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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 
 Form 10-K
 þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended June 30, 2011
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to.
 Commission File No. 000-08565
 Marine Petroleum Trust
  Texas
    
    75-6008017(State or other jurisdiction of
    
    (I.R.S. Employerincorporation or organization)
    
    Identification No.)c/o The Corporate Trustee:U.S. Trust, Bank of America Private Wealth ManagementP. O. Box 830650, Dallas, Texas
    
    75283-0650(Address of principal executive offices)
    
    (Zip Code)
 (800) 985-0794
 None
 Units of Beneficial Interest
 o þ
 o þ
 þ o
 o o
 þ
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer o
    
    Smaller reporting company þ(Do not check if a smaller reporting company)
 o þ




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##### 



TABLE OF CONTENTS
 PagePART IItem 1. Business
    
    
    3Item 1A. Risk Factors
    
    
    5Item 1B. Unresolved Staff Comments
    
    
    9Item 2. Properties
    
    
    9Item 3. Legal Proceedings
    
    
    12Item 4. Reserved
    
    
    12PART IIItem 5. Market for Registrants Common Equity, Related Unitholder Matters and Issuer
Purchases of Equity Securities.
    
    
    13Item 6. Selected Financial Data
    
    
    13Item 7. Trustees Discussion and Analysis of Financial Condition and Results of Operations
    
    
    15Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
    
    
    18Item 8. Financial Statements and Supplementary Data
    
    
    18Item 9. Changes in and Disagreements with Accountants on Accounting and Financial
Disclosure
    
    
    18Item 9A. Controls and Procedures
    
    
    19Item 9B. Other Information
    
    
    19PART IIIItem 10. Directors, Executive Officers and Corporate Governance
    
    
    20Item 11. Executive Compensation
    
    
    20Item 12. Security Ownership of Certain Beneficial Owners and Management and Related
Unitholder Matters
    
    
    20Item 13. Certain Relationships and Related Transactions, and Director Independence
    
    
    21Item 14. Principal Accountant Fees and Services
    
    
    21PART IVItem 15. Exhibits and Financial Statement Schedules
    
    
    22EX-31.1EX-32.1EX-99.1
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PART I
 
 ITEM 1. BUSINESS
 Organization
 th th
   Item 8. Financial Statements and
Supplementary Data
 Royalties
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Fiscal Year Ended June 30,Company
    
    2011
    
    2010
    
    2009Chevron USA, Inc.
    
    
    57
    %
    
    
    60
    %
    
    
    57
    %Walter Oil & Gas Corporation
    
    
    11
    %
    
    
    8
    %
    
    
    3
    %Century Exploration Company
    
    
    8
    %
    
    
    8
    %
    
    
    4
    %Anglo Suisse Offshore Partners LLP
    
    
    5
    %
    
    
    8
    %
    
    
    10
    %Apache Corporation
    
    
    4
    %
    
    
    2
    %
    
    
    6
    %Energy XXI GOM LLC
    
    
    2
    %
    
    
    2
    %
    
    
    4
    %McMoran Oil & Gas LLC
    
    
    2
    %
    
    
    2
    %
    
    
    3
    %W&T Offshore Inc.
    
    
    2
    %
    
    
    1
    %
    
    
    3
    %Devon Energy Production Company LP
    
    
    
    
    
    
    3
    %
    
    
    1
    %SPN Resources LLC
    
    
    
    
    
    
    2
    %
    
    
    3
    %Others
    
    
    9
    %
    
    
    4
    %
    
    
    6
    %100
    %
    
    
    100
    %
    
    
    100
    %
   Trust Functions Item 10.
Directors, Executive Officers and Corporate Governance
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Item 2. Properties
  Widely Held Fixed Investment Trust Reporting Information.
 
