8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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 15, 2019 

NORTH EUROPEAN OIL ROYALTY TRUST

(Exact Name of Registrant as Specified in Charter)

   Delaware           1-8245        22-2084119  

State or Other Jurisdiction    (Commission      (I.R.S. Employer

of Incorporation       File Number)      Identification No.)

   5 N. Lincoln Street         Keene, NH 03431      (Address of Principal Executive Offices, and Zip Code)  (732) 741-4008  (Registrant's Telephone Number, Including Area Code)   43 West Front Street, Suite 19A, Red Bank, NJ 07701   (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 (see General Instruction A.2.below):

 [ ]  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 communication pursuant to Rule 14d-2(b) under the
    Exchange Act (17 CFR 240.14d-2(b))

 [ ]  Pre-commencement communication pursuant to Rule 13e-4(c) under the
    Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class      Trading Symbol(s) Name of each exchange on which registered

Units of Beneficial Interest   NRT        New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR Section 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR Section 240.12.b-2).

Emerging growth company [ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

 

Item 2.02.    Results of Operations and Financial Condition.

On May 15, 2019, North European Oil Royalty Trust issued a press release via PR Newswire announcing the Trust's net income for the second quarter of fiscal 2019. 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 15, 2019 and disseminated through PR Newswire announcing the net income for North European Oil Royalty Trust for the second quarter of fiscal 2019.

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

May 17, 2019

EX-99 2 x99-0515.htm

Exhibit 99

PR NEWSWIRE

NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES THE NET INCOME FOR THE SECOND QUARTER OF FISCAL 2019

Red Bank, N.J. May 15, 2019 - North European Oil Royalty Trust (NYSE-NRT) reported the net income for the second quarter of fiscal 2019 which appears below compared with the second quarter of fiscal 2018. Total royalty income includes any adjustments made by the operating companies based upon their corrected royalty calculations for prior periods as well as any Mobil sulfur royalties. There were no prior period adjustments for either of the second quarters of fiscal 2019 or 2018. The Trust received separate sulfur royalty payments under the Mobil Agreement of $52,728 and $46,458 during the second quarters of fiscal 2019 and 2018, respectively.

	2nd Fiscal Quarter Ended 4/30/2019	2nd Fiscal Quarter Ended 4/30/2018	Percentage Change
Total Royalty Income	$2,235,350	$2,054,020	+  8.83%
Net Income	$2,001,753	$1,820,337	+  9.97%
Distribution per Unit	$0.22	$0.19	+15.79%

The Trust receives 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 first calendar quarters of 2019 and 2018. 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, 2019.

Quarterly Gas Data Providing Basis for Fiscal Quarter Royalties

Mobil Agreement	1st Calendar Quarter Ended 3/31/2019	1st Calendar Quarter Ended 3/31/2018	Percentage Change
Gas Sales (Bcf) 1	5.195	5.193	+ 0.04%
Gas Prices2 (Ecents/Kwh)3	2.1250	1.8262	+16.36%
Average Exchange Rates4	1.1267	1.2361	-  8.85%
Gas Royalties	$1,428,786	$1,336,404	+ 6.91%
OEG Agreement
Gas Sales (Bcf)	16.851	16.373	+ 2.92%
Gas Prices (Ecents/Kwh)	2.1670	1.8624	+16.36%
Average Exchange Rates	1.1267	1.2364	-  8.87%
Gas Royalties	$634,454	$548,921	+15.58%

Footnotes:

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

Trust expenses for the second quarter of fiscal 2019 increased 1.69%, or $3,971, to $238,797 from $234,826 in the second quarter of fiscal 2018. This increase in expenses reflects the acceleration of the payment of domestic accounting costs and an increase in the NYSE annual fee.

Total royalty income received during the first six months of fiscal 2019 increased in comparison to fiscal 2018 due to higher gas prices under both the Mobil and the OEG Agreements. The comparison of the relevant periods is shown below.

	Six Months Ended 4/30/2019	Six Months Ended 4/30/2018	Percentage Change
Total Royalty Income	$4,538,350	$3,824,261	+18.67%
Net Income	$4,039,538	$3,315,423	+21.84%
Distribution per Unit	$0.44	$0.36	+22.22%

The previously declared distribution of 22 cents per unit will be paid on May 29, 2019 to owners of record as of May 17, 2019. For further information, contact John R. Van Kirk, Managing Director, at (732) 741-4008 or via e-mail at jvankirk@neort.com. The Trust's press releases and other pertinent information are available on the Trust's website: www.neort.com.

EX-99

Exhibit 99

PR NEWSWIRE

NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES THE NET INCOME FOR THE SECOND QUARTER OF FISCAL 2019

Red Bank, N.J. May 15, 2019 - North European Oil Royalty Trust (NYSE-NRT) reported the net income for the second quarter of fiscal 2019 which appears below compared with the second quarter of fiscal 2018. Total royalty income includes any adjustments made by the operating companies based upon their corrected royalty calculations for prior periods as well as any Mobil sulfur royalties. There were no prior period adjustments for either of the second quarters of fiscal 2019 or 2018. The Trust received separate sulfur royalty payments under the Mobil Agreement of $52,728 and $46,458 during the second quarters of fiscal 2019 and 2018, respectively.

	2nd Fiscal Quarter Ended 4/30/2019	2nd Fiscal Quarter Ended 4/30/2018	Percentage Change
Total Royalty Income	$2,235,350	$2,054,020	+  8.83%
Net Income	$2,001,753	$1,820,337	+  9.97%
Distribution per Unit	$0.22	$0.19	+15.79%

The Trust receives 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 first calendar quarters of 2019 and 2018. 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, 2019.

Quarterly Gas Data Providing Basis for Fiscal Quarter Royalties

Mobil Agreement	1st Calendar Quarter Ended 3/31/2019	1st Calendar Quarter Ended 3/31/2018	Percentage Change
Gas Sales (Bcf) 1	5.195	5.193	+ 0.04%
Gas Prices2 (Ecents/Kwh)3	2.1250	1.8262	+16.36%
Average Exchange Rates4	1.1267	1.2361	-  8.85%
Gas Royalties	$1,428,786	$1,336,404	+ 6.91%
OEG Agreement
Gas Sales (Bcf)	16.851	16.373	+ 2.92%
Gas Prices (Ecents/Kwh)	2.1670	1.8624	+16.36%
Average Exchange Rates	1.1267	1.2364	-  8.87%
Gas Royalties	$634,454	$548,921	+15.58%

Footnotes:

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

Trust expenses for the second quarter of fiscal 2019 increased 1.69%, or $3,971, to $238,797 from $234,826 in the second quarter of fiscal 2018. This increase in expenses reflects the acceleration of the payment of domestic accounting costs and an increase in the NYSE annual fee.

Total royalty income received during the first six months of fiscal 2019 increased in comparison to fiscal 2018 due to higher gas prices under both the Mobil and the OEG Agreements. The comparison of the relevant periods is shown below.

	Six Months Ended 4/30/2019	Six Months Ended 4/30/2018	Percentage Change
Total Royalty Income	$4,538,350	$3,824,261	+18.67%
Net Income	$4,039,538	$3,315,423	+21.84%
Distribution per Unit	$0.44	$0.36	+22.22%

The previously declared distribution of 22 cents per unit will be paid on May 29, 2019 to owners of record as of May 17, 2019. For further information, contact John R. Van Kirk, Managing Director, at (732) 741-4008 or via e-mail at jvankirk@neort.com. The Trust's press releases and other pertinent information are available on the Trust's website: www.neort.com.