SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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):
July 18, 2006
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NORTH EUROPEAN OIL ROYALTY TRUST
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(Exact name of Registrant as specified in its charter)
Commission File No. 1-8245
Delaware 22-2084119
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(State of organization) (IRS Employer I.D. No.)
Suite 19A, 43 West Front Street, Red Bank, N.J. 07701
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(Address of principal executive offices)
732-741-4008
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(Registrant's telephone number including area code)
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Item 4.01. Changes in Registrant's Certifying Accountant.
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Effective July 18, 2006 the Audit Committee of the Trustees of
North European Oil Royalty Trust (the "Trust") dismissed Ernst & Young LLP
("E&Y LLP") as the Trust's independent auditors and appointed Weiser LLP as
the Trust's independent auditors.
With respect to the audits of the Trust's consolidated financial
statements for the fiscal years ended October 31, 2005 and 2004 and the
subsequent interim periods through April 30, 2006 and through the date
hereof, there were no disagreements with E&Y LLP on any matter of accounting
principles or practices, financial statement disclosure, or auditing scope or
procedure, which disagreements, if not resolved to the satisfaction of E&Y
LLP, would have caused E&Y LLP to make reference to the subject matter of the
disagreements in connection with its report. Further, the audit reports of
E&Y LLP on the consolidated financial statements of the Trust for the years
ended October 31, 2005 and 2004 did not contain an adverse opinion or a
disclaimer of opinion and were not qualified or modified as to uncertainty,
audit scope or, except as noted in the following sentence, as to accounting
principles. E&Y LLP noted in its opinion that the Trust's financial
statements have been prepared on the cash basis of accounting, which is a
comprehensive basis of accounting other than U.S. generally accepted
accounting principles. In the opinion of the Trustees and the Trust's
management the use of the cash basis provides a more meaningful presentation
to unit owners of the results of operations of the Trust.
The Trust has requested E&Y LLP to furnish a letter, pursuant to
Item 304(a)(3) of Regulation S-K, addressed to the Securities and Exchange
Commission stating whether it agrees with the statements above. A copy of
that letter, dated July 21, 2006, is included as Exhibit 16 to this Form 8-K.
During the Trust's two most recent fiscal years ended October 31,
2005 and 2004, and in the subsequent interim period through the date of this
Current Report on Form 8-K, neither the Trust nor anyone acting on its behalf
consulted with Weiser LLP regarding (1) the application of accounting
principles to a specified transaction, either completed or proposed, or the
type of audit opinion that might be rendered on the Trust's financial
statements or (2) any of the matters or events set forth in
Item 304(a)(2)(ii) of Regulation S-K.
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Item 9.01. Financial Statements and Exhibits.
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(c) Exhibits
Exhibit 16. Letter from E&Y LLP to the Securities and
Exchange Commission dated July 21, 2006.
Exhibit 99. A press release dated July 20, 2006 and
disseminated through PR Newswire announcing the dismissal of
E&Y LLP as the Trust's independent auditors and the
appointment of Weiser LLP as its independent auditors as
of July 18, 2006.
SIGNATURES
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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 thereunto duly authorized.
NORTH EUROPEAN OIL ROYALTY TRUST
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(Registrant)
By: /s/ John R. Van Kirk
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John R. Van Kirk
Managing Director
Dated: July 21, 2006