<SEC-DOCUMENT>0000072633-25-000006.txt : 20250530
<SEC-HEADER>0000072633-25-000006.hdr.sgml : 20250530
<ACCEPTANCE-DATETIME>20250530142922
ACCESSION NUMBER:		0000072633-25-000006
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20250430
FILED AS OF DATE:		20250530
DATE AS OF CHANGE:		20250530

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
		EIN:				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:		251009888

	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>tenq2q25.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;April 30, 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">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>&emsp;X&nbsp;</u>&emsp;&emsp;&emsp;&emsp;&nbsp;&nbsp;&nbsp;
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 April 30, 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="12">

<tr><u><center>STATEMENTS OF ASSETS, LIABILITIES
AND TRUST CORPUS (NOTE 1)</center></u></tr>
<tr><center><u>APRIL 30, 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></th>
<th align="center"><u>2024</u></center></th></tr>
	<tr><td align="left"><strong>ASSETS</strong></td>
	<td>&nbsp;</td>
	<td>&nbsp;</td>
            </tr>
    <tr><td align="left">Current assets --
		Cash and cash equivalents</td>
            <td align="right">$3,620,381</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;&nbsp;1</u></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;">
$3,620,382</u></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">$1,838,118</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</td>
            <td align="right">1</td>
            </tr>
		<tr><td></td></tr>
        <tr>
            <td align="left">Undistributed earnings
                </td>
            <td align="right"><u>1,782,263</u>
                    </td>
            <td align="right"><u>&nbsp;&nbsp;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;">
	$3,620,382</u></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="8">

<tr><u><center>STATEMENTS OF REVENUE COLLECTED
AND EXPENSES PAID (NOTE 1)</u></center></tr>
<tr><center><u>FOR THE THREE MONTHS ENDED APRIL 30, 2025 AND 2024</u>
</center></tr>
<tr><center><u>(Unaudited)<center></u></tr>


<tr>
<th align="left"></th>
<th align="center"><u>2025</u></th>
<th align="center"><u>2024</u></th> </tr></caption> </head>
<tr>
<td align="left">Gas, sulfur and oil royalties received</td>
<td align="right">$2,471,301</td>
<td align="right">$2,232,767</td>
</tr>
<tr>
<td>Interest income</td>
<td align="right"><u>&emsp;&nbsp;&nbsp;19,224</u></td>
<td align="right"><u>&emsp;&emsp;&emsp;16,333<u></td></tr>

<tr><td><strong>Trust Income</strong></td>
<td align="right"><u>2,490,525<u></td>
<td align="right"><u>2,249,100</u></td>
</tr>

<tr><td>&nbsp;</td></tr>
<tr><td>Operating expenses</td>
<td align="right">(227,821)</td>
<td align="right">(213,679)</td></tr>

<tr><td>Related party expenses (Note 3)</td>
<td align="right"><u>&emsp;(1,698)</u></td>
<td align="right"><u>&emsp;(1,522)</u></td></tr>

<tr><td><strong>Trust Expenses</strong></td>
<td align="right"><u>(229,519)</u></td>
<td align="right"><u>(215,201)</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;">$2,261,006
</u></td>
<td align="right"><u style="border-bottom:1px solid black;">$2,033,899
</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;">
$0.25</u>&nbsp;&nbsp;</td>
<td align="right"><u style="border-bottom:1px solid black;">
$0.22</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;">
$0.20</u>&nbsp;&nbsp;</td>
<td align="right"><u style="border-bottom:1px solid black;">
$0.20</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="8">

<tr><u><center>STATEMENTS OF REVENUE COLLECTED
AND EXPENSES PAID (NOTE 1)</u></center></tr>
<tr><center><u>FOR THE SIX MONTHS ENDED APRIL 30, 2025 AND 2024</u>
</center></tr>
<tr><center><u>(Unaudited)<center></u></tr>


