0000072633-22-000006.txt : 20220502 0000072633-22-000006.hdr.sgml : 20220502 20220502091952 ACCESSION NUMBER: 0000072633-22-000006 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20220430 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220502 DATE AS OF CHANGE: 20220502 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: NH FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08245 FILM NUMBER: 22879653 BUSINESS ADDRESS: STREET 1: P O BOX 187 STREET 2: 5 N. LINCOLN STREET CITY: KEENE STATE: NH ZIP: 03431 BUSINESS PHONE: 7327414008 MAIL ADDRESS: STREET 1: P O BOX 187 STREET 2: 5 N. LINCOLN STREET CITY: KEENE STATE: NH ZIP: 03431 8-K 1 ek050222.htm

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):  April 29, 2022 

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)

                      
(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 communication 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 240.12b-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 April 29, 2022, North European Oil Royalty Trust issued a press release via PR Newswire announcing the Trust's distribution for the second quarter of fiscal 2022. 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 April 29, 2022 and disseminated through PR Newswire announcing the distribution for North European Oil Royalty Trust for the second quarter of fiscal 2022.


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 2, 2022

EX-99 2 x99-050222.htm

Exhibit 99

PR NEWSWIRE

NORTH EUROPEAN OIL ROYALTY TRUST
ANNOUNCES THE DISTRIBUTION
FOR THE SECOND QUARTER OF FISCAL 2022

Keene, N.H. April 29, 2022 - The Trustees of North European Oil Royalty Trust (NYSE-NRT) announced today a quarterly distribution of $0.38 per unit for the second quarter of fiscal 2022, payable on May 25, 2022 to owners of record on May 13, 2022. Natural gas sold during the first calendar quarter of 2022 is the primary source of royalty income on which the May 2022 distribution is based.

John R. Van Kirk, Managing Director, reported that this year's quarterly distribution of $0.38 per unit is 171.43%, or $0.24 per unit, higher than the distribution of $0.14 per unit for the second quarter of fiscal 2021. For the quarter ending April 30, 2022, the impact on royalty income of higher gas prices easily offset both the lower gas sales and lower average exchange rate. There were no adjustments during either the second quarter of fiscal 2022 or 2021. Royalty income under the Mobil Sulfur Agreement was $70,618 and $36,411 for the second quarters of fiscal 2022 and 2021, respectively. Additional details will be included in the earnings press release scheduled for publication on or about May 13, 2022.

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 2022 and 2021.

Quarterly Gas Data Providing Basis for Fiscal Quarter Royalties
Mobil Agreement    1st Calendar Quarter Ended 3/31/2022  1st Calendar Quarter Ended 3/31/2021 Percentage Change
Gas Sales (Bcf) 1 3.605 4.354 -17.20%
Gas Prices2 (Ecents/Kwh)3 5.1442 1.5395 +234.15%
Average Exchange Rates4 1.0883 1.2020 -9.46%
Gas Royalties $2,307,437 $921,896 +150.29%
OEG Agreement
Gas Sales (Bcf) 13.123 14.495 -9.47%
Gas Prices (Ecents/Kwh) 5.2460 1.5700 +234.14%
Average Exchange Rates 1.0867 1.2022 -9.61%
Gas Royalties $1,257,976 $383,843 +227.73%

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

The cumulative 12-month distribution, which includes the May 2022 distribution and the three prior quarterly distributions, is $0.92 per unit. This 12-month cumulative distribution is 196.77% or $0.61 per unit higher than the prior cumulative 12-month distribution of $0.31 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.