North European Oil Royalty Trust 10-K

 UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549

 FORM 10-K

 [X] ANNUAL REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended October 31, 2024 or

 [ ]
 TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the transition period from to
.

 Commission file number
 1-8245
 NORTH EUROPEAN OIL
ROYALTY TRUST

 (Exact Name of Registrant
as Specified in Its Charter)

 Delaware

 22-2084119

 State
or Other Jurisdiction of
 I.R.S. Employer Identification No.

 of Incorporation
or Organization

 5 N. Lincoln Street, Keene, N.H.
 03431

 Address of Principal Executive Offices
 Zip Code

 (732) 741-4008

 (Registrant's telephone
number, including area code)

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

 Title of each
class
 Trading Symbol(s) Name of each exchange on which
registered
 Units
of Beneficial Interest NRT
 New York Stock Exchange

Indicate by check mark if the registrant is a well-known seasoned issuer,
as defined in Rule 405 of the Securities Act.
Yes No X

 Indicate by check mark if the
registrant is not required to file reports pursuant to Section 13 or 15(d)
of the Act. Yes No X

 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 X

No ___

 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 such files).
Yes X
No ___

 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.

 Large accelerated filer

Accelerated filer

 Non-accelerated filer
 X
Smaller reporting company X

 Emerging growth company

 If an emerging growth company,
indicate by check mark if the registrant has elected not to use the
extended transition period for complying with any new or revised
financial accounting standards provided pursuant to Section 13(a) of
the Exchange Act

 Indicate by check mark whether the registrant has
filed a report on and attestation to its management's assessment of
the effectiveness of its internal controls over financial reporting
under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b))
by the registered public accounting firm that prepared or issued
its audit report.

 If securities are registered pursuant to
Section 12(b) of the Act, indicate by check mark whether the
financial statements of the registrant included in the filing
reflect the correction of an error to previously issued financial
statements.

 Indicate by check mark whether any of those error
corrections are restatements that required a recovery analysis of
incentive-based compensation received by any of the registrant's
executive officers during the relevant recovery period pursuant
to Section 240.10D-1(b).

 Indicate by check mark whether the registrant is
a shell company (as defined in Rule 12b-2 of the Exchange Act).
 Yes ___ No X

 On April 30, 2024, the aggregate market value of the
voting and non-voting common equity held by non-affiliates computed by
reference to the price at which the common equity was last sold was
$65,904,598.

 As of December 31, 2024, there were 9,190,590 units
of beneficial interest ("units") of the registrant outstanding.

 DOCUMENTS INCORPORATED BY REFERENCE

 Items 10, 11 12, 13 and 14 of Part III have been partially
or wholly omitted from this report and the information required to be
contained therein is incorporated by reference from the registrant's
definitive proxy statement for the 2024 Annual Meeting to be held on
February 26, 2025.

 _______________________________________

 Page

 Item 1.

 Business

 Items 1A.

 Risk Factors

 Item 1B.

 Unresolved Staff Comments

 Item 1C.

 Cybersecurity

 Item 2.

 Properties

 Item 3.

 Legal Proceedings

 Item 4.

 Mine Safety Disclosures

 Item 5.

 Market for
Registrant's Common Equity, Related Stockholder Matters, and Issuer
Purchases of Equity Securities

 Item 6.

 [Reserved]

 Item 7.

 Management's Discussion and Analysis of
Financial Conditions and Results of Operations

 Items 7A.

 Quantitative and Qualitative
Disclosures about Market Risk

 Item 8.

 Financial Statements and
Supplementary Data

 Item 9.

 Changes in
and Disagreements with Accountants on Accounting and Financial
Disclosure

 Item 9A.

 Controls and Procedures

 Item 9B.

 Other Information

 Item 9C.

 Disclosure Regarding
Foreign Jurisdictions that Prevent Inspections

 Item 10.

 Directors, Executive
Officers and Corporate Governance

 Item 11.

 Executive Compensation

 Item 12.

 Security
Ownership of Certain Beneficial Owners and Management
and Related Stockholder Matters

 Item 13.

 Certain
Relationships and Related Transactions, and Director
Independence

 Item 14.

 Principal Accountant Fees
and Services

 Item 15

 Exhibits and Financial
Statement Schedules

 Item 16.

 Form 10-K Summary

 Signatures

 Exhibit Index

 Item 1.
 Business.

 (a) General Development
of Business. North European Oil Royalty Trust (the
"Trust") is a grantor trust which, on behalf of the owners of
units of beneficial interest in the Trust (the "unit owners"), holds
overriding royalty rights covering gas and oil production in certain
concessions or leases in the Federal Republic of Germany. The rights
are held under contracts with local German exploration and development
subsidiaries of ExxonMobil Corp. ("ExxonMobil") and the Royal
Dutch/Shell Group of Companies ("Royal Dutch/Shell Group"). 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. See Item 2 of
this annual report on Form 10-K (this "Report") for descriptions of the
relationships of these companies and certain of these contracts.

 The royalty rights were
received by the Trust from North European Oil Company (the "Company")
upon dissolution of the Company in September 1975. The Company was
organized in 1957 as the successor to North European Oil Corporation
(the "Corporation"). The Trust is administered by trustees (the
"Trustees") under an Agreement of Trust dated September 10, 1975, as
amended (the "Trust Agreement").

 Neither the Trust nor the
Trustees on behalf of the Trust conduct any active business activities
or operations. The function of the Trustees is to monitor, verify,
collect, hold, invest and distribute the royalty payments made to the
Trust. Under the Trust Agreement, the Trustees make quarterly
distributions of the net funds received by the Trust on behalf of
the unit owners, after making provisions to cover future anticipated
expenses. Funds temporarily held by the Trust prior to their
distribution are invested in an interest bearing money market account.

 There has been no significant
change in the principal operation or purpose of the Trust during the
past fiscal year.

 As part of the Sarbanes-Oxley
Act of 2002 ("SOX"), the Securities and Exchange Commission (the "SEC")
adopted rules implementing legislation concerning governance matters
for publicly held entities. The Trust is complying with the
requirements of the SEC and SOX and, at this time, the Trustees have
chosen not to request any relief from those provisions based on the
passive nature of the Trust but may do so in the future. Accordingly,
the Trustees have directed that certain of the additional
statements and disclosures set forth or incorporated by reference in
this Report, which the SEC requires of corporations, be made even
though such statements and disclosures might not now or in
the future be required to be made by the Trust.

 In addition, the New York
Stock Exchange (the "NYSE"), where units of beneficial interest of
the Trust are listed for trading, has additional corporate governance
rules as set forth in Section 303A of the NYSE Listed Company Manual.
Most of the governance requirements promulgated by the NYSE are not
applicable to the Trust, which is a passive entity acting as a
royalty trust and holding only overriding royalty rights. The Trustees
have, however, chosen to form an Audit Committee and a
Compensation Committee but may not necessarily continue to do so in
the future.

 (b) Narrative
Description of Business. Under the Trust Agreement,
the Trust conducts no active business operations and is restricted
to collection of income from royalty rights and distribution to unit
owners of the net income after payment of current administrative and
related expenses and making provisions for future anticipated
expenses..

