North European Oil Royalty Trust (NRT) 2007年年度报告「NYSE」.pdf

1、Annual Report 2007NorthEuropean OilRoyalty TrustATTENTION:PLEASE RETAINCRITICAL TAX INFORMATION ENCLOSED Table of ContentsReport to Unit Owners .2-3Selected Financial Data .4Description of Trust Assets .5-6Managements Discussion and Analysis .6-12Critical Accounting Policies.12Distributions and Trad

2、ing .13-14Comparison of Five Year .14-15Reports of Independent Registered Public Accounting Firms.16-17Financial Statements.18-21Notes to Financial Statements .22-24Disclosure Controls and Procedures .25Internal Control Over Financial Reporting .25-26Dollar Royalties-Western and Eastern Oldenburg .2

3、7Ten Year History of Net Gas Sales .28Note to Unit Owners(Removable).29-30Net Gas Reserves(Estimated)and Volume of Net Gas Sales .31The Annual Meeting of Unit Owners will be held on Wednesday,February 13,2008,at 1:00 P.M.,in The Breakfast Room,Seventh Floor,at the University Club,1 West 54th Street,

4、New York City(northwest corner of 5th Avenue;entrance on 54th Street).All unit owners are cordially invited to attend.If you plan to attend the meeting,please note that The University Club has a dress code.Gentlemen are required to wear a jacket and ladies are required to wear business attire.The Un

5、iversity Club does not make exceptions.1IMPORTANT TAX INFORMATIONFor your convenience the information necessary to prepareyour 2007 tax return is included in the removable“Note to Unit Owners”on Pages 29 and 30.Please note there will be no separate mailing of the tax letter.2NORTH EUROPEAN OIL ROYAL

6、TY TRUSTReport to Unit Owners:FOURTH QUARTER 2007Net income for the Trust for the fourth quarter of fiscal 2007 was$5,881,536,a decrease of17.29%from the fourth quarter of fiscal 2006.Lower average gas prices and lower gas sales underboth royalty agreements are the primary reasons behind the decline