<PAGE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-K

[X]  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934 FOR THE FISCAL YEAR ENDED JUNE 30, 2003.

                                       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 NO. 0-8565

                             MARINE PETROLEUM TRUST
             (Exact name of registrant as specified in its charter)

             TEXAS                                        75-6008017
(State or other jurisdiction of                       (I.R.S. Employer
incorporation or organization)                        Identification No.)

   C/O THE CORPORATE TRUSTEE:
      BANK OF AMERICA, N.A.
P. O. BOX 830241, DALLAS, TEXAS                         75283-0241
(Address of principal executive offices)                (Zip Code)

               Registrant's telephone number, including area code
            (at the office of the Corporate Trustee): (800) 985-0794

           Securities registered pursuant to Section 12(b) of the Act:
                                      NONE

           Securities registered pursuant to Section 12(g) of the Act:
                          UNITS OF BENEFICIAL INTEREST
                                (Title of Class)

         Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

                                 YES [X] NO [ ]

         Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [X]

         Indicate by check mark whether the registrant is an accelerated filer
(as defined in Rule 12b-2 of the Act).

                                 YES [ ] NO [X].

         Aggregate market value of Units of Beneficial Interest held by
non-affiliates of the registrant at December 31, 2002: $40,238,544.

         Number of Units of Beneficial Interest outstanding as of June 30, 2003
-- 2,000,000 Units.

                      Documents Incorporated by Reference:
                                      NONE

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                               PAGE
                                                                                                               ----
<S>                                                                                                            <C>
PART 1

     Item 1.      Business................................................................................       2

     Item 2.      Properties..............................................................................       5

     Item 3.      Legal Proceedings.......................................................................       7

     Item 4.      Submission of Matters to a Vote of Security Holders.....................................       7

PART II

     Item 5.      Market for Registrant's Common Equity and Related Stockholder Matters...................       7

     Item 6.      Selected Financial Data.................................................................       8

     Item 7.      Managements' Discussion and Analysis of Financial Condition and Results of Operations...       9

     Item 7A.     Quantitative and Qualitative Disclosures About Market Risk..............................      11

     Item 8.      Financial Statements and Supplementary Data.............................................      11

     Item 9.      Disagreements on Accounting and Financial Disclosure....................................      11

PART III

     Item 10.     Directors and Executive Officers of the Registrant......................................      12

     Item 11.     Executive Compensation..................................................................      12

     Item 12.     Security Ownership of Certain Beneficial Owners and Management and Related
                  Stockholders............................................................................      12

     Item 13.     Certain Relationships and Related Transactions..........................................      12

PART IV

     Item 14.     Exhibits, Financial Statement Schedules, and Reports on Form 8-K........................      13
</TABLE>

                                       -1-
<PAGE>

ITEM 1. BUSINESS

         Organization. Marine Petroleum Trust ("Marine") is a royalty trust that
was created in 1956 under the laws of the State of Texas. Marine is not
permitted to engage in any business activity because it was organized for the
sole purpose of providing an efficient, orderly, and practical means for the
administration and liquidation of rights to payments from certain oil and
natural gas leases in the Gulf of Mexico, pursuant to license agreements and
amendments thereto between Marine's predecessors and Gulf Oil Corporation
("Gulf"). As a result of various transactions that have occurred since 1956, the
Gulf interests are now held by Chevron Corporation ("Chevron"), Elf Exploration,
Inc. ("Elf"), and their assignees.

         The indenture pursuant to which Marine was created (the "Indenture")
provides that the corporate trustee is to distribute all cash in Marine, less an
amount reserved for the payment of accrued liabilities and estimated future
expenses, to unitholders of record on the 28th day of September, December, March
and June of each fiscal year. If the 28th falls on a Saturday, Sunday or legal
holiday, the distribution is payable on the immediately preceding business day.

         The Indenture, as amended, also provides that the term of the royalty
trust will expire on June 1, 2021, unless extended by the vote of the holders of
a majority of the outstanding units of beneficial interest.

         Marine's wholly-owned subsidiary, Marine Petroleum Corporation ("MPC"),
holds title to interests in properties subject to Marine's interests that are
situated offshore of Louisiana. Ninety-eight percent of all oil, natural gas,
and other mineral royalties collected by the subsidiary are paid to Marine. MPC,
like Marine, is prohibited from engaging in a trade or business and does only
those things necessary for the administration and liquidation of its properties.

         Marine's only industry segment or purpose is the administration and
collection of royalties.

         Royalties. Marine's rights are generally referred to as overriding
royalty interests by the oil and natural gas industry, and we sometimes refer to
them as overriding royalty interests in this annual report. All production and
marketing functions are conducted by the working interest owners of the leases.
Revenues from overriding royalties are paid to Marine either (i) on the basis of
the selling price of oil, natural gas and other minerals produced, saved and
sold, or (ii) at the value at the wellhead as determined by industry standards,
when the selling price does not reflect the value at the wellhead.

         Marine holds an overriding royalty interest equal to three-fourths of
1% of the value at the well of any oil, natural gas, or other minerals produced
and sold from the leases described in the "Properties" section below. Marine's
overriding royalty interest applies only to existing leases and does not apply
to new leases.

         Marine also owns a 32.6% equity interest in Tidelands Royalty Trust "B"
("Tidelands"), a separate Texas trust, which owns interests in the oil, natural
gas, or other mineral leases acquired by Gulf and/or its transferees and
assignees in a 1,370,000-acre area of the Gulf of Mexico (the "Royalty Area")
during a 50-year period ended April 30, 2001. Tidelands' indenture provides that
the corporate trustee is to distribute all cash in the trust, less an amount
reserved for payment of accrued liabilities and estimated future expenses, to
unitholders of record on the last business day of March, June, September and
December of each year. Such payments are to be made within 15 days after the
record date. Distributable income is paid from the unconsolidated account
balances of Tidelands. Distributable income is comprised of (i) royalties from
offshore Texas leases owned directly by Tidelands, plus (ii) 95% of the
overriding royalties received by the subsidiary that are paid to Tidelands on a
quarterly basis, less (iii) administrative expenses of Tidelands.

         Prior to the expiration of the 50-year lease acquisition period on
April 30, 2001 (the "Acquisition Expiration Date"), if Chevron, Elf or their
assigns had acquired a lease or leases on one of the 60 tracts, and if oil or
natural gas were produced and sold from any such tract, then Chevron, Elf or
their assigns had to make production payments to Tidelands, in an amount equal
to approximately 12.5% of the value at the wellhead of the oil and natural gas
subject to such lease until the sum of $1,500,000 has been paid under the lease.
Thereafter, Tidelands' interest in such tract was converted to an overriding
royalty and Tidelands received payments equal to approximately 4.17% of the
value of the oil and natural gas sold as long as the lease on such tract exists.
At April 30, 2001, Chevron, Elf or their assigns had acquired a total of eight
(8) leases. At June 30,

                                       -2-
<PAGE>
2003, five of Tidelands' assigned leases contained producing wells and had paid
out their $1,500,000 production payment. Tidelands' royalty interest on four of
the five leases was 4.17% at June 30, 2003. On the fifth lease Tidelands'
overriding royalty interest is 1.0416%. Two assigned leases do not contain any
producing wells. These leases have not paid $1,500,000 in production payments.

