<SEC-DOCUMENT>0000072633-25-000004.txt : 20250228
<SEC-HEADER>0000072633-25-000004.hdr.sgml : 20250228
<ACCEPTANCE-DATETIME>20250228112343
ACCESSION NUMBER:		0000072633-25-000004
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20250131
FILED AS OF DATE:		20250228
DATE AS OF CHANGE:		20250228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NORTH EUROPEAN OIL ROYALTY TRUST
		CENTRAL INDEX KEY:			0000072633
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL ROYALTY TRADERS [6792]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				222084119
		STATE OF INCORPORATION:			NH
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08245
		FILM NUMBER:		25684939

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>tenq1q25.htm
<TEXT>
<html>
<div style="width:600px;overflow:auto">
<head>

<h3><center>UNITED STATES
<center>SECURITIES AND EXCHANGE
COMMISSION</center>
<center>Washington, D.C. 20549</center></h3>
<h2 style="margin: 0px 0px 0px 0px"><center>FORM 10-Q</center></h2>
<p align="left" style="margin: 10px 0px 5px 0px"><b>(Mark One)</b></p>
<p align="left" style="margin: 0px 0px 0px 0px">[X] <b>QUARTERLY REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE </p>
<p align="left" style="margin: 0px 0px 5px 0px; text-indent: 32px">
SECURITIES EXCHANGE ACT OF 1934</b></p>
<p align="left"  style="margin: 0px 0px 20px 0px; text-indent: 32px">
For the quarterly period ended <u>&nbsp;January 31, 2025&nbsp;</u> or    </p>
<p align="left" style="margin: 0px 0px 0px 0px">[&nbsp;&nbsp;]&nbsp;
&nbsp;<b>TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE </p>
<p align="left" style="margin: 0px 0px 5px 0px; text-indent: 32px">
SECURITIES EXCHANGE ACT OF 1934</b> </p>
<p align="left" style="text-indent: 32px; margin: 0px 0px 0px 0px">
For the transition period from <u>&emsp;&emsp;&emsp;&emsp;</u> to
<u>&emsp;&emsp;&emsp;&emsp;</u> . </p>
<p align="center">Commission File
Number <u>&nbsp; 1-8245 &nbsp;</u></p>

<h2 style="margin: 20px 0px 0px 0px"><center>NORTH EUROPEAN OIL
ROYALTY TRUST</center></h2>
<p style="margin: 0px 0px 0px 0px"><center>(Exact Name of Registrant
as Specified in its Charter)</center></p>

<p align="left"><p style="text-indent: 40px; margin: 20px 0px 0px 0px">
<u>&emsp;&emsp;&emsp;&emsp;&emsp;&emsp;Delaware&emsp;&emsp;&emsp;
&emsp;&emsp;&emsp;</u>&emsp;&emsp;&emsp;<u>&emsp;
&emsp;&emsp;&emsp;22-2084119&emsp;&emsp;&emsp;&emsp;&emsp;</u></p>

<p align="left" style="margin: 0px 0px 0px 60px">State
or Other Jurisdiction of&emsp;&emsp;&emsp;&emsp;
&emsp;&emsp;I.R.S. Employer Identification No.</p>

<p align="left" style="margin: 0px 0px 0px 60px">of Incorporation
or Organization&emsp;&emsp;&emsp;&emsp;</p>

<p align="left"><p style="text-indent: 40px; margin: 20px 0px 0px 0px">
<u>&emsp;&emsp;5 N. Lincoln Street, Keene, N.H.&emsp;</u>&emsp;&emsp;
&emsp;<u>&emsp;&emsp;&emsp;&emsp;&emsp;03431&emsp;&emsp;&emsp;
&emsp;&emsp;&nbsp;&nbsp;&nbsp;</u></p>

<p align="left" style="text-indent: 50px; margin: 0px 0px 0px 0px">
Address of Principal Executive Offices&emsp;&emsp;
&emsp;&emsp;&emsp;&emsp;&emsp;&nbsp;Zip Code</p>

<p align="center" style="margin: 20px 0px 0px 0px"><u>&emsp;&emsp;
(732) 741-4008&emsp;&emsp;</center></u>
<center>(Registrant's Telephone
Number, Including Area Code)</center></p>

<p><center>Securities registered pursuant to Section 12(b) of the
Act:</center></p>

<div style="margin: 0px 0px 0px 0px">
<p align="left" style="margin: 0px 0px 0px 0px"><u>Title of each
class</u>&emsp;&emsp;&emsp;&nbsp;&nbsp;
<u>Trading Symbol(s)</u>&emsp;<u>Name of each exchange on which
registered</u></p><p align="left" style="margin: 0px 0px 0px 0px">Units
of Beneficial Interest&emsp;&emsp;&emsp;NRT&emsp;&emsp;&emsp;&emsp;
&emsp;&emsp;&emsp;New York Stock Exchange</div>

<p align="left" style="text-indent: 20px">
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes <u>&nbsp;&nbsp;X&nbsp;&nbsp;</u>&nbsp;  No ___    </p>

<p align="left" style="text-indent: 20px">Indicate by check mark whether
the registrant has submitted electronically every Interactive Data File
required to be submitted pursuant to Rule 405 of Regulation S-T (Section
232.405 of this chapter) during the preceding 12 months (or for such
shorter period that the registrant was required to submit and post
such files).  Yes <u>&nbsp;&nbsp;X&nbsp;&nbsp;</u>&nbsp;  No ___  </p>

<p align="left" style="text-indent: 20px">Indicate by check mark whether
the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer, a smaller reporting company or an emerging growth
company. See the definitions of "large accelerated filer," "accelerated
filer," "smaller reporting company," and "emerging growth company" in
Rule 12b-2 of the Exchange Act.</p>

<table border="0" width="100%" cellspacing="5">
<tr><td style="text-indent:40px">Large accelerated filer&nbsp;
<u>&emsp;&nbsp;</u>&emsp;&emsp;&emsp;&emsp;&emsp;
Accelerated filer&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u></td></tr>

<tr><td style="text-indent:40px">Non-accelerated filer&nbsp;
<u>&nbsp;&nbsp;X&nbsp;&nbsp;</u>&emsp;&emsp;&emsp;&emsp;&emsp;
Smaller reporting company&nbsp;<u>&nbsp;&nbsp;X&nbsp;&nbsp;</u></td></tr>
<tr><td style="text-indent:296px">Emerging growth company&nbsp;
<u>&emsp;&nbsp;</u></td></tr>
</table>

<p align="left" style="text-indent: 20px">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;<u>&emsp;&nbsp;&nbsp;</u></p>

