Core Points - The North European Oil Royalty Trust announced a quarterly distribution of $0.21 per unit for Q3 of fiscal 2024, consistent with the distribution for Q3 of fiscal 2023 [1] - Scheduled royalty payments for Q4 of fiscal 2024 are estimated to be $1.2 million, subject to adjustments based on actual royalty income and expenses [3] Distribution Details - The distribution is payable on August 28, 2024, to holders of record on August 16, 2024 [1] - Distributions are based on actual royalty income received, minus incurred and anticipated expenses [1] Royalty Agreements - The Trust receives royalties under the Mobil and OEG Royalty Agreements, with adjustments made based on actual royalties from the previous quarter [2] - As of the end of Q3 of fiscal 2024, there were negative adjustments of $387,930 under the Mobil Agreement and $219,645 under the OEG Agreement, which will affect future payments [2] Future Considerations - Factors influencing future distributions include potential adjustments for calendar 2023 and end-of-quarter adjustments at the end of October 2024 [3] - The actual royalty income will be determined by the exchange rate at the time of fund transfer [3]

Financial Performance - Total royalty income for the second quarter of fiscal 2024 was $2,232,767, a decrease of 77.1% compared to $9,760,018 in the second quarter of fiscal 2023[39] - Net income for the second quarter of fiscal 2024 was $2,033,899, down 78.6% from $9,504,566 in the same quarter of fiscal 2023[39] - Distribution per unit decreased to $0.20 in the second quarter of fiscal 2024, an 81.0% decline from $1.05 in the second quarter of fiscal 2023[39] - Total royalty income for the first six months of fiscal 2024 was $2,657,677, an 86.4% decrease from $19,525,901 in the first six months of fiscal 2023[48] - Net income for the first six months of fiscal 2024 was $2,212,984, down 88.4% from $19,040,580 in the same period of fiscal 2023[48] - Distribution per unit for the first six months of fiscal 2024 was $0.25, an 87.8% decline from $2.05 in the first six months of fiscal 2023[48] Gas Sales and Prices - Gas sales under the Mobil Agreement for the first calendar quarter of 2024 were 3.236 Bcf, a decrease of 6.2% from 3.451 Bcf in the first calendar quarter of 2023[41] - Average gas prices under the Mobil Agreement dropped by 54.3% to 4.1601 Ecents/Kwh in the first calendar quarter of 2024 from 9.1043 Ecents/Kwh in the first calendar quarter of 2023[41] - For the six months ended 3/31/2024, gas sales from the Mobil Agreement decreased by 7.3% to 6.459 Bcf compared to 6.970 Bcf for the same period in 2023[51] - Gas prices under the Mobil Agreement fell by 65.6% to 4.0068 Ecents/Kwh from 11.6593 Ecents/Kwh year-over-year[51] - Gas royalties from the Mobil Agreement dropped by 68.1% to €2,959,471 compared to €9,286,500 in the previous year[51] - Gas sales from the OEG Agreement decreased by 12.6% to 21.955 Bcf from 25.123 Bcf year-over-year[51] - Gas prices under the OEG Agreement decreased by 65.8% to 4.0844 Ecents/Kwh from 11.9309 Ecents/Kwh[51] - Total gas royalties from the OEG Agreement fell by 74.7% to €1,352,998 compared to €5,343,410 in the previous year[51] Expenses and Income - The Trust's expenses for the second quarter of fiscal 2024 decreased by 31.2% to $215,201 from $312,869 in the second quarter of fiscal 2023[45] - Trust expenses for the first six months of fiscal 2024 decreased by 17.2%, or $97,175, to $468,486 from $565,661 in the same period of fiscal 2023[54] - Trust interest income for the first six months of fiscal 2024 decreased to $23,793 from $80,340 in the first six months of fiscal 2023[54] Operational Focus - EMPG will not be drilling any wells during 2024, focusing instead on small workover jobs to maintain production[56] - The next major refurbishment of the desulfurization plant is scheduled for 2026, which will provide better insights into future gas production limits[56] Royalty Income Sources - Natural gas provided approximately 95% of the cumulative royalty income received in fiscal 2024[27]