  
 ITEM 1A. RISK FACTORS
  Marine is unable to acquire royalty interests in any more leases.
  Royalty interests are depleting assets and may deplete faster than expected or entirely.
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Oil and natural gas prices are volatile and fluctuate due to a number of factors, and lower prices will reduce royalty payments to Marine and distributions to its unitholders.
  
    
    political conditions worldwide, in particular, political disruptions, wars or
other armed conflicts in oil producing regions;
    
    worldwide economic conditions;
    
    weather conditions;
    
    the supply and price of domestic and foreign oil and natural gas;
    
    the level of consumer demand;
    
    the price and availability of alternative fuels;
    
    the proximity to, and capacity of, transportation facilities; and
    
    the effect of worldwide energy conservation measures.
   The market price for the units may not reflect the value of the royalty interests held by Marine.
   Our units have been thinly traded and an active trading market for our units may not develop.
  Operating risks for the working interest owners interests on the leases can adversely affect
distributions.
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Failure to collect royalty payments from working interest owners could adversely affect Marines
distributions to its unitholders.
  The owner of any properties underlying the leases may transfer any of the properties to another
unrelated third party.
  The owner of any underlying properties of the leases may abandon any property, terminating the
related royalty interest Marine may hold.
  The Trustee, Marine and its unitholders do not control the operation or development of the
underlying properties of the leases and have little influence over operation or development.
  Important reserve and other information with respect to the particular leases subject to Marines
royalty interest is difficult to obtain.
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Terrorism and continued geopolitical hostilities could adversely affect Marines distributions to
its unitholders or the market price of its units.
  Unitholders have limited voting rights.
  The limited liability of the unitholders is uncertain.
  Marines royalty interest can be sold and the Trust can be terminated.
  The operators of the working interest owner are subject to extensive governmental regulation.
   -8-




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Cash held by the Trustee is not insured by the Federal Deposit Insurance Corporation.
  Financial information of Marine is not prepared in accordance with accounting principles generally
accepted in the United States of America, or GAAP.
  If it is determined that Marine is subject to the Texas franchise tax, the Trustee may have to
withhold amounts from future distributions to pay the tax liability.
  i.e.
  
 ITEM 1B. UNRESOLVED STAFF COMMENTS
  
 ITEM 2. PROPERTIES
 General
 Reserves
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Difficulty in Obtaining Certain Data.
   Production
 Fiscal Year Ended June 30,2011
    
    2010
    
    2009Net quantities sold:Oil (in barrels (bbls))
    
    
    24,207
    
    
    
    21,168
    
    
    
    16,885Natural Gas (in thousands of cubic feet (mcf))
    
    
    145,719
    
    
    
    129,349
    
    
    
    114,730Weighted average sales price for royalty oil and
natural
gas sold:Oil (per bbl) (1)
    
    $
    88.23
    
    
    $
    71.18
    
    
    $
    100.13Natural Gas (per mcf)(1)
    
    $
    4.92
    
    
    $
    4.65
    
    
    $
    9.22
 
 (1)
    
    The weighted average sales price is calculated from data provided by the operators. Item 7. Trustees Discussion and Analysis of Financial Condition and
Results of Operations.
 Productive Wells Difficulty in Obtaining Certain Data.
 Drilling Activity
 Fiscal Year Ended June 30,2011
    
    2010
    
    2009DevelopmentOil
    
    
    14
    
    
    
    7
    
    
    
    6Natural Gas
    
    
    10
    
    
    
    17
    
    
    
    13Dry
    
    
    0
    
    
    
    0
    
    
    
    2Totals
    
    
    24
    
    
    
    24
    
    
    
    21
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Lease Acreage
 ProducingLeases Granted by(1):
    
    AcreageUnited States
    
    
    221,034State of Texas
    
    
    640State of Louisiana
    
    
    4,890226,564
 
 (1)
    
    Leases are typically granted for a term of five years, during which the lease owner
must establish a commercial production capability, or the lease expires. Marines
overriding royalty area is determined by a contract that defines the area in which
Marine is entitled to receive a royalty interest. In some cases, that area does not
cover an entire lease block. In those cases, Marines royalty interest only applies to
the area that lies within the lease. Of the 226,564 total gross acres in which Marine
has an overriding royalty interest, there are 3,958 gross acres located on leases that
have commercial production, but the production is not on Marines overriding royalty
area within those leases.  Trust
    