<tr>
<th align="left"></th>
<th align="center"><u>2025</u></th>
<th align="center"><u>2024</u></th> </tr></caption> </head>
<tr>
<td align="left">Gas, sulfur and oil royalties received</td>
<td align="right">$2,976,998</td>
<td align="right">$2,657,677</td>
</tr>
<tr>
<td>Interest income</td>
<td align="right"><u>&emsp;&emsp;32,960</u></td>
<td align="right"><u>&emsp;&emsp;&emsp;23,793<u></td></tr>

<tr><td><strong>Trust Income</strong></td>
<td align="right"><u>$3,009,958<u></td>
<td align="right"><u>$2,681,470</u></td>
</tr>

<tr><td>&nbsp;</td></tr>
<tr><td>Operating expenses</td>
<td align="right">(459,833)</td>
<td align="right">(465,012)</td></tr>

<tr><td>Related party expenses (Note 3)</td>
<td align="right"><u>&nbsp;&nbsp;&nbsp;(3,651)</u></td>
<td align="right"><u>&nbsp;&nbsp;(3,474)</u></td></tr>

<tr><td><strong>Trust Expenses</strong></td>
<td align="right"><u>(463,484)</u></td>
<td align="right"><u>(468,486)</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;">$2,546,474
</u></td>
<td align="right"><u style="border-bottom:1px solid black;">$2,212,984
</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;">
$0.28</u>&nbsp;&nbsp;</td>
<td align="right"><u style="border-bottom:1px solid black;">
$0.24</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;">
$0.24</u>&nbsp;&nbsp;</td>
<td align="right"><u style="border-bottom:1px solid black;">
$0.25</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="12">

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

<tr><center><u>FOR THE SIX MONTHS ENDED APRIL 30, 2025 AND 2024</u></center></tr>

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

<tr><th></th>
<th><u>2025</u></th>
<th><u>2024</u></th></tr>


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

<tr><td>Net income</td>
<td align="right"><u>2,546,474</u></td>
<td align="right"><u>2,212,984</u></td></tr>

<tr><td></td>
<td align="right">3,988,005</td>
<td align="right">3,008,185</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>2,205,742</u></td>
<td align="right"><u>2,297,647</u></td></tr>

<tr><td>Balance, end of period</td>
<td align="right"><u style="border-bottom:1px solid black;">$1,782,263
</u></td>
<td align="right"><u style="border-bottom:1px solid black;">$710,538
</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="12">

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

<tr><center><u>FOR THE SIX MONTHS ENDED
APRIL 30, 2025 AND 2024</u></center></tr>

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

<th align="left"></th>
<th align="center"><u>2025</u></th>
<th align="center"><u>2024</u></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="right">$2,976,998</td>
<td align="right">$2,657,677</td></tr>

<tr><td>Interest income</td>
<td align="right"><u>32,960</u></td>
<td align="right"><u>23,793</u></td>

<tr><td></td>
<td align="right"><u>3,009,958</u></td>
<td align="right"><u>2,681,470</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">463,484</td>
<td align="right">468,486</td>
</tr>

<tr><td>Distributions paid</td>
<td align="right"><u>551,436</u></td>
<td align="right"><u>459,529</u></td></tr>

<tr><td></td>
<td align="right"><u>1,014,920</u></td>
<td align="right"><u>928,015</u></td></tr>

<tr><td>Net increase (decrease) in cash and
cash equivalents &emsp;&emsp;during the period</td>
<td align="right"; valign="bottom">1,995,038</td>
<td align="right"; valign="bottom">1,753,455</td></tr>

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

<tr><td>Cash and cash equivalents,
          end of period</td>
<td align="right"><u style="border-bottom:1px solid black;">$3,620,381
</u></td>
<td align="right"><u style="border-bottom:1px solid black;">$2,548,656
</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
SEC.  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.  In addition,
the Trust held Euros 15,000, the equivalent of $17,021, in its German
bank account at April 30, 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
April 30, 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 $1,698 and $1,522 in the second quarter of fiscal 2025 and 2024,
respectively.  For such office expenses, the Trust reimbursed the Managing
Director $3,651 and $3,474 in the first six months 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 on hand 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 or leases in the Federal
Republic of Germany.  The actual concession or 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, covers virtually the entire former
Grand Duchy of Oldenburg and 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">Mobil Erdgas and
BEB Erdgas und Erdol GmbH, 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 92% 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
the prior quarter 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 payment for the first month of 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 and will commence their examination
for 2023 and 2024 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 approximately 98% 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 the Mobil Agreement. </p>