<p align="left" style="text-indent: 20px">Indicate by check mark whether
the registrant is a shell company (as defined in Rule 12b-2 of the
Exchange Act). &nbsp;Yes ___&nbsp;&nbsp;
No <u>&nbsp;&nbsp;X&nbsp;&nbsp;</u></p>

<p align="center">9,190,590 Units of Beneficial Interest Outstanding as
of January 31, 2025</p>
<p>&nbsp;</p>

<p><center><u>PART I -- FINANCIAL INFORMATION</u></center></p>

<p align="left">Item 1. <u>Financial Statements.</u></p>

<table border="0" width="100%" cellspacing="10">

<tr><u><center>STATEMENTS OF ASSETS, LIABILITIES
AND TRUST CORPUS (NOTE 1)</center></u></tr>
<tr><center><u>JANUARY 31, 2025 AND OCTOBER 31, 2024</u></center></tr>
<tr><center><u>(Unaudited)</u></center></tr>
<tr><th align="left"></th>
<th align="center"><u>2025</u></center>&emsp;</th>
<th align="center"><u>2024</u></center></th></tr>
	<tr><td align="left"><strong>ASSETS</strong></td>
	<td>&nbsp;&nbsp;</td>
	<td>&nbsp;&nbsp;</td>
            </tr>
    <tr><td align="left">Current assets --
		Cash and cash equivalents</td>
            <td align="right">&nbsp;&nbsp;$1,726,999&nbsp;&emsp;</td>
			<td align="right">$1,625,343</td>
            </tr>
		<tr><td></tr></td>
        <tr><td align="left">Producing gas and oil royalty rights,
             net of amortization&nbsp;&nbsp; (Notes 1 and 2)</td>
             <td align="right" valign="bottom"><u>&emsp;&emsp;&emsp;
			 1</u>&emsp;</td>
			 <td align="right" valign="bottom"><u>&emsp;&emsp;&emsp;
			 1</u></td>
              </tr>
		<tr><td></td></tr>
        <tr><td align="left"><strong>Total Assets</strong></td>
<td align="right" class=><u style="border-bottom:1px solid black;">
$1,727,000</u>&emsp;</td>
<td align="right"><u style="border-bottom:1px solid black;">
$1,625,344</u></td></tr>
<tr><td></td></tr>
<tr><td></td></tr>
        <tr><td><strong>LIABILITIES AND TRUST CORPUS</strong>
                    </td>
             <td>&nbsp;</td>
			 <td>&nbsp;</td>
            </tr>
     		<tr>
            <td align="left">Current liabilities -- Distributions
            to be paid to unit owners,
            </td>
            <td align="right" valign="bottom">$367,624&emsp;</td>
            <td align="right" valign="bottom">$183,812</td>
            </tr>
		<tr><td></td></tr>
        <tr>
            <td align="left">Trust corpus (Notes 1 and 2)
            </td>
            <td align="right">1&emsp;</td>
            <td align="right">1</td>
            </tr>
		<tr><td></td></tr>
        <tr>
            <td align="left">Undistributed earnings
                </td>
            <td align="right"><u>1,359,375</u>&emsp;
                    </td>
            <td align="right"><u>1,441,531</u>
                </td>
            </tr>

	<tr><td></td></tr>
	<tr>
	<th scope="col" align="left"><strong>Total Liabilities and
	Trust Corpus</strong></th>
    <td scope="row"align="right"><u style="border-bottom:1px solid black;">
	$1,727,000</u>&emsp;</td>
    <td scope="row" align="right"><u style="border-bottom:1px solid black;">
	$1,625,344</u></td>
    </tr>

	</table>
<p></p>
<p align="center">The accompanying notes are an integral part
 of these financial statements.</p>
<p style="page-break-after: always;">&nbsp;</p>
<p style="page-break-before: always;">&nbsp;</p>

<table border="0" width="100%" cellspacing="5">

<tr><u><center>STATEMENTS OF REVENUE COLLECTED
AND EXPENSES PAID (NOTE 1)</u></center></tr>
<tr><center><u>FOR THE THREE MONTHS ENDED JANUARY 31, 2025 AND 2024</u>
</center></tr>
<tr><center><u>(Unaudited)<center></u></tr>


<tr>
<th align="left"></th>
<th align="center">&emsp;<u>2025</u>&emsp;</th>
<th align="center">&emsp;<u>2024</u></th> </tr></caption> </head>
<tr>
<td align="left">Gas, sulfur and oil royalties received</td>
<td align="right">$505,697&emsp;</td>
<td align="right">$424,910</td>
</tr>
<tr>
<td>Interest income</td>
<td align="right"><u>&emsp;&nbsp;13,736</u>&emsp;</td>
<td align="right"><u>&emsp;&nbsp;&nbsp;7,460<u></td></tr>

<tr><td><strong>Trust Income</strong></td>
<td align="right"><u>$519,433</u>&emsp;</td>
<td align="right"><u>$432,370</u></td>
</tr>

<tr><td>&nbsp;</td></tr>
<tr><td>Non-related party expenses</td>
<td align="right">(232,012)&emsp;</td>
<td align="right">(251,333)</td></tr>

<tr><td>Related party expenses (Note 3)</td>
<td align="right"><u>&nbsp;&nbsp;(1,953)</u>&emsp;</td>
<td align="right"><u>&nbsp;&nbsp;(1,952)</u></td></tr>

<tr><td><strong>Trust Expenses</strong></td>
<td align="right"><u>(233,965)</u>&emsp;</td>
<td align="right"><u>(253,285)</u></td></tr>

<tr><td>&nbsp;</td></tr>

<tr><td><strong>Net Income</strong></td>
<td align="right"><u style="border-bottom:1px solid black;">
$285,468</u>&emsp;</td>
<td align="right"><u style="border-bottom:1px solid black;">
$179,085</u></td></tr>

<tr><td>&nbsp;</td></tr>

<tr><td>Net income per unit</td>
<td align="right"><u style="border-bottom:1px solid black;">
$0.03</u>&nbsp;&nbsp;&emsp;</td>
<td align="right"><u style="border-bottom:1px solid black;">
$0.02</u>&nbsp;&nbsp;</td></tr>

<tr><td>Distributions per unit paid or
to be paid to unit owners</td>
<td align="right"><u style="border-bottom:1px solid black;">
$0.04</u>&nbsp;&nbsp;&emsp;</td>
<td align="right"><u style="border-bottom:1px solid black;">
$0.05</u>&nbsp;&nbsp;</td></tr>

</table>
<p align="center">The accompanying notes are an integral part
 of these financial statements.</p>
<p style="page-break-after: always;">&nbsp;</p>
<p style="page-break-before: always;">&nbsp;</p>

