0000072633-17-000022.txt : 20170801
0000072633-17-000022.hdr.sgml : 20170801
20170801155147
ACCESSION NUMBER: 0000072633-17-000022
CONFORMED SUBMISSION TYPE: 8-K/A
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/A
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-08245
FILM NUMBER: 17996657
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/A
1
ek-a0801.txt
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
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
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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 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.
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(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
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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 hereunto duly authorized.
NORTH EUROPEAN OIL ROYALTY TRUST
--------------------------------
(Registrant)
By: /s/ John R. Van Kirk
------------------------
John R. Van Kirk
Managing Director
Dated: August 1, 2017
EX-99
2
x99-0801.txt
-3-
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
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2nd Calendar Qtr. 2nd Calendar Qtr. Percentage
Mobil Agreement Ended 6/30/2017 Ended 6/30/2016 Change
--------------- --------------- --------------- ----------
Gas Sales (Bcf)(1) 5.500 4.916 + 11.88%
Gas Prices(2)(Ecents/Kwh)(3) 1.7406 1.5363 + 13.30%
Average Exchange Rate (4) 1.1175 1.1185 - 0.09%
Gas Royalties $1,220,647 $969,471 + 25.91%
OEG Agreement
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Gas Sales (Bcf) 17.829 17.520 + 1.76%
Gas Prices (Ecents/Kwh) 1.7750 1.5667 + 13.30%
Average Exchange Rate 1.1175 1.1159 + 0.14%
Gas Royalties $517,750 $408,480 + 26.75%
(1) Billion cubic feet (2) Gas prices derived from February-April period
(3) Euro cents per Kilowatt hour (4) Based on average Euro/dollar exchange
rates of cumulative royalty transfers
-4-
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.
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Estimated Combined Combined Combined Dollar
Royalties Royalties Royalties Royalties in
Anticipated in In Euros In Dollars Cents per Unit
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August Euros 401,569 $468,029 $0.0509
September Euros 541,898 $631,582 $0.0687
October Euros 541,898 $631,582 $0.0687
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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.