         Presently, the leases subject to Marine's interests cover 272,156 gross
acres (including Tidelands' interest in 27,948 leased acres). These leases will
remain in force until the expiration of their respective terms. Leases may be
voluntarily released by the working interest owner after all oil and natural gas
reserves are produced. Leases may also be abandoned by the working interest
owner due to the failure to discover sufficient reserves to make development
economically worthwhile. In addition, the federal government may force
termination of a lease if the working interest owner fails to fully develop a
lease once it is acquired.

         For the year ended June 30, 2003, approximately 45% of Marine's royalty
revenues were attributable to the sale of oil and approximately 55% were
attributable to the sale of natural gas. The royalty revenues received by Marine
are affected by seasonal fluctuations in demand and by changes in the market
price for oil and natural gas. Over 90% of Marine's revenues for each of the
past three years was paid by five working interest owners. The percentage
received from these five working interest owners for each of the past three
years is presented in the following table:

<TABLE>
<CAPTION>
                                    YEARS ENDING JUNE 30,
                                   -----------------------
            COMPANY                2003    2002       2001
---------------------------------  ----    ----       ----
<S>                                <C>     <C>        <C>
Chevron/Texaco ..................   72%     79%        75%
Century Exploration Company .....    6%      5%         3%
Devon Energy Production Company..    4%      4%         7%
BP America Production Company ...    8%      3%(1)      3%(2)
Samedan Oil Corporation .........    1%      2%         6%
                                    --      --         --
                                    91%     93%        94%
</TABLE>

----------
(1) Includes $91,150 paid by Arco before BP America Production Company acquired
    Arco.

(2) Includes $187,407 paid by Vastar and $197,641 paid by Arco after Arco
    acquired Vastar.

In addition, Marine's revenues from its equity interest in Tidelands accounted
for approximately 8%, 5% and 7% of Marine's revenue for the years ended June 30,
2003, 2002 and 2001, respectively. Tidelands has reported that royalty revenues
from Burlington Resources, Dunhill Resources, Inc., Pennzenergy Exploration and
Production Company and Devon Energy Production Company accounted for a
substantial portion of Tidelands' royalty revenue for the years ended December
31, 2002, 2001 and 2000.

         Marine derives no revenues from foreign sources and has no export
sales.

         Trust Functions. Marine is administered by officers and employees of
its Trustee, Bank of America, N.A. MPC employs Ray Bell, its president,
treasurer and director, to perform certain management, financial and
administrative services for Marine. Except for Mr. Bell, all officers and
directors of MPC serve without compensation. See "Management and Principal
Unitholders."

         All aspects of Marine's operations are conducted by third parties. Oil
and natural gas companies that lease tracts subject to Marine's interests
conduct the production and sale of oil and natural gas and the calculation of
royalty payments to Marine. Marine's distributions are processed and paid by The
Bank of New York as the agent for the trustee of Marine.

         MPC leases office space in Dallas, Texas to provide work space and
record storage for MPC and Tidelands' wholly-owned subsidiary corporation,
Tidelands Royalty Trust "B" Corporation. The cost of this office facility is
shared by MPC and Tidelands Royalty Trust "B" Corporation proportionately based
on each entity's gross income.


                                       -3-
<PAGE>

         The ability of Marine to receive revenues is entirely dependent upon
its entitlement to its rights with respect to the leases held by Chevron and its
assignees in the Gulf of Mexico (as more fully described in "Properties" below).
Moreover, no revenues are payable to Marine until sales of production commence
from any such lease.

         The royalty interests held by Marine are depleting with each barrel of
oil and mcf of natural gas produced. No funds are reinvested by Marine; thus,
these depleting assets are not being replaced.

                                      -4-
<PAGE>

ITEM 2. PROPERTIES

         General. Marine is not engaged in oil and natural gas operations,
although its income is based upon the oil and natural gas operations of others.
Marine's income is derived from contracts that provide for payments in the
nature of overriding royalties made to Marine based on oil and natural gas sales
from certain leases in the Gulf of Mexico.

         Reserves. Marine is not engaged in the production of oil or natural
gas. Marine's income is derived from overriding royalty payments that are carved
out of working interests in oil and natural gas leases in the Gulf of Mexico.
Marine does not have the engineering data necessary to make an estimate of the
proved oil and natural gas reserves attributable thereto (nor the present value
of future net cash flows from such reserves), and is not entitled to receive
such data from the owners of the working interests from which Marine's interests
are derived. Similarly, Tidelands does not have access to the engineering data
necessary to make an estimate of the proved oil and natural gas reserves
attributable thereto. See also "Difficulty in Obtaining Certain Data" below.

         Since Marine does not have access to this reserve information, Marine
is unable to compute the standardized measure of discounted future net cash
flows therefrom.

         Marine did not file any reports during the fiscal year ended June 30,
2003, with any federal authority or agency with respect to oil and natural gas
reserves.

         Production. Information regarding the net quantities of oil and natural
gas produced with respect to Marine's overriding royalty interests (excluding
its equity interest in Tidelands) for each of the last three fiscal years, as
well as the average sales price per unit of oil and natural gas produced upon
which payments to Marine are based, is set forth in the following table:

<TABLE>
<CAPTION>
                                                                  YEAR ENDED JUNE 30,
                                                       -----------------------------------------
                                                          2003            2002            2001
                                                       ---------        --------        --------
<S>                                                    <C>              <C>             <C>
Quantity
   Oil (in barrels ("bbls")) ...................          89,792         113,424         112,554
   Natural Gas (in thousands cubic feet ("mcf"))         585,732         749,771         971,880

Average Price
   Oil (per bbl) ...............................       $   24.64        $  23.34        $  28.50
   Natural Gas (per mcf) .......................       $    4.60        $   2.83        $   5.00
</TABLE>

         Information about average production cost (lifting cost) per unit of
production has been omitted due to its unavailability and inapplicability to
Marine. For more recent information regarding prices, see "Management's
Discussion and Analysis of Financial Condition and Results of Operations" below.

         Productive Wells. Based on the latest public records available to
Marine, there were approximately 381 active wells subject to Marine's interests,
some of which contained multiple completions. Approximately 167 wells were
classified as oil wells and approximately 214 wells were classified as natural
gas wells. Most of the oil wells also produced associated natural gas and most
of the natural gas wells produced condensate, which is economically the
equivalent of oil. See "Difficulty in Obtaining Certain Data" below.