<table border="0" width="100%" cellspacing="10">

<tr><u><center>STATEMENTS OF UNDISTRIBUTED EARNINGS (NOTE 1)</u></center></tr>

<tr><center><u>FOR THE THREE MONTHS ENDED JANUARY 31, 2025 AND 2024</u></center></tr>

<tr><center><u>(Unaudited)</u></center></tr>

<tr><th></th>
<th>&emsp;&nbsp;<u>2025</u>&emsp;</th>
<th>&nbsp;<u>2024</u></th></tr>


<tr align="left"><td>Balance, beginning of period</td>
<td align="right">$1,441,531&emsp;</td>
<td align="right">$795,201</td></tr>

<tr><td>Net income</td>
<td align="right"><u>285,468</u>&emsp;</td>
<td align="right"><u>179,085</u></td></tr>

<tr><td></td>
<td align="right">1,726,999&emsp;</td>
<td align="right">974,286</td></tr>

<tr><td>Less:</td>
<td></td>
<td></td></tr>

<tr><td>&nbsp;&nbsp;Current year distributions
paid or to be paid to unit owners</td>
<td align="right"><u>367,624</u>&emsp;</td>
<td align="right"><u>459,529</u></td></tr>

<tr><td>Balance, end of period</td>
<td align="right"><u style="border-bottom:1px solid black;">$1,359,375
</u>&nbsp;&nbsp;</td>
<td align="right"><u style="border-bottom:1px solid black;">$514,757
</u></td></tr>

</table>
<p align="center">The accompanying notes are an integral part
 of these financial statements.</p>
<p style="page-break-after: always;">&nbsp;</p>
<p style="page-break-before: always;">&nbsp;</p>

<table border="0" width="100%" cellspacing="10">

<tr><u><center>STATEMENTS OF CHANGES IN CASH
AND CASH EQUIVALENTS (NOTE 1)</u></center></tr>

<tr><center><u>FOR THE THREE MONTHS ENDED
JANUARY 31, 2025 AND 2024</u></center></tr>

<tr><center><u>(Unaudited)</u></center></tr>

<th align="left"></th>
<th align="center">&nbsp;<u>2025</u>&emsp;&nbsp;&nbsp;</th>
<th align="left">&nbsp;&nbsp;<u>2024</u>&nbsp;&nbsp;</th>

<tr><td scope="row" align="left"><strong>Sources of Cash and Cash
Equivalents:</strong></td>
<td align="center"></td>
<td align="center"></td></tr>

<tr><td>Gas, sulfur and oil royalties received</td>
<td align="center">$505,697&emsp;</td>
<td align="right">$424,910</td></tr>

<tr><td>Interest income</td>
<td align="center"><u>&nbsp;&nbsp;13,736</u>&nbsp;&nbsp;</td>
<td align="right"><u>&emsp;&nbsp;&nbsp;7,460</u></td>

<tr><td></td>
<td align="right"><u>519,433</u>&emsp;</td>
<td align="right">&nbsp;&nbsp;<u>432,370</u></td></tr>

<tr><td><strong>Uses of Cash and Cash
Equivalents:</strong></td>
<td></td>
<td></td></tr>

<tr><td>Payment of Trust expenses</td>
<td align="right">233,965&emsp;</td>
<td align="right">253,285</td>
</tr>

<tr><td>Distributions paid</td>
<td align="right"><u>183,812</u>&emsp;</td>
<td align="right"><u>0</u></td></tr>

<tr><td></td>
<td align="right"><u>417,777</u>&emsp;</td>
<td align="right"><u>253,285</u></td></tr>

<tr><td>Net increase (decrease) in cash and
cash equivalents during the period</td>
<td align="right">101,656&emsp;</td>
<td align="right">179,085</td></tr>

<tr><td>Cash and cash equivalents,
          beginning of period</td>
<td align="right"><u>1,625,343</u>&nbsp;&nbsp;</td>
<td align="right"><u>795,201</u></td></tr>

<tr><td>Cash and cash equivalents,
          end of period</td>
<td align="center"><u style="border-bottom:1px solid black;">$1,726,999
</u></td>
<td align="right"><u style="border-bottom:1px solid black;">$974,286
</u></td>

</table>

<p align="center">The accompanying notes are an integral part
 of these financial statements.</p>
<p style="page-break-after: always;">&nbsp;</p>
<p style="page-break-before: always;">&nbsp;</p>

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

<p><center><u>NOTES TO FINANCIAL
STATEMENTS </u></center></p>

<p><center><u>(Unaudited)</u></center></p>

<p align="left">(1)&emsp;<u>Summary of significant accounting
policies:</u></p>

<p align="left" style="margin-left:40px"><u>Basis of accounting -</u>
</p>

<p align="left" style="text-indent: 40px">The accompanying financial
statements of North European Oil Royalty Trust (the "Trust") are prepared
in accordance with the rules and regulations of the
Securities and Exchange Commission.  Financial statement balances
and financial results are
presented on a modified cash basis of accounting, which is a
comprehensive basis of accounting other than accounting principles
generally accepted in the United States ("GAAP basis").  In the opinion
of management, all adjustments that are considered necessary for a fair
presentation of these financial statements, including adjustments of a
normal, recurring nature, have been included. </p>

<p align="left" style="text-indent: 40px">On a modified cash basis,
revenue is earned when cash is received and expenses are incurred
when cash is paid.  GAAP basis financial statements
disclose revenue as earned and expenses as incurred, without regard to
receipts or payments.  The modified cash basis of accounting is utilized
to permit the accrual for distributions to be paid to unit owners (those
distributions approved by the Trustees for the Trust).  The Trust's
distributable income represents royalty income received by the Trust
during the period plus interest income less any expenses incurred by the
Trust, all on a cash basis.  In the opinion of the Trustees, the use of
the modified cash basis of accounting provides a more meaningful
presentation to unit owners of the results of operations of the
Trust. </p>

<p align="left" style="text-indent: 40px">The results of any interim
period are not necessarily indicative of the results to be expected for
the fiscal year.  These financial statements should be read in
conjunction with the financial statements that were included in the
Trust's Annual Report on Form 10-K for the year ended October 31, 2024
(the "2024 Form 10-K").  The Statements of Assets, Liabilities and Trust
Corpus included herein contain information from the Trust's 2024 Form
10-K.</p>

<p align="left" style="text-indent: 40px"><u>Producing gas and oil royalty
rights -</u></p>