 The overriding royalty
rights held by the Trust are derived from contracts and agreements
originally entered into by German subsidiaries of the predecessor
Corporation during the early 1930s. The Trust's primary royalty
rights are based on a government granted concession and remain in
effect as long as there are continued production activities and/or
exploration efforts within the concession. It is generally
anticipated that production activities will continue as long as
they remain economically profitable. The Trust holds other royalty
rights, which are based on
leases which have passed their original expiration dates. These
leases remain in effect as long as there is continued production or
the lessor does not cancel the lease. Individual lessors will
normally not seek termination of the rights originally granted
because the leases provide for royalty payments to the lessors if
sales of oil or gas result from discoveries made on the leased
land. Additionally, termination by individual lessors would result
in the escheat of mineral rights to the applicable state.

 Royalties are paid to the
Trust on sales from production under these leases and concessions on a
regular monthly or quarterly basis pursuant to the royalty agreements.
The Trust receives the royalty payments exclusively in Euros. After
the royalties have been deposited in the Trust's account with
Deutsche Bank in Germany, sufficient funds are reserved to handle any
outstanding or anticipated expenses and maintain a minimal balance of
12,000 Euros. The Trust then converts the remainder of Euro
denominated funds into United States ("U.S.") dollars based upon the
available exchange rates. Following this
conversion to U.S. dollars, the royalties are transferred
to the Trust's bank account in the U.S. The Trust does not engage in
activities to hedge against currency risk, and the fluctuations in the
conversion rate impact its financial results. Since the
actual royalty deposits are held as Euros for such a limited time, the
market risk with respect to these deposits is small. The Trust has not
experienced any difficulty in effecting the conversion of Euros into
U.S. dollars.

 As the holder of overriding
royalty rights, the Trust has no legal ability, whether by contract or
operation of law, to compel production or exploration. Moreover, if
an operator should determine to terminate production in any concession
or lease area and to surrender the concession or lease, the royalty
rights for that area would thereby be terminated. Under certain
royalty agreements, it is a requirement that the Trust be advised of
any intention to surrender lease or concession rights. While the
Trust itself is precluded from undertaking any production activities,
possible residual rights might permit the Trust to take up a
surrendered concession or lease and attempt to retain a third-party
operator to develop such concession or lease. There is no assurance
that the Trust could find such a third party and no effort has been
undertaken to identify such third parties.

 The exploration for and the
production of gas and oil is a speculative business. The Trust has no
means of ensuring continued income from its royalty rights at either
their present levels or otherwise. The Trust has no role in any of
the operating companies' decision-making processes, such as gas
pricing, gas sales or exploration, which can impact royalty income.
In addition, fluctuations in prices and supplies of gas and oil and
the effect these fluctuations might have on royalty income payable to
the Trust and on reserves attributable to the Trust's royalty
interests cannot be accurately
projected. Finally, natural gas and crude oil are wasting assets.
While known reserves may increase as additional development adds
quantities to the reserve amount, the amount of known and unknown
reserves is finite and will decline over time.

 While Germany has laws
relating to environmental protection, the Trustees do not have
detailed information concerning the present or possible effect of
such laws on operations in areas where the Trust holds royalty
rights on production and sale of products from those areas. In
2016, a law was passed in Germany prohibiting fracking of
unconventional reservoirs. Fracking of conventional reservoirs,
including sandstone, is permitted subject to drilling permits as
well as State and Federal laws. Based upon an analysis of the
details of this law, the Trust's German consultant has informed
the Trust that fracking will be permitted in all current productive
zones within the Oldenburg concession (as defined below) both due
to the depths involved and the nature of the productive zones.
Within the Oldenburg concession, fracking was used in the
Carboniferous zone and once in the Zechstein zone, but has not been
used in the Bunter zone.

 The Trust, in cooperation
with a parallel royalty owner (Unitarian Universalist Congregation
at Shelter Rock)("UUCSR")), arranges for periodic examinations of
the books and records of the operating companies to verify
compliance with the computation provisions of the applicable
agreements. As a cost savings measure, the royalty examination is
conducted on a biennial basis. From time to time, these
examinations disclose computational errors or errors from
inappropriate application of existing agreements and appropriate
adjustments are requested to be made. As a result of the
amendments to the Trust's royalty agreements which effect pricing
simplification (see Item 7 of this Report), examinations by the
Trust's German accountants have been simplified since these
examinations are primarily limited to the verification of the gas
quantities sold. Although these periodic examinations may also
disclose other matters that are subject to dispute between the
parties, these disputes have historically been resolved through
negotiations without the need for litigation. The Trust's
accountants in Germany will begin their examination of the
operating companies for calendar years 2023 and 2024 in October
2025 when the final sales figures and the German Border Import gas
Prices (see Item 7 of this Report) will both be available.

 (c) Financial
Information about Geographic Areas. In Item 2 of this
Report, there is a schedule (by product, geographic area, and
operating company) showing the royalty income received by the Trust
during the fiscal year ended October 31, 2024.

 (d) Information
about our Trustees and Executive Officers. As
specified in the Trust Agreement, the affairs of the Trust are
managed by not more than five individual Trustees who receive
compensation determined under that same agreement.

 One Trustee
is designated as Managing Trustee. Nancy J. Floyd Prue has served
in a non-executive capacity as Managing Trustee since March 13, 2023.
Ahron H. Haspel is independent and has been determined to be a
financial expert (both as defined in the SEC rules). Mr. Haspel
serves as Chairman for the Audit and Compensation Committees.
Lawrence A. Kobrin serves as Clerk to the Trustees. For these
services, each of these three individuals receives additional
compensation. Andrew S. Borodach and Richard P. Howard were
appointed as Trustees on October 1, 2024.

 Day-to-day matters are
handled by the Managing Director, John R. Van Kirk, who also serves
as CEO and CFO. Mr. Van Kirk has held the position of
Managing Director of the Trust since November 1990. In addition
to the Managing Director, the Trust has one administrative employee
in the U.S., whose title is Administrator. The number of total
employees of the Trust is two, and the number of full-time employees
is two.

 The Trust and UUCSR have
retained the services of a consultant, an accounting firm, and a
legal firm in Germany. The consultant has broad experience in the
petroleum industry and provides reports on a regular basis. The
accounting firm reviews the royalty payments by the operating
companies on a biennial basis. The Trust and the co-royalty holder
regularly share the costs of the consulting and accounting services
in Germany. The legal firm advises and represents as needed.

 (e) Available
Information. The Trust maintains a website at
 The Trust's Annual Reports, Form 10-K annual
reports, Form 10-Q quarterly reports and the Definitive Proxy
Statements are available through the Trust's website as soon as
reasonably practicable after such reports are filed with or furnished
to the SEC. Press releases and tax letters are available through the
website as soon as practicable after release. The North European
Oil Royalty Trust Agreement (as amended), the Trust's Code of
Conduct and Business Ethics, the Trustees' Regulations and the
Trust's Audit Committee Charter are also available through the
Trust's website. The Trust's website and the information contained
in it and connected to it shall not be deemed incorporated by
reference into this Report.

 Item 1A.
 Risk Factors.

 Not applicable.

 Item 1B.
 Unresolved Staff Comments.

 None

 Item 1C.
 Cybersecurity..