                                       -5-
<PAGE>
         Drilling Activity. Information concerning the results of operations on
leases in which Marine had an interest (including its equity interest in
Tidelands) for each of its last three fiscal years is set forth below:

<TABLE>
<CAPTION>
                             YEAR ENDED JUNE 30,
                         --------------------------
                         2003       2002       2001
                         ----       ----       ----
<S>                      <C>        <C>        <C>
Development
     Oil ...........      16         26         39
     Natural Gas....      27         34         58
     Suspended*.....       0          0          1
     Dry ...........       2          7          1
                          --         --         --
           Totals...      45         67         99
                          ==         ==         ==
</TABLE>

--------
* "Suspended" wells are wells that have been completed but whose classifications
have not been reported at the relevant date.

         Information regarding net wells or acres is not included since Marine
does not own any working interests.

         Lease Acreage. Marine has an overriding royalty interest (including its
equity interest in Tidelands) in 72 different oil and natural gas leases
covering 272,156 gross acres. These leases are located in the Central and
Western areas of the Gulf of Mexico off the coasts of Louisiana and Texas. This
acreage is presented in the following table:

<TABLE>
<CAPTION>
                              PRIMARY
  LEASES GRANTED BY(1):        TERM(2)   PRODUCING    TOTAL
--------------------------    -------   ---------   -------
<S>                           <C>       <C>         <C>
United States ............      5,000    261,626    266,626
State of Texas ...........         --        640        640
State of Louisiana .......         --      4,890      4,890
                              -------    -------    -------
                                5,000    267,156    272,156
                              =======    =======    =======
</TABLE>

-------
(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. There are 3,958 acres located on leases that have commercial
production, but the production is not on Marine's overriding royalty area within
those leases.

(2) The primary term is five (5) years.

The overriding royalty interest owned by Marine is a fractional interest out of
total oil and natural gas sold, and is free and clear of all operating costs.
The actual percentage interest in a lease attributable to Marine's interest
varies from lease to lease. The acreage weighted average percentage interest
attributable to Marine's interest in all of these leases is .60271%.

         Present Activities. Public records indicate that 5 wells are either
being drilled, re-drilled or worked over on tracts that Marine has an interest
in. Public records indicate that operators have designated locations for 9
additional operations. There is no assurance that these wells will be drilled,
and if they are drilled, that they will be successful.

         Difficulty in Obtaining Certain Data. Marine's only activities are the
collection and distribution of revenues from overriding royalties on certain oil
and natural gas leases in the Gulf of Mexico, pursuant to purchase agreements
between Marine's predecessors and Gulf and its transferees. The leasehold
working interests that are subject to the rights held by Marine are owned, in
most cases, in whole or in part by Chevron, or other oil and natural gas
exploration and production companies. Certain information as to reserves,
availability of oil and natural gas, average production cost (lifting cost) per
unit, undeveloped acreage, net wells and net acres, with respect to the
particular leases subject to Marine's interests, lies solely within the
knowledge of these concerns. Engineering data, if any, regarding these
leaseholds would have been compiled principally by or for the working interest
owners of these leaseholds. In the past, Marine has asked for such information
and was told it is not entitled to receive such information. Marine believes
that it will not be provided access to such information in the future.
Therefore, it appears that unreasonable efforts and expense would be involved in
seeking to obtain all of the information required under Item 102 of Regulation
S-K and Securities Exchange Act of 1934 Industry Guide 2.


                                       -6-
<PAGE>

ITEM 3. LEGAL PROCEEDINGS

         Neither Marine nor MPC, nor any of their respective properties, is a
party to or subject to any material pending litigation as of the date hereof.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

         No matters have been presented to the unitholders to be voted upon
during the fiscal year ended June 30, 2003.

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
        MATTERS

         The units of beneficial interest in Marine trade on the Nasdaq SmallCap
Market under the symbol "MARPS." Distributions of cash are made to unitholders
quarterly. The following table presents the range of high and low trade prices
by quarter for the past two years as reported by the OTC Market Report. The per
unit amount of cash distributed to unitholders for each of these quarters is
also presented in the table.

<TABLE>
<CAPTION>
                                      TRADE PRICE
                                     -------------   DISTRIBUTIONS
       QUARTER ENDING                HIGH    LOW        PER UNIT
-------------------------------      -----   -----   -------------
<S>                                  <C>     <C>     <C>
September 30, 2002 ............      26.00   20.26       .542
December 31, 2002 .............      25.00   22.55       .629
March 31, 2003 ................      28.86   23.02       .656
June 30, 2003 .................      29.10   24.47       .412

September 30, 2001 ............      32.49   26.00      1.134
December 31, 2001 .............      34.00   26.01       .724
March 31, 2002 ................      34.00   26.06       .486
June 30, 2002 .................      29.50   24.00       .459
</TABLE>

         Marine is authorized to issue and has issued 2,000,000 units of
beneficial interest. On June 30, 2003, these outstanding units were held of
record by 584 unitholders.

         Marine must distribute to its unitholders all cash accumulated each
quarter, less an amount reserved for accrued liabilities and estimated future
expenses. Such distributions have been made since its inception and will
continue so long as the income from oil and natural gas royalties exceeds
administrative costs.

         Distributions fluctuate from quarter to quarter due to changes in oil
and natural gas prices and production quantities. Distributions are determined
by the cash available to Marine on the determination date.

                                       -7-
<PAGE>

ITEM 6. SELECTED FINANCIAL DATA

<TABLE>
<CAPTION>
                                                                         FOR YEARS ENDED JUNE 30,
                                                      ------------------------------------------------------------
                                                                  (IN THOUSANDS EXCEPT PER UNIT AMOUNTS)
                                                      ------------------------------------------------------------
                                                        2003        2002          2001         2000         1999
                                                      -------      ------- -     -------      -------      -------
<S>                                                   <C>          <C>           <C>          <C>          <C>
STATEMENT OF INCOME AND UNDISTRIBUTED
     INCOME SELECTED DATA
     Income:
        Oil and natural gas royalties ..........      $ 4,909      $ 4,772       $ 8,062      $ 4,526      $ 2,841
        Equity in Tidelands ....................          440          235           575          318          328
        Interest ...............................           35           52           120           92           98
                                                      -------      -------       -------      -------      -------
                                                      $ 5,384      $ 5,059       $ 8,757      $ 4,936      $ 3,267
                                                      -------      -------       -------      -------      -------
     Expenses:
        General and administrative .............      $   218      $   231       $   241      $   180      $   176