<p align="left" style="text-indent: 40px">	The rights to certain gas and
oil royalties in Germany were transferred to the Trust at their net book
value by North European Oil Company (the "Company") (see Note 2). The
net book value of the royalty rights has been reduced to one dollar ($1)
in view of the fact that the remaining net book value of royalty
rights is de minimis relative to annual royalties received and
distributed by the Trust and does not bear any meaningful relationship
to the fair value of such rights or the actual amount of proved
producing reserves. </p>

<p align="left" style="text-indent: 40px"><u>Federal and state
income taxes -</u></p>

<p align="left" style="text-indent: 40px">The Trust, as a grantor trust,
is exempt from federal income taxes under a private letter ruling
issued by the Internal Revenue Service.  The Trust has no state income
tax obligations.</p>

<p align="left" style="text-indent: 40px"><u>Cash and cash equivalents -
</u></p>

<p align="left" style="text-indent: 40px">Cash and cash equivalents
are defined as amounts deposited in bank accounts and amounts invested
in certificates of deposit and U.S. Treasury bills with original
maturities generally of three months or less from the date of purchase.
The investment options available to the Trust are limited in accordance
with specific provisions of the Trust Agreement.  As of January 31,
2025, the uninsured amount held in the Trust's U.S. bank accounts was
$1,461,400.  In addition, the Trust held Euros 15,000, the equivalent of
$15,599, in its German bank account at January 31, 2025.
</p>

<p align="left" style="text-indent: 40px"><u>Net income per unit -</u></p>

<p align="left" style="text-indent: 40px">	Net income per unit is based
upon the number of units outstanding at the end of the period.  As of both
January 31, 2025 and 2024, there were 9,190,590 units of beneficial interest
outstanding.</p>

<p align="left" style="text-indent: 40px"><u>New accounting
pronouncements - </u></p>

<p align="left" style="text-indent: 40px">The Trust is not aware of any
recently issued, but not yet effective, accounting standards that would
be expected to have a significant impact on the Trust's financial position
or results of operations. </p>


<p align="left">(2)&emsp;<u>Formation of the Trust:</u></p>

<p align="left" style="text-indent: 40px">	The Trust was formed on
September 10, 1975.  As of September 30, 1975, the Company was
liquidated and the remaining assets and liabilities of the
Company, including its royalty rights, were transferred to the Trust.  The
Trust, on behalf of the owners of beneficial interest in the Trust, holds
overriding royalty rights covering gas and oil production in certain
concessions or leases in the Federal Republic of Germany.  These rights
are held under contracts with local German exploration and development
subsidiaries of ExxonMobil Corporation and the Royal Dutch/Shell Group of
Companies.  Under these contracts, the Trust receives various percentage
royalties on the proceeds of the sales of certain products from the
areas involved.  At the present time, royalties are received for sales
of gas well gas, oil well gas, crude oil, condensate and sulfur.</p>

<p align="left">(3)&emsp;<u>Related party transactions:</u></p>

<p align="left" style="text-indent: 40px">John R. Van Kirk, the Managing
Director of the Trust, is reimbursed by the Trust for office expenses at
cost.  For such office expenses, the Trust reimbursed the Managing
Director $1,953 and $1,952 in the first quarter of fiscal 2025 and 2024,
respectively.</p>

<p align="left">(4)&emsp;<u>Employee benefit plan:</u></p>

<p align="left" style="text-indent: 40px">The Trust has established a
savings incentive match plan for employees (SIMPLE IRA) that is
available to both employees of the Trust, one of whom is the Managing
Director.  The Trustees have authorized the Trust to make contributions
to the accounts of the employees, on a matching basis, of up to 3% of
cash compensation paid to each employee for the 2025 and 2024
calendar years.</p>

<p>&emsp;</p>

<p align="left">Item 2.&emsp;<u>Management's Discussion and Analysis of
Financial Condition and
Results of Operations.</u></p>

<p align="left"><u>Executive Summary</u></p>

<p align="left" style="text-indent: 40px">	The Trust is a passive fixed
investment trust which holds overriding royalty rights, receives income
under those rights from certain operating companies, pays its
expenses and distributes the remaining net funds to its unit owners.
As mandated by the Trust Agreement, distributions of income are made on
a quarterly basis.  These distributions, as determined by the Trustees,
constitute substantially all the funds available after provision is
made for anticipated Trust expenses.</p>

<p align="left" style="text-indent: 40px">	The Trust does not engage
in any business or extractive operations of any kind in the areas over
which it holds royalty rights and is precluded from engaging in such
activities by the Trust Agreement.  There are no requirements,
therefore, for capital resources with which to make capital
expenditures or investments in order to continue the receipt of royalty
revenues by the Trust.</p>

<p align="left" style="text-indent: 40px">The properties of the Trust,
which the Trust and Trustees hold pursuant to the Trust Agreement on
behalf of the unit owners, are overriding royalty rights on sales of gas,
sulfur and oil under a concession and leases in the Federal Republic of
Germany.  The actual concession (the "Oldenburg concession") and leases
are held either by Mobil
Erdgas-Erdol GmbH ("Mobil Erdgas"), a German operating subsidiary of the
ExxonMobil Corporation ("ExxonMobil"), or by Oldenburgische
Erdolgesellschaft ("OEG").  As a result of direct and indirect ownership,
ExxonMobil owns two-thirds of OEG and the Royal Dutch/Shell Group of
Companies owns one-third of OEG.  BEB Erdgas und Erdol GmbH ("BEB"), a
joint venture in which ExxonMobil and the Royal Dutch/Shell Group each
own 50%, administers the concession held by OEG.  The Oldenburg
concession is the primary area from which the natural gas, sulfur and
oil are extracted and currently provides 100% of all the royalties
received by the Trust.  The Oldenburg concession, at approximately
1,386,000 acres, is in the German federal state of Lower Saxony.
None of the leases are active or productive.</p>

<p align="left" style="text-indent: 40px">In 2002, Mobil Erdgas and
BEB formed a company, ExxonMobil Production Deutschland GmbH ("EMPG"),
to carry out all exploration,
drilling and production activities.  All sales activities are still
handled by the operating companies, either Mobil Erdgas or BEB.</p>

<p align="left" style="text-indent: 40px">The operating companies
pay monthly royalties to the Trust based on their sales of natural
gas, sulfur and oil. Of these three products, natural gas provided
approximately 82% of the cumulative royalty income received in
fiscal 2025.  The amount of royalties paid to the
Trust is primarily based on four factors: the amount of gas sold,
the price of that gas, the area from which the gas is sold and the
exchange rate.</p>

