10-Q 1 tenq1q25.htm

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

FORM 10-Q

(Mark One)

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

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~July~~January 31, ~~2024~~2025 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 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 and post 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 is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ___ No X

9,190,590 Units of Beneficial Interest Outstanding as of ~~July~~January 31, ~~2024~~2025

PART I -- FINANCIAL INFORMATION

Item 1. Financial Statements.

STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS (NOTE 1)JANUARY 31, 2025 AND OCTOBER 31, 2024(Unaudited)

	2024	2023
	2025	2024
ASSETS
Current assets -- Cash and cash equivalents	$31,~~028~~726,~~632~~999	$~~795~~1,~~201~~625,343
Producing gas and oil royalty rights, net of amortization (Notes 1 and 2)	1	1
Total Assets	$31,~~028~~727,~~633~~000	$~~795~~1,~~202~~625,344
LIABILITIES AND TRUST CORPUS
Current liabilities -- Distributions to be paid to unit owners	$1,930,024	$0
Current liabilities -- Distributions to be paid to unit owners,	$367,624	$183,812
Trust corpus (Notes 1 and 2)	1	1
Undistributed earnings	1,~~098~~359,~~608~~375	~~795~~1,~~201~~441,531
Total Liabilities and Trust Corpus	$31,~~028~~727,~~633~~000	$~~795~~1,~~202~~625,344

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

STATEMENTS OF REVENUE COLLECTED AND EXPENSES PAID (NOTE 1)FOR THE THREE MONTHS ENDED JANUARY 31, 2025 AND 2024 (Unaudited)

~~2024~~2025 ~~2023~~2024

Gas, sulfur and oil royalties received $505,697 $424,910 Interest income 13,736 7,460 Trust Income $519,433 $432,370 Non-related party expenses (232,012) (251,333) Related party expenses (Note 3) (1,953) (1,952) Trust Expenses (233,965) (253,285) Net Income $285,468 $179,085 Net income per unit $0.03 $0.02 Distributions per unit paid or to be paid to unit owners $0.04 $0.05

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

STATEMENTS OF UNDISTRIBUTED EARNINGS (NOTE 1)FOR THE THREE MONTHS ENDED JANUARY 31, 2025 AND 2024(Unaudited)

	2024	2023
	2025	2024
Gas, sulfur and oil royalties received	$5,115,099	$22,016,679
Balance, beginning of period	$1,441,531	$795,201
Interest income	50,187	112,289
Net income	285,468	179,085
Trust Income	$5,165,286	$22,128,968
	1,726,999	974,286
Operating expenses	(629,235)	(788,638)
Less:
Related party expenses (Note 3)	(4,973)	(8,856)
Current year distributions paid or to be paid to unit owners	367,624	459,529
Trust Expenses	(634,208)	(797,494)
Balance, end of period	$1,359,375	$514,757
Net Income	$4,531,078	$21,331,474
Net income per unit	$0.49	$2.32
Distributions per unit paid or to be paid to unit owners	$0.46	$2.26
Units outstanding at end of period	9,190,590	9,190,590

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

STATEMENTS OF CHANGES IN CASH AND CASH EQUIVALENTS (NOTE 1)FOR THE THREE MONTHS ENDED JANUARY 31, 2025 AND 2024(Unaudited)

	2024	2023
	2025	2024
Balance, beginning of period	$795,201	$392,420
Sources of Cash and Cash Equivalents:
Net income	4,531,078	21,331,474
Gas, sulfur and oil royalties received	$505,697	$424,910
	5,326,279	21,723,894
Interest income	13,736	7,460
Less:
	519,433	432,370
Current year distributions paid or to be paid to unit owners	4,227,671	20,770,734
Uses of Cash and Cash Equivalents:
Balance, end of period	$1,098,608	$953,160
Payment of Trust expenses	233,965	253,285
Distributions paid	183,812	0
	417,777	253,285
Net increase (decrease) in cash and cash equivalents during the period	101,656	179,085
Cash and cash equivalents, beginning of period	1,625,343	795,201
Cash and cash equivalents, end of period	$1,726,999	$974,286

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

NORTH EUROPEAN OIL ROYALTY TRUST

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

	2024	2023
Sources of Cash and Cash Equivalents:
Gas, sulfur and oil royalties received	$5,115,099	$22,016,679
Interest income	50,187	112,289
	5,165,286	22,128,968
Uses of Cash and Cash Equivalents:
Payment of Trust expenses	634,208	797,494
Distributions paid	2,297,647	25,641,747
	2,931,855	26,439,241
Net increase (decrease) in cash and cash equivalents during the period	2,233,431	(4,310,273)
Cash and cash equivalents, beginning of period	795,201	7,193,457
Cash and cash equivalents, end of period	$3,028,632	$2,883,184

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

(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 Securities and Exchange Commission. Financial statement balances and financial results are presented on a modified cash basis of accounting, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States ("GAAP basis"). In the opinion of management, all adjustments that are considered necessary for a fair presentation of these financial statements, including adjustments of a normal, recurring nature, have been included.

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 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, ~~2023~~2024 (the "~~2023~~2024 Form 10-K"). The Statements of Assets, Liabilities and Trust Corpus included herein contain information from the Trust's ~~2023~~2024 Form 10-K.

