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): January 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 January 31, 2022, North European Oil Royalty Trust issued a press release via PR Newswire announcing the Trust's distribution for the first 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 January 31, 2022 and disseminated through PR Newswire announcing the distribution for North European Oil Royalty Trust for the first 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
February 1, 2022
Exhibit 99
PR NEWSWIRE
NORTH EUROPEANOIL ROYALTY TRUST ANNOUNCES THE DISTRIBUTION FOR THE FIRST QUARTER OFFISCAL 2022
Keene, N.H. January 31, 2022 - The Trustees of North European Oil Royalty Trust (NYSE-NRT) announced today a quarterly distribution of $0.25 per unit for the first quarter of fiscal 2022, payable on February 23, 2022 to owners of record on February 11, 2022. Natural gas sold during the fourth calendar quarter of 2021 is the primary source of royalty income on which the February 2022 distribution is based.
John R. Van Kirk, Managing Director, reported that this year's quarterly distribution of $0.25 per unit is 525.00%, or $0.21 per unit, higher than the distribution of $0.04 per unit for the first quarter of fiscal 2021. For the quarter ending January 31, 2022, the combination of higher gas prices and gas sales as well as positive royalty adjustments totaling $973,794 from the prior quarter resulted in the higher distribution. Additional details will be included in the earnings press release scheduled for publication on or about February 11, 2022.
The Trust receives all of 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 fourth calendar quarters of 2021 and 2020.
Quarterly Gas Data Providing Basis for FiscalQuarter Royalties
| MobilAgreement | 4th Calendar Quarter<br>Ended 12/31/2021 | 4th<br>Calendar Quarter Ended 12/31/2020 | Percentage<br>Change |
|---|---|---|---|
| Gas Sales (Bcf)^1^ | 4.105 | 3.222 | +27.41% |
| Gas Prices^2^(Ecents/Kwh)^3^ | 3.0604 | 1.1935 | +156.42% |
| Average Exchange Rate^4^ | 1.1256 | 1.2116 | -7.10% |
| Gas Royalties | $1,618,746 | $532,128 | +204.20% |
| OEG Agreement | |||
| Gas Sales (Bcf) | 13.970 | 11.622 | +20.20% |
| Gas Prices (Ecents/Kwh) | 3.1210 | 1.2171 | +156.43% |
| Average Exchange Rate | 1.1255 | 1.2123 | -7.16% |
| Gas Royalties | $778,969 | $193,266 | +303.06% |
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
The cumulative 12-month distribution, which includes the February 2022 distribution and the three prior quarterly distributions, is $0.68 per unit. This 12-month cumulative distribution is 142.86% or $0.40 per unit higher than the prior cumulative 12-month distribution of $0.28 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.