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   April 30, 2015    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 of organization)                 (I.R.S. Employer I.D. No.)


         Suite 19A, 43 West Front Street, Red Bank, New Jersey 07701
        -------------------------------------------------------------
                  (Address of principal executive offices)


                              (732) 741-4008
              ----------------------------------------------------
              (Registrant's telephone number, including area code)


          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
    -----       -----












                                   -2-

          Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Web site, if any, every
Interactive Data File required to be submitted and posted 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      No
                                  -----   -----

          Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, or a
smaller reporting company.  See the definitions of "large accelerated filer,"
"accelerated filer," and "smaller reporting company" in Rule 12b-2 of the
Exchange Act.  (Check one):

      Large accelerated filer           Accelerated filer   X
                               -----                      -----

      Non-accelerated filer             Smaller reporting company
                             -----                                 -----

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


Class                                     Outstanding at April 30, 2015
----------------------------              -----------------------------
Units of Beneficial Interest                        9,190,590
































                                   -3-

                       PART I -- FINANCIAL INFORMATION
                       -------------------------------
Item 1. Financial Statements.
        --------------------

          STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS (NOTE 1)
          -----------------------------------------------------------
                     APRIL 30, 2015 AND OCTOBER 31, 2014
                     -----------------------------------
                                (Unaudited)
                                -----------

                                                2015                2014
                                         -----------------   ----------------

              ASSETS
             --------

Current assets - - Cash and
     cash equivalents                       $ 3,125,111          $ 3,754,736


Producing gas and oil royalty rights,
     net of amortization (Notes 1 and 2)              1                    1
                                            ------------         ------------
Total Assets                                $ 3,125,112          $ 3,754,737
                                            ============         ============


    LIABILITIES AND TRUST CORPUS
   ------------------------------

Current liabilities - - Distributions
     to be paid to unit owners, to be
     paid May 2015 and paid November 2014   $ 3,032,895          $ 3,584,330

Trust corpus (Notes 1 and 2)                          1                    1

Undistributed earnings                           92,216              170,406
                                            ------------         ------------
Total Liabilities and Trust Corpus          $ 3,125,112          $ 3,754,737
                                            ============         ============














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


                                   -4-

          STATEMENTS OF REVENUE COLLECTED AND EXPENSES PAID (NOTE 1)
          ----------------------------------------------------------
             FOR THE THREE MONTHS ENDED APRIL 30, 2015 AND 2014
             --------------------------------------------------
                               (Unaudited)
                               -----------

                                                2015                2014
                                         -----------------   ----------------

Gas, sulfur and oil royalties received      $ 3,238,135          $ 5,346,449

Interest income                                   2,239                5,120
                                            ------------         ------------

Trust Income                                  3,240,374            5,351,569
------------                                ------------         ------------


Non-related party expenses                     (150,219)            (191,139)

Related party expenses (Note 3)                 (15,660)             (20,429)
                                            ------------         ------------

Trust Expenses                                 (165,879)            (211,568)
--------------                              ------------         ------------

Net Income                                  $ 3,074,495          $ 5,140,001
----------                                  ============         ============

Net income per unit                            $ .33                $ .56
                                               ======               ======

Distributions per unit paid or
     to be paid to unit owners                 $ .33                $ .56
                                               ======               ======



















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


                                   -5-

        STATEMENTS OF REVENUE COLLECTED AND EXPENSES PAID (NOTE 1)
        ----------------------------------------------------------
             FOR THE SIX MONTHS ENDED APRIL 30, 2015 AND 2014
             ------------------------------------------------
                                (Unaudited)
                                -----------

                                                2015                2014
                                         -----------------   ----------------

Gas, sulfur and oil royalties received      $ 6,680,848          $10,641,982

Interest income                                   5,651               10,036
                                            ------------         ------------

Trust Income                                  6,686,499           10,652,018
------------                                ------------         ------------


Non-related party expenses                     (462,514)            (515,300)

Related party expenses (Note 3)                 (52,574)             (37,909)
                                            ------------         ------------