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) 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.

Federal and state income taxes -

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.

Cash and cash equivalents -

Cash and cash equivalents ~~are~~ are defined as amounts deposited in bank accounts and amounts invested in 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~~ accordance with specific provisions of the Trust Agreement. As of ~~July~~ January 31, ~~2024~~ 2025, the uninsured amount held in the Trust's U.S. bank accounts was $21,~~765~~461,~~645~~400. In addition, the Trust held Euros 1215,000, the equivalent of $1215,~~988~~599, in its German bank account at ~~July~~January 31, ~~2024~~2025.

Net income per unit -

Net income per unit is based upon the number of units outstanding at the end of the period. As of both ~~July~~January 31, ~~2024~~2025 and ~~2023~~2024, 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 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.

(3) Related party transactions:

John R. Van Kirk, the ~~Managing~~ 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,~~499~~953 and $41,~~525~~952 in the ~~third quarter of fiscal 2024 and 2023, respectively, and $4,973 and $8,856 in the~~ first ~~nine~~quarter ~~months~~ of fiscal ~~2024~~2025 and ~~2023~~2024, 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 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 ~~2024~~2025 and ~~2023~~2024 calendar years.

Item 2. 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 of the funds available after provision is made for anticipated ~~present and future~~ Trust 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 with which to make capital expenditures or investments in order to continue the receipt of royalty revenues by the Trust.

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 orand leases in the Federal Republic of Germany. The actual concession or(the ~~leases~~"Oldenburg concession") and leases are held either by Mobil Erdgas-Erdol GmbH ("Mobil Erdgas"), a German operating subsidiary of the ExxonMobil Corporation ("ExxonMobil"), or by ~~Oldenburgische~~ 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, ~~approximately~~at approximately 1,386,000 acres, ~~covers~~ ~~virtually the entire former Grand Duchy of Oldenburg and~~ is ~~located~~ in the German federal state of Lower Saxony. None of the leases are active or productive.

In 2002, Mobil Erdgas and ~~BEB~~ ~~Erdgas und Erdol GmbH ("~~BEB") formed a company, ExxonMobil Production Deutschland GmbH ("EMPG"), to carry out all exploration, drilling and production activities. All sales activities are still handled by the operating companies, either Mobil Erdgas or BEB.

The operating companies ~~pay~~ pay monthly royalties to the Trust based on their sales of natural gas, sulfur and oil. Of these three products, natural gas provided approximately ~~96.31~~82% of the cumulative royalty income received in ~~fiscal~~ ~~2024~~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.

~~There~~On ~~are~~or ~~two~~about ~~types~~the 20th of ~~natural~~the ~~gas~~months ~~found~~of ~~within~~January, ~~the~~April, ~~Oldenburg~~July ~~concession,~~and ~~sweet~~October ~~gas~~of ~~and~~each ~~sour~~year, the ~~gas. Sweet~~operating ~~gas~~companies ~~has~~determine ~~little~~the oramount noof ~~contaminants~~royalties ~~and~~that ~~needs~~were payable ~~very~~to ~~minor~~the ~~treatment before~~Trust itbased ~~can~~on beapplicable ~~sold~~sales during the relevant period. ~~Sour~~This ~~gas,~~amount inis ~~comparison,~~paid ~~must~~out beto ~~processed at~~ the ~~Grossenkneten~~Trust ~~desulfurization~~in ~~plant~~three ~~which~~monthly installments ~~commenced~~as ~~operations~~royalty ~~in 1972. The~~payments ~~desulfurization~~(payable ~~process~~on ~~removes~~or ~~hydrogen~~about ~~sulfide~~the ~~and~~15th ~~other~~of ~~contaminants~~each ~~before~~month) ~~the~~during ~~clean~~its ~~gas~~upcoming ~~can~~fiscal ~~be sold~~quarter. ~~The~~In ~~hydrogen~~addition, ~~sulfide~~the inoperating ~~gaseous~~companies ~~form~~review isthe ~~converted~~actual toamount ~~sulfur~~of inroyalties athat were ~~solid~~paid ~~form~~to ~~and~~the ~~sold separately. Following~~Trust ~~the~~for ~~retirement~~that ofperiod ~~one~~and ofcalculate the ~~two remaining~~difference ~~units~~between ~~during~~ the ~~summer~~amounts ofpaid ~~2023,~~and the ~~raw~~amounts ~~gas~~payable. Any ~~input is approximately~~additional ~~200~~amounts ~~million~~payable ~~cubic~~by ~~feet per day. In~~ the ~~opinion~~operating ofcompanies ~~the~~would ~~Trust's~~be ~~German~~paid ~~consultant,~~immediately ~~the~~and ~~single~~any ~~unit~~overpayment ~~will~~would be ~~sufficient~~deducted tofrom ~~handle~~the ~~sour gas~~scheduled ~~production~~monthly ~~through-put~~royalty ~~from~~payments for the ~~concession~~following ~~and~~fiscal ~~operating~~quarter. In ~~expenses in~~September of each year, the ~~future~~operating ~~may~~companies bemake ~~reduced~~the byfinal ~~this~~determination of ~~measure. Since~~any ~~sour~~necessary ~~gas~~underpayment ~~accounts for~~or ~~71%~~overpayment of ~~overall~~royalties ~~gas~~for ~~sales~~the prior ~~and~~calendar ~~97%~~year. The ofTrust's ~~western~~independent ~~gas~~accountants ~~sales,~~based ~~any future~~in ~~shutdown~~Germany ofreview ~~Grossenkneten~~the ~~could~~royalty ~~significantly~~calculations ~~impact~~on ~~royalty~~a ~~income~~biennial basis. The ~~Trust~~next examination ~~cannot~~for ~~predict~~both ~~when,~~calendar 2023 and to2024 ~~what~~will ~~extent,~~begin ~~any~~in ~~future~~October ~~shutdown may occur~~2025.