<p align="left" style="text-indent: 40px">The Trust is also entitled
under an agreement with Mobil 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 Mobil Sulfur Agreement").  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
six months of fiscal 2025, the Trust received $127,442 in sulfur
royalties under the Mobil Sulfur Agreement from a combination of
previous quarters and corrections uncovered during the royalty
examination process.  In the first six months of fiscal 2024, the
Trust received $68,205 in sulfur royalties under the Mobil Sulfur
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 royalties to be paid to the
Trust.</p>

<p align="left" style="text-indent: 40px">The Mobil and OEG
Agreements as amended established 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 is increased by 1%
and 3%, respectively, for the royalty calculations.  This change
reduces the scope and cost of the accounting examination,
eliminates ongoing disputes with OEG and Mobil regarding sales to related
parties, and reduces 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 deducted 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 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>

<p>&emsp;</p>
<p align="left"><u>Results:  Second Quarter of Fiscal 2025 versus
Second Quarter of Fiscal 2024</u></p>

<p align="left" style="text-indent: 40px">Total royalty income received
during the second quarter of fiscal 2025 was based upon actual royalties
received by the Trust during the first calendar quarter of 2025.  A
distribution of $0.20 per unit was paid on May 28, 2025 to owners of record
as of May 16, 2025.  Comparisons of total royalty income received and net income
for the second 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>2nd Fiscal Quarter
  Ended 4/30/2025</u></th>
<th scope="col" align="center"><u>2nd Fiscal Quarter
  Ended 4/30/2024</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">$2,471,301</td>
<td scope="row" align="center" valign="bottom">$2,232,767</td>
<td scope="row" align="center" valign="bottom">+10.7%</td></tr>

<tr><td>Net Income</td>
<td align="center">$2,261,006</td>
<td align="center">$2,033,899</td>
<td align="center">+11.2%</td></tr>

<tr><td>Distribution per Unit</td>
<td align="center" valign="bottom">$0.20</td>
<td align="center" valign="bottom">$0.20</td>
<td align="center" valign="bottom">&nbsp;&nbsp;0.0%</td>
</tr>
</table>

<p align="left" style="text-indent: 40px">The increase in total royalty
income for the second quarter of fiscal 2025 in comparison to the
second quarter of fiscal 2024 resulted from the royalty payments
based on the higher gas prices and higher average exchange rates
experienced during the current quarter.  Total royalty income can
potentially include positive and/or negative adjustments that the
operators made during the quarter based upon their corrected royalty
calculations for the prior periods, as well as the inclusion of Mobil
sulfur royalties.  In the second quarter of fiscal 2025, total royalty
income was reduced by a negative carryover under the OEG royalty agreement
of $45,000 but was increased by Mobil sulfur royalties of $57,240.  In
the second quarter of fiscal 2024, total royalty income was reduced by a
negative carryover under the OEG royalty agreement of $214,362 and was
unchanged by Mobil sulfur royalties of $0.</p>

<p align="left" style="text-indent: 40px">The following table is
intended to illustrate trends based on actual gas sales in each
quarter.  Gas royalties are determined based on the actual physical gas
sales that occurred during the first calendar quarter of 2025 and the
average German Border Import gas Price for the period of November 2024
through January 2025.</p>

<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>1st Calendar</center>
<center>Quarter Ended</center>
<center>3/31/2025</u></center></th>
<th align="center" valign="bottom"><u>1st Calendar</center>
<center> Quarter Ended</center>
<center> 3/31/2024</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">2.863</td>
<td align="center">3.236</td>
<td align="center">-11.5%</td></tr>

<td align="left">Gas Prices<sup>2
</sup>(Ecents/Kwh)<sup>3</sup></td>
<td align="center" valign="bottom">4.5308</td>
<td align="center" valign="bottom">4.1601</td>
<td align="center" valign="bottom">+8.9%</td></tr>

