UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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):
February 15, 2019

NORTH EUROPEAN OIL ROYALTY TRUST
(Exact name of Registrant as specified in its charter)

Commission File No. 1-8245

Delaware
(State of organization)

22-2084119
IRS Employer I.D. No.

43 West Front Street, Suite 19A, Red Bank, NJ 07701
(Address of principal executive offices)

(732) 741-4008
(Registrant's telephone number including area code)

Not Applicable
(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:

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

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

 

Item 2.02.    Results of Operations and Financial Condition.

On February 15, 2019, North European Oil Royalty Trust issued a press release via PR Newswire announcing the Trust's net income for the first 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 February 15, 2019 and disseminated through PR Newswire announcing the net income for North European Oil Royalty Trust for the first 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

February 19, 2019

Exhibit 99

PR NEWSWIRE

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

Red Bank, N.J.  February 15, 2019  -  North European Oil Royalty Trust (NYSE-NRT) reported the net income for the first quarter of fiscal 2019 which appears in the table below compared to net income for the first quarter of fiscal 2018. Total royalty income includes adjustments made by the operating companies to reflect their corrected royalty calculations for prior periods as well as the inclusion or absence of Mobil sulfur royalties. The total adjustments for the first quarter of fiscal 2019 increased total royalty income by $54,796. By comparison, in the first quarter of fiscal 2018, total adjustments decreased total royalty income by $129,582.

1st Fiscal Quarter Ended 1/31/2019 1st Fiscal Quarter Ended 1/31/2018 Percentage Change
Total Royalty Income $2,303,000 $1,770,241 + 30.10%
Net Income $2,037,785 $1,495,086 + 36.30%
Distributions per Unit $0.22 $0.17 + 29.41%

The Trust receives nearly all of its royalties under two royalty agreements. The Mobil Agreement, the higher royalty rate agreement, covers gas sales from the western half of the Oldenburg concession. The OEG Agreement, 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 fourth calendar quarters of 2018 and 2017. 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 February 27, 2019.

Quarterly Gas Data Providing Basis for Fiscal Quarter Royalties
Mobil Agreement    4th Calendar Quarter Ended 12/31/2018 4th Calendar Quarter Ended 12/31/2017 Percentage Change
Gas Sales (Bcf) 1 5.535 5.660 - 2.21%
Gas Prices2 (Ecents/Kwh)3 2.0582 1.6593 +24.04%
Average Exchange Rates4 1.1349 1.1965 - 5.15%
Gas Royalties $1,484,635 $1,278,038 +16.17%
OEG Agreement
Gas Sales (Bcf) 17.536 18.150 -  3.38%
Gas Prices (Ecents/Kwh) 2.0989 1.6921 +24.04%
Average Exchange Rates 1.1352 1.2008 - 5.46%
Gas Royalties $649,180 $540,669 +20.07%

Footnotes:

    1. 1. Billion cubic feet
    2. 2. Gas prices derived from August-October 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 first quarter of fiscal 2019 decreased 3.26%, or $9,025, to $267,601 from $276,626 for the first quarter of fiscal 2018. The decrease in expenses reflects shifts in the timing of payments relating to both the biennial examination of the royalty statements by the Trust's German accountants and the work done by the Trust's petroleum consultant, Graves & Co. Consulting LLC.

The previously declared distribution of 22 cents per unit will be paid on February 27, 2019 to owners of record as of February 15, 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.