##### Table of Contents



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, 2006.
 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. 0-8565
 Marine Petroleum Trust
  Texas
(State or other jurisdiction of 
incorporation or organization)
    
    75-6008017
(I.R.S. Employer
Identification No.)c/o The Corporate Trustee:Bank of America, N.A. 
P. O. Box 830241, Dallas, Texas
(Address of principal executive offices)
    
    75283-0241
(Zip Code)
 (800) 985-0794
 None
 Units of Beneficial Interest
 o þ
 o þ
  Yes þ No o
 þ
  o o þ
  Yes o No þ.
   None




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##### 



TABLE OF CONTENTS
 PagePART 1Item 1.
    
    Business
    
    
    2Item 1A.
    
    Risk Factors
    
    
    4Item 1B.
    
    Unresolved Staff Comments
    
    
    6Item 2.
    
    Properties
    
    
    6Item 3.
    
    Legal Proceedings
    
    
    8Item 4.
    
    Submission of Matters to a Vote of Security Holders
    
    
    8PART IIItem 5.
    
    Market for Registrants Common Equity, Related Unitholder Matters and Issuer Purchases of Equity Securities
    
    
    8Item 6.
    
    Selected Financial Data
    
    
    9Item 7.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    9Item 7A.
    
    Quantitative and Qualitative Disclosures About Market Risk
    
    
    11Item 8.
    
    Financial Statements and Supplementary Data
    
    
    12Item 9.
    
    Change in and Disagreements with Accountants on Accounting and Financial Disclosure
    
    
    12Item 9A.
    
    Controls and Procedures
    
    
    12Item 9B.
    
    Other Information
    
    
    12PART IIIItem 10.
    
    Directors and Executive Officers of the Registrant
    
    
    12Item 11.
    
    Executive Compensation
    
    
    13Item 12.
    
    Security Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters
    
    
    13Item 13.
    
    Certain Relationships and Related Transactions
    
    
    13Item 14.
    
    Principal Accountant Fees and Services
    
    
    13PART IVItem 15.
    
    Exhibits, Financial Statement Schedules
    
    
    13Certification of the Corporate Trustee Pursuant to Section 302Certification of the Corporate Trustee Pursuant to Section 906
  -1-




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ITEM 1. BUSINESS
 Organization
 th th
    Royalties
   -2-




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Years
Ended June 30,Company
    
    2006
    
    2005
    
    2004ChevronTexaco
    
    
    65
    %
    
    
    78
    %
    
    
    72
    %Walter Oil & Gas Corp.
    
    
    8
    %
    
    
    
    
    
    
    Anglo Suisse Offshore LLP
    
    
    6
    %
    
    
    
    
    
    
    Century Exploration Company
    
    
    5
    %
    
    
    5
    %
    
    
    6
    %Kerr McGee
    
    
    3
    %
    
    
    2
    %
    
    
    Newfield Exploration
    
    
    2
    %
    
    
    2
    %
    
    
    1
    %BP America
    
    
    2
    %
    
    
    2
    %
    
    
    7
    %Devon Production Company
    
    
    1
    %
    
    
    2
    %
    
    
    4
    %Others
    
    
    8
    %
    
    
    9
    %
    
    
    10
    %100
    %
    
    
    100
    %
    
    
    100
    %
   Trust Functions
    -3-




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ITEM 1A. RISK FACTORS
  Oil and natural gas prices fluctuate due to a number of factors, and lower prices will reduce net
proceeds available to Marine and distributions to its unitholders.
  
    
    political conditions worldwide, in particular political
disruption, war or other armed conflicts in oil producing regions;
    
    worldwide economic conditions;
    
    weather conditions;
    
    the supply and price of 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.
   Operating risks for the working interest owners interests in the Royalty Area can adversely affect
distributions.
  The operators of the working interest owner are subject to extensive governmental regulation.
  -4-




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The Trustee, Marine and its unitholders do not control the operation or development of the
properties in the Royalty Area and have little influence over operation or development.
   The owner of any properties in the Royalty Area may abandon any property, terminating the related
royalty interest Marine may hold.
   Marines royalty interest can be sold and the Marine trust can be terminated.
  Royalty interests are depleting assets and, if the working interest owners or other operators of
the Royalty Area do not perform additional development projects, the assets may deplete faster than
expected.
  Unitholders have limited voting rights.
  Terrorism and continued geopolitical hostilities could adversely affect Marines distributions to
its unitholders or the market price of its units.
  -5-




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Important reserve and other information with respect to the particular leases subject to Marines
royalty interest is difficult to obtain.
  
