0000072633-17-000014.txt : 20170515
0000072633-17-000014.hdr.sgml : 20170515
20170515113438
ACCESSION NUMBER: 0000072633-17-000014
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20170428
ITEM INFORMATION: Results of Operations and Financial Condition
ITEM INFORMATION: Financial Statements and Exhibits
FILED AS OF DATE: 20170515
DATE AS OF CHANGE: 20170515
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: 17842342
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
ek051217.txt
UNITED STATES
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 12, 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 May 12, 2017 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 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 May 12, 2017 and
disseminated through PR Newswire announcing the net income
and results for North European Oil Royalty Trust for the
second 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 hereunto duly authorized.
NORTH EUROPEAN OIL ROYALTY TRUST
--------------------------------
(Registrant)
By: /s/ John R. Van Kirk
------------------------
John R. Van Kirk
Managing Director
Dated: May 12, 2017
EX-99
2
x99-0512.txt
-3-
Exhibit 99
PR NEWSWIRE
NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES
NET INCOME AND RESULTS FOR THE SECOND QUARTER OF FISCAL 2017
Red Bank, N.J. May 12, 2017 -- North European Oil Royalty Trust (NYSE-NRT)
reported the net income and results for the second quarter of fiscal 2017
which appear below compared with the second quarter of fiscal 2016. Total
royalty income reflects the inclusion of any 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 second quarter of fiscal 2017 increased total royalty
income by $42,984 while total adjustments for the second quarter of fiscal
2016 reduced total royalty income by $32,857.
2nd Fiscal Qtr. 2nd Fiscal Qtr. Percentage
Ended 4/30/2017 Ended 4/30/2016 Change
--------------- --------------- ----------
Total Royalty Income $1,918,830 $2,333,670 - 17.78%
Net Income $1,699,909 $2,100,364 - 19.07%
Distributions Per Unit $0.19 $0.24 - 20.83%
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 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 first calendar quarters of 2017 and 2016. 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 30, 2017.
Gas Data Providing Basis for Fiscal Quarter Royalties
-----------------------------------------------------
1st Calendar Qtr. 1st Calendar Qtr. Percentage
Mobil Agreement Ended 3/31/2017 Ended 3/31/2016 Change
--------------- --------------- --------------- ----------
Gas Sales (Bcf)(1) 5.934 6.834 - 13.17%
Gas Prices(2)(Ecents/Kwh)(3) 1.7434 1.5622 + 11.60%
Average Exchange Rate (4) $1.0625 $1.1173 - 4.91%
Gas Royalties $1,255,366 $1,369,315 - 8.32%
OEG Agreement
-------------
Gas Sales (Bcf) 18.885 20.434 - 7.58%
Gas Prices (Ecents/Kwh) 1.7779 1.5282 + 16.34%
Average Exchange Rate $1.0630 $1.1171 - 4.84%
Gas Royalties $530,792 $487,877 + 8.80%
(1) Billion cubic feet (2) Gas prices derived from November-January period
(3) Euro cents per Kilowatt hour (4) Based on average Euro/dollar exchange
rates of cumulative royalty transfers
-4-
Trust expenses for the second quarter of fiscal 2017 decreased 6.51%, or
$15,294, to $219,707 from $235,001 in the second quarter of fiscal 2016 due
to decreased legal costs resulting from the prior completion of the
examination and review of the pricing proposal put forth by the operating
companies and the incorporation of the resulting details in the amendments
to the royalty agreements.
Total royalty income received during the first six months of fiscal 2017
declined in comparison to fiscal 2016 due to lower gas prices, lower gas
sales and lower average exchange rates under both the Mobil and the OEG
Agreements. The comparison of the relevant periods is shown below.
Six Months Six Months Percentage
Ended 4/30/2017 Ended 4/30/2016 Change
--------------- --------------- ----------
Total Royalty Income $ 3,643,516 $ 4,166,141 - 12.54%
Net Income $ 3,174,926 $ 3,674,051 - 13.59%
Distributions per Unit $0.34 $0.40 - 15.00%
The previously declared distribution of 19 cents per unit will be paid on
May 31, 2017 to owners of record as of May 19, 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.