        Federal income taxes of subsidiary .....            7          (19)           34           12            6
                                                      -------      -------       -------      -------      -------
                                                      $   225      $   212       $   275      $   192      $   182
                                                      -------      -------       -------      -------      -------
        Net income .............................      $ 5,159      $ 4,847       $ 8,482      $ 4,744      $ 3,085
                                                      =======      =======       =======      =======      =======
        Distributions ..........................      $ 4,478      $ 5,065       $ 7,187      $ 4,300      $ 2,777
                                                      =======      =======       =======      =======      =======
     Per Unit (2,000,000 outstanding)
        Net income .............................      $  2.58      $  2.42       $  4.24      $  2.37      $  1.54
                                                      =======      =======       =======      =======      =======
        Distributions ..........................      $  2.24      $  2.80       $  3.59      $  2.15      $  1.39
                                                      =======      =======       =======      =======      =======
BALANCE SHEET SELECTED DATA

   Total assets ................................      $ 3,779      $ 3,098       $ 3,874      $ 2,570      $ 2,371
                                                      =======      =======       =======      =======      =======
   Trust equity ................................      $ 3,779      $ 3,098       $ 3,856      $ 2,560      $ 2,117
                                                      =======      =======       =======      =======      =======
</TABLE>

                                       -8-
<PAGE>
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
        RESULTS OF OPERATIONS

         Critical Accounting Policies. As an overriding royalty owner, actual
production results are not known to us until reported by the operator, which
could be a period of 60-90 days later than the actual month of production. To
comply with accounting principles generally accepted in the United States of
America, we must estimate earned but unpaid royalty from this production. To
estimate this amount, we utilize historical information based on the latest
production reports from the individual leases and current average prices as
reported for oil by Chevron USA and the spot market price for natural gas
delivered at the Henry Hub in Louisiana for the period under report.

         Results of Operations. Marine's revenues are derived from the oil and
natural gas production activities of unrelated parties. Marine's revenues and
distributions fluctuate from period to period based upon factors beyond Marine's
control, including without limitation the number of leases subject to Marine's
interests, the number of productive wells drilled on leases subject to Marine's
interests, the level of production over time from such wells and the prices at
which the oil and natural gas from such wells are sold. Marine believes that it
will continue to have revenues sufficient to permit distributions to be made to
unitholders for the foreseeable future, although no assurance can be made
regarding the amounts thereof. The foregoing sentence is a forward-looking
statement and is subject to numerous factors. Factors that might cause actual
results to differ from expected results include reductions in prices or demand
for oil and natural gas, which might then lead to decreased production;
reductions in production due to depletion of existing wells or disruptions in
service, including as the result of storm damage, blowouts or other production
accidents, and geological changes such as cratering of productive formations;
and the expiration or release of leases subject to Marine's interests.

         Marine's income consists primarily of oil and natural gas royalties and
is based on the value at the well of its percentage interest in oil and natural
gas sold without reduction for any of the expenses of production. "Value at the
well" for oil means the purchasers' posted price at its receiving point onshore,
less the cost of transportation from the offshore lease to the onshore receiving
point.

         Summary Review. Marine's net income for the year ended June 30, 2003
amounted to $5,158,676 or $2.58 per unit as compared to $4,847,485 or $2.42 per
unit in fiscal 2002 and $8,482,747 or $4.24 per unit in fiscal 2001.

         These results also include income from Marine's equity interest in
Tidelands which amounted to $439,698 for fiscal 2003, $234,945 for fiscal 2002,
and $574,755 for fiscal 2001. Income from Tidelands contributed approximately 9%
of Marine's royalty income for fiscal 2003 as compared to 5% and 7% of Marine's
royalty income for fiscal 2002 and 2001, respectively.

         Marine's administrative expenses decreased to approximately $218,000 in
fiscal 2003 from approximately $231,000 spent in fiscal 2002. This decrease was
substantially due to decreased legal, accounting and other expenses.

         Interest income decreased to approximately $35,000 in fiscal 2003 from
approximately $52,000 realized in fiscal 2002 due to a decrease in the rate of
interest paid.

         Marine believes that the drilling and work-over program of the
operating companies has added to the life of well revenue. The following table
shows the number of new wells drilled and the number of producing wells for the
past three fiscal years.

<TABLE>
<CAPTION>
                     FOR THE YEARS ENDED JUNE 30,
                     ---------------------------
                      2003       2002       2001
                     -----      -----      ----
<S>                  <C>        <C>        <C>
Drilled .......         45         67         99
Producing .....        381        367        375
</TABLE>

                                       -9-
<PAGE>

         The following table and related discussion and analysis shows the
royalty income, the net quantities sold, and the average price received for oil
and natural gas during the past three years excluding Marine's equity interest
in Tidelands.

<TABLE>
<CAPTION>
                                             FOR YEARS ENDED JUNE 30,
                                    ------------------------------------------
                                       2003            2002            2001
                                    ----------      ----------      ----------
<S>                                 <C>             <C>             <C>
Income from
  Oil royalties ..............      $2,212,252      $2,647,623      $3,207,362
  Natural gas royalties ......      $2,696,761      $2,124,195      $4,854,958
     Totals ..................      $4,909,013      $4,771,818      $8,062,320

Net quantities sold
   Oil (bbls) ................          89,792         113,424         112,554
   Natural gas (mcf) .........         585,732         749,771         971,880

Average price
   Oil .......................      $    24.64      $    23.34      $    28.50
   Natural gas ...............      $     4.60      $     2.83      $     5.00
</TABLE>

         Oil and Gas Royalties - 2002 and 2001: Revenue from oil royalties
amounted to $2,647,623 in fiscal 2002, a decrease of 17% over the $3,207,362
realized in fiscal 2001. The average price of a barrel of oil decreased 18% to
$23.34 and production increased 0.8% to 113,424 barrels. Please refer to the
table above.

         Revenue from natural gas royalties amounted to $2,124,195, a decrease
of 56% from the $4,854,958 realized in fiscal 2002. The average price of a
thousand cubic feet (mcf) of natural gas decreased 43% to $2.83 and production
decreased 23% to 749,771 mcf. Please refer to the table above.

         Oil and Gas Royalties - 2003 and 2002: Revenue from oil royalties
amounted to $2,212,252 in fiscal 2003, a decrease of 16% over the $2,647,623
realized in fiscal 2002. The average price of a barrel of oil increased 6% to
$24.64 and production decreased 21% to 89,792 barrels. Please refer to the table
above.

         Revenue from natural gas royalties amounted to $2,696,761, an increase
of 27% over the $2,124,195 realized in fiscal 2002. The average price of a
thousand cubic feet (mcf) of natural gas increased 63% to $4.60 and production
decreased 22% to 585,732 mcf. Please refer to the table above.