~~Under~~There ~~one~~are ~~set~~two oftypes ~~rights~~of ~~covering~~natural ~~the~~gas ~~western~~found ~~part~~within of the Oldenburg concession ~~(approximately 662~~,~~000~~ ~~acres),~~sweet ~~the~~gas ~~Trust~~and ~~receives~~sour gas. Sweet agas ~~royalty~~has ~~payment~~little ofor 4%no oncontaminants ~~gross receipts~~and ~~from~~needs ~~sales~~very byminor treatment ~~Mobil~~before ~~Erdgas~~it ofcan ~~gas~~be ~~well~~sold. Sour gas, ~~oil~~in ~~well gas~~comparison, ~~crude~~ ~~oil~~must ~~and~~be processed ~~condensate~~at (the ~~"Mobil~~Grossenkneten ~~Agreement")~~desulfurization plant before it can be sold. ~~Under~~The ~~the~~desulfurization ~~Mobil~~process removes hydrogen sulfide and ~~Agreement,~~other ~~there~~contaminants. The ishydrogen nosulfide ~~deduction~~in ofgaseous ~~costs~~form ~~prior~~is converted to ~~the~~sulfur ~~calculation~~in a solid form and sold separately. With full operation of ~~royalties~~the ~~from~~plant, ~~gas~~raw ~~well~~ gas ~~and~~input ~~oil~~capacity ~~well~~stands ~~gas,~~at ~~which~~approximately ~~together~~200 ~~accounted~~million ~~for~~cubic ~~approximately~~feet 99utilizing the single remaining processing unit.5% It ofis expected that the ~~cumulative~~single ~~royalty~~unit ~~income~~will ~~received~~be ~~under~~sufficient to handle sour gas ~~this~~production ~~agreement~~through-put infrom ~~fiscal~~the ~~2024~~concession. ~~Historically,~~It is also expected that operating expenses in the ~~Trust~~future ~~has~~will ~~received~~be somewhat reduced by using a ~~significantly~~single ~~greater~~processing ~~royalty~~unit. Since ~~payments~~sour ~~under~~gas ~~the~~accounts ~~Mobil~~for ~~Agreement,~~71% asof overall ~~compared~~gas tosales ~~the~~and ~~OEG~~97% ~~Agreement~~of ~~described~~western ~~below~~gas sales, ~~due~~any tofuture ~~the~~shutdown ~~higher~~could significantly impact royalty ~~rate~~income. ~~specified~~The byTrust ~~that~~has ~~agreement~~insufficient data to predict whether, when and to what extent any future shutdown may occur.

~~The~~Under ~~Trust~~one isset ~~also~~of ~~entitled~~rights ~~under~~covering the ~~Mobil~~western ~~Sulfur~~part ~~Agreement~~of tothe ~~receive~~Oldenburg aconcession 2%(approximately 662,000 ~~royalty~~acres), onthe ~~gross~~Trust ~~receipts of~~receives ~~sales~~a royalty payment of ~~sulfur~~4% ~~obtained~~on asgross receipts afrom sales by~~-product~~ Mobil Erdgas of ~~sour~~gas well gas, ~~produced~~oil ~~from~~well ~~the~~gas, ~~western~~crude ~~part~~oil ofand ~~Oldenburg. The~~condensate ~~payment~~(the of"Mobil Agreement"). Under the ~~sulfur~~Mobil Agreement, ~~royalty~~there is ~~conditioned~~ ~~upon~~no ~~sales~~deduction of ~~sulfur~~costs byprior ~~Mobil~~to ~~Erdgas~~the atcalculation of aroyalties ~~selling~~from ~~price~~gas ~~above an~~well ~~agreed~~gas ~~upon~~and ~~base~~oil ~~price. This~~well ~~base~~gas, ~~price~~which istogether accounted ~~adjusted~~for ~~annually~~96% byof ~~an inflation~~the ~~index. In~~cumulative ~~the~~royalty ~~first~~income received ~~nine~~under ~~months~~this ofagreement in fiscal ~~2024~~2025. Historically, the Trust ~~received~~ ~~$68,205~~has inreceived ~~sulfur~~significantly ~~royalties~~greater royalty payments under the Mobil ~~Sulfur~~ Agreement ~~from~~, aas ~~combination~~compared ofto ~~previous~~the ~~quarters~~OEG ~~and corrections uncovered during~~Agreement ~~the~~described ~~royalty~~below, ~~examination~~due ~~process. In~~to the ~~first~~higher ~~nine~~royalty ~~months~~rate ofspecified ~~fiscal~~by ~~2023,~~that ~~the Trust received $34,586 in sulfur royalties under the Mobil Sulfur Agreement~~agreement.

