# EDGAR Filing Document

**Accession Number:** 0000072633
**File Stem:** 0000072633-23-000001
**Filing Date:** 2023-2
**Character Count:** 10577
**Document Hash:** 137be599a08ec8ab23a6d19487c49cca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000072633-23-000001.hdr.sgml**: 20230201

**ACCESSION NUMBER**: 0000072633-23-000001

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230201

**DATE AS OF CHANGE**: 20230201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORTH EUROPEAN OIL ROYALTY TRUST
- **CENTRAL INDEX KEY:** 0000072633
- **STANDARD INDUSTRIAL CLASSIFICATION:** OIL ROYALTY TRADERS [6792]
- **IRS NUMBER:** 222084119
- **STATE OF INCORPORATION:** NH
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-08245
- **FILM NUMBER:** 23574934

**BUSINESS ADDRESS:**
- **STREET 1:** P O BOX 187
- **STREET 2:** 5 N. LINCOLN STREET
- **CITY:** KEENE
- **STATE:** NH
- **ZIP:** 03431
- **BUSINESS PHONE:** 7327414008

**MAIL ADDRESS:**
- **STREET 1:** P O BOX 187
- **STREET 2:** 5 N. LINCOLN STREET
- **CITY:** KEENE
- **STATE:** NH
- **ZIP:** 03431

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## UNITED STATES SECURITIES AND EXCHANGE COMMISSION

### WASHINGTON, DC 20549

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## FORM 8-K

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**CURRENT REPORT** 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

**Date of report (Date of earliest event reported): <u>January 31, 2023</u>**

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## NORTH EUROPEAN OIL ROYALTY TRUST
(Exact Name of Registrant as Specified in Charter)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Delaware</u> <u>1-8245</u> <u>22-2084119</u> 

State or Other Jurisdiction (Commission (I.R.S. Employer

of Incorporation File Number) Identification No.)

 <u>5 N. Lincoln Street, Keene, NH 03431</u> (Address of Principal Executive Offices, and Zip Code)

 <u>(732) 741-4008</u> (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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ ] Written communication pursuant to Rule 425 under the Securities Act <br> (17 CFR 230.425)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act <br> (17 CFR 240.14a-12)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ ] Pre-commencement communication pursuant to Rule 14d-2(b) under the <br> Exchange Act (17 CFR 240.14d-2(b))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ ] Pre-commencement communication pursuant to Rule 13e-4(c) under the <br> Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

<u>Title of each class</u> <u>Trading Symbol(s)</u> <u>Name of each exchange on which registered</u>

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. [ ]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Item 2.02. <u>Results of Operations and Financial Condition.</u>

On January 31, 2023, North European Oil Royalty Trust issued a press release via PR Newswire announcing the Trust's distribution for the first quarter of fiscal 2023. Furnished herewith is a copy of the press release, which is incorporated by reference herein. <br>

Item 9.01. <u>Financial Statements and Exhibits.</u>

(c) Exhibits

The following exhibit is furnished herewith:

[Exhibit 99](x99-020123.htm). A press release dated January 31, 2023 and disseminated through PR Newswire announcing the distribution for North European Oil Royalty Trust for the first quarter of fiscal 2023. <br>

<u>SIGNATURES</u>

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.

 <u>NORTH EUROPEAN OIL ROYALTY TRUST</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Registrant)

 <u>/s/ John R. Van Kirk</u> 

John R. Van Kirk

&nbsp;&nbsp;&nbsp;&nbsp;Managing Director

February 1, 2023

## Ex-99

Exhibit 99

PR NEWSWIRE

**NORTH EUROPEAN OIL ROYALTY TRUST** **ANNOUNCES THE DISTRIBUTION** **FOR THE FIRST QUARTER OF FISCAL 2023**

Keene, N.H. January 31, 2023 - The Trustees of North European Oil Royalty Trust (NYSE-NRT) announced today a quarterly distribution of $1.00 per unit for the first quarter of fiscal 2023, payable on February 28, 2023 to owners of record on February 17, 2023. Natural gas sold during the fourth calendar quarter of 2022 is the primary source of royalty income on which the February 2023 distribution is based.

John R. Van Kirk, Managing Director, reported that this year's quarterly distribution of $1.00 per unit is 300%, or $0.75 per unit, higher than the distribution of $0.25 per unit for the first quarter of fiscal 2022. For the quarter ending January 31, 2023, the combination of higher gas prices and positive royalty adjustments totaling $3,992,911 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 14, 2023.

The Trust's monthly royalty payments are paid prospectively based on the amount of royalties payable to the Trust in the prior quarter. End of quarter royalty adjustments result from the need to align prospective royalty payments from the operating companies with actual royalties that should have been paid. When actual prices and volumes are reported, there will be a positive reconciliation in the current quarter or a negative reconciliation in the subsequent quarter. Primarily as a result of the recent decline in gas prices, it is now anticipated that royalty payments to the Trust will be subject to a negative adjustment in the third fiscal quarter (May-July 2023). This will likely substantially reduce quarter-over-quarter cash distributions to the unit owners for at least the third quarter.

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 2022 and 2021.

---

| | | | |
|:---|:---|:---|:---|
| **<u>Mobil Agreement</u>** | <u>4th Calendar Quarter Ended 12/31/2022</u> | <u>4th Calendar Quarter Ended 12/31/2021</u> | <u>Percentage Change</u> |
| Gas Royalties | $6097114 | $1618746 | +276.66% |
| **<u>OEG Agreement</u>** |  |  |  |
| Gas Sales (Bcf) | 12.881 | 13.970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-7.80% |
| Gas Prices (Ecents/Kwh) | 14.4469 | 3.1210 | +362.89% |
| Average Exchange Rate | 1.0700 | 1.1255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-4.93% |
| Gas Royalties | $3580010 | $778969 | +359.58% |

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#### Footnotes:
* 1. Billion cubic feet

* 2. Gas prices derived from August-October
period

* 3. Euro cents per kilowatt hour

* 4. Based on average Euro/dollar exchange rates of
cumulative royalty transfers

The cumulative 12-month distribution, which includes the February 2023 distribution and the three prior quarterly distributions, is $2.58 per unit. This 12-month cumulative distribution is 279.41% or $1.90 per unit higher than the prior cumulative 12-month distribution of $0.68 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.

Forward-Looking Statements

This press release may contain forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Such statements address future expectations and events or conditions concerning the Trust, such as statements concerning future gas prices, royalty payments and cash distributions. Many of these statements are based on information provided to the Trust by the operating companies or by consultants using public information sources. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in any forward-looking statements. These include:

• risks and uncertainties concerning levels of gas production and gas sale prices, general economic conditions, currency exchange rates, and the overall impact of the novel coronavirus identified as COVID-19;

• the ability or willingness of the operating companies to perform under their contractual obligations with the Trust;

• potential disputes with the operating companies and the resolution thereof; and

• political and economic uncertainty arising from Russia's invasion of Ukraine.

All such factors are difficult to predict, contain uncertainties that may materially affect actual results, and are generally beyond the control of the Trust. New factors emerge from time to time and it is not possible for the Trust to predict all such factors or to assess the impact of each such factor on the Trust. Any forward-looking statement speaks only as of the date on which such statement is made, and the Trust does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made.