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
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NORTH EUROPEAN OIL ROYALTY TRUST
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(Exact name of Registrant as specified in its charter)
Commission File No. 1-8245
Delaware 22-2084119
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(State of organization) (IRS Employer I.D. No.)
Suite 19A, 43 West Front Street, Red Bank, N.J. 07701
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(Address of principal executive offices)
732-741-4008
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(Registrant's telephone number including area code)
Not Applicable
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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.
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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.
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(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
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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.
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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%
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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
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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
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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.