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

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

~~The~~For ~~amended~~unit ~~agreements~~owners, ~~also~~changes ~~established a procedure to address the inherent delay~~ in the ~~availability of~~currency ~~data~~exchange ~~regarding~~rate ~~gas~~between ~~prices~~the ~~and gas sales~~U. AsS. ~~their~~Dollar ~~first step on or about the 20th of the months of January, April, July~~ and ~~October,~~ the ~~operating~~ ~~companies determine the amount of royalties that were owed to~~Euro ~~the~~have ~~Trust~~an ~~based~~immediate ~~on applicable sales during the relevant periods~~impact. ~~The relevant~~ ~~period~~This ~~for~~impact ~~gas~~occurs ~~sales~~at ~~volumes is~~ the ~~immediately~~time ~~preceding~~the ~~calendar~~royalties, ~~quarter. The~~which ~~relevant~~are ~~period for average GBIP begins two months earlier. This amount is~~ paid ~~out~~ to the Trust in ~~three~~Euros, ~~scheduled~~are ~~monthly~~converted ~~installments~~into ~~as royalty payments (payable on or about the 15th of each month) during its next fiscal quarter~~U. AtS. ~~the~~Dollars ~~same~~at ~~time,~~ the ~~operating companies~~applicable ~~review~~exchange ~~the~~rate ~~actual amount of royalties that were paid to the Trust for the current quarter~~ and ~~calculate the difference between the~~promptly ~~amounts~~transferred ~~paid~~from Germany to the Trust's ~~and~~bank ~~the~~account ~~amounts~~in ~~owed to~~ the ~~Trust~~United States. ~~Any underpayments~~In ~~owed~~relation byto the ~~operating~~U.S. ~~companies~~Dollar, ~~are~~a ~~paid~~stronger ~~immediately~~Euro ~~and~~would ~~any~~yield ~~overpayments~~more ~~would~~U.S. beDollars ~~deducted~~and ~~from~~a ~~the~~weaker ~~royalty~~Euro ~~payments~~would ~~during~~yield ~~the following~~less ~~fiscal quarter~~U.S. Dollars.

InThe ~~September~~Trust's ofconsultant in Germany provides general information to the ~~following year,~~Trust on the ~~operating~~German and ~~companies~~European ~~make~~economies ~~the~~and ~~final~~energy ~~determination~~markets ofas ~~total~~well as monitoring the ~~volumes~~continuing impact of the ~~prior~~war ~~year's~~in ~~gas~~Ukraine ~~sales. This~~and ~~information~~ongoing ~~along~~efforts ~~with~~by the ~~final~~European ~~average~~governments ~~GBIP~~to ~~published~~respond into ~~April~~the ~~allow~~economic ~~the~~impacts ~~operating~~of ~~companies~~the towar. ~~calculate~~This ~~whether~~information ~~there~~provides ~~was~~a ancontext ~~underpayment~~in orwhich ~~overpayment~~to ofevaluate ~~royalties~~the ~~for~~actions of the ~~prior~~operating ~~calendar year~~companies. ~~Any~~The ~~underpayment~~Trust's isconsultant receives ~~paid~~reports from EMPG with respect to ~~the~~current ~~Trust~~and planned ~~immediately~~drilling and exploration efforts. EMPG has not drilled any ~~overpayment~~new wells issince ~~deducted~~2014 ~~from~~and ~~the~~has ~~next~~not scheduled any new gas well drilling ~~royalty~~through ~~payments~~2025. ~~The~~EMPG ~~Trust's~~and ~~independent~~the ~~accountants~~operating ~~based~~companies incontinue ~~Germany review~~to limit the ~~royalty~~information ~~calculations~~flow onto athat ~~biennial~~which ~~basis~~is ~~and~~required ~~will~~by beGerman ~~starting~~law, and ~~their~~the ~~next~~Trust ~~examination~~is ~~for~~not ~~fiscal~~able ~~years~~to ~~2023~~confirm ~~and~~the ~~2024~~accuracy inof ~~November~~any ~~2025~~of the information supplied by EMPG or the operating companies.

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.Results: InFirst ~~relation~~Quarter toof ~~the~~Fiscal ~~U.S.~~2025 ~~Dollar, a stronger Euro would~~versus ~~yield~~First ~~more~~Quarter ~~U.S.~~of ~~Dollars~~Fiscal ~~and a weaker Euro would yield fewer U.S. Dollars.~~2024