Trust Expenses                                 (515,088)            (553,209)
--------------                              ------------         ------------


Net Income                                  $ 6,171,411          $10,098,809
----------                                  ============         ============


Net income per unit                            $0.67                $1.10
                                               ======               ======

Distributions per unit paid or
     to be paid to unit owners                 $0.68                $1.10
                                               ======               ======


















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

                                   -6-

               STATEMENTS OF UNDISTRIBUTED EARNINGS (NOTE 1)
               ---------------------------------------------
             FOR THE SIX MONTHS ENDED APRIL 30, 2015 AND 2014
             ------------------------------------------------
                               (Unaudited)
                               -----------

                                                2015                2014
                                         -----------------   ----------------


Balance, beginning of period                $   170,406          $    47,477

Net income                                    6,171,411           10,098,809
                                            ------------         ------------


                                              6,341,817           10,146,286

Less:

Current year distributions paid
     or to be paid to unit owners             6,249,601           10,109,649
                                            ------------         ------------
Balance, end of period                      $    92,216          $    36,637
                                            ============         ============































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

                                   -7-

        STATEMENTS OF CHANGES IN CASH AND CASH EQUIVALENTS (NOTE 1)
        -----------------------------------------------------------
           FOR THE SIX MONTHS ENDED APRIL 30, 2015 AND 2014
           ----------------------------------------------------
                               (Unaudited)
                               -----------

                                                2015                2014
                                          -----------------   ---------------

Sources of Cash and Cash Equivalents:
------------------------------------

Gas, sulfur and oil royalties received       $ 6,680,848         $10,641,982

Interest income                                    5,651              10,036
                                             ------------        ------------
                                               6,686,499          10,652,018
                                             ------------        ------------
Uses of Cash and Cash Equivalents:
---------------------------------

Payment of Trust expenses                        515,088             553,209

Distributions paid                             6,801,036           9,833,932
                                             ------------        ------------
                                               7,316,124          10,387,141
                                             ------------        ------------


Net increase (decrease) in cash and
     cash equivalents during the period         (629,625)            264,877

Cash and cash equivalents,
     beginning of period                       3,754,736           4,918,490
                                             ------------        ------------
Cash and cash equivalents,
     end of period                           $ 3,125,111         $ 5,183,367
                                             ============        ============

















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


                                   -8-

                    NORTH EUROPEAN OIL ROYALTY TRUST
                    --------------------------------
                      NOTES TO FINANCIAL STATEMENTS
                      -----------------------------
                               (Unaudited)
                               -----------

(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 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, 2014 (the "2014 Form 10-K").  The Statements of Assets,
Liabilities and Trust Corpus included herein contain information from the
Trust's 2014 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.

                                   -9-

     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 April
30, 2015, the uninsured amount held in the Trust's U.S. bank accounts was
$2,869,908.  In addition, the Trust held Euros 9,983, the equivalent of
$11,189, in its German bank account at April 30, 2015.


     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 April 30, 2015 and 2014, 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
space and office services to the Trust at cost.  For such office space and
office services, the Trust reimbursed the Managing Director $6,954 and $6,688
in the second quarter of fiscal 2015 and 2014, respectively.  For such office
space and office services, the Trust reimbursed the Managing Director $11,288
and $11,087 in the first six months of fiscal 2015 and 2014, respectively.

     Lawrence A. Kobrin, a Trustee of the Trust, is a Senior Counsel at
Cahill Gordon & Reindel LLP, which serves as counsel to the Trust.  For the
second quarter of fiscal 2015 and 2014, the Trust paid Cahill Gordon &
Reindel LLP $8,706 and $13,741 for legal services, respectively. For the
first six months of fiscal 2015 and 2014, the Trust paid Cahill Gordon &
Reindel LLP $41,286 and $26,822 for legal services, respectively.




                                   -10-

(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 effective for the 2015 and
2014 calendar years.


















































                                   -11-

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 on hand after provision
is made for Trust expenses then anticipated.