 The Trust is a grantor
trust, conducts no active operations, has no
customers, and maintains no personal or credit data. The Trust's
processes for assessing, identifying, and managing material risks
from cybersecurity threats are tailored to its specific circumstances.
The Trust's cybersecurity protocols include, but are not limited to,
programs with built-in technological features to prevent disruptions
and intrusions, and isolated computer workstations. The Trust's
personnel are aware of the potential of a cybersecurity incident and
exercise caution to ensure no such incident occurs. The primary
entities with which the Trust conducts business are banks, outside
service providers, and vendors, which have their own cybersecurity
protocols. Interactions between the Trust's information facilities
and outside vendors or service providers involves a combination of
passwords, passphrases, and two-factor or independent authorizations.

 There have been no known
cybersecurity incidents that have had a material impact, have
materially affected or are reasonably likely to materially affect the
Trust, including its business strategy, results of operations, or
financial condition.

 The Managing Director
oversees the Trust's cybersecurity protocols and conducts regular
discussions and reviews of such protocols with the Trust's Board of
Trustees.

 Item 2.
 Properties.

 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 in the Federal Republic of
Germany (the "Oldenburg concession"). The Oldenburg concession,
covering approximately 1,386,000 acres, is located in the German
federal state of Lower Saxony, and is the area from which natural gas,
sulfur and oil are extracted. The Oldenburg concession currently
provides essentially 100% of all the royalties received by the Trust.
The Oldenburg concession is held by Mobil Erdgas-Erdol GmbH ("Mobil
Erdgas"), a German operating subsidiary of ExxonMobil, and 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. In 2002, Mobil Erdgas and
BEB formed ExxonMobil Production Deutschland GmbH ("EMPG") to carry
out all exploration, drilling, and production activities. All sales
activities upon which the calculation of royalties is based are still
handled by either Mobil Erdgas or BEB (the "operating companies")

 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, royalties from gas well gas and oil well gas
together account for approximately 99% of all the royalties under
said agreement. 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.

 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.

 The Trust is also entitled
under an agreement with Mobil Erdgas 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.
When the average quarterly selling price falls below the indexed base
price, no sulfur royalties are paid by Mobil Erdgas. Sulfur royalties,
including prior years' corrections, paid under the Mobil Agreement
totaled $154,599 and $34,586 during fiscal 2024 and 2023, respectively.

 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 which commenced
operations in 1972. The desulfurization process removes hydrogen
sulfide and other contaminants before the clean gas can be sold. The
hydrogen sulfide in gaseous form is converted to sulfur in a solid
form and sold separately.

 EMPG decommissioned one of
the remaining two sulfur processing units ("trains"). The
decommissioning was conducted during May-July 2023. The plant is
subject to an ongoing schedule of inspections which may result in
shutdowns while required repairs are conducted. Full operation of the
remaining train is approximately 200 million cubic feet ("MMcf") per
day following the shutdown. It is expected that the single train will
be sufficient to handle sour gas production through-put from the
concession. It is also expected that operating expenses in the future
may be reduced by this measure. Since sour gas accounts for 71% of
overall gas sales and 97% of western gas sales, any future shutdown of
the remaining train could significantly impact royalty income. The Trust
has insufficient data to predict whether, when and to what extent any
future shutdown may occur.

 The following is a schedule
of royalty income for the fiscal year ended October 31, 2024 by product,
geographic area and operating company:

 By Product:

Product

 Royalty
Income

 Gas Well and Oil Well Gas

 $5,456,698

 Sulfur

 $283,259

 Oil

 $45,346

 By Geographic
Area:

 Area

 Royalty
Income

 Western Oldenburg

 $4,691,744

 Eastern Oldenburg

 $1,093,542

 Non-Oldenburg Areas

 $17

 By Operating
Company:

 Company

 Royalty Income

 Mobil Erdgas (under the Mobil Agreement)

 $4,234,142

 BEB (under the OEG Agreement)

 $1,551,161

 Exhibit 99.1 to this Report
is a report entitled Calculation of Cost Depletion Percentage for
the 2024 Calendar Year Based on the Estimate of Remaining Proved
Producing Reserves in the Northwest Basin of the Federal Republic of
Germany as of October 1, 2024 (the "Cost Depletion Report"). The
Cost Depletion Report, dated December 5, 2024, was prepared by
Graves & Co. Consulting, LLC, 1800 West Loop South, Suite 750,
Houston, Texas 77027 ("Graves & Co."). Graves & Co. is an
independent petroleum and natural gas consulting organization
specialized in analyzing hydrocarbon reserves.

 The Cost Depletion Report
provides documentation supporting the calculation of the cost
depletion percentage for the 2024 calendar year based on the use of
certain production data and the estimated net proved producing
reserves as of October 1, 2024 for the primary area in which the
Trust holds overriding royalty rights. In order to permit timely
filing of the Cost Depletion Report and consistent with the practice
of the Trust in prior years, the information has been prepared for
the 12-month period ended September 30, 2024. While this is one
month prior to the end of the fiscal year of the Trust, the
information available for production and sales through the end of
September is the most complete information available at a date
early enough to permit the timely preparation of the various
reports required. Unit owners are referred to the full text of the
Cost Depletion Report contained herein for further details.

 The cost depletion percentage
is prepared by Graves & Co. for the Trust's unit owners for tax
reporting purposes. The cost depletion percentage in that report for
calendar 2024 is 10.0543%. Specific details relative to the Trust's
income and expenses and cost depletion percentage as they apply to
the calculation of taxable income for the 2024 calendar year are
included on removable pages in the 2024 Annual Report. Additionally,
the tax reporting information for 2024 is available on the Trust's
website,

 The primary purpose of the
Cost Depletion Report is the preparation of the cost depletion
percentage for use by unit owners in their own tax reporting. The
only information provided to the Trust that can be utilized in the
calculation of the cost depletion percentage is current and
historical production and sales of proved producing reserves. For
the western half of the Oldenburg concession, the Trust receives
quarterly production and sales information on a well-by-well basis.
For the eastern half of the Oldenburg concession, the Trust receives
cumulative quarterly production and sales information on two general
areas. These general areas encompass numerous fields with varying
numbers of wells. Pursuant to the arrangements under which the
Trust holds royalty rights and the fact that the Trust is not
considered an operating company within Germany, the Trust has no
access to the operating companies' proprietary information
concerning producing field reservoir data. The Trustees have been
advised by their German counsel that publication of such information
is not required under applicable law in Germany and that the royalty
rights do not grant the Trust the right to require or compel the
release of such information. Efforts to obtain such
information from the operating companies have not been successful.
The information made available to the Trust by the operating
companies does not include any of the following: reserve estimates,
capitalized costs, production cost estimates, revenue projections,
producing field reservoir data (including pressure data, permeability,
porosity and thickness of producing zone) or other similar
information. While the limited information available to the Trust
permits the calculation of the cost depletion percentage, it does not
change the uncertainty with respect to the estimate of proved
producing reserves. In addition, it is impossible for the Trust or
its consultant to make estimates of proved undeveloped or probable
future net recoverable oil and gas by appropriate geographic
areas.

 The Trust has the
authority to examine, but only for certain limited purposes, the
operating companies' sales and production from the royalty areas.
Both Graves & Co. and the Trustees believe the use of the material
available is appropriate and suitable for preparation of the cost
depletion percentage and the estimates described in the Cost Depletion
Report. The Trustees and Graves & Co. believe this report and these
estimates to be reasonable and appropriate but assume that these
estimates may vary from statistical estimates which could be made
if complete reservoir production information were available. The
limited information available makes it inappropriate to make
projections or estimates of proved or probable reserves of any
category or class other than the estimated net proved producing
reserves described in the Cost Depletion Report.