<td align="left">Average Exchange Rate<sup>4</sup></td>
<td align="center" valign="bottom">1.0878</td>
<td align="center" valign="bottom">1.0714</td>
<td align="center" valign="bottom">+1.5%</td><tr>

<td align="left">Gas Royalties Payable in Dollars</td>
<td align="center" valign="bottom">$1,616,397</td>
<td align="center" valign="bottom">$1,649,119</td>
<td align="center" valign="bottom">-2.0%</td></tr>

<td align="left">Gas Prices ($/Mcf)<sup>5
<td align="center">$14.11</td>
<td align="center">$12.74</td>
<td align="center">+10.8%</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">9.858</td>
<td align="center">10.870</td>
<td align="center">-9.3%</td></tr>

<tr><td align="left">Gas Prices (Ecents/Kwh)</td>
<td align="center" valign="bottom">4.6205</td>
<td align="center" valign="bottom">4.2425</td>
<td align="center" valign="bottom">+8.9%</td></tr>

<tr><td align="left">Average Exchange Rate</td>
<td align="center" valign="bottom">1.0926</td>
<td align="center" valign="bottom">1.0715</td>
<td align="center" valign="bottom">+2.0%</td></tr>

<tr><td align="left">Gas Royalties Payable in Dollars</td>
<td align="center" valign="bottom">$750,063</td>
<td align="center" valign="bottom">$748,747</td>
<td align="center" valign="bottom">+0.2%</td></tr>

<tr><td align="left">Gas Prices ($/Mcf)</td>
<td align="center">$14.08</td>
<td align="center">$12.70</td>
<td align="center">+10.9%</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 November-January 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>
</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 calendar quarter ended
March 31, 2025, gas sales from western Oldenburg accounted for only 29%
of all gas sales from the Oldenburg concession.  However, royalties on
these gas sales provided approximately 78%, or $1,615,410 out of
$1,819,549, in Oldenburg royalties attributable to gas.</p>

<p align="left" style="text-indent: 40px">Trust expenses for the second
quarter of fiscal 2025 increased 6.7%, or $14,318, to $229,519 from
$215,201 in the second quarter of fiscal 2024.  The increase in expenses
reflects the timing of payments related to the biennial examination of
the royalty payments by the accounting firm retained by the Trust in
Germany.  Trust interest income received in the second quarter of fiscal
2025 increased to $19,224 in comparison to $16,333 received in the second
quarter of fiscal 2024 due to more funds available.</p>

<p align="left" style="text-indent: 40px">The current Statement of Assets,
Liabilities and Trust Corpus of the Trust at April 30, 2025, compared to
that at fiscal year-end (October 31, 2024), shows an increase in assets
primarily to reserve for present and future liabilities.</p>
<p>&nbsp;</p>

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

<p align="left" style="text-indent: 40px">Total royalty income received
during the first six months of fiscal 2025 increased in comparison to the
first six months of fiscal 2024 based on several factors: (1) gas prices
under both the Mobil and the OEG Agreements were higher in average for the
first six months of fiscal 2025; (2) the Mobil sulfur royalties were
$59,237 higher for the first six months of fiscal 2025; and (3) while during
both six month periods there were no OEG royalties during the first quarters,
the residual negative balance impacting the second quarter of fiscal 2025 was
$169,231 lower than the residual negative balance impacting the second quarter
of fiscal 2024.  Comparisons of total royalty income received and net income
for the first six months of fiscal 2025 and 2024 are shown below.</p>

<table border="0" width="100%" cellspacing="6">

 <tr>
<th scope="col" align="left"></th>
<th scope="col" align="center">&nbsp;<u>Six Months</center>
  <center>Ended 4/30/2025</u></th>
<th scope="col" align="center">&nbsp;<u>Six Months</center>
  <center>Ended 4/30/2024</u></th>
<th scope="col" align="center" valign="bottom"><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">$2,976,298</td>
<td scope="row" align="center" valign="bottom">$2,657,677</td>
<td scope="row" align="center" valign="bottom">+12.0%</td></tr>