    Gross Acres
    
    InterestTidelands
    
    
    22,948
    
    
    
    1.1928
    %Marine
    
    
    105,672
    
    
    
    0.7500
    %Marine
    
    
    1,527
    
    
    
    0.5000
    %Marine
    
    
    40,151
    
    
    
    0.3750
    %Marine
    
    
    56,266
    
    
    
    0.1905
    %Summary
    
    
    226,564
    
    
    
    0.58776
    %
 Present Activities
 Difficulty in Obtaining Certain Data
 -11-




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ITEM 3. LEGAL PROCEEDINGS
  
 ITEM 4. RESERVED
 -12-




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PART II
 
 ITEM 5.
    MARKET FOR REGISTRANTS COMMON EQUITY, RELATED UNITHOLDER MATTERS AND ISSUER PURCHASES OF
EQUITY SECURITIES
  Sales Price
    
    DistributionsQuarter Ending
    
    High
    
    Low
    
    Per UnitSeptember 30, 2009
    
    $
    18.22
    
    
    $
    14.85
    
    
    $
    0.25December 31, 2009
    
    
    18.00
    
    
    
    14.00
    
    
    
    0.32March 31, 2010
    
    
    19.05
    
    
    
    14.56
    
    
    
    0.32June 30, 2010
    
    
    18.72
    
    
    
    14.77
    
    
    
    0.38September 30, 2010
    
    $
    18.15
    
    
    $
    14.80
    
    
    $
    0.37December 31, 2010
    
    
    30.14
    
    
    
    17.25
    
    
    
    0.34March 31, 2011
    
    
    24.02
    
    
    
    20.55
    
    
    
    0.36June 30, 2011
    
    
    23.00
    
    
    
    18.22
    
    
    
    0.41
      
 ITEM 6. SELECTED FINANCIAL DATA
 Item 7. Trustees Discussion and Analysis of Financial Condition and
Results of Operations
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Fiscal Year Ended June 30,(In Thousands, Except Per Unit Amounts)2011
    
    
    2010
    
    
    2009
    
    
    2008
    
    
    2007Statement of Distributable Income
Selected Data:Income:Oil and natural gas royalties
    
    $
    2,853
    
    
    $
    2,109
    
    
    $
    2,749
    
    
    $
    4,827
    
    
    $
    4,654Equity in Tidelands
    
    
    591
    
    
    
    835
    
    
    
    1,419
    
    
    
    1,313
    
    
    
    623Interest
    
    
    
    
    
    
    
    
    
    
    12
    
    
    
    59
    
    
    
    79$
    3,444
    
    
    $
    2,944
    
    
    $
    4,180
    
    
    $
    6,199
    
    
    $
    5,356Expenses:General and administrative
    
    $
    256
    
    
    $
    303
    
    
    $
    380
    
    
    $
    314
    
    
    $
    218Federal income taxes of subsidiary
    
    
    
    
    
    
    
    
    
    
    (19
    )
    
    
    21
    
    
    
    20256
    
    
    
    303
    
    
    
    361
    
    
    
    335
    
    
    
    238Distributable income
    
    $
    3,188
    
    
    $
    2,641
    
    
    $
    3,819
    
    
    $
    5,864
    
    
    $
    5,118Distributions to unitholders
    
    $
    2,985
    
    
    $
    2,536
    
    
    $
    4,436
    
    
    $
    5,847
    
    
    $
    4,921Distributable income per unit
    
    $
    1.59
    
    
    $
    1.32
    
    
    $
    1.91
    
    
    $
    2.93
    
    
    $
    2.56Distributions per unit
    
    $
    1.49
    
    
    $
    1.27
    
    
    $
    2.22
    
    
    $
    2.92
    
    
    $
    2.46
 At June 30,2011
    
    
    2010
    
    
    2009
    
    
    2008
    
    
    2007Statement of Assets, Liabilities and
Trust Corpus Selected Data:Total assets
    
    $
    1,360
    
    
    $
    1,158
    
    
    $
    1,053
    
    
    $
    1,680
    
    
    $
    1,661Trust corpus
    
    $
    1,360
    
    
    $
    1,158
    
    
    $
    1,053
    
    
    $
    1,670
    
    
    $
    1,653
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ITEM 7. TRUSTEES DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 Critical Accounting Policies
 
    
    Royalty income is recognized when received by Marine.
    