         A tropical storm and a hurricane in the Gulf of Mexico interrupted
production and damaged production facilities resulting in decreased production
during the last nine months of the fiscal year ending June 30, 2003.

         Capital Resources and Liquidity. Because of the nature of Marine as a
trust entity, there is no requirement for capital; its only obligation is to
distribute to unitholders the net income actually collected. As an administrator
of oil and natural gas royalty properties, Marine collects income monthly, pays
expenses of administration, and disburses all net income collected to its
unitholders each quarter. Because all of Marine's revenues are invested in
liquid funds pending distribution, Marine does not experience liquidity
problems.

         Marine's Indenture (and the charter and by-laws of MPC) expressly
prohibits the operation of any kind of trade or business. Marine's oil and
natural gas properties are depleting assets and are not being replaced due to
the prohibition against these investments. Because of these restrictions, Marine
does not require short term or long term capital. These restrictions, along with
other factors, allow Marine to be treated as a grantor trust; thus all income
and deductions, for tax purposes, should flow through to each individual
unitholder. Marine is not a taxable entity.

         Marine does not currently have any long term contractual obligations.

                                      -10-
<PAGE>

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

         At June 30, 2003, Marine did not have any market risk exposure with
regard to any activities in derivative financial instruments, other financial
instruments and derivative commodity instruments.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

         The financial statements listed in the following Index, together with
the related notes and the report of KPMG LLP, independent auditors, are
presented on pages 14 through 22 hereof.

<TABLE>
<CAPTION>
                                                                                                 PAGE
                                                                                                 ----
<S>                                                                                              <C>
Independent Auditors' Report ...............................................................       14
Financial Statements:
   Consolidated Balance Sheets as of June 30, 2003 and 2002 ................................       15
   Consolidated Statements of Income and Undistributed Income for the Three Years Ended
        June 30, 2003 ......................................................................       16
   Consolidated Statements of Cash Flows for the Three Years Ended June 30, 2003 ...........       17
   Notes to Consolidated Financial Statements ..............................................       18
</TABLE>

         See also "Exhibits, Financial Statement Schedules and Reports on Form
8-K" of this Form 10-K for further information concerning the financial
statements of Marine and its subsidiaries.

         All schedules have been omitted for the reason that they are either not
required, not applicable or the required information is included in the
financial statements and notes thereto.

ITEM 9. DISAGREEMENTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

         During fiscal 2003 and 2002, there have been no disagreements between
Marine and its independent auditors on accounting or financial disclosure
matters which would warrant disclosure under Item 304 of Regulation S-K.

                                      -11-
<PAGE>

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

         Marine is a trust created under the laws of the State of Texas.
Marine's Indenture does not provide for directors or officers or the election of
directors or officers. Under the Indenture, Bank of America, N.A., serves as
Trustee.

         R. Ray Bell may be considered a significant employee of Marine. Mr.
Bell has been involved in the administration of Marine since its inception. He
was the chief financial officer of Marine's predecessor and is 76 years old.
Since July 1, 1977, he has served as an officer and director of MPC, and will
continue to serve in such capacities until the next meeting of directors and
shareholders, respectively, of MPC or until his successors are elected and
qualified.

ITEM 11. EXECUTIVE COMPENSATION

         During the fiscal year ended June 30, 2003, Marine paid or accrued fees
of $37,916 to Bank of America, N.A., as Trustee. These fees are paid in
accordance with the terms of the Indenture, as amended, governing Marine.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
         RELATED UNITHOLDERS

         The following table sets forth the persons known to Marine who own
beneficially more than five percent of the outstanding units of beneficial
interest as of September 4, 2003:

<TABLE>
<CAPTION>
                                      AMOUNT AND NATURE OF
         NAME AND ADDRESS             BENEFICIAL OWNERSHIP           PERCENT OF CLASS
---------------------------------     --------------------           ----------------
<S>                                   <C>                            <C>
Paslay Family Limited Partnership         286,469 units                   14.32%
5806 Lindenshire Lane
Dallas, TX 75230

Robert H. Paslay (1)                      346,184 units                    17.3%
1007 Gasserway Circle
Brentwood, TN 37027

Patricia Martin (1)                       317,763 units                    15.9%
1020 S. Ocean Blvd
Manalapan, FL 33462
</TABLE>

-------------------------
(1)      Includes the 286,469 units beneficially owned as a co-trustee of seven
         trusts that serve as the general partners of the Paslay Family Limited
         Partnership.

         There are no executive officers or directors of Marine. Bank of
America, N.A. does not beneficially own any units of beneficial interest.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

         During the fiscal year ended June 30, 2003, there were no material
transactions or series of similar transactions, since the beginning of Marine's
last fiscal year, or any currently proposed transactions or series of similar
transactions, to which Marine was or is to be a party, in which the amount
involved exceeds $60,000, and in which any executive officer or any security
holder who is known by Marine, or any member of the immediate family of any of
the foregoing persons, has an interest.

                                      -12-
<PAGE>

ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

         (a) Financial Statements-- see "Financial Statements and Supplementary
             Data" above.

         The consolidated financial statements, together with the related notes
and the report of KPMG LLP, independent auditors, as contained in the Form 10-K
of Tidelands Royalty Trust "B" for its fiscal year ended December 31, 2002 and
filed with the Securities and Exchange Commission, are hereby incorporated
herein by reference for all purposes.

         (b)  Reports on Form 8-K:  None.

         (c)  Exhibits:

                  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.

                  23.1     Consent of Independent Auditors.

                  31.1     Certification of the Principal Accounting Officer
                           pursuant to Section 302 of the Sarbanes-Oxley Act of
                           2002.

                  31.2     Certification of the Corporate Trustee pursuant to
                           Section 302 of the Sarbanes-Oxley Act of 2002.

                  32.1     Certification of the Principal Accounting Officer
                           pursuant to Section 906 of the Sarbanes-Oxley Act of
                           2002.

                  32.2     Certification of the Corporate Trustee pursuant to
                           Section 906 of the Sarbanes-Oxley Act of 2002.

                                      -13-
<PAGE>

                          INDEPENDENT AUDITORS' REPORT

The Trustee
Marine Petroleum Trust:

         We have audited the accompanying consolidated balance sheets of Marine
Petroleum Trust and subsidiary as of June 30, 2003 and 2002 and the related
consolidated statements of income and undistributed income and cash flows for
each of the years in the three-year period ended June 30, 2003. These financial
statements are the responsibility of the Trust's management. Our responsibility
is to express an opinion on these financial statements based on our audits.

         We conducted our audits in accordance with auditing standards generally
accepted in the United States of America. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

         In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the financial position of Marine
Petroleum Trust and subsidiary as of June 30, 2003 and 2002 and the results of
their operations and their cash flows for each of the years in the three-year
period ended June 30, 2003, in conformity with accounting principles generally
accepted in the United States of America.

