PR NEWSWIRE

                NORTH EUROPEAN OIL ROYALTY TRUST ANNOUNCES
            DISTRIBUTION FOR THE FOURTH QUARTER OF FISCAL 2003


          RED BANK, N.J. October 30, 2003 --  The Trustees of North European
Oil Royalty Trust (NYSE-NRT) announced today a quarterly distribution of 45
cents per unit, payable on November 26, 2003 to holders of record on
November 14, 2003.

          John R. Van Kirk, Managing Director, noted that this year's
quarterly distribution was 7 cents or 18% higher than the distribution for
the prior year's equivalent quarter.  Overall Oldenburg gas sales covered
under the lower royalty rate agreement increased by 6.3% from 37.5 billion
cubic feet ("Bcf") to 39.9 Bcf.  This increase was entirely concentrated in
the lower royalty area of eastern Oldenburg.  Gas sales from western
Oldenburg covered under the higher royalty rate agreement decreased by 7.8%
from 18.9 Bcf to 17.4 Bcf.  Under the lower royalty rate agreement covering
the entire Oldenburg concession average gas prices declined 3.3% from 1.2270
Euro cents per kilowatt hour ("Ecents/Kwh") to 1.1864 Ecents/Kwh.   Average
gas prices under the higher royalty rate agreement covering western
Oldenburg increased 6% from 1.3877 Ecents/Kwh to 1.4714 Ecents/Kwh.  While
not all transfers from Germany have been received as yet, the average value
of the Euro based on transfers received so far put the Euro at a dollar
equivalent value of approximately $1.11for the quarter just ended.

          The total distribution for fiscal 2003 is $1.95 per unit compared
to the previous year's distribution of $1.89 per unit, the difference of
$0.06 represents an increase of 3.1%.  The November distribution reflects
royalties from sales made during the third calendar quarter of 2003.  The
Trust makes quarterly distributions to unit owners during the months of
February, May, August and November.

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