 Attachment A of the Cost
Depletion Report shows a schedule of estimated net proved producing
reserves of the Trust's royalty properties, computed as of
October 1, 2024 and a five-year schedule of gas, sulfur and oil
sales for the twelve months ended September 30, 2024, 2023, 2022,
2021 and 2020 computed from quarterly sales reports of operating
companies received by the Trust during such periods.

 Item 3. Legal
Proceedings.

 The Trust is not a party
to, and no Trust property is the subject of, any pending legal
proceedings.

 Item 4. Mine
Safety Disclosures.

 Not Applicable.

 Item 5. Market
for Registrant's Common Equity, Related Stockholder Matters, and

 Issuer Purchases of Equity Securities.

 None.

 Item 6.
 [Reserved].

 Item 7.
 Management's Discussion and Analysis of Financial Condition and
Results of Operations
.

 Executive Summary

 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 the Trust's anticipated expenses.

 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 for capital
expenditures or investments in order to continue the receipt of
royalty revenues by the Trust.

 The properties of the Trust
are described in Item 2. Properties of this Report. Of particular
importance with respect to royalty income are the two royalty
agreements, the Mobil Agreement and the OEG Agreement. The Mobil
Agreement covers gas sales from the western part of the Oldenburg
concession. The Trust has traditionally received the majority of its
royalty income under the Mobil Agreement due to the higher
royalty rate of 4%. The OEG Agreement covers gas sales from
the entire Oldenburg concession but the royalty rate of 0.6667% is
significantly lower and gas royalties have been correspondingly
lower.

 The operating companies pay
royalties to the Trust based on their sales of natural gas,
sulfur and oil. Of these three products, natural gas provided
approximately 94% of the total royalties in fiscal 2024. 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 produced and the exchange rate. For purposes of the royalty
calculations, the determination of the gas price is explained in
detail in the following three paragraphs.

 On August 26, 2016, the
Mobil and OEG Agreements were amended to establish a new base to
determine gas prices for the calculation of the Trust's royalties.
This new base is set as the state assessment base for natural gas
used by the operating companies in their calculation of royalties
payable to the State of Lower Saxony. This change reflects a shift
to the prices calculated for the German Border Import gas Price
("GBIP"). The average combined totals of the GBIP for the relevant
three-month period are used to provide an average gas price for the
quarter. This average gas price is increased by 1% and 3% per the
terms of the Mobil and OEG Royalty Agreements and is used by the
operators to calculate the royalties payable to the Trust for a
given quarter.

 The change to the GBIP has
reduced the scope and cost of the accounting examination, eliminated
ongoing disputes with OEG and Mobil regarding sales to related
parties, and reduced prior year adjustments to the normally
scheduled year-end reconciliation. The pricing basis has also
eliminated certain costs that were previously deductible prior to
the royalty calculation under the OEG Agreement.

 On approximately the 25th
of the months of January, April, July and October, the operating
companies calculate the volume of gas sold during the previous
calendar quarter. This volume of gas sold is then multiplied by
the average adjusted GBIP available at that time. The respective
royalty amount is divided into thirds and forms the monthly royalty
payments to the Trust for the Trust's upcoming fiscal quarter. When
the operating companies determine the actual amount of royalties that
were payable for the prior calendar quarter, they also look at the
actual amount of royalties that were paid to the Trust for that
period and calculate the difference between what was paid and what
was payable. Positive adjustments are paid immediately and any
negative adjustments are deducted from the next royalty payment.
In September of the succeeding calendar year, the operating
companies make the final determination of any necessary royalty
adjustments for the prior calendar year with a positive or negative
adjustment made accordingly.

 For unit owners, changes in
the U.S. dollar value of 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 transferred from Germany to the Trust's bank
account in the U.S. In relation to the U.S. dollar, a
stronger Euro would yield more U.S. dollars and a weaker Euro would
yield fewer U.S. dollars.

 Seasonal demand factors
affect the income from the Trust's royalty rights insofar as they
relate to energy demands and increases or decreases in prices, but
on average they are generally not material to the annual income
received under the Trust's royalty rights.

 The Trust has no means of
ensuring continued income from overriding royalty rights at their
present level or otherwise. 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. Eventually, the assets of the Trust will cease to produce
in commercial quantities and the Trust will cease to receive proceeds
from such assets.

 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. However, 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.

 The low level of
administrative expenses of the Trust limits the effect of inflation on
costs. Sustained price inflation would be reflected in sales prices.
Sales prices along with sales volumes form the basis on which the
royalties paid to the Trust are computed.

 Results: Fiscal 2024 versus Fiscal
2023

 Fiscal 2023 was a turbulent
year with dramatic price swings and significant negative adjustments
totaling $2,161,390 that carried over beyond the year's end. Fiscal
2024 was more stable price-wise despite the overall lower gas prices
but it too was impacted by significant negative adjustments carrying
over beyond the year's end. Due to the very high gas prices in effect
towards the end of 2022 that were a determining factor in royalty
payments in early 2023, the Trust was notified in September 2024 that
the calendar 2023 end-of-year adjustment would be a sizeable negative
amount under both royalty agreements. These negative adjustments
eliminated the scheduled royalty payments for October 2024 and will
have an impact on the first quarter of fiscal 2025, both eliminating
the scheduled royalty payments in the case of the OEG royalty and
significantly reducing these payments in the case of the Mobil royalty.
Based on the November 20, 2024 Euro/dollar exchange rate of 1.0521,
the OEG and Mobil negative adjustments for calendar 2023 are
$1,000,143 and $1,619,368, respectively.

 For fiscal 2024, the Trust's
gross royalty income decreased 73.7% to $5,785,303 from $22,016,103 in
fiscal 2023. The total distribution for fiscal 2024 was $0.48 per
unit compared to $2.26 per unit for fiscal 2023. Gas prices under
both royalty agreements were lower, gas sales were mixed, and average
exchange rates were up or flat. The royalty income received under the
Mobil Agreement in fiscal 2024 decreased by $9,717,057 as compared to
fiscal 2023. Royalty income received under the OEG Agreement in fiscal
2024 decreased by $6,513,743 as compared to fiscal 2023.

 Gas sales under the Mobil
Agreement increased 1.2% to 12.592 Billion cubic feet ("Bcf") in fiscal
2024 from 12.439 Bcf in fiscal 2023. Despite the continued lack of
drilling by the operating companies through 2024, the ongoing program of
well workovers and uninterrupted operation of Grossenkneten resulted in
the slight improvement in gas production. However, absent a renewed
drilling program, the normal reduction in well pressure would be
expected to continue and gas production would be expected to decline.

 Quarterly and Yearly
Gas Sales under the Mobil Agreement in Billion cubic feet

 2024 Gas Sales

 2023 Gas Sales

 First

 3.223

 3.519

 -8.4%

 3.236

 3.451

 -6.2%

Third

 3.073

 2.957

 +3.9%

 3.060

 2.512

 +21.8%

Fiscal Year Total

 12.592

 12.439

 +1.2%

 Average prices for gas sold
under the Mobil Agreement decreased 55.3% to 3.7206 Euro cents per
kilowatt hour ("Euro cents/kWh") in fiscal 2024 from 8.3231 Euro
cents/kWh in fiscal 2023.