    Marines expenses (which include accounting, legal, and other professional fees,
Trustees fees and out-of-pocket expenses) are recorded on an accrual basis.
Reserves for liabilities that are contingent or uncertain in amount may also be
established if considered necessary.
    
    Distributions to unitholders are recognized when declared by the Trustee of the
Trust.
  
    
    Royalty income is recognized in the month received rather than in the month of
production.
    
    Reserves may be established for contingencies that would not be recorded under
GAAP.
   Results of Operations.
   Summary Review.
 -15-




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Fiscal Year Ended June 30,2011
    
    2010
    
    2009Wells Drilled or Recompleted (Gross)
    
    
    24
    
    
    
    24
    
    
    
    21Active Wells (Gross)
    
    
    206
    
    
    
    210
    
    
    
    220
  Fiscal Year Ended June 30,2011
    
    2010
    
    2009Income from:Oil royalties
    
    $
    2,135,847
    
    
    $
    1,506,768
    
    
    $
    1,690,654Natural gas royalties
    
    $
    716,560
    
    
    $
    601,835
    
    
    $
    1,058,045Totals
    
    $
    2,852,407
    
    
    $
    2,108,603
    
    
    $
    2,748,699Net quantities sold:Oil (bbls)
    
    
    24,207
    
    
    
    21,168
    
    
    
    16,885Natural gas (mcf)
    
    
    145,719
    
    
    
    129,349
    
    
    
    114,730Average price:Oil (per bbl) (1)
    
    $
    88.23
    
    
    $
    71.18
    
    
    $
    100.13Natural gas (per mcf) (1)
    
    $
    4.92
    
    
    $
    4.65
    
    
    $
    9.22
 
 (1)
    
    These amounts are net of the cost of transportation from offshore leases to onshore
receiving points. Fiscal Year 2011 Compared to Fiscal Year 2010
   -16-




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Fiscal Year 2010 Compared to Fiscal Year 2009
    Capital Resources and Liquidity
    Forward-Looking Statements
 -17-




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Website.
 
 ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
   
 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
  PageReports of Independent Registered Public Accounting Firms
    
    
    23Financial Statements:Consolidated Statements of Assets, Liabilities and Trust Corpus as of June 30, 2011 and 2010
    
    
    25Consolidated Statements of Distributable Income for the Fiscal Years Ended June 30, 2011,
2010 and 2009
    
    
    26Consolidated Statements of Changes in Trust Corpus for the Fiscal Years Ended June 30, 2011,
2010 and 2009
    
    
    27Notes to Consolidated Financial Statements
    
    
    28
 Item 15. Exhibits and Financial Statement Schedules
  
 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
     -18-




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ITEM 9A. CONTROLS AND PROCEDURES
 Effectiveness of Disclosure Controls and Procedures
  Changes in Internal Control Over Financial Reporting
  Trustees Report on Internal Control Over Financial Reporting
  
 ITEM 9B. OTHER INFORMATION
  -19-




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PART III
 
 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
 Directors and Officers.
 Section 16(a) Beneficial Ownership Reporting Compliance
 Code of Ethics. th
 Committees.
 
 ITEM 11. EXECUTIVE COMPENSATION
  Fiscal
    
    Other AnnualName of Individual or Entity
    
    Year
    
    Compensation(1)U.S. Trust, Bank of America Private Wealth Management, the Trustee
    
    
    2011
    
    
    $
    33,0242010
    
    
    $
    32,6152009
    
    
    $
    34,378
 
 (1)
    
    Under the Indenture, the Trustee is entitled to reasonable and customary fees and
compensation for its services. 
 ITEM 12.
    