          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 certain concessions or
leases in the Federal Republic of Germany.  The actual leases or concessions
are held either by Mobil Erdgas-Erdol GmbH ("Mobil Erdgas"), a German
operating subsidiary of the ExxonMobil Corp. ("ExxonMobil"), or by
Oldenburgische Erdolgesellschaft ("OEG").  The Oldenburg concession is the
primary area from which the natural gas, sulfur and oil are extracted and
provides nearly 100% of all the royalties received by the Trust.  The
Oldenburg concession (approximately 1,386,000 acres) covers virtually the
entire former Principality of Oldenburg and is located in the German federal
state of Lower Saxony.

          In 2002, Mobil Erdgas and BEB Erdgas und Erdol GmbH ("BEB"), a joint
venture of ExxonMobil and the Royal Dutch/Shell Group of Companies, 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 monthly royalties to the Trust based on
their sales of natural gas, sulfur and oil. Of these three products, natural
gas provided approximately 92% of the cumulative royalty income received in
fiscal 2015.  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.

          On approximately the 25th of the months of January, April, July and
October, the operating companies calculate the amount of gas sold during the
previous calendar quarter and determine the amount of royalties that were
payable to the Trust based on those sales.  This amount is divided into
thirds and forms the monthly royalty payments (payable on the 15th of each
month) to the Trust for its upcoming fiscal quarter.  At the same time that
the operating companies determine the actual amount of royalties that were
payable for the prior calendar quarter, they 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.  Additional amounts
payable by the operating companies would be paid immediately and any

                                    -12-

overpayment would be deducted from the payment for the first month of the
following fiscal quarter.  In September of each year, the operating
companies make the final determination of any necessary royalty adjustments
for the prior calendar year with a positive or negative adjustment made
accordingly.  Currently, the Trust's German accountants review the royalty
calculations on a biennial basis.

          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 no treatment before it can be sold.  Sour gas, in comparison, must
be processed at the Grossenkneten desulfurization plant before it can be
sold.  The desulfurization process removes hydrogen sulfide and other
contaminants.  The hydrogen sulfide in gaseous form is converted to sulfur
in a solid form and sold separately.  As needed, the operators of the
desulfurization plant conduct maintenance on the plant generally during the
summer months when demand is lower.

          Under one set of rights covering the western part of the Oldenburg
concession (approximately 662,000 acres), the Trust receives a royalty payment
of 4% on gross receipts from sales by Mobil Erdgas of gas well gas, oil well
gas, crude oil and condensate (the "Mobil Agreement").  Under the Mobil
Agreement, there is no deduction of costs prior to the calculation of
royalties from gas well gas and oil well gas, which together accounted for
approximately 98% of the cumulative royalty income received under this
agreement in fiscal 2015.  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.

          The Trust is also entitled under the Mobil 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 six months of fiscal 2015 and 2014, the Trust
received $216,673 and $91,580, respectively, in sulfur royalties under the
Mobil 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, treatment
and transportation 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.

          Under the Mobil and OEG Agreements, the gas is sold either to
various distributors under long-term contracts (which delineate, among other
provisions, the timing, manner, volume and price of the gas sold) or the gas
is sold at spot market prices. Gas sold at spot market prices is either sold
directly on the spot market or the gas is sold between Mobil Erdgas and BEB
(intra-company sales).  With regard to gas sales under the long-term
contracts, the pricing mechanisms contained in these contracts include a
delay factor of three to six months and use the price of light heating oil in
Germany as one of the primary pricing components.  Since Germany must rely on
imports to meet the majority of its energy demands, oil prices on the

                                   -13-

international market (in U.S. dollars) have a significant impact on the price
of light heating oil in Germany and a delayed impact on the price of gas.
With respect to gas sold under the long-term contracts, these customers have
recently been able, to a certain extent, to force the operating companies to
accept spot market prices for portions of the contractual sales.  As a
consequence, the linkage between oil prices and gas prices appears to be
weakening.  Gas sold at spot market prices is sold indirectly via intra-
company sales to the open market. The pricing for those intra-company sales
is based on the quoted market price of gas.