                                                     /s/ KPMG LLP
                                                     --------------------

Dallas, Texas
September 23, 2003

                                      -14-

<PAGE>

                      MARINE PETROLEUM TRUST AND SUBSIDIARY

                           CONSOLIDATED BALANCE SHEETS
                             JUNE 30, 2003 AND 2002

<TABLE>
<CAPTION>
                                                                         2003                    2002
                                                                      -----------             ----------
<S>                                                                   <C>                     <C>
                                  ASSETS

Current assets:
   Cash and cash equivalents...............................           $ 1,334,059             $  920,943
   Oil and gas royalties receivable........................             1,169,485              1,026,141
   Receivables from affiliate..............................               133,197                 54,709
   Federal income taxes refundable.........................                    --                 15,930
   Interest receivable.....................................                 5,684                  4,240
                                                                      -----------             ----------
      Total current assets.................................             2,642,425              2,021,963
                                                                      -----------             ----------
Investment in U.S. Treasury and agency bonds...............               715,661                725,793
Investment in affiliate....................................               418,866                348,028
Office equipment, at cost less accumulated depreciation....                 2,400                  2,400
Producing oil and gas properties...........................                     7                      7
                                                                      -----------             ----------
                                                                      $ 3,779,359             $3,098,191
                                                                      ===========             ==========

                       LIABILITIES AND TRUST EQUITY

Trust equity
   Corpus - authorized 2,000,000 units of beneficial
   interest, issued 2,000,000 units at nominal value.......                     8                      8
   Undistributed income....................................             3,779,351              3,098,183
                                                                      -----------             ----------
      Total trust equity...................................             3,779,359              3,098,191
                                                                      -----------             ----------
                                                                      $ 3,779,359             $3,098,191
                                                                      ===========             ==========
</TABLE>

          See accompanying notes to consolidated financial statements.

                                      -15-

<PAGE>

                      MARINE PETROLEUM TRUST AND SUBSIDIARY

           CONSOLIDATED STATEMENTS OF INCOME AND UNDISTRIBUTED INCOME
                         THREE YEARS ENDED JUNE 30, 2003

<TABLE>
<CAPTION>
                                                                   2003           2002            2001
                                                               ------------   ------------    ------------
<S>                                                            <C>            <C>             <C>
Income:
    Oil and gas royalties ..................................   $  4,909,013   $  4,771,818    $  8,062,320
    Equity in earnings of affiliate ........................        439,698        234,945         574,755
    Interest income ........................................         34,918         52,262         120,207
                                                               ------------   ------------    ------------
                                                                  5,383,629      5,059,025       8,757,282
Expenses:
    General and administrative .............................        217,953        230,613         240,749
                                                               ------------   ------------    ------------
        Income before Federal income taxes .................      5,165,676      4,828,412       8,516,533
Federal income taxes of subsidiary .........................          7,000        (19,073)         33,786
                                                               ------------   ------------    ------------
        Net income .........................................      5,158,676      4,847,485       8,482,747
Undistributed income at beginning of year ..................      3,098,183      3,855,683       2,559,993
                                                               ------------   ------------    ------------
                                                                  8,256,859      8,703,168      11,042,740
Distributions to unitholders ...............................      4,477,508      5,604,985       7,187,057
                                                               ------------   ------------    ------------
Undistributed income at end of year ........................   $  3,779,351   $  3,098,183    $  3,855,683
                                                               ============   ============    ============
Net income per unit ........................................   $       2.58   $       2.42    $       4.24
                                                               ============   ============    ============
Distributions per unit .....................................   $       2.24   $       2.80    $       3.59
                                                               ============   ============    ============
</TABLE>

          See accompanying notes to consolidated financial statements.

                                      -16-

<PAGE>

                      MARINE PETROLEUM TRUST AND SUBSIDIARY

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                         THREE YEARS ENDED JUNE 30, 2003

<TABLE>
<CAPTION>
                                                                       2003           2002           2001
                                                                    -----------    -----------    -----------
<S>                                                                 <C>            <C>            <C>
Cash flows from operating activities:
    Net income ..................................................   $ 5,158,676    $ 4,847,485    $ 8,482,747
    Adjustments to reconcile net income to net cash
        provided by operating activities:
        Equity in undistributed earnings of affiliate ...........       (70,838)        (9,240)       (32,387)
        Amortization of premium .................................        13,517             --             --
        Change in assets and liabilities:
         Oil and gas royalties receivable .......................      (143,344)      (171,912)      (367,521)
         Receivables from affiliate .............................       (78,488)       110,507        (70,214)
         Federal income taxes refundable ........................        15,930        (15,930)            --
         Interest receivable ....................................        (1,444)        (4,240             --
         Accounts payable .......................................            --             --            (88)
         Income taxes payable ...................................            --        (18,343)         8,161
                                                                    -----------    -----------    -----------
             Net cash provided by operating activities ..........     4,894,009      4,738,327      8,020,698

Cash flows used in investing activities--
    Investment in U.S. Treasury and agency bonds ................      (203,385)      (725,793)            --
    Proceeds from sale of U.S. agency bonds .....................       200,000             --             --
    Purchase of office equipment ................................            --         (1,845)            --
                                                                    -----------    -----------    -----------
    Net cash used in investing activities .......................        (3,385)      (727,638)            --
                                                                    -----------    -----------    -----------

Cash flows used in financing activities--
distributions to unitholders ....................................    (4,477,508)    (5,604,985)    (7,187,057)

                                                                    -----------    -----------    -----------
Net increase (decrease) in cash and cash equivalents ............       413,116     (1,594,296)       833,641
Cash and cash equivalents at beginning of period ................       920,943      2,515,239      1,681,598
                                                                    -----------    -----------    -----------
Cash and cash equivalents at end of period ......................   $ 1,334,059    $   920,943    $ 2,515,239
                                                                    ===========    ===========    ===========
</TABLE>

          See accompanying notes to consolidated financial statements.

                                      -17-

<PAGE>

                      MARINE PETROLEUM TRUST AND SUBSIDIARY

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                         THREE YEARS ENDED JUNE 30, 2003

(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     (a) General

         The Marine Petroleum Trust ("Marine") was established on June 1, 1956
with the transfer of property to Marine consisting of certain contract rights,
units of beneficial interest and common stock in exchange for units of
beneficial interest in Marine. The contract rights entitled Marine to receive a
..0075 overriding royalty interest in oil, natural gas and other mineral
leasehold interests acquired by Gulf Oil Corporation, now Chevron U.S.A., Inc.
("Chevron"), a subsidiary of Chevron Corporation, in certain areas of the Gulf
of Mexico prior to January 1, 1980.

