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 13, 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 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 13, 2022, North European Oil Royalty Trust issued a press release via PR Newswire announcing the Trust's net income 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 May 13, 2022 and disseminated through PR Newswire announcing the net income 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 16, 2022

EX-99 2 x99-051322.htm

Exhibit 99

PR NEWSWIRE

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

Keene, N.H. May 13, 2022 - North European Oil Royalty Trust (NYSE-NRT) reported the net income for the second quarter of fiscal 2022 which appears in the table below compared with the net income for the second quarter of fiscal 2021. 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. During both the second quarters of fiscal 2022 and 2021, there were no prior period adjustments to total royalty income. The Trust received separate sulfur royalty payments under the Mobil Agreement of $70,618 and $36,411 during the second quarters of fiscal 2022 and 2021, respectively.

	2nd Fiscal Quarter Ended 4/30/2022	2nd Fiscal Quarter Ended 4/30/2021	Percentage Change
Total Royalty Income	$3,773,568	$1,400,159	+169.51%
Net Income	$3,559,968	$1,198,447	+197.05%
Distribution per Unit	$0.38	$0.14	+171.43%

Under the Mobil Agreement for the second quarter of fiscal 2022, gas sales, gas prices, and the average exchange rate showed percentage changes of -17.2%, +234.15% and -9.46%, respectively, in comparison to the second quarter of fiscal 2021. Under the OEG Agreement for the second quarter of fiscal 2022, gas sales, gas prices, and the average exchange rate showed percentage changes of -9.47%, +234.14% and -9.61%, respectively, in comparison to the second quarter of fiscal 2021.

Trust expenses for the second quarter of fiscal 2022 increased 6.03%, or $12,174, to $213,988 from $201,814 in the second quarter of fiscal 2021. The increase in expenses reflects higher Trustee fees as specified by the Trust Agreement and higher listing fees on the New York Stock Exchange.

Total royalty income received during the first six months of fiscal 2022 increased in comparison to fiscal 2021 due primarily to higher gas prices under both the Mobil and the OEG Agreements. During the first six months of fiscal 2022, total royalty income amounts were not reduced by prior period adjustments. During the first six months of fiscal 2021, total royalty income amounts were reduced by negative prior period adjustments of $538,651. The comparison of the relevant periods is shown below.

	Six Months Ended 4/30/2022	Six Months Ended 4/30/2021	Percentage Change
Total Royalty Income	$6,320,107	$1,683,598	+275.39%
Net Income	$5,911,787	$1,310,289	+351.18%
Distribution per Unit	$0.63	$0.18	+250.00%

The previously declared distribution of 38 cents per unit will be paid on May 25, 2022 to owners of record as of May 13, 2022. 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. The Trust's 10-Q filing will be available through the SEC or on the Trust's website, www.neort.com, on or about May 27, 2022.

EX-99

Exhibit 99

PR NEWSWIRE

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

Keene, N.H. May 13, 2022 - North European Oil Royalty Trust (NYSE-NRT) reported the net income for the second quarter of fiscal 2022 which appears in the table below compared with the net income for the second quarter of fiscal 2021. 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. During both the second quarters of fiscal 2022 and 2021, there were no prior period adjustments to total royalty income. The Trust received separate sulfur royalty payments under the Mobil Agreement of $70,618 and $36,411 during the second quarters of fiscal 2022 and 2021, respectively.

	2nd Fiscal Quarter Ended 4/30/2022	2nd Fiscal Quarter Ended 4/30/2021	Percentage Change
Total Royalty Income	$3,773,568	$1,400,159	+169.51%
Net Income	$3,559,968	$1,198,447	+197.05%
Distribution per Unit	$0.38	$0.14	+171.43%

Under the Mobil Agreement for the second quarter of fiscal 2022, gas sales, gas prices, and the average exchange rate showed percentage changes of -17.2%, +234.15% and -9.46%, respectively, in comparison to the second quarter of fiscal 2021. Under the OEG Agreement for the second quarter of fiscal 2022, gas sales, gas prices, and the average exchange rate showed percentage changes of -9.47%, +234.14% and -9.61%, respectively, in comparison to the second quarter of fiscal 2021.

Trust expenses for the second quarter of fiscal 2022 increased 6.03%, or $12,174, to $213,988 from $201,814 in the second quarter of fiscal 2021. The increase in expenses reflects higher Trustee fees as specified by the Trust Agreement and higher listing fees on the New York Stock Exchange.

Total royalty income received during the first six months of fiscal 2022 increased in comparison to fiscal 2021 due primarily to higher gas prices under both the Mobil and the OEG Agreements. During the first six months of fiscal 2022, total royalty income amounts were not reduced by prior period adjustments. During the first six months of fiscal 2021, total royalty income amounts were reduced by negative prior period adjustments of $538,651. The comparison of the relevant periods is shown below.

	Six Months Ended 4/30/2022	Six Months Ended 4/30/2021	Percentage Change
Total Royalty Income	$6,320,107	$1,683,598	+275.39%
Net Income	$5,911,787	$1,310,289	+351.18%
Distribution per Unit	$0.63	$0.18	+250.00%

The previously declared distribution of 38 cents per unit will be paid on May 25, 2022 to owners of record as of May 13, 2022. 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. The Trust's 10-Q filing will be available through the SEC or on the Trust's website, www.neort.com, on or about May 27, 2022.