0000072633-17-000020.txt : 20170801 0000072633-17-000020.hdr.sgml : 20170801 20170801140022 ACCESSION NUMBER: 0000072633-17-000020 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20170731 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20170801 DATE AS OF CHANGE: 20170801 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: 17996108 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 ek0801.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):
July 31, 2017

NORTH EUROPEAN OIL ROYALTY TRUST
(Exact name of Registrant as specified in its charter)

Commission File No. 1-8245

Delaware

(State of organization)

22-2084119

IRS Employer I.D. No.

Suite 19A, 43 West Front Street, Red Bank, NJ 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))

 

Item 2.02.    Results of Operations and Financial Condition.

On July 31, 2017 North European Oil Royalty Trust issued a press release via PR Newswire announcing the Trust's distribution for the third 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 July 31, 2017 and disseminated through PR Newswire announcing the distribution for North European Oil Royalty Trust for the third 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)

/s/ John R. Van Kirk

John R. Van Kirk

Managing Director

August 1, 2017

EX-99 2 x99-0801.txt

Exhibit 99

PR NEWSWIRE

NORTH EUROPEAN OIL ROYALTY TRUST
ANNOUNCES THE DISTRIBUTION
FOR THE THIRD QUARTER OF FISCAL 2017

Red Bank, N.J.  July 31, 2017  -  The Trustees of North European Oil Royalty Trust (NYSE-NRT) announced today a quarterly distribution of $0.20 per unit for the third quarter of fiscal 2017, payable on August 30, 2017 to holders of record on August 18, 2017. Natural gas sold during the second calendar quarter of 2017 is the primary source of royalty income on which the August 2017 distribution is based.

John R. Van Kirk, Managing Director, reported that this year's quarterly distribution of $0.20 per unit is 33.33%, or $0.05 per unit, higher than the distribution of $0.15 per unit for the third quarter of fiscal 2016. Specific details will be available in the earnings press release scheduled for publication on or about August 11, 2017.

The Trust receives nearly all of its royalties under two royalty agreements. The Mobil Agreement, which is the higher royalty rate agreement, covers gas sales from the western half of the Oldenburg concession. The OEG Agreement, which is 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 second calendar quarters of 2017 and 2016. Further details will be available in the Trust's quarterly report on Form 10-Q which will be available through the SEC or on the Trust's website, www.neort.com, on or about August 30, 2017.

Gas Data Providing Basis for Fiscal Quarter Royalties
Mobil Agreement 2nd Calendar Quarter Ended 6/30/2017 2nd Calendar Quarter Ended 6/30/2016 Percentage Change
Gas Sales (Bcf) 1 5.500 4.916 + 11.88%
Gas Prices2 (Ecents/Kwh)3 1.7406 1.5363 + 13.30%
Average Exchange Rates4 1.1175 1.1185 - 0.09%
Gas Royalties $1,220,647 $969,471 + 25.91%
OEG Agreement
Gas Sales (Bcf) 17.829 17.520 + 1.76%
Gas Prices (Ecents/Kwh) 1.7750 1.5667 + 13.30%
Average Exchange Rates 1.1175 1.1159 + 0.14%
Gas Royalties $517,750 $408,480 + 26.75%

Footnotes:

    1. 1. Billion cubic feet
    2. 2. Gas prices derived from February-April period
    3. 3. Euro cents per kilowatt hour
    4. 4. Based on average Euro/dollar exchange rates of cumulative royalty transfers

The table below shows an estimate of the amount of royalties anticipated to be received in the fourth quarter of fiscal 2017 based on the actual amount of royalties that were payable to the Trust for the second calendar quarter of 2017. Amounts in dollars are based on the current exchange rate of 1.1655. Actual royalty income in dollars is valued based on exchange rates on the day funds are transferred. The August estimate below includes a negative adjustment from the prior quarter of Euros 140,329 and the absence of any payment under the Mobil sulfur royalty agreement for the second quarter of 2017.

Estimated Combined Royalties Anticipated in Combined Royalties in Euros Combined Royalties in Dollars Dollar Royalties in Cents per Unit
August
Euros 401,569
$468,029
$0.0509
September
Euros 541,898
$631,582
$0.0687
October
Euros 541,898
$631,582
$0.0687

The cumulative 12-month distribution, which includes the August 2017 distribution and the three prior quarterly distributions, is $0.66 per unit. This 12-month cumulative distribution is 15.38% or $0.12 per unit lower than the prior 12-month distribution of $0.78 per unit. The Trust makes quarterly distributions to unit owners during the months of February, May, August and November.

Contact -- John R. Van Kirk, Managing Director, telephone: (732) 741-4008, email: jvankirk@neort.com. The Trust's press releases and other pertinent information are available on the Trust's website: www.neort.com.