<tr><td>Net Income</td>
<td align="center">$2,546,474</td>
<td align="center">$2,212,984</td>
<td align="center">+15.1%</td></tr>

<tr><td>Distribution per Unit</td>
<td align="center" valign="bottom">$0.24</td>
<td align="center" valign="bottom">$0.25</td>
<td align="center" valign="bottom">-4.0%</td>
</tr>
</table>

<p align="left" style="text-indent: 40px>">Total royalty income can
potentially include positive and/or negative adjustments that the
operators made during the quarter based upon their corrected royalty
calculations for the prior periods, as well as the inclusion of Mobil
sulfur royalties.  During the first six months of fiscal 2025, total
royalty income was reduced because there were prior period adjustments
totaling $2,567,090 and was increased by Mobil sulfur royalties of
$127,442. During the first six months of fiscal 2024, total royalty
income was reduced because there were prior period negative adjustments
totaling $2,152,016 but was increased by Mobil sulfur royalties of $68,205.</p>

<p align="left" style="text-indent: 40px">The following table is
intended to illustrate trends based on actual gas sales in each
quarter.  Gas royalties for the first six months of fiscal 2025
are determined based on the actual physical
gas sales that occurred during the fourth calendar quarter of 2024
and the first calendar quarter of 2025 and the average German Border
Import gas Price for the period of August 2024 through January 2025.</p>

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

<tr><u><center><strong>Gas Data Providing Basis for Six-Month Fiscal
Period Royalties</strong></center></u></tr>

<tr><th align="left" valign="bottom"><strong><u>Mobil Agreement
</u></strong></th>
<th align="center" valign="bottom"><u>Six Months</center>
<center>Ended 3/31/2025</u></center></th>
<th align="center" valign="bottom"><u>Six Months</center>
<center> Ended 3/31/2024</u></center></th>
<th align="center" valign="bottom"><u>Percentage</center>
<center> Change</u></th></tr>

<td scope="row" align="left">Gas Sales (Bcf)</td>
<td align="center">6.062</td>
<td align="center">6.459</td>
<td align="center">-6.1%</td></tr>

<td align="left">Gas Prices(Ecents/Kwh)</td>
<td align="center" valign="bottom">4.1894</td>
<td align="center" valign="bottom">4.0068</td>
<td align="center" valign="bottom">+4.6%</td></tr>

<td align="left">Average Exchange Rate</td>
<td align="center" valign="bottom">1.0616</td>
<td align="center" valign="bottom">1.0763</td>
<td align="center" valign="bottom">-1.4%</td><tr>

<td align="left">Gas Royalties Payable in Dollars</td>
<td align="center" valign="bottom">$3,086,521</td>
<td align="center" valign="bottom">$3,185,192</td>
<td align="center" valign="bottom">-3.1%</td></tr>

<td align="left">Gas Prices ($/Mcf)
<td align="center">$12.73</td>
<td align="center">$12.33</td>
<td align="center">+3.2%</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">20.407</td>
<td align="center">21.955</td>
<td align="center">-7.1%</td></tr>

<tr><td align="left">Gas Prices (Ecents/Kwh)</td>
<td align="center" valign="bottom">4.2790</td>
<td align="center" valign="bottom">4.0844</td>
<td align="center" valign="bottom">+4.8%</td></tr>

<tr><td align="left">Average Exchange Rate</td>
<td align="center" valign="bottom">1.0926</td>
<td align="center" valign="bottom">1.0715</td>
<td align="center" valign="bottom">+2.0%</td></tr>

<tr><td align="left">Gas Royalties Payable in Dollars</td>
<td align="center" valign="bottom">$750,063</td>
<td align="center" valign="bottom">$748,747</td>
<td align="center" valign="bottom">+0.2%</td></tr>

<tr><td align="left">Gas Prices ($/Mcf)</td>
<td align="center">$14.08</td>
<td align="center">$12.70</td>
<td align="center">+10.9%</center></td></tr>