 ITEM 1B. UNRESOLVED STAFF COMMENTS
  
 ITEM 2. PROPERTIES
 General
 Reserves
    Production
 Year Ended June 30,2006
    
    2005
    
    2004Net Quantities SoldOil (in barrels (bbls))
    
    
    35,336
    
    
    
    49,132
    
    
    
    62,158Natural Gas (in thousands of cubic feet (mcf))
    
    
    231,811
    
    
    
    309,951
    
    
    
    474,871Average PriceOil (per bbl)
    
    $
    54.53
    
    
    $
    46.02
    
    
    $
    31.32Natural Gas (per mcf)
    
    $
    8.65
    
    
    $
    6.29
    
    
    $
    4.98
 -6-




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Productive Wells
 Drilling Activity
 Year Ended June 30,2006
    
    2005
    
    2004DevelopmentOil
    
    
    10
    
    
    
    20
    
    
    
    19Natural Gas
    
    
    15
    
    
    
    27
    
    
    
    36Dry
    
    
    2
    
    
    
    8
    
    
    
    1Totals
    
    
    27
    
    
    
    55
    
    
    
    56
  Lease Acreage
 Leases Granted by(1):
    
    ProducingUnited States
    
    
    235,054State of Texas
    
    
    640State of Louisiana
    
    
    4,890240,584
 
 (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. Expired Leases
  Present Activities
 -7-




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Difficulty in Obtaining Certain Data
 
 ITEM 3. LEGAL PROCEEDINGS
  
 ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
  
 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, 2005
    
    
    28.50
    
    
    
    24.90
    
    
    
    .609December 31, 2005
    
    
    31.98
    
    
    
    27.50
    
    
    
    .789March 31, 2006
    
    
    34.00
    
    
    
    22.82
    
    
    
    .392June 30, 2006
    
    
    25.60
    
    
    
    20.00
    
    
    
    .447September 30, 2004
    
    
    33.06
    
    
    
    28.46
    
    
    
    .645December 31, 2004
    
    
    31.98
    
    
    
    27.00
    
    
    
    .559March 31, 2005
    
    
    29.60
    
    
    
    24.66
    
    
    
    .542June 30, 2005
    
    
    31.90
    
    
    
    22.00
    
    
    
    .543
    -8-




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ITEM 6. SELECTED FINANCIAL DATA
 For Years Ended June 30,(In Thousands Except Per Unit Amounts)2006
    
    
    2005
    
    
    2004
    
    
    2003
    
    
    2002Statement of Income and Undistributed
Income Selected DataIncome:Oil and natural gas royalties
    
    $
    3,942
    
    
    $
    4,211
    
    
    $
    4,312
    
    
    $
    4,909
    
    
    $
    4,772Equity in Tidelands
    
    
    405
    
    
    
    711
    
    
    
    288
    
    
    
    440
    
    
    
    235Interest
    
    
    54
    
    
    
    28
    
    
    
    24
    
    
    
    35
    
    
    
    52$
    4,401
    
    
    $
    4,950
    
    
    $
    4,624
    
    
    $
    5,384
    
    
    $
    5,059Expenses:General and administrative
    
    $
    218
    
    
    $
    207
    
    
    $
    227
    
    
    $
    218
    
    
    $
    231Federal income taxes of subsidiary
    
    
    8
    
    
    
    3
    
    
    
    
    
    
    
    7
    
    
    
    (19
    )226
    
    
    
    210
    
    
    
    227
    
    
    $
    225
    
    
    $
    212Net income
    
    $
    4,175
    
    
    $
    4,740
    
    
    $
    4,397
    
    
    $
    5,159
    
    
    $
    4,847Distributions
    
    $
    4,472
    
    
    $
    4,576
    
    
    $
    5,259
    
    
    $
    4,478
    
    
    $
    5,065Per Unit (2,000,000 outstanding)Net income
    
    $
    2.09
    
    
    $
    2.37
    
    
    $
    2.20
    
    
    $
    2.58
    
    
    $
    2.42Distributions
    
    $
    2.24
    
    
    $
    2.29
    
    
    $
    2.63
    
    
    $
    2.24
    
    
    $
    2.53Balance Sheet Selected DataTotal assets
    
    $
    2,785
    
    
    $
    3,081
    
    
    $
    2,916
    
    
    $
    3,779
    
    
    $
    3,098Trust equity
    
    $
    2,783
    
    
    $
    3,080
    
    
    $
    2,916
    
    
    $
    3,779
    
    
    $
    3,098
 
 ITEM 7. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 Critical Accounting Policies
 Results of Operations.
  Summary Review.
 -9-