Financial Performance - Total royalty income for the first quarter of fiscal 2024 was $424,910, a decrease of 95.6% compared to $9,765,883 in the first quarter of fiscal 2023[40] - Net income for the first quarter of fiscal 2024 was $179,085, down 98.1% from $9,536,014 in the same period last year[40] - Distributions per unit dropped to $0.05 in the first quarter of fiscal 2024, a decline of 95.0% from $1.00 in the first quarter of fiscal 2023[40] - The Trust's expenses for the first quarter of fiscal 2024 were $253,285, virtually unchanged from $252,792 in the first quarter of fiscal 2023[47] Gas Production and Sales - Natural gas accounted for approximately 82% of cumulative royalty income received in fiscal 2024[28] - Gas sales under the Mobil Agreement for the fourth calendar quarter of 2023 were 3.223 Bcf, a decrease of 8.4% from 3.519 Bcf in the fourth calendar quarter of 2022[44] - Gas prices under the Mobil Agreement fell to $11.92 per Mcf, down 72.5% from $43.32 per Mcf in the previous year[44] - Gas royalties payable in Euros under the Mobil Agreement decreased by 75.1% to €1,420,221 from €5,695,101 year-over-year[44] Future Outlook - The Trust anticipates a higher distribution in the second quarter of 2024 compared to the first quarter of fiscal 2024 due to stabilized gas prices and offsetting overpayments[42] Risks and Uncertainties - The Trust's assets are depleting, and if operators do not undertake additional development projects, depletion may occur faster than anticipated[50] - Risks include fluctuations in gas production levels, gas sale prices, general economic conditions, and currency exchange rates[50] - The Trust faces uncertainties regarding the operating companies' ability to fulfill contractual obligations[50] - Potential disputes with operating companies may arise, impacting operations[50] - Geopolitical conflicts, such as Russia's invasion of Ukraine, contribute to political and economic uncertainty[50] - The Trust is classified as a smaller reporting company and is not required to provide detailed market risk disclosures[52] Currency Exchange - The average exchange rate for the Euro to U.S. Dollar was 1.0816 in the fourth calendar quarter of 2023, reflecting a 1.0% increase from 1.0706 in the same quarter of 2022[44]

Financial Performance - For fiscal 2023, the Trust's gross royalty income increased by 23.7% to $22,016,103 from $17,800,119 in fiscal 2022[75]. - The total distribution for fiscal 2023 was $2.26 per unit, compared to $1.83 per unit for fiscal 2022, reflecting a significant increase[75]. - Trust expenses increased by $253,674, or 35.5%, to $967,591 in fiscal 2023 from $713,917 in fiscal 2022 due to higher Trustees' fees and legal expenses[92]. - The distribution in the third quarter of fiscal 2023 was $0.21 per unit, representing an 80% decline from the second quarter's distribution of $1.05 per unit[74]. Gas Sales and Pricing - Gas sales under the Mobil Agreement decreased by 16.4% to 12.439 billion cubic feet (Bcf) in fiscal 2023 from 14.874 Bcf in fiscal 2022[77]. - Average gas prices for sales under the Mobil Agreement increased by 49.5% to 8.3231 Euro cents per kilowatt hour (Ecents/kWh) in fiscal 2023 from 5.5665 Ecents/kWh in fiscal 2022[80]. - Gas sales under the OEG Agreement decreased by 15.8% to 44.944 Bcf in fiscal 2023 from 53.385 Bcf in fiscal 2022[83]. - Average gas prices for sales under the OEG Agreement increased by 48.2% to 8.4965 Ecents/kWh in fiscal 2023 from 5.7342 Ecents/kWh in fiscal 2022[88]. Accounting and Financial Structure - The Trust utilizes a modified cash basis of accounting, disclosing revenue when cash is received and expenses when cash is paid, which provides a more meaningful presentation to unit owners[96]. - The Trust has no off-balance sheet arrangements, indicating a straightforward financial structure[97]. - The Trust's distributable income consists of royalty income received during the period plus interest income, less any expenses incurred, all on a cash basis[96]. - The Trust's financial statements are not prepared under GAAP, which would require accruing expected royalty payments that are difficult to project accurately[96]. Risks and Uncertainties - Forward-looking statements are subject to risks such as depleting assets and uncertainties in gas production and sale prices, which could materially affect actual results[98]. - Political and economic uncertainties, such as those arising from Russia's invasion of Ukraine, may impact the Trust's operations and financial performance[99]. - The Trust's ability to predict future results is limited due to emerging factors and uncertainties beyond its control[99]. Currency and Market Risk - The average Euro/U.S. dollar exchange rate for fiscal 2023 was 0.9900, a decrease of 4.9% from 1.0405 in fiscal 2022[81]. - The Trust does not engage in trading activities related to foreign exchange fluctuations, minimizing market risk associated with currency[101]. - There are no financial instruments used to hedge against commodity price fluctuations, indicating a direct exposure to market conditions[101]. - The Trust's bank in Germany processes royalty payments promptly, reducing market risk related to funds held in foreign accounts[101]. Future Operations - The Trust's consultant indicated that no new wells are planned for calendar 2024, and no major exploration work has been initiated[94].