          The Trust itself does not have access to the specific sales
contracts under which gas from the Oldenburg concession is sold.  However,
working under a confidentiality agreement with the operating companies, the
Trust's German accountants review both the contractual sales and spot market
or intra-company sales periodically on behalf of the Trust to verify their
correctness.  In November or December of 2015, the Trust's accountants in
Germany will begin their examination of the operating companies' royalty
calculations for 2013 and 2014.

          For unit owners, changes in the dollar value of the Euro have both
an immediate and long-term impact.  The immediate impact is from the exchange
rate that is applied at the time the royalties, paid to the Trust in Euros,
are converted into U.S. dollars at the time of their transfer from Germany to
the United States.  In relation to the dollar, a stronger Euro would yield
more dollars and a weaker Euro would yield less dollars.  The long-term
impact relates to the mechanism of gas pricing contained in some of the gas
sales contracts negotiated by the operating companies.  These gas sales
contracts often use the price of German light heating oil as one of the
primary pricing factors by which the price of gas is determined.  The price
of German light heating oil, which is a refined product, is largely
determined by the price of the imported crude oil from which it was refined.
Oil on the international market is priced in dollars.  However, when oil is
imported into Germany it is purchased in Euros, and at this point the dollar
value of the Euro becomes relevant.  A weaker Euro would buy less oil making
that oil and the subsequently refined light heating oil more expensive.  A
stronger Euro would buy more oil making that oil and the subsequently refined
light heating oil less expensive.  Since changes in the price of German light
heating oil are subsequently reflected in the price of gas through the gas
sales contracts, the dollar/Euro relationship can make the price of gas
higher or lower.  The changes in gas prices that result from changes in the
prices of German light heating oil are only reflected after a built-in delay
of three to six months as specified in the individual gas sales contracts.
With regard to either spot market or intra-company sales, there is no long-
term impact by the exchange rate because there is no relationship between
the price of oil and the price of gas.

          Industry trends are beginning to indicate that the linkage in
contracts between oil prices (through the price of light heating oil) and
gas prices appears to be declining with new contracts being written with a
linkage to spot market prices on a specific exchange with a plus or minus
factor added.  To the extent this becomes standard practice, the long-term
impact of the exchange rate on gas pricing and, ultimately, Trust royalties
would be gradually eliminated.

          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.

                                   -14-

          The Trust has no means of ensuring continued income from overriding
royalty rights at their present level or otherwise.  The Trust's consultant
in Germany provides general information to the Trust on the German and
European economies and energy markets.  This information provides a context
in which to evaluate the actions of the operating companies.  In his position
as the Trust's consultant, he 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.

          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.  The impact of inflation or
deflation on energy prices in Germany is delayed by the use, in certain long-
term gas sales contracts, of a delay factor of three to six months prior to
the application of any changes in light heating oil prices to gas prices.


Results:  Second Quarter of Fiscal 2015 Versus Second Quarter of Fiscal 2014
          ------------------------------------------------------------------

          Total royalties received during the second quarter of fiscal 2015
were primarily derived from sales of gas, sulfur and oil from the Trust's
overriding royalty areas in Germany during the first calendar quarter of
2015.  A distribution of 33 cents per unit will be paid on May 27, 2015 to
owners of record as of May 15, 2015.  Comparisons of total royalties received
and net income for the second quarter of fiscal 2015 and 2014 are shown
below.

                              2nd Fiscal Qtr.    2nd Fiscal Qtr.   Percentage
                              Ended 4/30/2015    Ended 4/30/2014     Change
-----------------------------------------------------------------------------
Total Royalties Received        $3,238,135         $5,346,449       - 39.43%
Net Income                      $3,074,495         $5,140,001       - 40.18%
Distributions per Unit            $0.33              $0.56          - 41.07%
-----------------------------------------------------------------------------

          The decline in total royalties received between the second quarter
of fiscal 2015 and the second quarter of fiscal 2014 resulted from two
separate elements determining royalty income.  The first element relates to
accounting adjustments that are derived by the over or underpayment of
royalties from prior quarters or years, which are required to reconcile
advanced estimated payments to actual results.  The second element relates to
gas sales from the immediately preceding quarter and reflects changes in the
factors affecting gas royalties, namely gas sales, gas prices and the average
exchange rates.

