0000072633-17-000004.txt : 20170210 0000072633-17-000004.hdr.sgml : 20170210 20170210161346 ACCESSION NUMBER: 0000072633-17-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20170131 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20170210 DATE AS OF CHANGE: 20170210 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: 17593446 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 ek021017.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 10, 2017 ----------------- 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 10, 2017 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 2017. 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 10, 2017 and disseminated through PR Newswire announcing the net income and results for North European Oil Royalty Trust for the first quarter of fiscal 2017. 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 10, 2017 EX-99 2 x99-0210.txt -3- Exhibit 99 PR NEWSWIRE NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES NET INCOME AND RESULTS FOR THE FIRST QUARTER OF FISCAL 2017 Red Bank, N.J. February 10, 2017 -- North European Oil Royalty Trust (NYSE- NRT) reported the net income and results for the first quarter of fiscal 2017 which appear below compared with the first quarter of fiscal 2016. Total royalty income reflects the inclusion of adjustments made by the operating companies based upon their corrected royalty calculations for prior periods as well as the inclusion of Mobil sulfur royalties. The total adjustments for the first quarter of fiscal 2017 increased total royalty income by $23,796. By comparison, in the first quarter of fiscal 2016 total royalty income was reduced by $560,902. --------------------------------------------------------------------------- 1st Fiscal Qtr. 1st Fiscal Qtr. Percentage Ended 1/31/2017 Ended 1/31/2016 Change --------------- --------------- ---------- Total Royalty Income $1,724,686 $1,832,471 - 5.88% Net Income $1,475,017 $1,573,687 - 6.27% Distributions per Unit $0.15 $0.16 - 6.25% --------------------------------------------------------------------------- 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 fourth calendar quarters of 2016 and 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 February 27, 2017. Factors Determining Gas Royalties Payable 4th Calendar Qtr. 4th Calendar Qtr. Percentage Ended 12/31/2016 Ended 12/31/2015 Change -------------------------------------------------- Mobil Agreement --------------- Gas Sales (Bcf)(1) 6.489 6.604 - 1.74% Gas Prices(2)(Ecents/Kwh)(3) 1.4789 1.8649 - 20.70% Average Exchange Rate (4) 1.0582 1.0881 - 2.75% Gas Royalties $1,164,964 $1,538,701 - 24.29% OEG Agreement ------------- Gas Sales (Bcf) 20.060 20.507 - 2.18% Gas Prices (Ecents/Kwh) 1.5081 1.9803 - 23.84% Average Exchange Rate 1.0590 1.0874 - 2.61% Gas Royalties $466,168 $668,112 - 30.23% (1) Billion cubic feet (2) Gas prices derived from August-October period (3) Euro cents per Kilowatt hour (4) Based on average exchange rates of cumulative royalty transfers -4- Trust expenses for the first quarter of fiscal 2017 decreased 3.63% or $9,425 to $250,459 in comparison to $259,884 in the first quarter of fiscal 2016. The reduction in expenses reflects the absence of current costs relating to the biennial examination of the royalty statements by the Trust's German accountants because 2017 is an alternate year. Additionally, the decrease in the amount of Trustee fees as specified in the Trust Agreement contributed to lower expenses. The previously declared distribution of 15 cents per unit will be paid on February 22, 2017 to owners of record as of February 17, 2017. 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.