</table>
<br>

<p align="left" style="text-indent: 40px">For the six months ended
3/31/2025, gas sales from western Oldenburg accounted for only 29.7%
of all gas sales from the Oldenburg concession.  However, royalties
on these gas sales provided approximately 81.8%, or $2,031,473 out of
$2,235,613, of all royalties attributable to gas sales from the
Oldenburg concession.</p>

<p align="left" style="text-indent: 40px">Trust expenses for the first
six months of fiscal 2025 decreased 1.1%, or $5,002, to $463,484 from
$468,486 for the first six months of fiscal 2024.  The decrease in
expenses reflects the biennial nature of costs associated with the
royalty examination in Germany and the reduced costs for the first six
months of fiscal 2025 in comparison.  Trust interest income received
during the first six months of fiscal 2025 increased to $32,960 in
comparison to $23,793 received in the first six months of fiscal 2024
due to more funds available.</p>

<p align="center"><u>Report on Drilling and Geophysical Work</u></p>

<div align="left">
<BLOCKQUOTE>

<p>The Trust's German consultant has been in contact with representatives
of ExxonMobil Production Gesellschaft ("EMPG") for technical discussions
regarding EMPG's future drilling and geophysical work.  The following is
a summary of these discussions with some additional comments from the
Trust's German consultant.  The Trust is not able to confirm the accuracy
of any of the information supplied by the operating companies.  In addition,
the operating companies are not obligated to take any of the actions
outlined and, if they change their plans with respect to any such actions,
they are not obligated to inform the Trust.</p>

<p>The Trust's German consultant advised the Trust that, in these
discussions, EMPG has indicated that it will not be drilling any wells
during 2025.  In order to keep production decline as low as possible,
workovers of existing wells, maintenance of all installations and small
stimulations measures will help to maximize performance and production.</p>

</BLOCKQUOTE>

</div>

<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">-&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></blockquote>

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

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

<blockquote><p align="left">-&nbsp;political and economic uncertainty
arising from geopolitical conflict, such as Russia's invasion of
Ukraine.</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 style="height: 2px"></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 April 30, 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 April 30, 2025.

<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
second quarter of fiscal 2025 that have materially affected or are
reasonably likely to materially affect the Trust's internal control
over financial reporting.</p>

<p>&nbsp;</p>

<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: 40px">	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: 40px">Not applicable.</p>

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

<p align="left" style="text-indent: 40px">Not applicable.</p>

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

<p align="left" style="text-indent: 40px">Not applicable.</p>

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

<p align="left" style="text-indent: 40px">(c) Insider Trading Arrangements

<BLOCKQUOTE><p align="left" style="text-indent: 40px">During the quarter
ended April 30, 2025, 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).</p></BLOCKQUOTE>

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

<div align="left">

<BLOCKQUOTE><p><u><a style="-sec-extract:exhibit" href="x31-053025.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</p>
</BLOCKQUOTE>

<BLOCKQUOTE>
<p><u><a style="-sec-extract:exhibit" href="x32-053025.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</p>
</BLOCKQUOTE>

<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: 275px"><u>NORTH EUROPEAN OIL
ROYALTY TRUST</u><br>
&emsp;&emsp;&emsp;&emsp;&emsp;&nbsp;(Registrant)</div>
</br>

<div style="margin-left: 340px"><u>/s/&nbsp;&nbsp;
John R. Van Kirk </u><br>
&emsp;&nbsp;&nbsp;John R. Van Kirk<br>
&emsp;&nbsp;&nbsp;Managing Director<br>
</div>

<p align="left">May 30, 2025</p>

</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>2
<FILENAME>x31-053025.htm
<TEXT>
<html>
<head>
<title>North European Oil Royalty Trust 2Q/FY25 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 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 United
States;
<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">May 30, 2025</p>

</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>3
<FILENAME>x32-053025.htm
<TEXT>
<html>
<head>
<title>North European Oil Royalty Trust 2Q/FY25 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 April 30, 2025 of North
European Oil Royalty Trust ("Trust") fully complies with the
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">May 30, 2025</p>

</html>

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