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):  November 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 Office, 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 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 November 15, 2019, North European Oil Royalty Trust issued a press release via PR Newswire announcing the Trust's net income for the fourth 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 November 15, 2019 and disseminated through PR Newswire announcing the net income for North European Oil Royalty Trust for the fourth 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

November 15, 2019

Exhibit 99

PR NEWSWIRE

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

Red Bank, N.J.  November 15, 2019  -  North European Oil Royalty Trust (NYSE-NRT) reported the net income for the fourth quarter of fiscal 2019 which appears below compared with the fourth quarter of fiscal 2018. Total royalty income includes adjustments made by the operating companies based upon their corrected royalty calculations for prior periods.

4th Fiscal Quarter Ended 10/31/2019 4th Fiscal Quarter Ended 10/31/2018 Percentage Change
Total Royalty Income $1,660,135 $1,474,191 + 12.61%
Net Income $1,516,063 $1,324,902 + 14.43%
Distributions per Unit $0.16 $0.15 +  6.67%

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 third calendar quarters of 2019 and 2018. Further details will be available in the Trust's annual report on Form 10-K which will be available through the SEC or on the Trust's website, www.neort.com, on or about December 30, 2019.

Quarterly Gas Data Providing Basis for Fiscal Quarter Royalties
Mobil Agreement 3rd Calendar Quarter Ended 9/30/2019 3rd Calendar Quarter Ended 9/30/2018 Percentage Change
Gas Sales (Bcf) 1 4.882 4.495 + 8.61%
Gas Prices2 (Ecents/Kwh)3 1.4612 1.9231 -24.02%
Average Exchange Rates4 1.1004 1.1541 - 4.65%
Gas Royalties $901,077 $1,144,969 -21.30%
OEG Agreement
Gas Sales (Bcf) 16.205 14.029 +15.51%
Gas Prices (Ecents/Kwh) 1.4901 1.9612 -24.02%
Average Exchange Rates 1.0989 1.1530 - 4.69%
Gas Royalties $369,501 $459,162 -19.53%

Footnotes:

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

Total royalty income received for fiscal 2019 increased in comparison to fiscal 2018 primarily due to higher gas sales resulting from the uninterrupted operation of the Grossenkneten desulfurization plant during fiscal 2019. The Trust received positive adjustments in fiscal 2019 which increased royalty income by $225,450, whereas in fiscal 2018 the Trust received positive adjustments which increased royalty income by $189,529. Under the Mobil Agreement for fiscal 2019, gas sales, gas prices and average exchange rates showed percentage changes of +8.30%, +3.84% and -5.77%, respectively, in comparison to fiscal 2018. Under the OEG Agreement for fiscal 2019, gas sales, gas prices and average exchange rates showed percentage changes of +11.03%, +3.71% and -5.92%, respectively, in comparison to fiscal 2018. The comparison of the relevant periods is shown below.

Fiscal Year Ended 10/31/2019 Fiscal Year Ended 10/31/2018 Percentage Change
Total Royalty Income $8,344,712 $7,198,534 +15.92%
Net Income $7,578,065 $6,407,955 +18.26%
Distributions per Unit $0.82 $0.70 +17.14%

The 2019 Annual Meeting is scheduled to begin at 10:00 A.M. on February 19, 2020. Further details will be provided in the Notice of Annual Meeting of Unit Owners which is being mailed in early January.

The previously declared distribution of 16 cents per unit will be paid on November 27, 2018 to owners of record as of November 15, 2018. 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, along with other pertinent information, are available on the Trust's website: www.neort.com.