<p align="left" style="text-indent: 40px">On or about the 20th of
the months of January, April, July and October of each year, the
operating companies determine the amount of royalties that were
payable to the Trust based on applicable sales during the relevant
period.  This amount is paid out to the Trust in three monthly
installments as royalty payments (payable on or about the 15th of
each month) during its upcoming fiscal quarter.  In addition, the
operating companies review the actual amount of royalties that
were paid to the Trust for that period and calculate the difference
between the amounts paid and the amounts payable.  Any additional
amounts payable by the operating companies would be paid
immediately and any overpayment would be deducted from the scheduled
monthly royalty payments for the following fiscal quarter.  In September
of each year, the operating companies make the final determination
of any necessary underpayment or overpayment of royalties for the
prior calendar year.  The Trust's independent accountants based in
Germany review the royalty calculations on a biennial basis.  The next
examination for both calendar 2023 and 2024 will begin in October
2025.</p>

<p align="left" style="text-indent: 40px">There are two types of
natural gas found within the Oldenburg concession, sweet gas and sour
gas.  Sweet gas has little or no contaminants and needs very minor
treatment before it can be sold.  Sour gas, in comparison, must be
processed at the Grossenkneten desulfurization plant before it can
be sold.  The desulfurization process removes hydrogen sulfide and
other contaminants.  The hydrogen sulfide in gaseous form is converted
to sulfur in a solid form and sold separately.  With full operation of
the plant, raw gas input capacity stands at approximately 200 million
cubic feet utilizing the single remaining processing unit.  It is
expected that the single unit will be sufficient to handle sour gas
production through-put from the concession.  It is also expected that
operating expenses in the future will be somewhat reduced by using a
single processing unit.  Since sour gas accounts for 71% of overall
gas sales and 97% of western gas sales, any future shutdown could
significantly impact royalty income. The Trust has insufficient data
to predict whether, when and to what extent any future shutdown may
occur.</p>

<p align="left" style="text-indent: 40px">Under one set of rights
covering the western part of the Oldenburg concession (approximately
662,000 acres), the Trust receives a royalty payment of 4% on gross
receipts from sales by Mobil Erdgas of gas well gas, oil well gas,
crude oil and condensate (the "Mobil Agreement").  Under the Mobil
Agreement, there is no deduction of costs prior to the calculation
of royalties from gas well gas and oil well gas, which together
accounted for 96% of the cumulative royalty income
received under this agreement in fiscal 2025.
Historically, the Trust has received significantly greater royalty
payments under the Mobil Agreement, as compared to the OEG Agreement
described below, due to the higher royalty rate specified by that
agreement.</p>

<p align="left" style="text-indent: 40px">The Trust is also
entitled under the Mobil Sulfur Agreement to receive a 2% royalty
on gross receipts of sales of sulfur obtained as a by-product of
sour gas produced from the western part of Oldenburg.  The payment
of the sulfur royalty is conditioned upon sales of sulfur by Mobil
Erdgas at a selling price above an agreed upon base price.  This
base price is adjusted annually by an inflation index.  In the
first fiscal quarter of 2025, the Trust received $70,202 in sulfur
royalties from a combination of sulfur royalties payable for the
third and fourth quarters of calendar 2024.  In the first quarter
of fiscal 2024, the Trust received $68,205 in sulfur royalties
under this agreement.</p>

<p align="left" style="text-indent: 40px">Under another set of
rights covering the entire Oldenburg concession and pursuant to
the agreement with OEG, the Trust receives royalties at the rate
of 0.6667% on gross receipts from sales by BEB of gas well gas,
oil well gas, crude oil, condensate and sulfur (removed during
the processing of sour gas) less a certain allowed deduction of
costs (the "OEG Agreement").  Under the OEG Agreement, 50% of the
field handling and treatment costs, as reported for state royalty
purposes, are deducted from the gross sales receipts prior to the
calculation of the royalty to be paid to the Trust. </p>

<p align="left" style="text-indent: 40px">In 2016, the Mobil and
OEG Agreements were amended, establishing a new base for the
determination of gas prices upon which the Trust's royalties are
calculated.  This change reflects a shift to the prices calculated
for the German Border Import gas Price ("GBIP").  The average GBIP
used under the Mobil and OEG Royalty Agreements has been and will
continue to be increased by 1% and 3%, respectively, for the royalty
calculations.  This change was intended to reduce the scope and cost
of the accounting examination, eliminate ongoing disputes with OEG
and Mobil regarding sales to related parties, and reduce prior year
adjustments to the normally scheduled year-end reconciliation.  The
pricing basis has eliminated certain costs (transportation and plant
gas storage), that were previously deductible prior to the royalty
calculation under the OEG Agreement.  </p>

<p align="left" style="text-indent: 40px">For unit owners, changes
in the currency exchange rate between the U.S. Dollar and the Euro
have an immediate impact. This impact occurs at the time the
royalties, which are paid to the Trust in Euros, are converted
into U.S. Dollars at the applicable exchange rate and promptly
transferred from Germany to the Trust's bank account in the United
States.  In relation to the U.S. Dollar, a stronger Euro would
yield more U.S. Dollars and a weaker Euro would yield less U.S.
Dollars.  </p>

<p align="left" style="text-indent: 40px">The Trust's consultant
in Germany provides general information to the Trust on the German
and European economies and energy markets as well as monitoring the
continuing impact of the war in Ukraine and ongoing efforts by the
European governments to respond to the economic impacts of the war.
This information provides a context in which to evaluate the
actions of the operating companies.  The Trust's consultant
receives reports from EMPG with respect to current and planned
drilling and exploration efforts.  EMPG has not drilled any new
wells since 2014 and has not scheduled any new gas well drilling
through 2025.  EMPG and the operating companies continue to limit
the information flow to that which is required by German law, and
the Trust is not able to confirm the accuracy of any of the
information supplied by EMPG or the operating companies.</p>

</br>

<p align="left"><u>Results:  First Quarter of Fiscal 2025 versus
First Quarter of Fiscal 2024</u></p>

<p align="left" style="text-indent: 40px">Total royalty income
received during the first quarter of fiscal 2025 was derived from
sales of gas, sulfur and oil from the Trust's overriding royalty
areas in Germany during the fourth calendar quarter of 2024.  The
distribution of $0.04 per unit was paid on February 26, 2025 to
owners of record as of February 14, 2025.  Comparisons of total
royalty income and net income for the first quarter of fiscal 2025
and 2024 are shown below.</p>

<table border="0" width="100%" cellspacing="4">

 <tr>
<th scope="col" align="left"></th>
<th scope="col" align="center"><u>1st Fiscal Quarter
  Ended 1/31/2025</u></th>
<th scope="col" align="center"><u>1st Fiscal Quarter
  Ended 1/31/2024</u></th>
<th scope="col" align="center"><u>Percentage Change</u></th></tr>

