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):  October 31, 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)

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 October 31, 2022, North European Oil Royalty Trust issued a press release via Cision PR Newswire announcing the Trust's distribution for the fourth 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 October 31, 2022 and disseminated through Cision PR Newswire announcing the distribution for North European Oil Royalty Trust for the fourth 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

November 1, 2022

Exhibit 99

PR NEWSWIRE

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

Keene, N.H. October 31, 2022 - The Trustees of North European Oil Royalty Trust (NYSE-NRT) announced a quarterly distribution of $0.74 per unit for the fourth quarter of fiscal 2022, payable on November 30, 2022 to holders of record on November 18, 2022. Natural gas sold during the third calendar quarter of 2022 is the primary source of royalty income on which the November 2022 distribution is based.

John R. Van Kirk, Managing Director, reported that this year's quarterly distribution of $0.74 per unit is 428.57%, or $0.60 per unit, higher than the distribution of $0.14 per unit for the fourth quarter of fiscal 2021. For the quarter ending October 31, 2022, the impact of higher gas prices in combination with the positive year-end adjustment for calendar 2021 ($1,550,048) more than offset the impact of lower gas sales and the decline in average exchange rates resulting in the higher distribution. Additional details will be included in the earnings press release scheduled for publication on or about November 16, 2022.

The Trust receives all 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 third calendar quarters of 2022 and 2021.

Quarterly Gas Data Providing Basis for Fiscal Quarter Royalties
Mobil Agreement    3rd Calendar Quarter Ended 9/30/2022  3rd Calendar Quarter Ended 9/30/2021 Percentage Change
Gas Sales (Bcf) 1 3.499 3.985 -12.20%
Gas Prices2 (Ecents/Kwh)3 8.3302 1.9573 +325.60%
Average Exchange Rates4 0.9864 1.1703 -15.71%
Gas Royalties $3,287,124 $1,043,662 +214.96%
OEG Agreement
Gas Sales (Bcf) 12.951 13.365 -3.10%
Gas Prices (Ecents/Kwh) 8.4951 1.9961 +325.58%
Average Exchange Rates 0.9868 1.1714 -15.76%
Gas Royalties $1,904,864  $441,458  +331.49%

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

The cumulative 12-month distribution for fiscal 2022, which includes this November distribution and the three prior quarterly distributions, is $1.83 per unit. This 12-month cumulative distribution is 289.36% or $1.36 per unit higher than the cumulative 12-month distribution of $0.47 for fiscal 2021. 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.