North European Oil Royalty Trust Sees End of an Era with Director's Exit

KEENE, N.H. – January 16, 2026 – North European Oil Royalty Trust (NYSE: NRT) announced today a significant leadership transition, as its long-serving Managing Director, John R. Van Kirk, will retire at the end of the month after more than 35 years with the organization. In a move signaling a focus on stability, the Trust’s Board has appointed current Managing Trustee, Nancy J. Floyd Prue, to serve as interim Managing Director.

The change marks a pivotal moment for the Keene-based trust, a unique financial vehicle prized by income-focused investors for its consistent distributions. While the departure of a leader with such a long tenure often raises questions about future direction, the immediate appointment of a highly qualified insider suggests a strategy centered on continuity rather than disruption.

A Legacy of Steady Oversight

John R. Van Kirk’s retirement on January 30, 2026, concludes a tenure that has spanned over three and a half decades, a period during which he provided steady administrative oversight for the Trust. Unlike an operating company, North European Oil Royalty Trust functions as a passive grantor trust. Its sole purpose is to hold overriding royalty rights on oil and gas production in Germany, collect the income from those rights, and distribute the net proceeds to its unitholders.

The Trust does not engage in exploration, drilling, or production decisions. These activities are managed by the German subsidiaries of energy giants ExxonMobil Corp. and the Royal Dutch/Shell Group of Companies, from which NRT derives its royalty income. Consequently, Mr. Van Kirk's role was primarily focused on the critical administrative functions of verifying royalty payments, managing the Trust’s minimal expenses, and ensuring the timely and accurate distribution of funds to investors.

His long-standing presence provided a bedrock of stability for unitholders. While the Trust's fortunes are intrinsically tied to external factors like European energy prices and production volumes, the final years of Mr. Van Kirk’s leadership have coincided with a period of robust financial health. For its 2025 fiscal year, NRT reported a significant 49.16% increase in revenue to $8.73 million and a 56.96% jump in earnings to $7.94 million. This performance was largely driven by higher German gas prices and a favorable exchange rate.

This financial strength translated directly into higher returns for investors. The Trust recently announced a fourth-quarter 2025 distribution of $0.31 per unit, bringing the total distribution for the 12-month period to $0.81 per unit—a remarkable 69% increase compared to the prior year. In a statement, Managing Trustee Nancy J. Floyd Prue acknowledged his contribution, saying, "The Trustees are grateful to Mr. Van Kirk for his more than 35 years of service to the Trust. We wish him the best in his retirement."

A Seamless Handover to a Seasoned Successor

To fill the void left by Mr. Van Kirk, the Board of Trustees has turned inward, appointing Nancy J. Floyd Prue as interim Managing Director. This choice underscores the Trust's commitment to a seamless transition. Ms. Floyd Prue is no newcomer to NRT's governance; she has been a member of the Board of Trustees since March 2018 and has held the senior role of Managing Trustee since March 2023.

Her professional background makes her exceptionally suited for the role. A Chartered Financial Analyst (CFA) and an attorney, Ms. Floyd Prue brings deep expertise in finance and energy markets. Her impressive resume includes a 35-year career at Adams Funds, where she was part of an executive team managing $2.7 billion in assets across two closed-end funds.

Crucially, her experience is directly relevant to NRT’s specific focus. At Adams Funds, she served as President and Senior Portfolio Manager of the Adams Natural Resources Fund, where she specialized in oil and gas investments. Her industry knowledge is further demonstrated by her past role as President and director of the National Association of Petroleum Investment Analysts. This combination of deep financial acumen, specific energy sector expertise, and intimate familiarity with NRT's internal workings positions her as a stabilizing force during this leadership change.

The 'Interim' Role in a Passive Trust

The designation of Ms. Floyd Prue's role as "interim" is noteworthy, though its implications differ for a passive entity like NRT compared to a traditional corporation. The press release did not outline a specific timeline or search process for a permanent Managing Director, suggesting the Trustees are taking a deliberate, unhurried approach to long-term succession.

For an entity whose value is derived from a static asset base and whose operations are limited to administrative oversight, the primary goal during a leadership transition is maintaining operational consistency. An interim appointment of an existing Managing Trustee is the most direct way to achieve this. Her existing responsibilities already involve overseeing the Trust’s affairs, and this appointment simply consolidates leadership under a proven and familiar hand.

The market appears to have interpreted the move in this light. The announcement on January 16 had a negligible impact on NRT’s unit price, which closed at $8.52, nearly unchanged from the previous day's close of $8.51. This calm reaction suggests that investors are confident in the continuity provided by Ms. Floyd Prue and do not foresee any disruption to the Trust's core function of distributing royalty income. Analyst commentary has echoed this sentiment, with some characterizing the transition as a "routine event" for a royalty trust, highlighting the strength of its governance framework. The stock has performed well recently, rising over 15% in the past month, buoyed by the strong distribution announcements. The leadership change has not appeared to derail that positive momentum.

The Trust's simple, debt-free business model further insulates it from the turbulence that can accompany executive changes. With no capital expenditures and revenue driven almost entirely by royalties on natural gas—which constituted about 95% of royalty income in recent years—the focus remains squarely on maximizing distributions to unitholders. Ms. Floyd Prue’s extensive background in investment management and energy analysis aligns perfectly with this singular mission.

The transition marks a new chapter for North European Oil Royalty Trust, but one that appears to be a continuation of the same story of stability and income generation that has defined it for decades. By entrusting leadership to a highly qualified insider, the Board has prioritized a smooth handover, ensuring the administrative engine of the Trust continues to run without interruption as it navigates the dynamic European energy landscape.