~~The~~Total ~~Trust's~~royalty ~~consultant in~~income ~~Germany~~received ~~provides~~during ~~general information to~~ the ~~Trust~~first onquarter ~~the~~of ~~German~~fiscal ~~and European~~2025 ~~economies~~was ~~and~~derived ~~energy markets as well as monitoring the~~from ~~continuing~~sales ~~impact~~ of ~~the~~gas, ~~war~~sulfur ~~in Ukraine~~ and ~~ongoing~~oil ~~efforts~~from by the ~~European~~ ~~governments~~Trust's tooverriding ~~respond to the economic impacts of the war.~~royalty ~~This~~areas ~~information provides a context~~ in ~~which~~Germany toduring ~~evaluate~~ the ~~actions of~~fourth ~~the~~calendar ~~operating~~quarter ~~companies~~of 2024. The ~~Trust's consultant receives reports~~ ~~from~~distribution ~~EMPG~~of ~~with respect to current and planned drilling and exploration efforts~~$0. ~~EMPG~~04 ~~has~~per ~~not~~unit ~~scheduled~~was ~~any~~paid ~~new~~on ~~gas~~February ~~well~~26, ~~drilling~~2025 ~~through 2024.~~to ~~EMPG~~owners ~~and~~of ~~the~~record ~~operating~~as ~~companies~~of ~~continue~~February to14, ~~limit~~2025. Comparisons ~~the~~of ~~information flow~~total toroyalty ~~that~~income ~~which is required by German law,~~ and ~~the~~net ~~Trust~~income isfor ~~not able to confirm~~ the ~~accuracy~~first ofquarter ~~any~~ of ~~the~~fiscal ~~information~~2025 and ~~supplied~~2024 byare ~~EMPG~~shown ~~or the operating companies~~below.

The Trust had previously disclosed that to the best of its knowledge the Farm-In Agreement between Vermilion Energy Inc. ("Vermilion") and Mobil Erdgas and BEB had expired due to Vermilion's failure to meet its drilling commitments within the Oldenburg Concession. In the middle of 2022, Vermilion gave back to EMPG the rights for exploration of the three northern areas of the concession specified in the Farm-In Agreement thus surrendering any exploration and drilling rights within the concession.

	1st Fiscal Quarter Ended 1/31/2025	1st Fiscal Quarter Ended 1/31/2024	Percentage Change
Total Royalty Income	$505,697	$424,910	+19.0%
Net Income	$285,468	$179,085	+59.4%
Distributions per Unit	$0.04	$0.05	-20.0%

~~Results: Third~~From ~~Quarter~~a low point in the third quarter of ~~Fiscal~~fiscal 2024 ~~Versus~~gas prices have risen steadily and the ~~Third~~gas ~~Quarter~~prices applicable to the royalty calculations for the first quarter of ~~Fiscal~~fiscal 2025 seem to have stabilized. The bulk of the overpayments from calendar 2023 have largely been offset in the first quarter of fiscal 2025 and will be fully offset with OEG's scheduled royalty payment in mid-February.

Total royalty income ~~received~~often ~~during~~includes positive and negative adjustments that the ~~third~~operators made during the quarter ofbased ~~fiscal~~upon ~~2024~~their ~~was~~corrected ~~derived~~royalty ~~from~~calculations for ~~sales~~the ofprior ~~gas~~periods, ~~sulfur,~~ ~~and~~as ~~oil~~well ~~from~~as Mobil sulfur royalties. In the first ~~Trust's~~quarter ~~overriding~~of fiscal 2025, total royalty ~~areas~~income inwas ~~Germany~~reduced by ~~during~~prior ~~the~~period ~~second~~adjustments for calendar ~~quarter~~2023 oftotaling ~~2024. A~~$2,485,712, ~~distribution~~the bulk of ~~21 cents~~which ~~per~~arose ~~unit~~due ~~was~~to ~~paid~~the onlarge ~~August~~gas ~~28,~~price ~~2024~~swings tocaused ~~owners~~by ofthe war ~~record~~in asUkraine ~~of August~~and 16Germany's reaction. Mobil sulfur royalties added $70,202 ~~2024~~to the total for the quarter. ~~Comparisons~~In the first quarter of fiscal 2024, total royalty income ~~and~~was ~~net~~reduced ~~income~~by ~~for~~negative adjustments carrying over from the ~~third~~prior quarter oftotaling ~~fiscal~~$1,944,954. Mobil sulfur ~~2024~~royalties from both prior quarters and ~~2023~~prior ~~are~~years ~~shown~~added $68,205 ~~below~~to the total for the quarter.

	3rd Fiscal Quarter Ended 7/31/2024	3rd Fiscal Quarter Ended 7/31/2023	Percentage Change
Total Royalty Income	$2,457,422	$2,490,778	-1.3%
Net Income	$2,318,094	$2,290,894	+1.2%
Distributions per Unit	$0.21	$0.21	0.0%

The Trust's monthly royalty payments are paid prospectively based on the amount of royalties payable to the Trust in the prior quarter. End of quarter royalty adjustments result from the need to align prospective royalty payments from the operating companies with actual royalties that should have been paid. When actual prices and volumes are reported, there will be a positive reconciliation in the current quarter or a negative reconciliation in the subsequent quarter. In September 2024, the Trust was notified of negative year-end adjustments for calendar 2023 under both royalty agreements. Under the OEG royalty agreement, the negative adjustment eliminated the scheduled royalty payments for October through January, as well as the positive adjustments for the 3rd and 4th quarters for calendar 2024. The remaining negative adjustment of approximately Euros 40,200 will be offset against the February scheduled royalty payment. Under the Mobil royalty agreement, the negative adjustment eliminated the scheduled royalty payments for October and November and the positive adjustment for the 3rd calendar quarter of 2024, but was finally offset against the December scheduled royalty payment. Reflecting both higher prices and the small negative adjustment remaining under the OEG royalty, the Trustees anticipate a higher distribution in the second quarter of 2025 compared to the first quarter of fiscal 2025.