 Average Gas Prices
under the Mobil Agreement in Euro cents per Kilowatt Hour

 2024 Average
Gas Prices

 2023 Average
Gas Prices

 First

 3.8530

 14.1664

 -72.8%

 4.1601

 9.1043

 -54.3%

 Third

 3.2503

 4.7294

 -31.3%

 3.5886

 3.2970

 +8.8%

Fiscal Year Average

 3.7206

 8.3231

 -55.3%

 Converting gas prices into more
familiar terms, using the average exchange rate, yielded a price of $11.52
per thousand cubic feet ("Mcf"), a decrease of 51.1% from fiscal 2023's
average price of $23.54/Mcf. For fiscal 2024, royalties paid under the
Mobil Agreement were converted and transferred at an average Euro/U.S.
dollar exchange rate of 1.0834, unchanged from the average Euro/U.S. dollar
exchange rate of 1.0834 for fiscal 2023.

 Average Euro
Exchange Rate under the Mobil Agreement

 2024 Average Euro Exchange Rate

 2023 Average Euro Exchange Rate

 First

 1.0816

 1.0706

 +1.0%

 1.0714

 1.0698

 +0.1%

 Third

 1.0757

 1.1099

 -3.1%

 1.1071

 0.0000 1

Fiscal Year Average

 1.0834

 1.0834

 0.0%

 1. No royalty income was deposited into the Trust's account at
Deutsche Bank, and there was no conversion and transfer to the Trust's account
with M&T Bank. Consequently, no exchange rate was generated.

 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 fiscal 2024,
the volume of gas sold from western Oldenburg accounted for only 29.3%
of the volume of all gas sales. However, western Oldenburg gas royalties
provided approximately 81.8% or $4,465,816 out of a total of $5,456,698 in
overall Oldenburg gas royalties.

 Gas sales under the OEG Agreement
decreased 4.5% to 42.918 Bcf in fiscal 2024 from 44.944 Bcf in fiscal 2023.
Given the continued lack of drilling by the operating companies through 2024,
the Trust's consultant in Germany believes the decline in gas production is
due to the normal reduction in well pressure that is experienced over time.

 Quarterly and Yearly Gas Sales under the OEG Agreement in Billion cubic feet

 2024 Gas Sales

 2023 Gas Sales

 First

 11.085

 12.881

 -13.9%

 ovember870

 12.242

 -11.2%

 Third

 10.454

 10.503

 -0.5%

 10.509

 9.318

 +12.8%

Fiscal Year Total

 42.918

 44.944

 -4.5%

 Average gas prices for gas sold
under the OEG Agreement decreased 55.4% to 3.7929 Euro cents/kWh in fiscal
2024 from 8.4965 Euro cents/kWh in fiscal 2023.

 Average Gas Prices under the OEG Agreement in Euro cents per
Kilowatt Hour

 2024 Average Gas Prices

 2023 Average Gas Prices

 First

 3.9293

 14.4469

 -72.8%

 4.2425

 9.2846

 -54.3%

 Third

 3.3146

 4.8230

 -31.3%

 3.6597

 3.3623

 +8.8%

Fiscal Year Average

 3.7929

 8.4965

 -55.4%

 Converting gas prices into
more familiar terms, using the average exchange rate, yielded a price
of $11.32/Mcf for fiscal 2024, a decrease of 52.5% from fiscal 2023's
average price of $23.85/Mcf. For fiscal 2024, royalties paid under the
OEG Agreement were converted and transferred at an average Euro/U.S.
dollar exchange rate of 1.0848, a decrease of 0.1% from the average
Euro/U.S. dollar exchange rate of 1.0856 for fiscal 2023.

 Average Euro Exchange Rate under the OEG Agreement

 2024 Average
Euro Exchange Rate

 2023 Average
Euro Exchange
Rate

 First

 0.0000 1

 1.0700

 -100.0%

 1.0715

 1.0698

 +0.2%

 Third

 1.0757

 1.1170

 -3.7%

 1.1071

 0.0000 1

 Fiscal
Year Average

 1.0848

 1.0856

 -0.1%

 1. No royalty income was deposited into the
Trust's account at Deutsche Bank, and there was no conversion and transfer
to the Trust's account with M&T Bank. Consequently, no exchange rate was
generated.

 Interest income for fiscal 2024 of
$70,382 decreased from interest income of $125,003 for fiscal 2023 due to
the reduced amount of royalties received. Trust expenses decreased $169,719,
or 17.5%, to $797,872 in fiscal 2024 from $967,591 in fiscal 2023 due to
higher Trustees' fees as specified in the provisions of the Trust Agreement
paid during fiscal 2023.

 Report on Drilling and Geophysical Work

 The Trust's German consultant
periodically contacts the representatives of the operating companies to
inquire about their planned and proposed drilling and geophysical work
and other general matters. The following represents a summary of the
most recent information the Trust's German consultant received from
representatives of EMPG in December 2024. 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
required 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.

 The Trust's German consultant has advised the Trust
that EMPG has not planned any new wells for calendar 2025 and no major
work has been initiated on the exploration side.

 Maintenance work, including well cleanup jobs and foam
jobs to de-water weak wells, will be continuing to ensure the wells are
operating at maximum efficiency and production levels.

 Critical Accounting Policies

 The financial statements,
appearing subsequently in this Report, present financial statement
balances and financial results on a modified cash basis of accounting,
which is a comprehensive basis of accounting other than accounting
principles generally accepted in the U.S. ("GAAP basis"). Modified
cash basis accounting is an accepted accounting method for royalty
trusts such as the Trust. GAAP basis financial statements disclose
income as earned and expenses as incurred, without regard to receipts
or payments. The use of GAAP would require the Trust to accrue for
expected royalty payments. This is exceedingly difficult since the
Trust has very limited information on such payments until they are
received and cannot accurately project such amounts. The Trust's
modified cash basis financial statements disclose revenue when cash
is received and expenses when cash is paid. The one modification of
the cash basis of accounting is that the Trust accrues 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 provides a
more meaningful presentation to unit owners of the results of operations
of the Trust and presents to the unit owners a more accurate calculation
of income and expenses for tax reporting purposes.

 Off-Balance Sheet Arrangements

 The Trust has no off-balance
sheet arrangements.

 This Report on Form 10-K 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:

 • 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;

 • risks and uncertainties
concerning levels of gas production and gas sale prices, general
economic conditions and currency exchange rates;

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

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

 • political and economic
uncertainty arising from the conflict in Ukraine and the Middle
East.

 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.

 Item 7A.
 Quantitative and Qualitative Disclosures about Market Risk.

 The Trust does not engage in
any trading activities with respect to possible foreign exchange
fluctuations. The Trust does not use any financial instruments to
hedge against possible risks related to foreign exchange
fluctuations. The market risk with respect to funds held in the
Trust's bank account in Germany is negligible because standing
instructions at the Trust's German bank require the bank to process
conversions and transfers of royalty payments as soon as possible
following their receipt. The Trust does not engage in any trading
activities with respect to commodity price fluctuations.

