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UNITED STATES
SECURITIES ANDEXCHANGE COMMISSION
WASHINGTON,DC 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
October 31, 2023
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North European OilRoyalty Trust
(Exact Name ofRegistrant as Specified in Charter)
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Delaware
1-8245
22-2084119
Stateor Other Jurisdiction(Commission(I.R.S. Employer
of IncorporationFile 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-Kfiling is intended to
simultaneously satisfy the filing obligationof the registrant under any of the
following provisions (see GeneralInstruction A.2.below):
[] Written communicationpursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[] Soliciting material pursuantto Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[] Pre-commencementcommunication pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[] Pre-commencementcommunication pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) ofthe Act:
Title of eachclass
Trading Symbol(s)
Name of each exchange on whichregistered
Unitsof Beneficial InterestNRTNew York Stock Exchange
Indicate by check mark whether the registrant is anemerging growth company as
defined in Rule 405 of the Securities Actof 1933 (17 CFR Section 230.405) or
Rule 12b-2 of the SecuritiesExchange Act of 1934 (17 CFR Section 240.12b-2).
Emerging growth company []
If an emerging growth company, indicate by check markif the registrant has
elected not to use the extended transitionperiod for complying with any new or
revised financial accountingstandards provided pursuant to Section 13(a) of
the Exchange Act.[]
Item 2.02.
Results ofOperations and Financial Condition.
On October 31, 2023, North European Oil Royalty Trust issued a pressrelease
via Cision PR Newswire announcing the Trust would not be makinga distribution
for the fourth quarter of fiscal 2023. Furnished herewithis a copy of the
press release, which is incorporated by referenceherein.
Item 9.01.
FinancialStatements and Exhibits.
(c) Exhibits
The following exhibit is furnished herewith:
Exhibit 99
. A press releasedated October 31, 2023 and disseminated through Cision
PR Newswireannouncing that there will be no distribution for North European
OilRoyalty Trust for the fourth quarter of fiscal 2023.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
theRegistrant has duly caused this report to be signed on its behalf by
theundersigned hereunto duly authorized.
NORTH EUROPEAN OIL ROYALTY TRUST
(Registrant)
/s/ John R. Van Kirk
John R. Van Kirk
Managing Director
November 1, 2023
Exhibit 99
PR NEWSWIRE
NORTH EUROPEANOIL ROYALTY TRUST
ANNOUNCES THAT THERE WILL BE NO DISTRIBUTION
FOR THE FOURTH QUARTER OFFISCAL 2023
Keene, N.H. October 31, 2023 - The Trustees of NorthEuropean Oil Royalty Trust
(NYSE-NRT) announced that, consistent withprevious disclosures, there will not
be a quarterly distribution for thefourth quarter of fiscal 2023. This
compares to a distribution of $0.74per unit for the fourth quarter of fiscal
2022.
ExxonMobil's scheduled shutdown of the Grossenknetendesulphurization plant for
the first 18 days of this quarter contributedto a decline in gas sales
volumes. This reduction and the continueddecline in the German Border Import
gas Price, as well as negativeadjustments from the current and prior quarters,
resulted in the absenceof any royalty payments to the Trust for the quarter
ending October 31,2023. The residual balance of these adjustments will have an
impact onthe first quarter of fiscal 2024. However, cash distributions in
anyfiscal quarter beyond the fourth fiscal quarter of 2023 cannot bedetermined
with any certainty at this time. The volatility in gas prices,coupled with the
pricing system specified in the Trust's agreements withthe operating
companies, contributed to the uneven distributions in themost recent quarters.
Distributions are based on actual royalty incomereceived less incurred and
anticipated expenses. Additional details willbe included in the earnings press
release scheduled for publication on orabout November 17, 2023.
The cumulative 12-month distribution for fiscal 2023,which reflects the
absence of any November distribution but includes thethree prior quarterly
distributions, is $2.26 per unit. This 12-monthcumulative distribution is
23.50% or $0.43 per unit higher than thecumulative 12-month distribution of
$1.83 for fiscal 2022. The Trustmakes quarterly distributions, when possible,
to unit owners during themonths of February, May, August, and November.
Contact -- John R. Van Kirk, Managing Director,telephone: (732) 741-4008,
email: jvankirk@neort.com. The Trust'spress releases and other pertinent
information are available on theTrust's website: www.neort.com.
Forward-Looking Statements
This press release may contain forward-looking statementsintended to qualify
for the safe harbor from liability established by thePrivate Securities
Litigation Reform Act of 1995. Such statements addressfuture expectations and
events or conditions concerning the Trust, such asstatements concerning future
gas prices, royalty payments and cashdistributions. Many of these statements
are based on information providedto the Trust by the operating companies or by
consultants using publicinformation sources, are difficult to predict, and are
generally beyondthe control of the Trust. These statements are subject to
certain risksand uncertainties that could cause actual results to differ
materiallyfrom those anticipated in any forward-looking statements. These
include:the fact that the assets of the Trust are depleting assets and, if
theoperators developing the concession do not perform additional developmentproj
ects, the assets may deplete faster than expected; risks anduncertainties
concerning levels of gas production and gas sale prices,general economic
conditions, and currency exchange rates; the ability orwillingness of the
operating companies to perform under their contractualobligations with the
Trust; potential disputes with the operating companiesand the resolution
thereof; and political and economic uncertainty arisingfrom Russia's invasion
of Ukraine. Any forward-looking statement speaksonly as of the date on which
such statement is made, and the Trust does notundertake any obligation to
update any forward-looking statement to reflectevents or circumstances after
the date on which such statement is made.