The ~~decrease~~table inbelow ~~total~~is ~~royalty income~~intended ~~for the third quarter of fiscal 2024 in comparison~~ to ~~the third~~ ~~quarter~~illustrate oftrends ~~fiscal~~based ~~2023~~on ~~resulted~~actual ~~from~~gas ~~the~~sales ~~decrease~~ in ~~gas~~each ~~prices~~quarter. ~~Total royalty~~Gas ~~income reflects the inclusion of positive and/or negative~~royalties ~~adjustments~~shown ~~that~~in the ~~operators~~table ~~make~~below ~~during~~are ~~the~~determined ~~quarter~~ based ~~upon~~on ~~their corrected royalty calculations for~~ the ~~prior~~actual ~~periods,~~physical ~~as well as the~~gas ~~inclusion~~sales ofthat ~~Mobil~~occurred ~~sulfur~~during ~~royalties. In~~ the ~~third~~fourth ~~quarter~~calendar quarters of ~~fiscal~~ 2024~~, total~~ ~~royalty~~and ~~income was not affected because there were no prior period~~2023 ~~adjustments. Due~~and ~~to an overpayment of Mobil royalties (Euros 395,842) during~~ the ~~third~~average ~~quarter~~German ofBorder ~~fiscal~~Import ~~2024,~~gas ~~the~~Price ~~Mobil~~for ~~sulfur royalty (Euros 39,943) will not be paid until~~ the ~~fourth~~periods ~~quarter~~ of ~~fiscal 2024.~~August Inthrough ~~addition,~~October ~~there was an overpayment of OEG royalties (Euros 201,509) during the third quarter of fiscal~~ 2024. Inand ~~the third quarter of fiscal~~ 2023,. ~~total~~No ~~royalty~~adjustments ~~income~~for ~~was affected~~prior ~~because~~periods ~~there was a negative~~are ~~carry-over~~reflected ~~from~~in the ~~prior~~gas ~~quarter, but total royalty income was increased by Mobil sulfur~~ royalties ~~of $34,586~~.

Quarterly Gas Data Providing Basis for Fiscal Quarter Royalties

The following table is intended to illustrate trends based on actual gas sales in each fiscal quarter. Gas royalties shown in the table below are determined based on the actual physical gas sales that occurred during the second calendar quarter of 2024 and the average German Border Import gas Price for the period of February 2024 through April 2024.

Mobil Agreement	4th Calendar Quarter Ended 12/31/2024	4th Calendar Quarter Ended 12/31/2023	Percentage Change
Gas Sales (Bcf)¹	3.199	3.223	-0.7%	Gas Prices²(Ecents/Kwh)³	3.8837	3.8530	+0.8%	Average Exchange Rates⁴	1.0341	1.0816	-4.4%
Gas Royalties Payable in Euros	Euros 1,421,601	Euros 1,420,221	+0.1%
Gas Prices ($/Mcf)⁵	$11.49	$11.92	-3.6%

OEG Agreement
Gas Sales (Bcf)	10.549	11.085	-4.8%
Gas Prices (Ecents/Kwh)	3.9606	3.9293	+0.8%
Average Exchange Rates	0	0	0.0%
Gas Royalties Payable in Euros	Euros 621,016	Euros 654,224	-5.1%
Gas Prices ($/Mcf)	$0.00	$0.00	0.0%

Mobil Agreement	2nd Calendar Quarter Ended 6/30/2024	2nd Calendar Quarter Ended 6/30/2023	Percentage Change
Gas Sales (Bcf) 1	3.073	2.957	+3.9%	Gas Prices2 (Ecents/Kwh)3	3.25	4.73	-31.3%	Average Exchange Rate4	1.08	1.11	-2.7%
Gas Royalties	$1,228,023	$1,773,400	-30.8%
Gas Prices ($/Mcf)5	$9.99	$14.99	-33.4%
OEG Agreement
Gas Sales (Bcf)	10.455	10.503	-0.5%
Gas Prices (Ecents/Kwh)	3.31	4.82	-31.3%
Average Exchange Rate	1.08	1.12	-3.6%
Gas Royalties	$521,713	$920,889	-43.3%
Gas Prices ($/Mcf)	$9.95	$15.02	-33.8%

Footnotes
1. Billion cubic feet
2. Gas prices derived from August-October period
3. Euro cents per kilowatt hour
4. Based on average Euro/dollar exchange rates of cumulative royalty transfers
5. Dollars per thousand cubic feet

