trust (NYSE-NRT) reported the net income and results for the second quarter of fiscal 2016 which appear below compared with the second quarter of fiscal 2015. The figures for "Total Royalties Received" shown in the table below reflect the various adjustments, both positive and negative, that occurred during the quarter. The total adjustments for the second quarters of fiscal 2016 and 2015 reduced total royalties received by $96,808 and $340,524, respectively. 2nd Fiscal Qtr. 2nd Fiscal Qtr. Percentage Ended 4/30/2016 Ended 4/30/2015 Change --------------- --------------- ---------- Total Royalties Received $2,333,670 $3,238,135 - 27.93% Net Income $2,100,364 $3,074,495 - 31.68% Distributions Per Unit $0.24 $0.33 - 27.27% The Trust receives 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 total royalties received in the second quarter of fiscal 2016 as compared to the second quarter of fiscal 2015 resulted primarily from the reduction in gas royalties due to lower gas prices and lower gas sales. Additionally, the negative impact of the decline in gas royalties in the first calendar quarter of fiscal 2016 was greater and outweighed the negative impact of the adjustment in first calendar quarter of fiscal 2015. 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 or about May 27, 2016. Factors Determining Gas Royalties Payable ------------------------------------------------- 1st Calendar Qtr. 1st Calendar Qtr. Percentage Ended 3/31/2016 Ended 3/31/2015 Change --------------- --------------- ---------- Mobil Agreement --------------- Gas Sales (Bcf)(1) 6.834 7.642 - 10.57% Gas Prices (Ecents/Kwh)(2) 1.5622 2.3212 - 32.70% Average Exchange Rate (3) $1.1173 $1.0754 + 3.90% Gas Royalties $1,369,315 $2,198,548 - 37.72% OEG Agreement ------------- Gas Sales (Bcf) 20.434 23.137 - 11.68% Gas Prices (Ecents/Kwh) 1.5282 2.4128 - 36.66% Average Exchange Rate $1.1171 $1.0830 + 3.15% Gas Royalties $ 487,877 $ 969,655 - 49.69% (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 second quarter of fiscal 2016 increased 41.67%, or $69,122, to $235,001 from $165,879 in the second quarter of fiscal 2015 due to increased legal costs associated with the biennial accounting examination in Germany and the timing of payments for year-end mailing costs and the NYSE fee. The decrease in total royalties received during the first six months of fiscal 2016 (as shown in the table below) was due to lower gas prices, lower gas sales and lower average exchange rates under both the Mobil and the OEG Agreements. Six Months Six Months Percentage Ended 4/30/2016 Ended 4/30/2015 Change --------------- --------------- ---------- Total Royalties Received $ 4,166,141 $ 6,680,848 - 37.64% Net Income $ 3,674,051 $ 6,171,411 - 40.47% Distributions per Unit $0.40 $0.68 - 41.18% The previously declared distribution of 24 cents per unit will be paid on May 25, 2016 to owners of record as of May 13, 2016. 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.