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 31, 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 July 31, 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)
          -----------------------------------------------------------
                     JULY 31, 2015 AND OCTOBER 31, 2014
                     ----------------------------------
                                (Unaudited)
                                -----------

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

              ASSETS
             --------

Current assets - - Cash and
     cash equivalents                       $ 3,404,523          $ 3,754,736


Producing gas and oil royalty rights,
     net of amortization (Notes 1 and 2)              1                    1
                                            ------------         ------------
Total Assets                                $ 3,404,524          $ 3,754,737
                                            ============         ============


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

Current liabilities - - Distributions
     to be paid to unit owners, paid
     August 2015 and November 2014          $ 3,308,613          $ 3,584,330

Trust corpus (Notes 1 and 2)                          1                    1

Undistributed earnings                           95,910              170,406
                                            ------------         ------------
Total Liabilities and Trust Corpus          $ 3,404,524          $ 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 JULY 31, 2015 AND 2014
             -------------------------------------------------
                               (Unaudited)
                               -----------

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

Gas, sulfur and oil royalties received      $ 3,459,645          $ 4,462,842

Interest income                                   2,248                4,663
                                            ------------         ------------

Trust Income                                $ 3,461,893          $ 4,467,505
------------                                ------------         ------------


Non-related party expenses                     (133,380)            (156,362)

Related party expenses (Note 3)                 (16,206)             (23,156)
                                            ------------         ------------

Trust Expenses                                 (149,586)            (179,518)
--------------                              ------------         ------------


Net Income                                  $ 3,312,307          $ 4,287,987
----------                                  ============         ============


Net income per unit                            $ .36                $ .47
                                               ======               ======

Distributions per unit paid or
     to be paid to unit owners                 $ .36                $ .46
                                               ======               ======


















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

                                   -5-

        STATEMENTS OF REVENUE COLLECTED AND EXPENSES PAID (NOTE 1)
        ----------------------------------------------------------
             FOR THE NINE MONTHS ENDED JULY 31, 2015 AND 2014
             ------------------------------------------------
                                (Unaudited)
                                -----------

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

Gas, sulfur and oil royalties received      $10,140,493          $15,104,824

Interest income                                   7,899               14,699
                                            ------------         ------------

Trust Income                                $10,148,392          $15,119,523
------------                                ------------         ------------


Non-related party expenses                     (595,894)            (671,662)

Related party expenses (Note 3)                 (68,780)             (61,065)
                                            ------------         ------------

Trust Expenses                                 (664,674)            (732,727)
--------------                              ------------         ------------


Net Income                                  $ 9,483,718          $14,386,796
----------                                  ============         ============


Net income per unit                            $1.03                $1.57
                                               ======               ======

Distributions per unit paid or
     to be paid to unit owners                 $1.04                $1.56
                                               ======               ======


















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

                                   -6-

               STATEMENTS OF UNDISTRIBUTED EARNINGS (NOTE 1)
               ---------------------------------------------
             FOR THE NINE MONTHS ENDED JULY 31, 2015 AND 2014
             ------------------------------------------------
                               (Unaudited)
                               -----------

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


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

Net income                                    9,483,718           14,386,796
                                            ------------         ------------

                                              9,654,124           14,434,273


Less:

Current year distributions paid
     or to be paid to unit owners             9,558,214           14,337,320
                                            ------------         ------------
Balance, end of period                      $    95,910          $    96,953
                                            ============         ============































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

                                   -7-

        STATEMENTS OF CHANGES IN CASH AND CASH EQUIVALENTS (NOTE 1)
        -----------------------------------------------------------
           FOR THE NINE MONTHS ENDED JULY 31, 2015 AND 2014
           ------------------------------------------------
                               (Unaudited)
                               -----------

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

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

Gas, sulfur and oil royalties received       $10,140,493         $15,104,824

Interest income                                    7,899              14,699
                                             ------------        ------------
                                              10,148,392          15,119,523
                                             ------------        ------------

Uses of Cash and Cash Equivalents:
---------------------------------

Payment of Trust expenses                        664,674             732,727

Distributions paid                             9,833,931          14,980,662
                                             ------------        ------------
                                              10,498,605          15,713,389
                                             ------------        ------------


Net increase (decrease) in cash and
     cash equivalents during the period         (350,213)           (593,866)

Cash and cash equivalents,
     beginning of period                       3,754,736           4,918,490
                                             ------------        ------------
Cash and cash equivalents,
     end of period                           $ 3,404,523         $ 4,324,624
                                             ============        ============
















                 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 July 31,
2015, the uninsured amount held in the Trust's U.S. bank accounts was
$3,143,706.  In addition, the Trust held Euros 9,998, the equivalent of
$11,086, in its German bank account at July 31, 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 July 31, 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 $5,417 and $5,581
in the third quarter of fiscal 2015 and 2014, respectively.  For such office
space and office services, the Trust reimbursed the Managing Director $16,705
and $16,668 in the first nine 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
third quarter of fiscal 2015 and 2014, the Trust paid Cahill Gordon &
Reindel LLP $10,789 and $17,575 for legal services, respectively. For the
first nine months of fiscal 2015 and 2014, the Trust paid Cahill Gordon &
Reindel LLP $52,075 and $44,397 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.

