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Exhibit 99

                                                               PR NEWSWIRE

            NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES EARNINGS
           FOR THE THIRD FISCAL QUARTER & THE NINE MONTH PERIOD

Red Bank, N.J.  August 12, 2003 -- North European Oil Royalty Trust
(NYSE-NRT) announced that  Trust net income for its third fiscal quarter
ended July 31, 2003 was $4,352,137.  This level of net income represents a
decrease of 2.1% from the net income for the prior year's equivalent period.

The negative impact on Trust royalties of lower gas sales from the higher
royalty rate area of western Oldenburg could not be entirely offset despite
the significant increase in value of the Euro.  The average prices for gas
sold from the higher and lower royalty rate areas of the Oldenburg
concession were essentially unchanged increasing by 1.6% and 1.5%
respectively.  Overall gas sales declined by 2.4% to 43.1 Billion cubic
feet.  Gas sales from the higher royalty rate area of western Oldenburg
declined by 24.2% to 16.9 Billion cubic feet.  This decline was the most
significant factor affecting royalties this quarter.  The Euro strengthened
significantly during the quarter.  Based on the value of the royalties at
the times of transfer the average value of the Euro rose 19.7% to a dollar
equivalent value of $1.1586.  Using the average value for the Euro to
convert German gas prices into more familiar terms yields average gas
prices for the higher and lower royalty rate areas respectively of $4.96
and $4.54 per Mcf.

                     NORTH EUROPEAN OIL ROYALTY TRUST

Quarter Ended                    7/31/03                  7/31/02

German Royalties Received      $ 4,536,318              $ 4,580,463
Net Income                       4,352,137                4,443,703
Net Income Per Unit                $ 0.49                   $ 0.50


Nine Months Ended                 7/31/03                 7/31/02

German Royalties Received      $14,002,637              $13,850,314
Net Income                      13,401,047               13,478,846
Net Income Per Unit                $ 1.50                   $ 1.51


The Trust declared a distribution to unit owners of 49 cents per unit for
the third fiscal quarter, making the total distribution for the nine month
period $1.50 per unit compared to $1.51 for the same period last year.  The
distribution will be paid on August 27, 2003 to holders of record on
August 15, 2003.

Contact --  John H. Van Kirk, Managing Trustee, or John R. Van Kirk,
Managing Director, telephone:  (732) 741-4008, e-mail: NEORT@AOL.Com.