         Marine must distribute all income, after paying its liabilities and
obligations, to the unitholders during the months of March, June, September and
December each year. Marine and its subsidiary cannot engage in a trade or
business. Funds held by the subsidiary pending distribution to Marine are
invested in U.S. Treasury and agency bonds.

         A Louisiana trust can only exist for a short period of time; therefore,
the unitholders assigned their contract rights off-shore of Louisiana to Marine
Petroleum Corporation, a wholly-owned subsidiary of Marine, ("MPC") reserving a
98% net profits interest to themselves. The net profits interest contract was
transferred to Marine along with the other properties. Marine is authorized to
pay expenses of MPC should it be necessary.

         Marine is to continue until June 1, 2021, or until such later date as
holders of the units owning a majority of the outstanding units may designate,
but in any event, not more than 20 years from such designation. However, the
unitholders owning eighty percent (80%) of the outstanding units may terminate
the trust on any date.

     (b) Principles of Consolidation

         The consolidated financial statements include Marine and its
wholly-owned subsidiary, MPC. All material intercompany accounts and
transactions have been eliminated in consolidation.

     (c) Producing Oil and Gas Properties

         At the time Marine was established, no determinable market value was
available for the assets transferred to Marine; consequently, nominal values
were assigned. Accordingly, no allowance for depletion has been computed.

         All income from oil and natural gas royalties relate to proved
developed oil and natural gas reserves.

     (d) Undistributed Income

         Marine's indenture agreement provides that the corporate trustee is to
distribute all cash in the trust, less an amount reserved for the payment of
accrued liabilities and estimated future expenses, to unitholders of record on
the 28th day of March, June, September and December of each year. If the 28th
falls on a Saturday, Sunday or legal holiday, the distribution is payable on the
immediately preceding business day. Undistributed income includes $1,004,053 and
$983,594 applicable to MPC at June 30, 2003 and 2002, respectively.

     (e) Federal Income Taxes

         No provision has been made for Federal income taxes on Marine's income
since such taxes are the liability of the unitholders.

                                      -18-

<PAGE>

                      MARINE PETROLEUM TRUST AND SUBSIDIARY

            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
                         THREE YEARS ENDED JUNE 30, 2003

         Income Taxes

         Federal income taxes have been provided on the income of MPC, excluding
the 98% net profits interest to be distributed to Marine and deducting statutory
depletion. MPC uses the cash method of reporting for federal income taxes.

         At June 30, 2003 and 2002, deferred tax assets and liabilities were as
follows:

<TABLE>
<CAPTION>
                                                          June 30, 2003   June 30, 2002
                                                          -------------   -------------
<S>                                                       <C>             <C>
Deferred tax assets
     Net operating loss carryforward ..................      $ 3,400         $ 3,936
Deferred tax liabilities
     Income not yet recognized for income taxes .......       (3,400)         (3,936)
                                                             -------         -------
Net deferred tax liability ............................      $    --         $    --
                                                             =======         =======
</TABLE>

         MPC had a net operating loss carryforward of approximately $17,000 at
June 30, 2003, which does not expire until 2022.

         The primary difference between the effective tax rate of the Trust and
the statutory tax rate is the fact that only MPC income, excluding the 98% net
profits interest, is subject to federal income tax.

     (f) Credit Risk Concentration and Cash Equivalents

         Financial instruments which potentially subject Marine and MPC to
concentrations of credit risk are primarily investments in cash equivalents,
U.S. Treasury and agency bonds and receivables. Marine and MPC place their cash
investments with financial institutions or companies that management considers
credit worthy and limit the amount of credit exposure from any one financial
institution or company. Marine has not experienced significant problems
collecting its receivables in the past.

         Marine and MPC had cash equivalents and investments in U.S. Treasury
and agency bonds of $2,049,720 and $1,646,736 at June 30, 2003 and 2002,
respectively, which consisted of money market accounts, U.S. Treasury and agency
bonds, and money market mutual funds. For purposes of the statements of cash
flows, Marine considers all investments with initial maturities of three months
or less to be cash equivalents.

     (g) Statements of Cash Flows

         MPC made no Federal income tax payments in the year ended June 30, 2003
and made payments of $15,200, and $25,625 during the years ended June 30, 2002
and 2001, respectively.

     (h) Fair Value of Financial Instruments

         Marine and MPC define the fair value of a financial instrument as the
amount at which the instrument could be exchanged in a current transaction
between willing parties. The carrying value of cash equivalents, oil and natural
gas royalties receivable, receivables from affiliates, accounts payable, and
taxes payable approximate fair value because of the short maturities of those
instruments.

         U.S. Treasury and agency bonds held to maturity are valued at amortized
cost.

                                      -19-

<PAGE>

                      MARINE PETROLEUM TRUST AND SUBSIDIARY

            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
                         THREE YEARS ENDED JUNE 30, 2003

     (i) Use of Estimates

         Management of Marine and MPC has made a number of estimates and
assumptions relating to the reporting of assets and liabilities and the
disclosure of contingent assets and liabilities to prepare these financial
statements in conformity with generally accepted accounting principles. Actual
results could differ from those estimates.

     (j) Income Per Unit

         Income per unit is calculated by dividing net income by the weighted
average number of units of beneficial interest outstanding during the period.

     (k) Significant Royalty Sources

         Royalty revenue received by Marine from producers is summarized as
follows:

<TABLE>
<CAPTION>
                                     2003  2002  2001
                                     ----  ----  ----
<S>                                  <C>   <C>   <C>
Chevron/Texaco ....................   72%   79%   75%
BP America/Amoco ..................    8%    3%    3%
Century Exploration Company .......    6%    5%    3%
Devon f/k/a Pennzenergy ...........    4%    4%    7%
Others ............................   10%    9%   12%
                                     ---   ---   ---
                                     100%  100%  100%
                                     ===   ===   ===
</TABLE>

(2) INVESTMENT IN AND RECEIVABLES FROM AFFILIATE - TIDELANDS ROYALTY TRUST "B"

         At June 30, 2003 and 2002, Marine owned 32.63% of the outstanding units
of interest in Tidelands Royalty Trust "B" ("Tidelands"). The 452,366 units
owned by Marine had a quoted market value of $3,008,234 and $1,538,044 at June
30, 2003 and 2002, respectively.

         Marine and Tidelands share certain common costs which are allocated
based on their respective net revenues.

         The investment in affiliate is accounted for by the equity method. The
following summarizes changes in this account for 2003 and 2002.

<TABLE>
<CAPTION>
                                             2003         2002
                                           ---------    ---------
<S>                                        <C>          <C>
Balance at beginning of year ...........   $ 348,028    $ 338,788
Equity in earnings of affiliate ........     439,698      234,945
Distribution of earnings ...............    (368,860)    (225,705)
                                           ---------    ---------
Balance at end of year .................   $ 418,866    $ 348,028
                                           =========    =========
</TABLE>

         At June 30, 2003 and 2002, receivables from affiliate includes $133,197
and $42,390, respectively, of income distributable to Marine as a Tidelands
unitholder.