          On July 28, 2015, Vermilion Energy Inc. ("Vermilion") distributed a
press release announcing that it had entered into a Farm-In Agreement (the
"Farm-In Agreement") with Mobil Erdgas and BEB to purchase a 50%
participating interest in 19 onshore exploration licenses in northwest
Germany, with an anticipated closing date of January 1, 2016. Based on
preliminary information received, it appears that three of these licenses
cover the northern areas of the Oldenburg concession, where there is
currently no production or active wells.  The southern area of the Oldenburg
concession, Muensterland, which contains the majority of wells and from which
the Trust derives almost all of its royalty income, is not part of the
Farm-In Agreement.  According to Vermilion's press release, the Farm-In
Agreement commits Vermilion to the financial carry of the remaining 50%
interests held by Mobil Erdgas and BEB in 11 gross exploratory wells over the
next five years.  It is unknown at this time whether any of these wells would
be within the confines of the Oldenburg concession and whether there will be
any increase in production in the Trust's royalty areas. The Trust's
underlying contractual royalty rights will not be affected by the transfer of
the interests in the exploration licenses.

                                    -12-

          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 93% 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
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, EMPG, the operators of the
Grossenkneten desulfurization plant, conducts maintenance on the plant, and
we have received notice that EMPG will be conducting such maintenance work
from August 31, 2015 to October 13, 2015.  Historically, sour gas production
capacity during the period of maintenance work has been reduced by
approximately one-third.

          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 nine months of fiscal 2015 and
2014, the Trust received $291,196 and $197,601, respectively, in sulfur
royalties under the Mobil Agreement.


                                   -13-

          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
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, the Trust has been
advised by its German consultant that 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
and intra-company sales periodically on behalf of the Trust to verify their
correctness.  The Trust's accountants in Germany will begin their examination
of the operating companies' royalty calculations for 2013 and 2014 in late
October or early November of 2015.

          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

                                   -14-

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
price 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, through this linkage to oil
prices, would gradually be 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.

          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.






















                                   -15-

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

          Total royalties received during the third 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 second calendar quarter of
2015.  A distribution of 36 cents per unit was paid on August 26, 2015 to
owners of record as of August 14, 2015.  Comparisons of total royalties
received and net income for the third quarter of fiscal 2015 and 2014 are
shown below.

-----------------------------------------------------------------------------
                         3rd Fiscal Quarter   3rd Fiscal Quarter   Percentage
                           Ended 7/31/2015      Ended 7/31/2014      Change
-----------------------------------------------------------------------------
Total Royalties Received     $3,459,645           $4,462,842        - 22.48%
Net Income                   $3,312,307           $4,287.987        - 22.75%
Distributions per Unit          $0.36                $0.46          - 21.74%
-----------------------------------------------------------------------------

          The decline in total royalties received between the third quarter
of fiscal 2015 and the third quarter of fiscal 2014 resulted from three
separate elements determining royalty income.  The first element relates to
accounting adjustments that are derived from 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
sulfur royalty payments under the Mobil Agreement.  The third element relates
to gas sales from the immediately preceding calendar 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 third quarter of
fiscal 2015 by $35,346.  In comparison, in the third quarter of fiscal 2014,
the net amount of such adjustments reduced royalties by $451,651.  The impact
of these adjustments is reflected in the figures shown in the table above.

          With regard to the second element impacting total royalties
received, the Trust received a separate sulfur royalty payment of $74,523
under the Mobil Agreement in the third quarter of fiscal 2015.  In comparison,
in the third quarter of fiscal 2014, the Trust received a separate sulfur
royalty payment $106,021. The impact of these sulfur payments is reflected in
the figures shown in the table above.

















                                   -16-

          The table below is intended to illustrate the third 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 second calendar
quarters of 2015 and 2014 and do not reflect any adjustments for prior
periods.

-----------------------------------------------------------------------------
                              Factors Determining Gas Royalties Payable
-----------------------------------------------------------------------------
                       2nd Calendar Quarter  2nd Calendar Quarter  Percentage
Mobil Agreement          Ended 6/30/2015       Ended 6/30/2014       Change
-----------------------------------------------------------------------------
Gas Sales (Bcf)(1)             7.382                7.738           -  4.60%
Gas Prices (Ecents/Kwh)(2)    2.0017               2.3661           - 15.40%
Average Exchange Rate(3)      1.1113               1.3577           - 18.15%
Gas Royalties               $1,884,107           $2,855,047         - 34.01%
Gas Prices ($/Mcf)(4)         $6.38                $9.22            - 30.80%
-----------------------------------------------------------------------------
OEG Agreement
-----------------------------------------------------------------------------
Gas Sales (Bcf)               22.591               24.194           -  6.63%
Gas Prices (Ecents/Kwh)       2.0401               2.4367           - 16.28%
Average Exchange Rate         1.1159               1.3577           - 17.81%
Gas Royalties              $ 796,230            $1,287,867          - 38.17%
Gas Prices ($/Mcf)            $6.38                $9.28            - 31.25%
-----------------------------------------------------------------------------

(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 June 30,
2015, gas sales from western Oldenburg accounted for only 32.68% of all gas
sales.  However, royalties on these gas sales provided approximately 79.89%
of all royalties attributable to gas sales from the Oldenburg concession.

