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):  February 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 February 14, 2020, North European Oil Royalty Trust issued a press release via PR Newswire announcing the Trust's net income for the first 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 February 14, 2020 and disseminated through PR Newswire announcing the net income for North European Oil Royalty Trust for the first 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

February 14, 2020

Exhibit 99

PR NEWSWIRE

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

Keene, N.H.  February 14, 2020  -  North European Oil Royalty Trust (NYSE-NRT) reported the net income for the first quarter of fiscal 2020 which appears in the table below compared to net income for the first quarter of fiscal 2019. 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 adjustments for the first quarter of fiscal 2020 decreased total royalty income by $349,361. By comparison, in the first quarter of fiscal 2019, the adjustments increased total royalty income by $54,796.

1st Fiscal Quarter Ended 1/31/2020 1st Fiscal Quarter Ended 1/31/2019 Percentage Change
Total Royalty Income $1,025,965 $2,303,000 - 55.45%
Net Income $747,737 $2,037,785 - 63.31%
Distributions per Unit $0.08 $0.22 - 63.64%

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 2019 and 2018. 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, 2020.

Quarterly Gas Data Providing Basis for Fiscal Quarter Royalties
Mobil Agreement    4th Calendar Quarter Ended 12/31/2019 4th Calendar Quarter Ended 12/31/2018 Percentage Change
Gas Sales (Bcf) 1 4.884 5.535 -11.76%
Gas Prices2 (Ecents/Kwh)3 1.3550 2.0582 -34.17%
Average Exchange Rates4 1.1105 1.1349 - 2.15%
Gas Royalties $843,908 $1,484,635 -43.16%
OEG Agreement
Gas Sales (Bcf) 16.026 17.536 -  8.61%
Gas Prices (Ecents/Kwh) 1.3818 2.0989 -34.17%
Average Exchange Rates 1.1115 1.1352 - 2.09%
Gas Royalties $332,242 $649,180 -48.82%

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 2020 increased 4.68%, or $12,522, to $280,123 from $267,601 for the first quarter of fiscal 2019. The increase in expenses reflects the costs relating to the biennial examination of the royalty statements by the Trust's German accountants.

The previously declared distribution of $0.08 per unit will be paid on February 26, 2020 to owners of record as of February 14, 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.