          With regard to the first element impacting total royalties
received, the net amount of such adjustments reduced royalties for the second
quarter of fiscal 2015 by $340,524.   This included a negative adjustment
from 2013 of $561,584.  In addition, the Trust received separate sulfur
royalty payments of $216,673 under the Mobil Agreement.  In comparison, the
second quarter of fiscal 2014 saw a positive adjustment of $12,068 but
received no separate sulfur royalty payments.  The impact of these
adjustments is reflected in the figures shown in the table above.




                                   -15-

          The table below is intended to illustrate the second element
affecting total royalties received by detailing the factors determining the
gas royalties payable from the preceding calendar quarter.  Gas royalties are
based solely on the actual gas sales that occurred during the first calendar
quarter of 2015 and 2014 and do not reflect any adjustments for prior
periods.

                              Factors Determining Gas Royalties Payable
-----------------------------------------------------------------------------
                         1st Calendar Qtr.    1st Calendar Qtr.    Percentage
Mobil Agreement           Ended 3/31/2015      Ended 3/31/2014       Change
-----------------------------------------------------------------------------
Gas Sales (Bcf)(1)             7.642                7.651           -  0.12%
Gas Prices (Ecents/Kwh)(2)    2.3212               2.6635           - 12.85%
Average Exchange Rate(3)      1.0754               1.3776           - 21.94%
Gas Royalties              $2,198,548           $3,225,728          - 31.84%
Gas Prices ($/Mcf)(4)         $ 7.19               $10.54           - 31.78%
-----------------------------------------------------------------------------
OEG Agreement
-----------------------------------------------------------------------------
Gas Sales (Bcf)               23.137               24.355           -  5.00%
Gas Prices (Ecents/Kwh)       2.4128               2.7096           - 10.95%
Average Exchange Rate         1.0830               1.3774           - 21.37%
Gas Royalties              $ 969,655           $1,487,638           - 34.82%
Gas Prices ($/Mcf)            $ 7.33               $10.47           - 29.99%
-----------------------------------------------------------------------------

(1) Billion cubic feet  (2) Euro cents per Kilowatt hour
(3) Based on average exchange rates of cumulative royalty transfers
(4) Dollars per thousand cubic feet

          Excluding the effects of differences in prices and average exchange
rates, the combination of royalty rates on gas sold from western Oldenburg
results in an effective royalty rate approximately seven times higher than
the royalty rate on gas sold from eastern Oldenburg.  This is of particular
significance to the Trust since gas sold from western Oldenburg provides the
bulk of royalties paid to the Trust.  For the calendar quarter ended March
31, 2015, gas sales from western Oldenburg accounted for only 33.03% of all
gas sales.  However, royalties on these gas sales provided approximately
76.65% of all royalties attributable to gas sales from the Oldenburg
concession.

          Trust expenses for the second quarter of fiscal 2015 decreased
21.60%, or $45,689, to $165,879 from $211,568 in the second quarter of fiscal
2014 due to lower Trustee fees as specified in the Trust Agreement, reduced
mailing costs, and no work by the Trust's German accountants due to their
earlier completion of the biennial royalty examination.  Trust interest
income received during the second quarter of fiscal 2015 decreased to $2,239
in comparison to $5,120 received in the second quarter of fiscal 2014 due to
reduced funds available for investment.

          The current Statements of Assets, Liabilities and Trust Corpus of
the Trust at April 30, 2015, compared to that at fiscal year-end (October
31, 2014), shows a decrease in assets due to the lower royalty receipts
during the second quarter of fiscal 2015.





                                   -16-

Results:  First Six Months of Fiscal 2015 Versus First Six Months of
          ----------------------------------------------------------
          Fiscal 2014
          -----------

         Total royalties received during the first six months of fiscal 2015
were primarily derived from sales of gas, sulfur and oil from the Trust's
overriding royalty areas in Germany during the fourth calendar quarter of
2014 and the first calendar quarter of 2015.  Comparisons of total royalties
received and net income for the first six months of fiscal 2015 and 2014 are
shown below.

