0000072633-16-000052.txt : 20161118 0000072633-16-000052.hdr.sgml : 20161118 20161118091313 ACCESSION NUMBER: 0000072633-16-000052 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20161031 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20161118 DATE AS OF CHANGE: 20161118 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: 162006572 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 ek111716.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 17, 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 November 17, 2016 North European Oil Royalty Trust issued a press release via PR Newswire announcing the Trust's net income of the fourth 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 November 17, 2016 and disseminated through PR Newswire announcing the net income of North European Oil Royalty Trust for the fourth 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 hereunto duly authorized. NORTH EUROPEAN OIL ROYALTY TRUST -------------------------------- (Registrant) By: /s/ John R. Van Kirk ------------------------ John R. Van Kirk Managing Director Dated: November 18, 2016 EX-99 2 x99-1117.txt -3- Exhibit 99 PR NEWSWIRE NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES NET INCOME FOR THE FOURTH QUARTER OF FISCAL 2016 Red Bank, N.J. November 17, 2016 -- North European Oil Royalty Trust (NYSE- NRT) reported the net income and results for the fourth quarter of fiscal 2016 which appear below compared with the fourth quarter of fiscal 2015. Total royalties received include adjustments made by the operating companies based upon their corrected royalty calculations for prior periods. 4th Fiscal Qtr. 4th Fiscal Qtr. Percentage Ended 10/31/2016 Ended 10/31/2015 Change ---------------- ---------------- ---------- Total Royalties Received $1,233,794 $2,250,082 - 45.17% Net Income $1,078,294 $2,096,955 - 48.58% Distributions per Unit $0.12 $0.23 - 47.83% 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 factors determining the amount of gas royalties payable under the two agreements from the preceding calendar quarter are shown in the table below comparing the third calendar quarters of 2016 and 2015. Further details will be available in the Trust's annual report on Form 10-K which will be available through the SEC or on the Trust's website, www.neort.com, on or about December 30, 2016. Factors Determining Gas Royalties Payable -------------------------------------------------- 3rd Calendar Qtr. 3rd Calendar Qtr. Percentage Ended 9/30/2016 Ended 9/30/2015 Change ----------------- ----------------- ---------- Mobil Agreement --------------- Gas Sales (Bcf)(1) 6.688 5.829 + 14.74% Gas Prices(2)(Ecents/Kwh)(3) 1.3753 2.1662 - 36.51% Average Exchange Rate(4) 1.1047 1.1301 - 2.25% Gas Royalties $1,116,681 $1,636,070 - 31.75% OEG Agreement ------------- Gas Sales (Bcf) 18.752 18.728 + 0.13% Gas Prices (Ecents/Kwh) 1.4025 2.2187 - 36.79% Average Exchange Rate 1.1068 1.1309 - 2.13% Gas Royalties $ 406,887 $ 714,479 - 43.05% (1)Billion cubic feet (2)Gas prices derived from average for May-July period (3)Euro cents per Kilowatt hour (4)Based on average exchange rates of cumulative royalty transfers -4- Trust expenses for the fourth quarter of fiscal 2016 increased 0.89%, or $1,382, to $156,049 from $154,667 in comparison to the fourth quarter of fiscal 2015. The increase was due to higher legal expenses, both domestic and German, relating to the amendments to the Mobil and OEG Royalty Agreements. Total royalties received for fiscal 2016 declined in comparison to fiscal 2015 due to lower gas sales, lower gas prices and lower average exchange rates under both the Mobil and OEG Agreements. Under the Mobil Agreement, gas sales, gas prices and average exchange rates declined 12.83%, 28.39% and 2.55%, respectively. Under the OEG Agreement, gas sales, gas prices and average exchange rates declined 12.21%, 29.10% and 2.58%, respectively. The comparison of the relevant periods is shown below. Fiscal Year Fiscal Year Percentage Ended 10/31/2016 Ended 10/31/2015 Change ---------------- ---------------- ---------- Total Royalties Received $ 6,960,961 $12,390,575 - 43.82% Net Income $ 6,141,141 $11,580,673 - 46.97% Distributions per Unit $0.67 $1.27 - 47.24% The 2016 Annual Meeting is scheduled to begin at 10:00 A.M. on February 16, 2017. The previously declared distribution of 12 cents per unit will be paid on November 30, 2016 to owners of record as of November 18, 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.