 Item 8.
 Financial Statements and Supplementary Data.

 INDEX TO FINANCIAL STATEMENTS

 Page Number

 Report of Independent Registered Public Accounting
Firms

 F-1 - F-4

 Financial Statements:

 Statements of Assets, Liabilities and

 Trust Corpus as of October 31, 2024 and 2023

 Statements of Revenue Collected and
Expenses Paid

 for the Fiscal Years Ended October 31, 2024 and 2023

 Statements of Undistributed Earnings

 for the Fiscal Years Ended October 31, 2024 and 2023

 Statements of Changes in Cash and
Cash Equivalents

 for the Fiscal Years Ended October 31, 2024 and
2023

 Notes to Financial Statements

 F-9 - F-11

 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM

 To the Board of Trustees and the Unit Owners of

North European Oil Royalty Trust

 Opinion on the Financial
Statements

 We have audited the accompanying statement of assets,
liabilities, and trust corpus of North European Oil Royalty Trust
(the "Trust") as of October 31, 2024, and the related statements of
revenue collected and expenses paid, undistributed earnings, and changes
in cash and cash equivalents for the year ended October 31, 2024, and the
related notes (collectively referred to as the "financial statements").
In our opinion, the financial statements referred to above present
fairly, in all material
respects, the assets, liabilities and trust corpus of the Trust as of
October 31, 2024, and its revenue collected and expenses paid,
undistributed earnings and changes in cash and cash equivalents for
the year then ended, in conformity
with the modified cash basis of accounting described in Note 1.

 Basis for Opinion

 These financial statements are the responsibility of the
Trust's management. Our responsibility is to express an opinion on the Trust's
financial statements based on our audit.

We are a public accounting firm registered with the Public Company Accounting
Oversight Board (United States) ("PCAOB") and are required to be independent
with respect to the Trust in accordance with the U.S. federal securities laws
and the applicable rules and regulations of the Securities and Exchange
Commission and the PCAOB.

 We conducted our audit in accordance with the standards of the
PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are
free of material
misstatement, whether due to error or fraud. The Trust is not required to have,
nor were we engaged to perform, an audit of its internal control over financial
reporting. As part of our audit, we are required to obtain an understanding of
internal control over financial reporting, but not for the purpose of expressing
an opinion on the effectiveness of the Trust's internal control over financial
reporting. Accordingly, we express no such opinion.

 Our audit included performing procedures to assess the risks of
material misstatement of the financial statements, whether due to error or fraud,
and performing procedures that respond to those risks. Such procedures include
examining, on a test basis, evidence regarding the amounts and disclosures in the
financial statements. Our audit also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that our audit provides a
reasonable basis for our opinion.

 Basis of Accounting

 As described in Note 1, these financial statements have been
prepared on the modified cash basis of accounting, which is a comprehensive basis
of accounting other than accounting principles generally accepted in the United
States of America.

 Critical Audit Matters

 Critical audit matters are matters arising from the current period
audit of the financial statements that were communicated or required to be
communicated to the audit committee and that: (1) relate to accounts or disclosures
that are material to the financial statements and (2) involved our especially
challenging, subjective, or complex judgments. We determined that there are no
critical audit matters.

/s/ Forvis Mazars, LLP

 We have served as the Trust's auditor since 2024

Iselin, New Jersey

December 31, 2024

 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM

 To the Board of Trustees and the Unit Owners of

North European Oil Royalty Trust

 Opinion on the Financial
Statements

 We have audited the accompanying statement of assets,
liabilities, and trust corpus of North European Oil Royalty Trust
(the "Trust") as of October 31, 2023, and the related statements of
revenue collected and expenses paid, undistributed earnings, and changes
in cash and cash equivalents for the year ended October 31, 2023, and the
related notes (collectively referred to as the "financial statements").
In our opinion, the financial statements present fairly, in all material
respects, the assets, liabilities and trust corpus of the Trust as of
October 31, 2023, and its revenue collected and expenses paid,
undistributed earnings and changes in its cash and cash equivalents for
each of the two years in the year ended October 31, 2023 in conformity
with the modified cash basis of accounting described in Note 1.

 Basis for Opinion

 These financial statements are the responsibility of the
Trust's management. Our responsibility is to express an opinion on the Trust's
financial statements based on our audit.

We are a public accounting firm registered with the Public Company Accounting
Oversight Board (United States) ("PCAOB") and are required to be independent
with respect to the Trust in accordance with the U.S. federal securities laws
and the applicable rules and regulations of the Securities and Exchange
Commission and the PCAOB.

 We conducted our audit in accordance with the standards of the
PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement, whether due to error or fraud. The Trust is not required to have,
nor were we engaged to perform, an audit of its internal control over financial
reporting. As part of our audit, we are required to obtain an understanding of
internal control over financial reporting, but not for the purpose of expressing
an opinion on the effectiveness of the Trust's internal control over financial
reporting. Accordingly, we express no such opinion.

 Our audit included performing procedures to assess the risks of
material misstatement of the financial statements, whether due to error or fraud,
and performing procedures that respond to those risks. Such procedures included
examining, on a test basis, evidence regarding the amounts and disclosures in the
financial statements. Our audit also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that our audit provides a
reasonable basis for our opinion.

 Basis of Accounting

 As described in Note 1, these financial statements have been
prepared on the modified cash basis of accounting, which is a comprehensive basis
of accounting other than accounting principles generally accepted in the United
States of America.

 Critical Audit Matters

 Critical audit matters are matters arising from the current period
audit of the financial statements that were communicated or required to be
communicated to the audit committee and that: (1) relate to accounts or disclosures
that are material to the financial statements and (2) involved our especially
challenging, subjective, or complex judgments. We determined that there are no
critical audit matters.

/s/ Mazars USA LLP

 We have served as the Trust's auditor from 2006 to 2024

Iselin, New Jersey

December 29, 2023

 STATEMENTS OF ASSETS, LIABILITIES
AND TRUST CORPUS (NOTE 1)

 OCTOBER 31, 2024 AND 2023

 2024

 2023

 ASSETS

 Current assets --
 Cash and cash equivalents

 $1,625,343

 $795,201

 Producing gas and oil royalty rights,
 net of amortization (Notes 1 and 2)

 Total Assets

 $1,625,344

 $795,202

 2024

 2023

 LIABILITIES AND TRUST CORPUS

 Current liabilities -- Distributions
 to be paid

 to unit owners

 $183,812

 $0

 Trust corpus (Notes 1 and 2)

 Undistributed earnings

 1,441,531

 795,201

 Total Liabilities and
 Trust Corpus

 $1,625,344

 $795,202

 The accompanying notes are an integral part
 of these financial statements.

 STATEMENTS OF REVENUE COLLECTED
AND EXPENSES PAID (NOTE 1)

 FOR THE FISCAL YEARS ENDED OCTOBER 31, 2024 AND
2023

 2024

 2023

 Gas, sulfur and oil royalties received

 $5,785,303

 $22,016,103

 Interest income

 70,382

 125,003

 Trust Income

 $5,855,685

 $22,141,106

 Operating Expenses

 ($790,289)

 ($957,067)

 Related party expenses (Note 3)

 (7,583)

 (10,524)

 Trust Expenses

 ($797,872)

 ($967,591)

 Net Income

$5,057,813

$21,173,515

 Net income per unit

 $0.55

 $2.30

 Distributions per unit paid or
to be paid to unit owners

 $0.48

 $2.26

 The accompanying notes are an integral part
of these financial statements.