                                Six Months         Six Months      Percentage
                              Ended 4/30/2015    Ended 4/30/2014     Change
-----------------------------------------------------------------------------
Total Royalties Received        $ 6,680,848        $10,641,982     - 37.22%
Net Income                      $ 6,171,411        $10,098,809     - 38.89%
Distributions per Unit             $0.68              $1.10        - 38.18%
-----------------------------------------------------------------------------

          The decline in total royalties received between the first six
months of fiscal 2015 and the first six months of fiscal 2014 again resulted
from two separate elements determining royalty income.  The first element
relates to accounting adjustments that are derived by the over or
underpayment of royalties from prior quarters or years, which are required to
reconcile advanced estimated payments to actual results.  The second element
relates to gas sales from the immediately preceding six calendar month period
and reflects changes in the factors affecting gas royalties, namely gas
sales, gas prices and the average exchange rates.

          With regard to the first element impacting total royalties
received, the net amount of such adjustments reduced royalties for the first
six months of fiscal 2015 by $761,793. In addition, the Trust received
separate sulfur royalty payments of $216,673 under the Mobil Agreement.  In
comparison, total royalties received in the first six months of fiscal 2014
saw a negative adjustment of $48,473 as well as separate sulfur royalty
payments of $91,580.  The impact of these adjustments is reflected in the
figures shown in the table above.






















                                   -17-

          The table below is intended to illustrate the second element
affecting total royalties received by detailing the factors determining the
gas royalties payable from the preceding six calendar months.  Gas royalties
are based solely on the actual gas sales that occurred during the six
calendar months ended 3/31/2015 and 3/31/2014 and do not reflect any
adjustments for prior periods.

                              Factors Determining Gas Royalties Payable
-----------------------------------------------------------------------------
                             Six Months         Six Months         Percentage
Mobil Agreement           Ended 3/31/2015      Ended 3/31/2014       Change
-----------------------------------------------------------------------------
Gas Sales (Bcf)               15.519               15.759           -  1.52%
Gas Prices (Ecents/Kwh)       2.3367               2.7058           - 13.64%
Average Exchange Rate         1.1454               1.3685           - 16.30%
Gas Royalties              $4,776,482           $6,705,072          - 28.76%
Gas Prices ($/Mcf)            $ 7.69               $10.64           - 27.73%
-----------------------------------------------------------------------------
OEG Agreement
-----------------------------------------------------------------------------
Gas Sales (Bcf)               46.634               49.822           -  6.40%
Gas Prices (Ecents/Kwh)       2.4471               2.7539           - 11.14%
Average Exchange Rate         1.1417               1.3685           - 16.57%
Gas Royalties              $2,099,052           $3,092,505          - 32.12%
Gas Prices ($/Mcf)            $ 7.83               $10.57           - 25.92%
-----------------------------------------------------------------------------

          For the six months ended 3/31/2015, gas sales from western Oldenburg
accounted for only 33.28% of all gas sales. However, royalties on these gas
sales provided approximately 79.07% of all royalties attributable to gas
sales from the Oldenburg concession.

          Trust expenses for the first six months of fiscal 2015 decreased
6.89%, or $38,121, to $515,088 from $553,209 for the first six months of
fiscal 2014.  This decrease in expenses is due to lower Trustee fees as
specified in the Trust Agreement and no work by the Trust's German
accountants due to their earlier completion of the biennial royalty
examination.  Trust interest income received during the first six months of
fiscal 2015 decreased to $5,651 in comparison to $10,036 received in the
first six months of fiscal 2014 due to reduced funds available for
investment.



                Report on Drilling and Geophysical Work
                ---------------------------------------


               The Trust has received a report on exploration and
          drilling which was submitted by ExxonMobil Production
          Gesellschaft ("EMPG") to the Authority for Mining, Energy
          and Geology.  The following is a summary of this report
          reflecting some additional comments from the Trust's German
          consultant.  EMPG is not obligated to take any of the
          actions outlined and, if they change their plans with
          respect to any such actions, they are not obligated to
          inform the Trust.


