8-K
NORTH EUROPEAN OIL ROYALTY TRUST (NRT)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM 8-K
CURRENT REPORTPursuant to Section 13or 15(d) of the****Securities Exchange Act of 1934
Date of report (Date of earliest event reported): April 30, 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 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 April 30, 2020, North European Oil Royalty Trust issued a press release via PR Newswire announcing the Trust's distribution for the second 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 April 30, 2020 and disseminated through PR Newswire announcing the distribution for North European Oil Royalty Trust for the second 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
May 1, 2020
Exhibit 99
PR NEWSWIRE
NORTH EUROPEANOIL ROYALTY TRUST ANNOUNCES THE DISTRIBUTION FOR THE SECOND QUARTER OFFISCAL 2020
Keene, N.H. April 30, 2020 - The Trustees of North European Oil Royalty Trust (NYSE-NRT) announced today a quarterly distribution of $0.11 per unit for the second quarter of fiscal 2020, payable on May 27, 2020 to holders of record on May 15, 2020. Natural gas sold during the first calendar quarter of 2020 is the primary source of royalty income on which the May 2020 distribution is based.
John R. Van Kirk, Managing Director, reported that this year's quarterly distribution of $0.11 per unit is 50%, or $0.11 per unit, lower than the distribution of $0.22 per unit for the second quarter of fiscal 2019. Under both the Mobil and OEG Royalty Agreements, gas prices, gas sales and average exchange rates were down in comparison to the second quarter of fiscal 2019, with the decline in gas prices having the greatest impact. Specific details will be available in the earnings press release scheduled for publication on or about May 15, 2020.
The table below shows an estimate of the amount of royalties anticipated to be received in the third quarter of fiscal 2020 based on the actual amount of royalties that were payable to the Trust for the first calendar quarter of 2020. Amounts in dollars are based on the current exchange rate of 1.08417. Actual royalty income in dollars is valued based on exchange rates on the day funds are transferred. Distributions are based on royalty income received less expenses incurred or anticipated.
| Estimated<br>Combined Royalties Anticipated in | Combined Royalties in<br>Euros | Combined<br>Royalties in Dollars | Dollar Royalties<br>in Cents per Unit |
|---|---|---|---|
| May | Euros 421,481 | $456,957 | $0.0497 |
| June | Euros 421,481 | $456,857 | $0.0497 |
| July | Euros 421,481 | $456,957 | $0.0497 |
The cumulative 12-month distribution, which includes the May 2020 distribution and the three prior quarterly distributions, is $0.57 per unit. This 12-month cumulative distribution is 26.92% or $0.21 per unit lower than the prior 12-month cumulative distribution of $0.78 per unit. 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.