Financial Performance - Total royalty income for Q3 fiscal 2023 was $2,490,778, a decrease of 43.94% compared to $4,442,665 in Q3 fiscal 2022[41] - Net income for Q3 fiscal 2023 was $2,290,894, down 46.63% from $4,292,607 in Q3 fiscal 2022[41] - Distributions per unit decreased to $0.21 in Q3 fiscal 2023, a decline of 54.35% from $0.46 in Q3 fiscal 2022[41] - Total royalty income for the first nine months of fiscal 2023 was $22,016,679, an increase of 104.56% compared to $10,762,772 in the first nine months of fiscal 2022[50] - Net income for the first nine months of fiscal 2023 was $21,331,473, representing an increase of 109.04% compared to $10,204,395 in the same period of fiscal 2022[52] - Distributions per unit increased to $2.26, up 107.34% from $1.09 in the prior year[52] Gas Sales and Royalties - Natural gas accounted for approximately 98.75% of cumulative royalty income in fiscal 2023[28] - Gas sales under the Mobil Agreement for the second calendar quarter of 2023 were 2.957 Bcf, down 19.32% from 3.665 Bcf in the same period of 2022[43] - Average gas prices under the Mobil Agreement decreased by 23.14% to 4.7294 Ecents/Kwh in Q2 2023 from 6.1535 Ecents/Kwh in Q2 2022[44] - Gas sales under the Mobil Agreement decreased by 12.73% to 9.927 Bcf, while gas prices increased by 103.43% to 9.5953 Ecents/Kwh[54] - Gas royalties payable under the Mobil Agreement rose by 78.36% to $11,712,503, compared to $6,566,767 in the previous year[54] - Gas sales under the OEG Agreement decreased by 11.89% to 35.626 Bcf, with gas prices increasing by 102.78% to 9.8363 Ecents/Kwh[54] - Total royalties attributable to gas sales from the Oldenburg concession amounted to $21,741,095, with western Oldenburg contributing approximately 73.79% of this total[54] - The effective royalty rate on gas sold from western Oldenburg is approximately seven times higher than that from eastern Oldenburg, with western gas sales accounting for 78.02% of total gas royalties[46] Trust Expenses and Income - Trust expenses for Q3 fiscal 2023 increased by 53.84% to $231,833 compared to $150,693 in Q3 fiscal 2022[47] - Trust expenses for the first nine months of fiscal 2023 increased by 42.5% to $797,494, compared to $559,638 in the prior year[55] - The Trust received $34,586 in sulfur royalties during the first nine months of fiscal 2023, down from $231,356 in the same period of fiscal 2022[32] - Trust interest income increased significantly to $112,289 from just $1,261 in the same period of fiscal 2022 due to higher interest rates[55] Future Outlook and Risks - The Trust's assets are depleting, and future performance is subject to risks including gas production levels and economic conditions[57] - The Trust does not undertake any obligation to update forward-looking statements after their initial date[57]

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, 2023 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) State or Other Jurisdiction of ...

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 January 31, 2023 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) State or Other Jurisdiction o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the fiscal year ended October 31, 2022 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) FORM 10-K [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (732) 741-4008 (Registrant's telephone number, i ...

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, 2022 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) of Incorporation or Organization ...

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, 2022 or Delaware 22-2084119 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 State or Other Jurisdiction of I.R.S. Employer Identification No. For the transition period from to . Commission File Number 1-8245 NORTH EUROPEAN OIL ROYALTY TRUST ...