                                   -18-

               In its report, EMPG provided information of the new
          regulatory requirements that must be completed prior to
          the drilling of new conventional gas wells. These
          requirements include an environmental impact study and
          a data capture of the flora/fauna habitat in the area
          of the well site.  Each of these studies can take up to
          a year.  Acknowledging the time necessary to fulfill these
          requirements, EMPG has stated that they do not expect
          to conduct any drilling activities in 2015 and 2016.
          Since, at best, EMPG has only averaged between one and
          two wells per year, the short-term impact of this suspension
          of drilling should be minimal with respect to the Trust's
          royalty income.

               EMPG has also announced that the drilling of the western
          exploratory well, Hemmelte NW T1, to evaluate the sweet
          gas bunter zone, will be delayed until 2017 with no reason
          offered.

               For the Trust, the three active production zones in the
          Oldenburg concession (Bunter, Zechstein and Carboniferous)
          are all considered conventional.  However, the Carboniferous
          zone is the only zone for which fracking is considered
          necessary to access sufficient reserves in order to make
          the well economically productive.  Due to the ongoing
          fracking moratorium, further evaluation of the
          carboniferous zone has been postponed.  The Trust's German
          consultant does not expect fracking to be available for
          conventional gas development until mid-2017 at the earliest.

               The report further indicated that EMPG's geological and
          geophysical departments are continuing their efforts to
          interpret previously conducted 2-D seismic results based
          upon improved interpretation technology.  Preliminary work
          is continuing on the drilling project, Ahlhorn Z3, intended
          to reopen the old Ahlhorn gas field which was plugged and
          abandoned in 1997.

               Three wells completed drilling in 2014:  Visbek Z-9b
          was a dry hole; Doetlingen-Ost Z-1 has not yet entered
          production; and Goldenstedt Z-34 entered production in
          November.  Goldenstedt is a sour gas well with an initial
          production rate of just under 9 million cubic feet/day.
          However, at this production level, sulfur particles began
          to appear intermingled with the gas.  Since the wellhead
          mechanism was not made to handle the sulfur, production
          was reduced to 7 million cubic feet per day.  This reduction
          allowed for the maintenance of higher pressure levels,
          which forced the sulfur to remain in a gaseous form and be
          transportable to the desulfurization plant for removal.

               There was no maintenance work conducted at the
          Grossenkneten desulfurization plant in 2014 but, for 2015,
          EMPG will be conducting maintenance work at Grossenkneten
          from August 31st to October 13th.

                   -----------------------------------


                                   -19-

          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.  Such statements address
future expectations and events or conditions concerning the Trust.  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:

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

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

          3. potential disputes with the operating companies and the
             resolution thereof; and

          4. the risk factors set forth under Item 1A of the Trust's Annual
             Report on Form 10-K for the year ended October 31, 2014.


          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 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 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 possible commodity
price fluctuations.


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.




                                   -20-

          During the quarter ended April 30, 2015, the Trust completed the
process of implementing the criteria for effective internal control over
financial reporting established in the Internal Control-Integrated Framework
(2013) issued by the Committee of Sponsoring Organizations of the Treadway
Commission ("COSO 2013").

          The Managing Director has performed an evaluation of the
effectiveness of the design and operation of the Trust's disclosure controls
and procedures as of April 30, 2015 based on the criteria for effective
internal control over financial reporting described in the standards
promulgated by the Public Company Accounting Oversight Board and in COSO
2013.  Based on that evaluation, the Managing Director concluded that the
Trust's disclosure controls and procedures were effective as of April 30,
2015.

          The Managing Director further believes that implementing the new
criteria issued by COSO 2013 did not materially affect, or is reasonably
likely to materially affect, the Trust's internal control over financial
reporting.



                      PART II -- OTHER INFORMATION
                      ----------------------------



Item 1.   Legal Proceedings.
          -----------------

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



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















                                   -21-

                                 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

Dated: May 21, 2015