          Trust expenses for the third quarter of fiscal 2015 decreased
16.67% or $29,932 to $149,586 in comparison to $179,518 for the third quarter
of fiscal 2014.   The decrease was due to lower Trustee fees as specified in
the Trust Agreement and reduced legal expenses, both domestic and German,
following the resolution in 2014 of negotiations concerning a gas pricing
proposal by EMPG.  Trust interest income received during the third quarter of
fiscal 2015 decreased to $2,248 in comparison to $4,663 received in the third
quarter of fiscal 2014 due to reduced funds available for investment.

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



                                   -17-

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

         Total royalties received during the first nine 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 and second calendar quarters of 2015.  Comparisons of total
royalties received and net income for the first nine months of fiscal 2015
and 2014 are shown below.

-----------------------------------------------------------------------------
                                Nine Months        Nine Months     Percentage
                              Ended 7/31/2015    Ended 7/31/2014     Change
-----------------------------------------------------------------------------
Total Royalties Received        $10,140,493        $15,104,824      - 32.87%
Net Income                      $9,483,718         $14,386,796      - 34.08%
Distributions per Unit             $1.04              $1.56         - 33.33%
-----------------------------------------------------------------------------

          The decline in total royalties received between the first nine
months of fiscal 2015 and the first nine months of fiscal 2014 resulted from
three separate elements determining royalty income.  The first element relates
to accounting adjustments that are derived from 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
sulfur royalty payments under the Mobil Agreement.  The third element relates
to gas sales from the immediately preceding calendar 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 first nine months
of fiscal 2015 by $761,793.  This amount included a negative adjustment of
$561,584 for 2013.  In comparison, in the first nine months of fiscal 2014,
the net amount of such adjustments reduced royalties by $48,473.  The impact
of these adjustments is reflected in the figures shown in the table above.

          With regard to the second element impacting total royalties
received, the Trust received sulfur royalty payments totaling $291,196 under
the Mobil Agreement in the first nine months of fiscal 2015.  In comparison,
the Trust received sulfur royalty payments totaling $197,601 in the first
nine months of fiscal 2014.  The impact of these sulfur payments is reflected
in the figures shown in the table above.















                                   -18-

          The table below is intended to illustrate the third element
affecting total royalties received by detailing the factors determining the
gas royalties payable from the preceding nine calendar months.  Gas royalties
are based solely on the actual gas sales that occurred during the nine
calendar months ended 6/30/2015 and 6/30/2014 and do not reflect any
adjustments for prior periods.

-----------------------------------------------------------------------------
                              Factors Determining Gas Royalties Payable
-----------------------------------------------------------------------------
                            Nine Months          Nine Months       Percentage
Mobil Agreement           Ended 6/30/2015      Ended 6/30/2014       Change
-----------------------------------------------------------------------------
Gas Sales (Bcf)               22.900               23.497           -  2.54%
Gas Prices (Ecents/Kwh)       2.2289               2.5940           - 14.07%
Average Exchange Rate         1.1355               1.3651           - 16.82%
Gas Royalties               $6,660,589          $9,560,119          - 30.33%
Gas Prices ($/Mcf)            $7.27                $10.17           - 28.52%
-----------------------------------------------------------------------------
OEG Agreement
-----------------------------------------------------------------------------
Gas Sales (Bcf)               69.225               74.016           -  6.47%
Gas Prices (Ecents/Kwh)       2.3143               2.6502           - 12.67%
Average Exchange Rate         1.1345               1.3653           - 16.90%
Gas Royalties               $2,895,282           $4,380,372         - 33.90%
Gas Prices ($/Mcf)            $7.36                $10.15           - 27.49%
-----------------------------------------------------------------------------

          For the nine months ended 6/30/2015, gas sales from western
Oldenburg accounted for only 33.08% of all gas sales.  However, royalties on
these gas sales provided approximately 79.35% of all royalties attributable
to gas sales from the Oldenburg concession.

          Trust expenses for the first nine months of fiscal 2015 decreased
9.29% or $68,053 to $664,674 in comparison to $732,727 for the prior fiscal
year's equivalent period.  This decline in expenses is due to reduced Trustee
fees as specified in the Trust Agreement and to the absence of current costs
associated with the biennial examination by the Trust's German accountants of
the royalty payments.  Trust interest income received during the first nine
months of fiscal 2015 decreased to $7,899 in comparison to $14,699 received
in the first nine months of fiscal 2014 due to reduced funds available for
investment.







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










                                   -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.














                                   -20-

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 of the Trust's disclosure controls
and procedures as of July 31, 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 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 July 31, 2015.

          There have been no changes in the Trust's internal control over
financial reporting identified in connection with the evaluation described
above that occurred during the third quarter of fiscal 2015 that have
materially affected or are reasonably likely to materially affect the
Trust's internal control over financial reporting.



































                                   -21-



                      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







                                 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 28, 2015