8-K

                    SECURITIES AND EXCHANGE COMMISSION

                         WASHINGTON, D.C. 20549

                                FORM 8-K


                              CURRENT REPORT

                     PURSUANT TO SECTION 13 OR 15(d)
                 OF THE SECURITIES EXCHANGE ACT OF 1934


             Date of Report (Date of earliest event reported):

                             July 28, 2004
                           ------------------

                      NORTH EUROPEAN OIL ROYALTY TRUST
            ------------------------------------------------------
            (Exact name of Registrant as specified in its charter)


                         Commission File No. 1-8245


               Delaware                             22-2084119
        -----------------------                -----------------------
        (State of organization)                (IRS Employer I.D. No.)


        Suite 19A, 43 West Front Street, Red Bank, N.J.          07701
       ---------------------------------------------------------------
                 (Address of principal executive offices)


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


                     This report consists of 3 pages.















                                   -2-


Item 7.   Financial Statements and Exhibits.
          ----------------------------------

          (c) Exhibits

              Exhibit 99.  A press release dated July 28, 2004 and
              disseminated through PR Newswire announcing the distribution
              for the third quarter of fiscal 2004.


Item 12.  Results of Operations and Financial Condition.
          -----------------------------------------------

          On July 28, 2004 North European Oil Royalty Trust issued a
          press release via PR Newswire announcing the Trust's
          distribution for the third quarter of fiscal 2004.




                                SIGNATURES
                                ----------


          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 thereunto duly authorized.




                                    NORTH EUROPEAN OIL ROYALTY TRUST
                                    --------------------------------
                                            (Registrant)



                                     By:    /s/ John R. Van Kirk
                                          ------------------------
                                                John R. Van Kirk
                                                Managing Director


Dated:   August 9, 2004

EX-99

Exhibit 99



                                                                 PR NEWSWIRE

                      NORTH EUROPEAN OIL ROYALTY TRUST
                        ANNOUNCES THE DISTRIBUTION
                    FOR THE THIRD QUARTER OF FISCAL 2004

          RED BANK, N.J.  July 28, 2004 --  The Trustees of North European
Oil Royalty Trust (NYSE-NRT) announced today a quarterly distribution of
37 cents per unit, payable on August 25, 2004 to holders of record on
August 13, 2004.  The next quarter's distribution will be reduced by 3 cents
per unit to correct a calculation overpayment error made by the operating
companies.  The following comparisons except where noted are to the prior
year's equivalent period.

          John R. Van Kirk, Managing Director, reported that this year's
quarterly distribution was 12 cents or 24.5% below the distribution for the
third quarter of fiscal 2003.  Information received to this point indicates
that a combination of lower gas sales and lower gas prices for both the
higher royalty rate agreement covering western Oldenburg and the lower
royalty rate agreement covering the entire Oldenburg area resulted in the
decline in the Trust distribution for the third quarter of fiscal 2004.
While the final transfer of royalties has not yet been received, we expect
to show a slight improvement in the average exchange rate based on the
transfer of royalties from Germany.

          Under the higher royalty rate agreement, gas sales declined by
10.34% from 16.9 billion cubic feet ("Bcf") to 15.2 Bcf.   Under the same
agreement the average price of gas sold decreased 24.6% from 1.4963 Euro
cents per kilowatt hour ("Ecents/Kwh") to 1.1276 Ecents/Kwh.  Under the
lower royalty rate agreement, gas sales declined by 10.45% from 43.1 Bcf to
38.6 Bcf.   Under the same agreement the average price of gas sold
decreased 15.3% from 1.3994 Ecents/Kwh to 1.1858 Ecents/Kwh.

          Total distributions of $1.26 per unit for the first nine months of
fiscal 2004 were 24 cents  per unit or 16% lower than the amount distributed
for the same period last year.   Including this distribution, during the
last twelve months the Trust has distributed $1.71 per unit.  Distributions
are made to Trust unit owners from royalties received from oil, sulfur and
gas sales from royalty holdings in Germany.  The August distribution
reflects royalties received from sales made during the second calendar
quarter of 2004.  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, telephone:  (732) 741-4008, e-mail: NEORT@AOL.Com.