 STATEMENTS OF UNDISTRIBUTED EARNINGS (NOTE
1)

 FOR THE FISCAL YEARS ENDED OCTOBER 31, 2024 AND
2023

 2024

 2023

 Balance, beginning of period

 $795,201

 $392,420

 Net income

 5,057,813

 21,173,515

 5,853,014

 21,565,935

 Less:

 Current year distributions
paid or
 to be paid to unit owners

 4,411,483

 20,770,734

 Balance, end of period

$1,441,531

$795,201

 The accompanying notes are an integral part
of these financial statements.

 STATEMENTS OF CHANGES IN CASH
AND CASH EQUIVALENTS (NOTE 1)

 FOR THE FISCAL YEARS ENDED
OCTOBER 31, 2024 AND 2023

 2024

 2023

 Sources of Cash and Cash
Equivalents:

 Gas, sulfur and oil royalties received

 $5,785,303

 $22,016,103

 Interest income

 70,382

 125,003

 $5,855,685

 $22,141,106

 Uses of Cash and Cash
Equivalents:

 Payment of Trust expenses

 $797,872

 $967,591

 Distributions paid

 4,227,671

 27,571,771

 $5,025,543

 $28,539,362

 Net increase (decrease) in cash and

cash equivalents during the year

 830,142

 (6,398,256)

 Cash and cash equivalents,
 beginning of year

 795,201

 7,193,457

 Cash and cash equivalents,
 end of year

$1,625,343

$795,201

 The accompanying notes are an integral part
of these financial statements.

 NORTH EUROPEAN OIL
ROYALTY TRUST

 NOTES TO FINANCIAL
STATEMENTS

 OCTOBER 31, 2024 AND 2023

 (1) Summary of significant accounting
policies:

 Basis of accounting
-

 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.

 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.

 The Trust receives
adjustments from the operating companies based on their final
calculations of royalties payable during the prior periods, including
the immediately preceding calendar quarter. Negative adjustments are
carried over to the succeeding quarter.

 Producing gas and oil
royalty rights -

 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) since 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.

 Federal and state
income taxes -

 The Trust, as a grantor trust
and additionally under a private letter ruling issued by the Internal
Revenue Service, is exempt from federal income taxes. The Trust has no
state income tax obligations.

 Cash and cash equivalents -

 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 October 31, 2024,
the uninsured amounts held in the Trust's U.S. bank accounts were
$1,368,398. In addition, the Trust held Euros 6,397, the equivalent of
$6,945, in its German bank account at October 31, 2024.

 Net income per unit -

 Net income per unit is based
upon the number of units outstanding at the end of the period. As of
October 31, 2024 and 2023, there were 9,190,590 units of beneficial
interest outstanding.

 New accounting
pronouncements -

 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.

 (2) Formation of the Trust:

 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 Corp. 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.

 (3) Related party transactions:

 John R. Van Kirk, the
Managing Director of the Trust, provides office services to the Trust
at cost. For such office services, the Trust reimbursed the Managing
Director $7,583 and $10,524 in fiscal 2024 and 2023, respectively.

 (4) Employee benefit plan:

 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 authorized the making of contributions by the
Trust to the accounts of employees, on a matching basis,
of up to 3% of cash compensation paid to each such employee for
the 2024 and 2023 calendar years.

 (5) Quarterly results (unaudited):

 The tables below summarize
the quarterly results and distributions of the Trust for the fiscal
years ended October 31, 2024 and 2023:

 Fiscal 2024 by Quarter and Year

 First

 Third

 Year

 Royalties received

 $424,910

 $2,232,767

 $2,457,422

 670,204

 $5,785,303

 Net income

 $179,085

 $2,033,899

 $2,318,094

 526,734

 $5,057,813

 Net Income per unit

 $0.02

 $0.22

 $0.25

 $0.06

 $0.55

 Distribution paid
 or to be paid

 $459,529

 $1,838,118

 $1,930,024

 $183,812

 $4,411,483

 Distribution per unit

 or to be paid

 to unit owners

 $0.05

 $0.20

 $0.21

 $0.02

 $0.48

 1. At the end
of each fiscal quarter, the Trust
converts the Euro balance in its account at Deutsche Bank into
dollars and includes this amount in the royalty income total.
Since there was no royalty income for the fourth fiscal quarter
and there was a loss on exchange, the total royalty income for
the fourth fiscal quarter is a negative number.

 2. The negative net income is comprised of the
negative royalty income minus the quarterly expenses plus interest
income.

 Fiscal 2023 by Quarter and Year

 First

 Third

 Year

 Royalties received

 $9,765,883

 $9,760,018

 $2,490,778

 ($576) 1

 $22,016,103

 Net income

 $9,536,014

 $9,504,566

 $2,290,894

 ($157,959) 2

 $21,173,515

 Net Income per unit

 $1.04

 $1.03

 $0.25

 ($0.02)

 $2.30

 Distribution paid
 or to be paid

 $9,190,590

 $9,650,120

 $1,930,024

 $0

 $20,770,734

 Distribution per unit

 or to be paid

 to unit owners

 $1.00

 $1.05

 $0.21

 $0.00

 $2.26

 Item 9. Changes in and
Disagreements with Accountants on
 Accounting and Financial Disclosure.

 None.

 Item 9A. Controls
and Procedures.

 Disclosure Controls and Procedures

 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. 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
October 31, 2023. Based on that evaluation, the Managing Director
concluded that the Trust's disclosure controls and procedures were
effective as of October 31, 2024.

 Internal Control over Financial Reporting

 Part A. Management's
Report on Internal Control over Financial Reporting

 The Trust's management is
responsible for establishing and maintaining adequate internal control
over financial reporting (as such term is defined in Exchange Act Rule
13a-15(f)) for the Trust. There are inherent limitations in the
effectiveness of any internal control, including the possibility of
human error and the circumvention or overriding of controls.
Accordingly, even effective internal controls can provide only
reasonable assurance with respect to financial statement preparation.
Further, because of changes in conditions, the effectiveness of
internal control may vary over time. Management has evaluated the
Trust's internal control over financial reporting as of October 31,
2024. This assessment was based on criteria for effective
internal control over financial reporting described in the standards
promulgated by the Public Company Accounting Oversight Board and in
the Internal Control-Integrated Framework (2013) issued by
the Committee of Sponsoring Organizations of the Treadway Commission
(COSO). Based on this evaluation, management concluded that the
Trust's internal control over financial reporting was effective as
of October 31, 2024.

 Part B. Attestation
Report of Independent Registered Public Accounting Firm

 Not applicable

 Part C. Changes
in Internal Control over Financial Reporting

 There have been no changes in
the Trust's internal control over financial reporting that occurred
during the fourth quarter of fiscal 2024 that have materially affected,
or are reasonably likely to materially affect, the Trust's internal
control over financial reporting.

 Item 9B. Other
Information.

 During the quarter ended
October 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).

 Item 9C. Disclosure
Regarding Foreign Jurisdictions that Prevent Inspections.

 Not applicable.