~~Footnotes~~Excluding 1.the ~~Billion~~effects ~~cubic~~of differences ~~feet~~in 2.prices ~~Gas~~and ~~prices~~average ~~derived~~exchange rates, the combination of royalty rates on gas sold from ~~February-April~~western ~~period~~Oldenburg 3results in an effective royalty rate approximately seven times higher than the royalty rate on gas sold from eastern Oldenburg. This ~~Euro~~is ~~cents~~of ~~per~~particular ~~kilowatt~~significance ~~hour~~to the 4Trust since gas sold from western Oldenburg provides the bulk of royalties paid to the Trust. For ~~Based~~the onfirst ~~average~~quarter ~~Euro/dollar~~of ~~exchange~~fiscal ~~rates~~2025, gas sales from western Oldenburg accounted for only 30.3% of ~~cumulative~~all ~~royalty~~gas ~~transfers~~sales from 5the Oldenburg concession. However, ~~Dollars~~due ~~per~~to ~~thousand~~the ~~cubic~~absence ~~feet~~of any royalty payments under the OEG Agreement, gas royalties paid under the Mobil Agreement accounted for 100% of all gas royalties.

~~Excluding~~Trust ~~the~~expenses ~~effects~~for ~~of differences in prices and average exchange rates,~~ the ~~combination~~first quarter of ~~royalty~~ ~~rates~~fiscal on2025 ~~gas~~decreased ~~sold~~by ~~from western Oldenburg results in an effective royalty rate approximately seven times higher than the royalty rate on gas sold from eastern Oldenburg~~7. ~~This~~6%, isor of$19,320, ~~particular significance~~ to ~~the~~ ~~Trust~~$233,965 ~~since gas sold~~ from ~~western Oldenburg provides the bulk of~~ ~~royalties~~$253,285 ~~paid~~for to the ~~Trust. For~~first ~~the calendar~~ quarter ~~ended~~of ~~June~~fiscal ~~30,~~ 2024, ~~gas~~due ~~sales~~to ~~from~~it ~~western~~being ~~Oldenburg~~an ~~accounted~~off year for ~~only~~the ~~29.4%~~biennial ofroyalty ~~all gas~~examination ~~sales~~by ~~from~~ the ~~Oldenburg~~Trust's ~~concession. However,~~German ~~royalties on these~~accounting ~~gas sales provided approximately 78~~counselors.~~2%, or $1,871,081 out of $2,392,527, of all royalties attributable to gas.~~

~~Trust~~The ~~expenses~~current ~~for~~Statements ~~the third quarter~~ of ~~fiscal 2024 decreased 28.5%~~Assets, ~~or $66,111, to $165,722 in~~ ~~comparison~~Liabilities toand ~~$231,833~~Trust ~~for~~Corpus ~~the third quarter~~ of ~~fiscal 2023. The decrease in expenses for~~ the ~~third quarter of fiscal 2024 reflects lower Trustee fees as specified by the provisions of the~~ Trust ~~Agreement. The Trust~~at ~~received~~January ~~interest~~31, ~~income in the amount of $26~~2025,~~394~~ ~~and~~compared ~~$31,949~~to ~~during~~that ~~the~~at ~~third quarters of~~ fiscal ~~2024~~year-end ~~and~~(October ~~2023~~31, ~~respectively~~2024), ~~due~~shows ~~to higher~~an ~~net~~increase ~~income~~in ~~and~~assets ~~greater~~due to ~~cash~~higher ~~reserves~~royalty ~~for~~receipts during the ~~third~~first quarter of fiscal ~~2023~~2025.

~~The~~This ~~current~~report ~~Statement~~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 ~~Assets,~~fact ~~Liabilities~~are forward-looking. Such statements address future expectations and ~~Trust~~events ~~Corpus~~or ofconditions concerning the Trust. You atcan ~~July~~identify 31many forward-looking statements by words such as "may," ~~2024~~"will," "would," ~~compared~~"should," to"could," ~~that~~"expects," at"aim," ~~fiscal~~"anticipates," ~~year-end~~"believes," "estimates," ~~(October~~"intends," 31"plan," ~~2023)~~"predict," ~~shows~~"project," an"seek," ~~increase~~"potential," in"opportunities" ~~assets~~and ~~due~~other tosimilar ~~higher~~expressions ~~royalty~~and ~~receipts~~the negatives ~~during~~of ~~the~~such ~~third~~expressions. However, not all forward-looking ~~quarter~~statements contain these words. Many of ~~fiscal~~these ~~2024~~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:

~~Results: First~~• the ~~Nine~~fact ~~Months~~that the assets of the ~~Fiscal~~Trust ~~2024~~are ~~Versus~~depleting assets and, if the operators developing the ~~First~~concession ~~Nine~~do ~~Months~~not ofperform ~~Fiscal~~additional ~~2023~~development projects, the assets may deplete faster than expected;

~~Total~~• risks ~~royalty~~and ~~income~~uncertainties ~~received~~concerning ~~during~~levels ~~the first nine months~~ of ~~fiscal 2024 was derived from sales of~~ gas, ~~sulfur~~production and ~~oil~~gas ~~from~~sale ~~the~~prices, ~~Trust's~~general ~~overriding royalty areas~~economic inconditions, ~~Germany during the fourth calendar quarter of 2023~~ and ~~the~~currency ~~first~~exchange ~~and second calendar quarters of 2024. Comparisons of total royalty income and net income for the first nine months of fiscal 2024 and 2023 are shown below.~~rates;