<tr><td scope="row" align="left" width="200px">Total Royalty Income</td>
<td scope="row" align="center" valign="bottom">$505,697</td>
<td scope="row" align="center" valign="bottom">	$424,910</td>
<td scope="row" align="center" valign="bottom">+19.0%</td></tr>

<tr><td>Net Income</td>
<td align="center">$285,468</td>
<td align="center">$179,085</td>
<td align="center">+59.4%</td></tr>

<tr><td>Distributions per Unit</td>
<td align="center" valign="bottom">$0.04</td>
<td align="center" valign="bottom">$0.05</td>
<td align="center" valign="bottom">-20.0%</td>
</tr>
</table>

<p align="left" style="text-indent: 40px">From a low point in the
third quarter of fiscal 2024 gas prices have risen steadily and the
gas prices applicable to the royalty calculations for the first
quarter of fiscal 2025 seem to have stabilized.  The bulk of the
overpayments from calendar 2023 have largely been offset in the
first quarter of fiscal 2025 and will be fully offset with OEG's
scheduled royalty payment in mid-February.</p>

<p align="left" style="text-indent: 40px">Total royalty income often
includes positive and negative adjustments that the operators made
during the quarter based upon their corrected royalty calculations
for the prior periods, as well as Mobil sulfur royalties.  In the
first quarter of fiscal 2025, total royalty income was reduced by
prior period adjustments for calendar 2023 totaling $2,485,712, the
bulk of which arose due to the large gas price swings caused by the
war in Ukraine and Germany's reaction.  Mobil sulfur royalties added
$70,202 to the total for the quarter.  In the first quarter of fiscal
2024, total royalty income was reduced by negative adjustments
carrying over from the prior quarter totaling $1,944,954.  Mobil
sulfur royalties from both prior quarters and prior years added
$68,205 to the total for the quarter.</p>

<p align="left" style="text-indent: 40px">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.  In September 2024, the Trust was notified of
negative year-end adjustments for calendar 2023 under both royalty
agreements.  Under the OEG royalty agreement, the negative adjustment
eliminated the scheduled royalty payments for October through January,
as well as the positive adjustments for the 3rd and 4th quarters for
calendar 2024.  The remaining negative adjustment of approximately
Euros 40,200 will be offset against the February scheduled royalty
payment.  Under the Mobil royalty agreement, the negative adjustment
eliminated the scheduled royalty payments for October and November and
the positive adjustment for the 3rd calendar quarter of 2024, but was
finally offset against the December scheduled royalty payment.
Reflecting both higher prices and the small negative adjustment
remaining under the OEG royalty, the Trustees anticipate a higher
distribution in the second quarter of 2025 compared to the first
quarter of fiscal 2025.</p>

<p align="left" style="text-indent: 40px">The table below is intended to
illustrate trends based on actual gas sales in each quarter.  Gas royalties
shown in the table below are determined based on the actual physical gas
sales that occurred during the fourth calendar quarters of 2024 and 2023
and the average German Border Import gas Price for the periods of August
through October 2024 and 2023. No adjustments for prior periods are
reflected in the gas royalties. </p>

</br>

<table border="0" width="100%" cellspacing="4">

<tr><u><center><strong>Quarterly Gas Data Providing Basis for Fiscal
Quarter Royalties</strong></center></u></tr>

<tr><th align="left" valign="bottom"><strong><u>Mobil Agreement
</u></strong></th>
<th align="center" valign="bottom"><u>4th Calendar</center>
<center>Quarter Ended</center>
<center>12/31/2024</u></center></th>
<th align="center" valign="bottom"><u>4th Calendar</center>
<center> Quarter Ended</center>
<center> 12/31/2023</u></center></th>
<th align="center" valign="bottom"><u>Percentage</center>
<center> Change</u></th></tr>

<td scope="row" align="left">Gas Sales (Bcf)<sup>
1</sup></td>
<td align="center">3.199</td>
<td align="center">3.223</td>
<td align="center">-0.7%</td></tr>

<td align="left">Gas Prices<sup>2
</sup>(Ecents/Kwh)<sup>3</sup></td>
<td align="center" valign="bottom">3.8837</td>
<td align="center" valign="bottom">3.8530</td>
<td align="center" valign="bottom">+0.8%</td></tr>

<td align="left">Average Exchange Rates<sup>4</sup></td>
<td align="center" valign="bottom">1.0341</td>
<td align="center" valign="bottom">1.0816</td>
<td align="center" valign="bottom">&nbsp;&nbsp;-4.4%<td><tr>

<td align="left">Gas Royalties Payable in Euros</td>
<td align="center" valign="bottom">Euros 1,421,601</td>
<td align="center" valign="bottom">Euros 1,420,221</td>
<td align="center" valign="bottom">&nbsp;&nbsp;+0.1%</td></tr>

<td align="left">Gas Prices ($/Mcf)<sup>5
<td align="center">$11.49</td>
<td align="center">$11.92</td>
<td align="center">&nbsp;&nbsp;-3.6%</td></tr>

<tr><td>&nbsp;</td></tr>

<tr><th align="left"><strong><u>OEG Agreement</u></strong></th>

<tr><td align="left">Gas Sales (Bcf)</td>
<td align="center">10.549</td>
<td align="center">&nbsp;&nbsp;11.085</td>
<td align="center">&emsp;-4.8%</td></tr>

<tr><td align="left">Gas Prices (Ecents/Kwh)</td>
<td align="center" valign="bottom">3.9606</td>
<td align="center" valign="bottom">3.9293</td>
<td align="center" valign="bottom">&emsp;+0.8%</td></tr>

<tr><td align="left">Average Exchange Rates</td>
<td align="center" valign="bottom">0</td>
<td align="center" valign="bottom">&nbsp;&nbsp;0</td>
<td align="center" valign="bottom">&emsp;0.0%</td></tr>

<tr><td align="left">Gas Royalties Payable in Euros</td>
<td align="center" valign="bottom">Euros 621,016</td>
<td align="center" valign="bottom">Euros 654,224</td>
<td align="center" valign="bottom">&emsp;-5.1%</td></tr>

<tr><td align="left">Gas Prices ($/Mcf)</td>
<td align="center">&nbsp;&nbsp;$0.00</td>
<td align="center">&nbsp;&nbsp;$0.00</td>
<td align="center">&emsp;0.0%</center></td></tr>