    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED UNITHOLDER MATTERS
  Amount and Nature ofName and Address
    
    Beneficial Ownership
    
    
    Percent of ClassRobert H. Paslay 
1007 Gasserway Circle 
Brentwood, TN 37027
    
    204,368 units
    
    
    10.2
    %Patricia Martin 
110 Woodbine Place 
Missoula, MT 59803
    
    174,529 units
    
    
    8.7
    %
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ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
  Fiscal Year
    
    Amount Paid2011
    
    $60,0002010
    
    $48,9002009
    
    $48,906
 
 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
   Item 10. Directors, Executive Officers and Corporate Governance
 -21-




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PART IV
 
 ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
 Item 8. Financial Statements and Supplementary Data
   4.1
    
    Indenture, as amended on December 8, 2000, of Marine Petroleum
Trust, filed as Exhibit 4.1 to the Annual Report on Form 10-K of Marine for the
fiscal year ended June 30, 2001, and incorporated by reference herein.21.1
    
    Subsidiaries of Marine, filed as Exhibit 21.1 to the Annual
Report on Form 10-K of Marine for the fiscal year ended June 30, 2002, and
incorporated by reference herein.31.1*
    
    Certification of the Corporate Trustee pursuant to Section 302
of the Sarbanes-Oxley Act of 2002.32.1*
    
    Certification of the Corporate Trustee pursuant to Section 906
of the Sarbanes-Oxley Act of 2002.99.1*
    
    Consolidated financial statements of Tidelands Royalty Trust
B for the year ended December 31, 2010, and report of KPMG LLP, independent
registered public accounting firm.
 
 *
    
    Filed herewith.  -22-




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-23-




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Report of Independent Registered Public Accounting Firm
 
     
 -24-




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MARINE PETROLEUM TRUST AND SUBSIDIARY
 CONSOLIDATED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS
As of June 30, 2011 and 2010
 June 30,
    
    
    June 30,2011
    
    
    2010AssetsCurrent assets:Cash and cash equivalents
    
    $
    1,345,960
    
    
    $
    1,143,454Federal income taxes refundable
    
    
    14,425
    
    
    
    14,425Producing oil and gas properties
    
    
    7
    
    
    
    7Total assets
    
    $
    1,360,392
    
    
    $
    1,157,886Liabilities and Trust CorpusCurrent liabilities:Federal income taxes payable
    
    
    
    
    
    
    Total current liabilities
    
    $
    
    
    
    $
    Trust Corpus  authorized 2,000,000 units of
beneficial interest, issued 2,000,000 units
at nominal value
    
    
    1,360,392
    
    
    
    1,157,886$
    1,360,392
    
    
    $
    1,157,886
  -25-




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MARINE PETROLEUM TRUST AND SUBSIDIARY
 CONSOLIDATED STATEMENTS OF DISTRIBUTABLE INCOME
For  The Fiscal Years Ended June 30,
 2011
    
    
    2010
    
    
    2009Income:Oil and natural gas royalties
    
    $
    2,852,407
    
    
    $
    2,108,603
    
    
    $
    2,748,699Oil and natural gas royalties from affiliate
    
    $
    591,119
    
    
    $
    835,401
    
    
    $
    1,419,539Interest income
    
    
    
    
    
    
    11
    
    
    
    12,189Total income
    
    $
    3,443,526
    
    
    
    2,944,015
    
    
    
    4,180,427Expenses:General and administrative
    
    
    255,750
    
    
    
    303,454
    
    
    
    380,400Distributable income before Federal income taxes
    
    
    3,187,776
    
    
    
    2,640,561
    
    
    
    3,800,027Federal income taxes of subsidiary
    
    
    
    
    
    
    
    
    