 Item 10. Directors,
Executive Officers and Corporate Governance

 Except as set forth below,
the information required by this item will be contained in the Trust's
definitive Proxy Statement for its Annual Meeting of Unit Owners to be
held on February 26, 2025, to be filed pursuant to Section 14 of the
Securities Exchange Act of 1934, and is incorporated herein by reference.

 Insider Trading Policy

 The Trust has adopted insider
trading policies and procedures governing the purchase, sale, and/or other
dispositions of the Trust units by the Trustees and employees, or the
Trust itself, that are reasonably designed to promote compliance with
insider trading laws, rules and regulations, and any listing standards
applicable to the Trust. A copy of such policies and procedures is filed
hereto as Exhibit 19.1.

 Code of Ethics

 The Trustees adopted
a Code of Conduct and Business Ethics (the "Code") beginning in 2004
for the Trust's Trustees and employees, including the Managing
Director. The Managing Director serves the roles of chief
executive officer and chief financial and accounting officer.
A copy of the Code is available without charge on request by writing
to the Managing Director at the office of the Trust. The Code is also
available on the Trust's website, www.neort.com.

 All Trustees and employees
of the Trust are required to read and sign a copy of the Code
annually. No waivers or exceptions to the Code have been granted since
the adoption of the Code. Any amendments or waivers to the Code, to
the extent required, will be disclosed in a Form 8-K filing of the
Trust after such amendment or waiver.

 Item 11. Executive
Compensation.

 The information required by
this item will be contained in the Trust's definitive Proxy Statement
for its Annual Meeting of Unit Owners to be held on February 26, 2025,
to be filed pursuant to Section 14 of the Securities Exchange Act of
1934, and is incorporated herein by reference.

 Item 12. Security Ownership
of Certain Beneficial Owners and Management and
 Related
Stockholder Matters.

 The information required by
this item will be contained in the Trust's definitive Proxy Statement
for its Annual Meeting of Unit Owners to be held on February 26, 2025,
to be filed pursuant to Section 14 of the Securities Exchange Act of
1934, and is incorporated herein by reference.

 Item 13. Certain Relationships
and Related Transactions, and Director Independence.

 The information required by
this item will be contained in the Trust's definitive Proxy Statement
for its Annual Meeting of Unit Owners to be held on February 26, 2025,
to be filed pursuant to Section 14 of the Securities Exchange Act of
1934, and is incorporated herein by reference.

 Item 14. Principal Accountant
Fees and Services.

 The information required by this
item will be contained in the Trust's definitive Proxy Statement for its
Annual Meeting of Unit Owners to be held on February 26, 2025, to be filed
pursuant to Section 14 of the Securities Exchange Act of 1934, and is
incorporated herein by reference.

 Item 15. Exhibits and Financial
Statement Schedules.

 (a) The following is a
list of the documents filed as part of this Report:

 1. Financial Statements

 Index to Financial Statements for the Fiscal
Years Ended October 31, 2024
 and 2023

 Report of Independent
Registered Public Accounting Firm

 Statements of Assets,
Liabilities and Trust Corpus as of October 31, 2024
 and 2023

 Statements of Revenue
Collected and Expenses Paid for the Fiscal Years
 Ended October
31, 2024 and 2023

 Statements of
Undistributed Earnings for the Fiscal Years Ended October 31,
 2024
and 2023

 Statements of Changes
in Cash and Cash Equivalents for the Fiscal Years
 Ended October 31,
2024 and 2023

 Notes to Financial
Statements

 2. Exhibits

 The Exhibit
Index following the signature page lists all exhibits filed with
 this
Report or incorporated by reference.

 Item 16. Form 10-K
Summary.

 None.

 SIGNATURES

 Pursuant to the requirements
of Section 13 or 15(d) of the Securities Exchange Act of 1934, the
Trust has duly caused this Report to be signed on its behalf by the
undersigned, thereunto duly authorized.

 /s/John R. Van Kirk

 John R. Van Kirk, Managing
Director,

 Chief Executive Officer, and

 Chief Financial Officer

 Pursuant to the requirements
of the Securities Exchange Act of 1934, this Report has been signed
below by the following persons on behalf of the Registrant and in the
capacities and on the dates indicated.

 /s/Nancy J. Floyd Prue

 Nancy J. Floyd Prue, Managing Trustee

 /s/Andrew S. Borodach

 Andrew S. Borodach, Trustee

 /s/Ahron H.Haspel

 Ahron H. Haspel, Trustee

 /s/Richard P. Howard

 Richard P. Howard, Trustee

 /s/Lawrence A. Kobrin

 Lawrence A. Kobrin, Trustee

 /s/John R. Van Kirk

 John R. Van Kirk, Managing Director

 Chief Executive Officer

 and Chief Financial Officer

 EXHIBIT INDEX

 Exhibit
 Page

 (3.1)

 North European Oil Royalty Trust Agreement, dated September 10, 1975,
as amended through February 13, 2008 (incorporated by reference to
Exhibit 3.1 to Current Report on Form 8-K, filed February 15, 2008
(File No. 0-8378)).

 (3.2)

 Amended and Restated Trustees' Regulations, amended and restated as of
October 31, 2007 (incorporated by reference to Exhibit 3.1 to Current
Report on Form 8-K, filed November 2, 2007 (File No. 0-8378)).

 (4.1)

Description of Securities

 (10.1)

 Agreement with
OEG, dated April 2, 1979, exhibit to Current Report on Form 8-K filed
May 11, 1979 (incorporated by reference as Exhibit 1 to Current Report
on Form 8-K, filed May 11, 1979 (File No. 0-8378)).

 (10.2)

 Agreement with Mobil
Oil, A.G. concerning sulfur royalty payment, dated March 30, 1979
(incorporated by reference to Exhibit 3 to Current Report on Form 8-K,
filed May 11, 1979 (File No. 0-8378)).

 (10.3)

 English language translation of Amendment Agreement dated
August 26, 2016 between Oldenburgische Erdolgesellschaft mbH and North
European Oil Royalty Trust (incorporated by reference to Exhibit 10.1
to Quarterly Report on Form 10-Q for the quarter ended July 31, 2016
(File No. 1-8245)).

 (10.4)

 English language translation of Amendment Agreement dated
August 26, 2016 between Mobil Erdgas-Erdol GmbH and North European Oil
Royalty Trust (incorporated by reference to Exhibit 10.2 to Quarterly
Report on Form 10-Q for the quarter ended July 31, 2016 (File
No. 1-8245)).

 (19.1)

Insider Trading Policies and Procedures

 (21)

 There are no subsidiaries of the Trust.

 (31)

 Certification
of Chief Executive Officer and Chief Financial Officer pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002

 (32)

 Certification
of Chief Executive Officer and Chief Financial Officer pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002

 (97)

 Policy for the
Recovery of Erroneously Awarded Compensation

 (99.1)

 Calculation
of Cost Depletion Percentage for the 2024 Calendar Year Based on the
Estimate of Remaining Proved Producing Reserves in
the Northwest Basin of the Federal Republic of Germany as of
October 1, 2023 prepared by Graves & Co. Consulting, LLC

 (99.2)

Order Approving Settlement signed by Vice Chancellor Jack Jacobs of the
Delaware Court of Chancery (incorporated by reference as Exhibit 99.2 to
Current Report on Form 8-K, filed February 26, 1996).