</table><br>

<table>
<tr><th><u>Footnotes</u></td></tr>

<tr><td align="left" style="text-indent: 40px">1.&emsp;Billion cubic
feet</td>
</tr>
<tr><td align="left" style="text-indent: 40px">2.&emsp;Gas prices
derived from August-October period</td></tr>
<tr><td align="left" style="text-indent: 40px">3.&emsp;Euro cents per
kilowatt hour</td></tr>
<tr><td align="left" style="text-indent: 40px">4.&emsp;Based on average
Euro/dollar exchange rates of cumulative royalty transfers</td></tr>
<tr><td align="left" style="text-indent: 40px">5.&emsp;Dollars per
thousand cubic feet</td></tr>
<tr><td>&emsp;</td></tr>
</table>


<p align="left" style="text-indent: 40px">Excluding the effects of
differences in prices and average exchange rates, the combination of
royalty rates on gas sold from western Oldenburg results in an effective
royalty rate approximately seven times higher than the royalty rate on
gas sold from eastern Oldenburg.  This is of particular significance to
the Trust since gas sold from western Oldenburg provides the bulk of
royalties paid to the Trust.  For the first quarter of fiscal 2025,
gas sales from western Oldenburg accounted for only 30.3% of all gas sales
from the Oldenburg concession.  However, due to the absence of any
royalty payments under the OEG Agreement, gas royalties paid under the Mobil
Agreement accounted for 100% of all gas royalties.</p>

<p align="left" style="text-indent: 40px">Trust expenses for the first
quarter of fiscal 2025 decreased by 7.6%, or $19,320, to $233,965 from
$253,285 for the first quarter of fiscal 2024 due to it being an off year
for the biennial royalty examination by the Trust's German accounting
counselors.</p>

<p align="left" style="text-indent: 40px">The current Statements of Assets,
Liabilities and Trust Corpus of the Trust at January 31, 2025, compared to
that at fiscal year-end (October 31, 2024), shows an increase in assets due
to higher royalty receipts during the first quarter of fiscal 2025.</p>

</br>

<hr width="300">

<p align="left" style="text-indent: 40px">This report on Form 10-Q may
contain forward-looking statements intended to qualify for the safe
harbor from liability established by the Private Securities Litigation
Reform Act of 1995.  All statements other than statements of historical
fact are forward-looking.  Such statements address future expectations
and events or conditions concerning the Trust.  You can identify many
forward-looking statements by words such as "may," "will," "would,"
"should," "could," "expects," "aim," "anticipates," "believes,"
"estimates," "intends," "plan," "predict," "project," "seek,"
"potential," "opportunities" and other similar expressions and the
negatives of such expressions. However, not all forward-looking
statements contain these words.  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:</p>

<BLOCKQUOTE><p align="left">&#8226&nbsp;the fact that the assets of
the Trust are depleting assets and, if the operators developing the
concession do not perform additional development projects, the assets
may deplete faster than expected;</p></ul></blockquote>

<BLOCKQUOTE><p align="left">&#8226&nbsp;risks and uncertainties concerning
levels of gas production and gas sale prices, general economic
conditions, and currency exchange rates;</p></blockquote>

<blockquote><p align="left">&#8226&nbsp;the ability or willingness of the
operating companies to perform under their contractual obligations with
the Trust; </p></blockquote>

<blockquote><p align="left">&#8226&nbsp;potential disputes with the operating
companies and the resolution thereof; and</p></blockquote>

<blockquote><p align="left">&#8226&nbsp;political and economic uncertainty
arising from the conflict in Ukraine and the Middle East.</p></blockquote>

<p align="left" style="text-indent: 40px">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.</p>

<P align="left">Item 3.&nbsp;<u>Quantitative and Qualitative Disclosures
About Market Risk.</u></p>

<p align="left" style="text-indent: 40px">The Trust is a smaller
reporting company as defined by Rule 12b-2 of the Securities Exchange
Act of 1934, as amended, and is not required to provide the information
required under this item.</p>

<p align="left">Item 4.&nbsp;<u>Controls and Procedures.</u></p>

<p align="left" style="text-indent: 40px">The Trust maintains disclosure
controls and procedures that are designed to ensure that information
required to be disclosed by the Trust is recorded, processed,
summarized, accumulated, and communicated to its management, which
consists of the Managing Director, to allow timely decisions
regarding required disclosure, and reported within the time periods
specified in the Securities and Exchange Commission's rules and
forms.  </p>

<p align="left" style="text-indent: 40px">The Managing Director has
performed an evaluation of the effectiveness of the design and
operation of the Trust's disclosure controls and procedures as of
January 31, 2024 based on the criteria for effective internal
control over financial reporting described in the standards
promulgated by the Public Company Accounting Oversight Board and
the Internal Control-Integrated Framework (2013) issued by the
Committee of Sponsoring Organizations of the Treadway Commission.
Based on that evaluation, the Managing Director concluded that the
Trust's disclosure controls and procedures were effective as of
January 31, 2025.</p>

<p align="left" style="text-indent: 40px">There have been no changes
in the Trust's internal control over financial reporting identified
in connection with the evaluation described above that occurred
during the first quarter of fiscal 2025 that have materially affected
or are reasonably likely to materially affect the Trust's internal
control over financial reporting.  </p>



</br>

<p align="center"><u>PART II -- OTHER INFORMATION</u></p>


<p align="left">Item 1.  <u>Legal Proceedings.</u></p>

<p align="left" style="text-indent: 48px">	The Trust is not a party
to any pending legal proceedings. </p>

<p align="left">Item 2.  <u>Unregistered Sales of Equity Securities
and Use of Proceeds.</u></p>

<p align="left" style="text-indent: 48px">Not applicable.</p>

<p align="left">Item 3.  <u>Defaults Upon Senior Securities.</u></p>

<p align="left" style="text-indent: 48px">Not applicable.</p>

<p align="left">Item 4.  <U>Mine Safety Disclosure.</u></p>

<p align="left" style="text-indent: 48px">Not applicable.</p>

<p align="left">Item 5.  <U>Other Information.</u></p>

<p align="left" style="text-indent: 48px">(c) Insider Trading
Arrangements</u></p>

<BLOCKQUOTE style="padding: 0px">During the quarter ended January 31,
2024, none of our directors or officers (as defined in Section 16 of
the Securities Exchange Act of 1934, as amended), adopted or
terminated a "Rule 10b5-1 trading arrangement" or a "non-Rule 10b5-1
trading arrangement" (each as defined in Item 408(a) and (c),
respectively, of Regulation S-K).</BLOCKQUOTE>

<p align="left">Item 6.<u> Exhibits.</u></p>

<div align="left" style="text-indent:8px">

<BLOCKQUOTE><u>
<a style="-sec-extract:exhibit" href="x31-022825.htm">
Exhibit 31.</u></a>&nbsp;
Certification of Chief Executive Officer and Chief Financial
Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
</BLOCKQUOTE>

