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):  August 14, 2020 

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)

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 August 14, 2020, North European Oil Royalty Trust issued a press release via PR Newswire announcing the Trust's net income for the third quarter of fiscal 2020. 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 August 14, 2020 and disseminated through PR Newswire announcing the net income for North European Oil Royalty Trust for the second quarter of fiscal 2020.

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 17, 2020

EX-99 2 x99-0814.htm

Exhibit 99

PR NEWSWIRE

NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES THE NET INCOME FOR THE THIRD QUARTER OF FISCAL 2020

Keene, N.H. August 14, 2020 - North European Oil Royalty Trust (NYSE-NRT) reported the net income for the third quarter of fiscal 2020 which appears below compared with the third quarter of fiscal 2019. 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. As detailed in the July 31, 2020 distribution press release, total royalty income for the third quarter of fiscal 2019 declined from the third quarter of fiscal 2019. This decline resulted from the combined effects of lower gas prices and lower gas sales both of which are likely attributable to the impact of COVID-19 and the glut of gas on the European market. There were only minor negative adjustments of ($10,913) and ($13,020) impacting royalties during the third quarters of fiscal 2020 and 2019, respectively. Sulfur royalties totaling $721 were received in the third quarter of fiscal 2020 but this amount represented corrections from fiscal 2018. There were no royalties received under the Mobil Sulfur Agreement in the third quarter of fiscal 2019.

	3rd Fiscal Quarter Ended 7/31/2020	3rd Fiscal Quarter Ended 7/31/2019	Percentage Change
Total Royalty Income	$1,399,614	$2,146,227	-34.79%
Net Income	$1,278,075	$2,022,464	-36.81%
Distributions per Unit	$0.11	$0.22	-50.00%

Trust expenses for the third quarter of fiscal 2020 decreased 4.58%, or $5,848, to $121,770 in comparison to $127,618 for the third quarter of fiscal 2019. This decrease in expenses reflects the reduction in Trustees' fees as specified in the Trust Agreement.

Total royalty income received during the first nine months of fiscal 2020 decreased in comparison to fiscal 2019 due to a combination of lower gas prices, lower gas sales and lower average exchange rates under both the Mobil and OEG Agreements during the first nine months of fiscal 2020. The comparison of the relevant periods is shown below.

	Nine Months Ended 7/31/2020	Nine Months Ended 7/31/2019	Percentage Change
Total Royalty Income	$3,701,403	$6,684,577	-44.63%
Net Income	$3,067,714	$6,062,002	-49.39%
Distributions per Unit	$0.30	$0.66	-54.55%

The previously declared distribution of $0. cents per unit will be paid on August 26, 2020 to owners of record as of August 14, 2020. Comprehensive details will be available in the Trust's 10-Q filing available through the SEC or the Trust's website, www.neort.com, on or about August 28, 2020. 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 THIRD QUARTER OF FISCAL 2020

Keene, N.H. August 14, 2020 - North European Oil Royalty Trust (NYSE-NRT) reported the net income for the third quarter of fiscal 2020 which appears below compared with the third quarter of fiscal 2019. 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. As detailed in the July 31, 2020 distribution press release, total royalty income for the third quarter of fiscal 2019 declined from the third quarter of fiscal 2019. This decline resulted from the combined effects of lower gas prices and lower gas sales both of which are likely attributable to the impact of COVID-19 and the glut of gas on the European market. There were only minor negative adjustments of ($10,913) and ($13,020) impacting royalties during the third quarters of fiscal 2020 and 2019, respectively. Sulfur royalties totaling $721 were received in the third quarter of fiscal 2020 but this amount represented corrections from fiscal 2018. There were no royalties received under the Mobil Sulfur Agreement in the third quarter of fiscal 2019.

	3rd Fiscal Quarter Ended 7/31/2020	3rd Fiscal Quarter Ended 7/31/2019	Percentage Change
Total Royalty Income	$1,399,614	$2,146,227	-34.79%
Net Income	$1,278,075	$2,022,464	-36.81%
Distributions per Unit	$0.11	$0.22	-50.00%

Trust expenses for the third quarter of fiscal 2020 decreased 4.58%, or $5,848, to $121,770 in comparison to $127,618 for the third quarter of fiscal 2019. This decrease in expenses reflects the reduction in Trustees' fees as specified in the Trust Agreement.

Total royalty income received during the first nine months of fiscal 2020 decreased in comparison to fiscal 2019 due to a combination of lower gas prices, lower gas sales and lower average exchange rates under both the Mobil and OEG Agreements during the first nine months of fiscal 2020. The comparison of the relevant periods is shown below.

	Nine Months Ended 7/31/2020	Nine Months Ended 7/31/2019	Percentage Change
Total Royalty Income	$3,701,403	$6,684,577	-44.63%
Net Income	$3,067,714	$6,062,002	-49.39%
Distributions per Unit	$0.30	$0.66	-54.55%

The previously declared distribution of $0. cents per unit will be paid on August 26, 2020 to owners of record as of August 14, 2020. Comprehensive details will be available in the Trust's 10-Q filing available through the SEC or the Trust's website, www.neort.com, on or about August 28, 2020. 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.