    
    (18,725
    )Distributable income
    
    $
    3,187,776
    
    
    $
    2,640,561
    
    
    $
    3,818,752Distributable income per unit
    
    $
    1.59
    
    
    $
    1.32
    
    
    $
    1.91Distributions per unit
    
    $
    1.49
    
    
    $
    1.27
    
    
    $
    2.22Units outstanding
    
    
    2,000,000
    
    
    
    2,000,000
    
    
    
    2,000,000
  -26-




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MARINE PETROLEUM TRUST AND SUBSIDIARY
 CONSOLIDATED STATEMENTS OF CHANGES IN TRUST CORPUS
For  The Fiscal Years Ended June 30,
 2011
    
    
    2010
    
    
    2009Trust corpus, beginning of year
    
    $
    1,157,886
    
    
    $
    1,053,282
    
    
    $
    1,670,467Distributable income
    
    
    3,187,776
    
    
    
    2,640,561
    
    
    
    3,818,752Distributions to unitholders
    
    
    2,985,270
    
    
    
    2,535,957
    
    
    
    4,435,937Trust corpus, end of year
    
    $
    1,360,392
    
    
    $
    1,157,886
    
    
    $
    1,053,282
  -27-




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MARINE PETROLEUM TRUST AND SUBSIDIARY
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 (1) Summary of Significant Accounting Policies
 (a) General
     (b) Principles of Consolidation
  (c) Producing Oil and Gas Properties
   (d) U.S. Federal Income Taxes
     -28-




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##### Table of Contents



(e) Credit Risk Concentration and Cash Equivalents
   (f) Use of Estimates
  (g) Distributable Income per Unit
 (
 h) Significant Royalty Sources
  Fiscal Year Ended June 30,Company
    
    2011
    
    2010
    
    2009Chevron USA, Inc.
    
    
    57
    %
    
    
    60
    %
    
    
    57
    %Walter Oil & Gas Corporation
    
    
    11
    %
    
    
    8
    %
    
    
    3
    %Century Exploration Company
    
    
    8
    %
    
    
    8
    %
    
    
    4
    %Anglo Suisse Offshore Partners LLP
    
    
    5
    %
    
    
    8
    %
    
    
    10
    %Apache Corporation
    
    
    4
    %
    
    
    2
    %
    
    
    6
    %Energy XXI GOM LLC
    
    
    2
    %
    
    
    2
    %
    
    
    4
    %McMoran Oil & Gas LLC
    
    
    2
    %
    
    
    2
    %
    
    
    3
    %W&T Offshore Inc.
    
    
    2
    %
    
    
    1
    %
    
    
    3
    %Devon Energy Production Company LP
    
    
    
    
    
    
    3
    %
    
    
    1
    %SPN Resources LLC
    
    
    
    
    
    
    2
    %
    
    
    3
    %Others
    
    
    9
    %
    
    
    4
    %
    
    
    6
    %100
    %
    
    
    100
    %
    
    
    100
    %
 (2) Basis of Accounting
  
    
    Royalty income is recognized when received by Marine.
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
    
    Marines expenses (which include accounting, legal, and other professional fees, Trustees fees and
out-of-pocket expenses) are recorded on an accrual basis. Reserves for liabilities that are
contingent or uncertain in amount may also be established if considered necessary.
    
    Distributions to
unitholders are recognized when declared by the Trustee of the Trust.
  
    
    Royalty income is recognized in the month received rather than in the month of production.
    
    Reserves may be established for contingencies that would not be recorded under GAAP.
  (3) Investment in Affiliate  Tidelands Royalty Trust B
    TIDELANDS CONSOLIDATED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS
 June 30, 
2011
    
    
    June 30, 
2010AssetsCurrent assets:Cash and cash equivalents
    
    $
    1,028,157
    
    
    $
    1,397,895Oil, natural gas and other mineral properties
    
    
    2
    
    
    
    2Federal taxes refundable
    
    
    12,734
    
    
    
    12,734Total assets
    
    $
    1,040,893
    
    
    $
    1,410,631Liabilities and Trust CorpusCurrent liabilities:Income distributable to unitholders
    