<BLOCKQUOTE>
<u><a style="-sec-extract:exhibit" href="x32-022825.htm">Exhibit 32.
</u></a>&nbsp;Certification of Chief Executive Officer and Chief
Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002
</BLOCKQUOTE></div>

<p align="center"><u>SIGNATURE</u></p>

<p align="left" style="text-indent: 40px">	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.</p>

<div style="margin-left: 240px"><u>NORTH EUROPEAN OIL ROYALTY
TRUST</u><br>
&emsp;&emsp;&emsp;&emsp;&emsp;&emsp;(Registrant)</div>
<br>

<div style="margin-left: 305px"><u>/s/&nbsp;&nbsp;
John R. Van Kirk&emsp; </u><br>
&emsp;&nbsp;&nbsp;&nbsp;John R. Van Kirk<br>
&emsp;&nbsp;&nbsp;&nbsp;Managing Director</div>

<p align="left">February 28, 2025</p>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>2
<FILENAME>x31-022825.htm
<TEXT>
<html>
<head>
<title>North European Oil Royalty Trust 1Q/FY24 10-Q Exhibit 31</title>
</head>
<div style="width:600px;overflow:auto">
<head>
    <p><p align="left">
        Exhibit 31</p>
    <p><center>
        Certification of Chief Executive Officer</center>
	<center>	and Chief Financial Officer</center>
    <center>Pursuant to Section 302</center>
	<center>of the Sarbanes-Oxley Act of 2002</center>
    </p></head>
	<p>&nbsp;</p>

<p align="left">I, John R. Van Kirk, certify that:</p>
<ol>
<li>I have reviewed this Quarterly Report on Form 10-Q of North
European Oil Royalty Trust;<br />&nbsp;</li>

<li>Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to
the period covered by this report;
<br />&nbsp;</li>

<li>Based on my knowledge, the financial statements, and other
financial information included in this report, fairly present in all
material respects the financial condition, results of operations and
cash flows of the registrant as of, and for, the periods presented
in this report;
<br />&nbsp;</li>

<li>I am responsible for establishing and maintaining disclosure
controls and procedures (as defined in Exchange Act Rules 13a 15(e)
and 15d 15(e)) and internal control over financial reporting (as
defined in Exchange Act Rules 13a 15(f) and 15d 15(f)) for the
registrant and have:<br />&nbsp;</li>

<ol type="a"><li>Designed such disclosure controls and procedures,
or caused such disclosure controls and procedures to be designed under
my supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to
me by others within those entities, particularly during the period
in which this report is being prepared;    <br />&nbsp;</li>

<li>Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed
under my supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with the modified
cash basis of accounting, which is a comprehensive basis of
accounting other than accounting principles generally accepted in the
Unites States; and <br />&nbsp;</li>

<li>Evaluated the effectiveness of the registrant's disclosure
controls and procedures and presented in this report my conclusions
about the effectiveness of the disclosure controls and procedures, as
of the end of the period covered by this report based on such
evaluation; and<br />&nbsp;</li>

<li>Disclosed in this report any change in the registrant's internal
control over financial reporting that occurred during the
registrant's most recent fiscal quarter (the registrant's fourth fiscal
quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant's internal
control over financial reporting; and<br />&nbsp;</li></ol>

<li>I have disclosed, based on my most recent evaluation of internal
control over financial reporting, to the registrant's auditors and to
the audit committee of the registrant's board of directors (or persons
performing the equivalent functions):<br />&nbsp;</li>

<ol type="a"><li>All significant deficiencies and material weaknesses
in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the
registrant's ability to record, process, summarize and report
financial information; and<br />&nbsp;</li>

<li>Any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's
internal control over financial reporting. </li></ol></ol>

<blockquote style="text-indent:300px">

<p><u>/s/&nbsp;&nbsp;John R. Van Kirk</u> </br>
&emsp;&emsp;&emsp;&emsp;&emsp;&emsp;&emsp;&emsp;&emsp;&emsp;
&emsp;&emsp;&emsp;&nbsp;&nbsp;&emsp;&emsp;&emsp;&emsp;&emsp;
John R. Van Kirk</br>
&emsp;&emsp;&emsp;&emsp;&emsp;&emsp;&emsp;&emsp;&emsp;&emsp;
&emsp;&emsp;&emsp;&nbsp;&nbsp;&emsp;&emsp;&emsp;&emsp;&emsp;
Managing Director</br>
&emsp;&emsp;&emsp;&emsp;&emsp;&emsp;&emsp;&emsp;&emsp;&emsp;
&emsp;&emsp;&emsp;&nbsp;&nbsp;&emsp;&emsp;&emsp;&emsp;&emsp;
Chief Executive Officer and</br>
&emsp;&emsp;&emsp;&emsp;&emsp;&emsp;&emsp;&emsp;&emsp;&emsp;
&emsp;&emsp;&emsp;&nbsp;&nbsp;&emsp;&emsp;&emsp;&emsp;&emsp;
Chief Financial Officer</p>

</blockquote>
<p align="left">Dated: February 28, 2025

</p>



</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>3
<FILENAME>x32-022825.htm
<TEXT>
<html>
<head>
<title>North European Oil Royalty Trust 1Q/FY24 10-Q Exhibit 32</title>
</head>
<div style="width:600px;overflow:auto">
<head>
    <p><p align="left">
        Exhibit 32</p>
    <p><center>
        Certification of Chief Executive Officer</center>
	<center>	and Chief Financial Officer</center>
    <center>Pursuant to Section 906</center>
	<center>of the Sarbanes-Oxley Act of 2002</center>
    </p></head>
	<p>&nbsp;</p>

<p align="left" style="text-indent: 40px">Pursuant to Section 906 of
the Sarbanes Oxley Act of 2002 (Chapter 63, Title 18 U.S.C. Section
1350(a) and (b)), the undersigned hereby certifies that the Quarterly
Report on Form 10-Q for the period ended January 31, 2025 of North
European Oil Royalty Trust ("Trust") fully complies with the
requirements of Section 13(a) or Section 15(d) of the Securities
Exchange Act of 1934 and that the information contained in such Report
fairly presents, in all material respects, the financial condition and
results of operations of the Trust.</p>

<div style="margin-left: 275px"><u>/s/&nbsp;&nbsp;
John R. Van Kirk </u><br>
&emsp;&nbsp;&nbsp;John R. Van Kirk<br>
&emsp;&nbsp;&nbsp;Managing Director<br>
&emsp;&nbsp;&nbsp;(Chief Executive Officer and<br>
&emsp;&nbsp;&nbsp;Chief Financial Officer)
</div>

<p align="left">February 28, 2025</p>

</html>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