                                      -20-

<PAGE>

                      MARINE PETROLEUM TRUST AND SUBSIDIARY

            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
                         THREE YEARS ENDED JUNE 30, 2003

         The following summary financial statements have been derived from the
unaudited consolidated financial statements of Tidelands.

                                 BALANCE SHEETS

                                     ASSETS

<TABLE>
<CAPTION>
                                                   JUNE 30,
                                           -----------------------
                                              2003         2002
                                           ----------   ----------
<S>                                        <C>          <C>
Cash and cash equivalents ..............   $  819,015   $  485,415
Oil and gas royalties receivable .......      263,117      114,365
Other ..................................      737,552      738,671
                                           ----------   ----------
                                           $1,819,684   $1,338,451
                                           ==========   ==========
</TABLE>

                          LIABILITIES AND TRUST EQUITY

<TABLE>
<CAPTION>
                                                                  2003         2002
                                                               ----------   ----------
<S>                                                            <C>          <C>
Liabilities (including $404,425 and $175,655 payable to
     unitholders in 2003 and 2002, respectively) ...........   $  535,975   $  271,842
Corpus .....................................................            2            2
Undistributed income .......................................    1,283,707    1,066,607
                                                               ----------   ----------
                                                               $1,819,684   $1,338,451
                                                               ==========   ==========
</TABLE>

                              STATEMENTS OF INCOME

<TABLE>
<CAPTION>
                                                                  YEAR ENDED JUNE 30,
                                                          ------------------------------------
                                                             2003         2002         2001
                                                          ----------   ----------   ----------
<S>                                                       <C>          <C>          <C>
Income ................................................   $1,507,043   $  825,751   $1,903,226
Expenses ..............................................      159,391      101,380      115,340
                                                          ----------   ----------   ----------
     Income before Federal income taxes ...............    1,347,652      724,371    1,787,886
Federal income taxes of Tidelands' subsidiary .........          100        4,329       26,428
                                                          ----------   ----------   ----------
     Net income .......................................   $1,347,552   $  720,042   $1,761,458
                                                          ==========   ==========   ==========
</TABLE>

         Tidelands is a registrant with the Securities and Exchange Commission
and has filed a Form 10-K as of December 31, 2002.

                                      -21-

<PAGE>

                      MARINE PETROLEUM TRUST AND SUBSIDIARY

            NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
                         THREE YEARS ENDED JUNE 30, 2003

(3) SUMMARY OF QUARTERLY FINANCIAL DATA (UNAUDITED)

         The following quarterly financial information for fiscal year 2003 and
2002 is unaudited; however, in the opinion of management, all adjustments
necessary to a fair statement of the results of operations for the interim
period have been included.

<TABLE>
<CAPTION>
                                           OIL AND GAS                  NET       NET INCOME
                                            ROYALTIES    EXPENSES      INCOME      PER UNIT
                                           ----------   ----------   ----------   ----------
<S>                                        <C>          <C>          <C>          <C>
Quarter ended:
     September 30, 2002 ................   $1,051,410       37,010    1,106,163      .55
     December 31, 2002 .................    1,182,355       61,658    1,166,008      .58
     March 31, 2003 ....................    1,139,533       64,131    1,293,242      .65
     June 30, 2003 .....................    1,535,715       55,154    1,593,263      .80
                                           ----------      -------    ---------     ----
                                           $4,909,013      217,953    5,158,676     2.58
                                           ==========      =======    =========     ====

Quarter ended:
     September 30, 2001 ................   $1,393,790       44,011    1,448,352      .72
     December 31, 2001 .................      991,952       64,233      984,438      .49
     March 31, 2002 ....................      937,518       74,238      942,401      .47
     June 30, 2002 .....................    1,448,558       48,131    1,472,294      .74
                                           ----------      -------    ---------     ----
                                           $4,771,818      230,613    4,847,485     2.42
                                           ==========      =======    =========     ====
</TABLE>

(4) SUPPLEMENTAL INFORMATION RELATING TO OIL AND GAS RESERVES (UNAUDITED)

         Oil and natural gas reserve information relating to Marine's and
Tidelands' royalty interests is not presented because such information is not
available to Marine or Tidelands. Marine's share of oil and natural gas produced
for its royalty interests and Marine's equity in oil and natural gas produced
for Tidelands' royalty interests were as follows:

<TABLE>
<CAPTION>
                             2003      2002      2001
                            -------   -------   -------
<S>                         <C>       <C>       <C>
Marine:
     Oil (barrels) ......    89,792   113,424   112,554
                            =======   =======   =======
     Gas (mcf) ..........   585,732   749,771   971,880
                            =======   =======   =======

Tidelands:
     Oil (barrels) ......     2,892     2,877     4,132
                            =======   =======   =======
     Gas (mcf) ..........    84,726    61,242    80,132
                            =======   =======   =======
</TABLE>

                                      -22-

<PAGE>

                                   SIGNATURES

         Pursuant to the requirements of Section 13 or 15(d) 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.

                                   MARINE PETROLEUM TRUST
                                  (Registrant)

                                  By: BANK OF AMERICA, N.A.
                                      in its capacity as trustee of Marine
                                      Petroleum Trust and not in its individual
                                      capacity or otherwise

                                          By: /s/ RON E. HOOPER
                                              --------------------------
                                              Ron E. Hooper
                                              Senior Vice President

Date: September 26, 2003

         Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.

                                  BANK OF AMERICA, N.A.
                                  in its capacity as trustee of Marine Petroleum
                                  Trust and not in its individual capacity or
                                  otherwise

Dated: September 26, 2003             By: /s/ RON E. HOOPER
                                          --------------------------
                                          Ron E. Hooper
                                          Senior Vice President

Dated: September 26, 2003         /s/ R. RAY BELL
                                  --------------------------
                                  R. Ray Bell
                                  Principal Accounting Officer

                                      -23-

<PAGE>

                               INDEX TO EXHIBITS

Exhibits                             Description

  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.

  23.1      Consent of Independent Auditors.

  31.1      Certification of the Principal Accounting Officer pursuant to
            Section 302 of the Sarbanes-Oxley Act of 2002.

  31.2      Certification of the Corporate Trustee pursuant to Section 302 of
            the Sarbanes-Oxley Act of 2002.

  32.1      Certification of the Principal Accounting Officer pursuant to
            Section 906 of the Sarbanes-Oxley Act of 2002.

  32.2      Certification of the Corporate Trustee pursuant to Section 906 of
            the Sarbanes-Oxley Act of 2002.