    $
    276,628
    
    
    $
    610,206Total current liabilities
    
    $
    276,628
    
    
    $
    610,206Trust Corpus  authorized 1,386,525 units of
beneficial interest, issued 1,386,375 units
at nominal value
    
    $
    764,265
    
    
    $
    800,425$
    1,040,893
    
    
    $
    1,410,631
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TIDELANDS CONSOLIDATED STATEMENTS OF DISTRIBUTABLE INCOME
 Twelve Months Ended June 30,2011
    
    
    2010
    
    
    2009Income
    
    $
    1,678,547
    
    
    $
    2,535,392
    
    
    $
    4,363,355Expenses
    
    
    236,670
    
    
    
    240,629
    
    
    
    329,693Distributable income before Federal income
taxes
    
    
    1,441,877
    
    
    
    2,294,763
    
    
    
    4,033,662Federal income taxes of Tidelands subsidiary
    
    
    
    
    
    
    7,000
    
    
    
    32,570Distributable income
    
    $
    1,441,877
    
    
    $
    2,287,763
    
    
    $
    4,001,092
  (4) Summary of Quarterly Financial Data (Unaudited)
  Oil and
    
    
    
    
    
    
    
    
    DistributableGas
    
    
    
    
    
    
Distributable

    
    
    IncomeRoyalties
    
    
    Expenses
    
    

    Income
    
    
    Per UnitQuarter ended:September 30, 2009
    
    $
    448,556
    
    
    $
    68,241
    
    
    $
    629,184
    
    
    $
    0.31December 31, 2009
    
    
    476,875
    
    
    
    86,346
    
    
    
    575,754
    
    
    
    0.29March 31, 2010
    
    
    604,202
    
    
    
    60,628
    
    
    
    742,685
    
    
    
    0.37June 30, 2010
    
    
    578,970
    
    
    
    88,239
    
    
    
    692,938
    
    
    
    0.35$
    2,108,603
    
    
    $
    303,454
    
    
    $
    2,640,561
    
    
    $
    1.32Quarter ended:September 30, 2010
    
    $
    613,466
    
    
    $
    46,111
    
    
    $
    766,584
    
    
    $
    0.38December 31, 2010
    
    
    630,929
    
    
    
    55,657
    
    
    
    699,527
    
    
    
    0.35March 31, 2011
    
    
    736,242
    
    
    
    102,082
    
    
    
    799,856
    
    
    
    0.40June 30, 2011
    
    
    871,770
    
    
    
    51,900
    
    
    
    921,809
    
    
    
    0.46$
    2,852,407
    
    
    $
    255,750
    
    
    
    3,187,776
    
    
    $
    1.59
 (5) Supplemental Information Relating to Oil and Gas Reserves (Unaudited)
  Twelve Months Ended June 30,2011
    
    
    2010
    
    
    2009Marine:Oil (bbls)
    
    
    24,207
    
    
    
    21,168
    
    
    
    16,885Gas (mcf)
    
    
    145,719
    
    
    
    129,349
    
    
    
    114,730Tidelands:Oil (bbls)
    
    
    2,596
    
    
    
    2,628
    
    
    
    1,278Gas (mcf)
    
    
    73,176
    
    
    
    124,854
    
    
    
    167,224
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(6) Texas Margin Tax
  e.g. e.g.
   -32-




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SIGNATURES
  MARINE PETROLEUM TRUST (Registrant)By:
    
    U.S. Trust, Bank of America
Private Wealth Management in its
capacity as trustee of Marine Petroleum Trust and not in its
individual capacity or otherwiseDate: September 16, 2011
    
    By:
    
    /s/ Ron E. Hooper

Ron E. HooperSenior Vice President
  U.S. Trust, Bank of America Private Wealth Management,
in its capacity as trustee of Marine Petroleum Trust and
not in its individual capacity or otherwiseDated: September 16, 2011
    
    By:
    
    /s/ Ron E. Hooper

Ron E. HooperSenior Vice President
  -33-