Nine Months Ended 7/31/2024 Nine Months Ended 7/31/2023 Percentage Change
Total Royalty Income $5,115,099 $22,016,679 -76.8%
Net Income $4,531,078 $21,331,474 -78.8%
Distributions per Unit $0.46 $2.26 -79.6%
• the ability or willingness of the operating companies to perform under their contractual obligations with the Trust;

	Nine Months Ended 7/31/2024	Nine Months Ended 7/31/2023	Percentage Change
Total Royalty Income	$5,115,099	$22,016,679	-76.8%
Net Income	$4,531,078	$21,331,474	-78.8%
Distributions per Unit	$0.46	$2.26	-79.6%

~~The~~• potential ~~decrease~~disputes inwith ~~total royalty income in~~ the ~~first nine months of fiscal 2024 from the first nine months~~operating ofcompanies ~~fiscal 2023 resulted from lower gas prices~~ and ~~lower gas sales under both~~ the ~~Mobil~~resolution ~~and~~thereof; ~~OEG Agreements. Total royalty income also reflects the inclusion of various positive~~ and negative adjustments that the operators made during the nine-month period, including adjustments from prior periods, as well as the inclusion of Mobil sulfur royalties. During the first nine months of fiscal 2024, total royalty income was reduced because there were prior period negative adjustments totaling $2,150,743 but was increased by Mobil sulfur royalties of $68,205. During the first nine months of fiscal 2023, there were no prior period adjustments but total royalty income was increased by Mobil sulfur royalties of $34,586.

~~The~~• political ~~following~~and ~~table~~economic ~~is intended~~uncertainty toarising ~~illustrate~~from ~~trends based on actual gas sales in each of~~ the ~~fiscal nine-month~~conflict ~~periods shown. Gas royalties for the nine-month periods shown~~ in ~~the~~Ukraine ~~table below are determined based on the actual physical gas sales that occurred during the period from October 1, 2023 through June 30, 2024~~ and the ~~average~~Middle ~~German Border Import gas Price for the period of August 1, 2023 through April 30, 2024~~East.

Mobil Agreement	Nine Months Ended 6/30/2024	Nine Months Ended 6/30/2023	Percentage Change
Gas Sales (Bcf)	9.531	9.927	-4.0%	Gas Prices(Ecents/Kwh)	3.76	9.60	-60.8%	Average Exchange Rate	1.08	1.08	0.0%
Gas Royalties Payable	$4,413,216	$11,712,503	-62.3%
Gas Prices ($/Mcf)	$11.58	$29.50	-60.7%
OEG Agreement
Gas Sales (Bcf)	32.409	35.626	-9.0%
Gas Prices (Ecents/Kwh)	3.84	9.84	-61.0%
Average Exchange Rate	1.07	1.08	-0.9%
Gas Royalties Payable	$1,270,460	$6,637,725	-80.9%
Gas Prices ($/Mcf)	$11.33	$29.53	-61.6%

For the nine months ended June 30, 2024, gas sales from western Oldenburg accounted for only 29.4% of all gas sales from the Oldenburg concession. However, royalties on these gas sales provided approximately 81.8%, or $4,029,461 out of $4,926,174, of all royalties attributable to gas sales from the Oldenburg concession.

Trust expenses for the first nine months of fiscal 2024 decreased 20.5% or $163,286 to $634,208 in comparison to $797,494 for the prior fiscal year's equivalent period. The decrease in expenses for the first nine months of fiscal 2024 reflects lower Trustee fees as specified by the provisions of the Trust Agreement. Trust interest income received during the first nine months of fiscal 2024 decreased to $50,187 in comparison to $112,289 received in the first nine months of fiscal 2023 due to lower net income.

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:

- 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 geopolitical conflict, such as Russia's invasion of Ukraine.

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 3. Quantitative and Qualitative Disclosures About Market Risk.

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.

Item 4. 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~~ operation of the Trust's disclosure controls and procedures as of January ~~July~~ 31, 2024 based on the criteria for effective internal control over financial reporting described in the standards promulgated by the Public Company Accounting Oversight Board and the Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on that evaluation, the Managing Director concluded that the Trust's disclosure controls and procedures were effective as of January ~~July~~ 31, ~~2024~~2025.

There have been no changes in in the Trust's internal control over financial reporting identified in in connection with the evaluation described above that occurred during the ~~third~~ first quarter of fiscal ~~2024~~2025 that have materially affected or are reasonably likely to materially affect the Trust's internal ~~control~~ control over financial reporting.

PART II -- OTHER INFORMATION

Item 1. Legal Proceedings.

The Trust is not a party to any pending legal proceedings.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Not applicable.

Item 3. Defaults Upon Senior Securities.

Not applicable.

Item 4. Mine Safety Disclosure.

Not applicable.

Item 5. Other Information.

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

Item 6. Exhibits.

Exhibit 31. Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Exhibit 32. Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

SIGNATURE

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.

NORTH EUROPEAN OIL ROYALTY TRUST
(Registrant)

/s/   John R. Van Kirk
   John R. Van Kirk
   Managing Director

~~August~~February 3028, ~~2024~~ 2025

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