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For the Years Ended June 30,2006
    
    2005
    
    2004Drilled
    
    
    27
    
    
    
    55
    
    
    
    56Producing
    
    
    260
    
    
    
    320
    
    
    
    390
    For Years Ended June 30,2006
    
    2005
    
    2004Income fromOil royalties
    
    $
    1,937,145
    
    
    $
    2,260,902
    
    
    $
    1,946,945Natural gas royalties
    
    $
    2,004,925
    
    
    $
    1,949,859
    
    
    $
    2,364,588Totals
    
    $
    3,942,070
    
    
    $
    4,210,761
    
    
    $
    4,311,533Net quantities soldOil (bbls)
    
    
    35,336
    
    
    
    49,132
    
    
    
    62,158Natural gas (mcf)
    
    
    231,811
    
    
    
    309,951
    
    
    
    474,871Average priceOil
    
    $
    54.53
    
    
    $
    46.02
    
    
    $
    31.32Natural gas
    
    $
    8.65
    
    
    $
    6.29
    
    
    $
    4.98
 Oil and Gas Royalties  2006 and 2005
  -10-




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Oil and Gas Royalties  2005 and 2004
   Capital Resources and Liquidity
   
 ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
     -11-




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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
  PageReport of Independent Registered Public Accounting Firm
    
    
    15Financial Statements:Consolidated Balance Sheets as of June 30, 2006 and 2005
    
    
    16Consolidated Statements of Income and Undistributed Income for the Three Years Ended
June 30, 2006
    
    
    17Consolidated Statements of Cash Flows for the Three Years Ended June 30, 2006
    
    
    18Notes to Consolidated Financial Statements
    
    
    19
 Exhibits, Financial Statement Schedules and Reports on Form 8-K
  
 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
  
 ITEM 9A. CONTROLS AND PROCEDURES
   
 ITEM 9B. OTHER INFORMATION
  
 ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
  th
 -12-




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ITEM 11. EXECUTIVE COMPENSATION
  
 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
    
    202,949 units
    
    10.1%1007 Gasserway CircleBrentwood, TN 37027Patricia Martin
    
    174,529 units
    
    8.7%2520 Whispering Oaks LaneDelray Beach, FL 33445
  
 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
  
 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
  2006
    
    2005Audit Fees
    
    
    $37,100
    
    
    $
    32,250Audit-related Fees
    
    
    
    
    
    
    Tax Fees
    
    
    
    
    
    
    Other
    
    
    
    
    
    
    
  
 ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
   -13-




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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.
 -14-




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##### Table of Contents



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
     
 -15-




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##### Table of Contents



MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 CONSOLIDATED BALANCE SHEETS
June 30, 2006 and 2005
 2006
    
    
    2005ASSETSCurrent assets:Cash and cash equivalents
    
    $
    1,454,283
    
    
    $
    1,171,006Oil and gas royalties receivable
    
    
    919,494
    
    
    
    970,334Receivables from affiliate
    
    
    67,123
    
    
    
    205,500Interest receivable
    
    
    
    
    
    
    1,426Total current assets
    
    
    2,440,900
    
    
    
    2,348,266Investment in U.S. Treasury and agency bonds
    
    
    
    
    
    
    200,000Investment in affiliate
    
    
    343,856
    
    
    
    530,349Office equipment, at cost less accumulated depreciation
    
    
    
    
    
    
    2,400Producing oil and gas properties
    
    
    7
    
    
    
    7$
    2,784,763
    
    
    $
    3,081,022LIABILITIES AND TRUST EQUITYCurrent liabilities  Federal income taxes payable
    
    
    1,800
    
    
    
    1,000Trust equityCorpus  authorized 2,000,000 units of
beneficial interest, issued 2,000,000 units
at nominal value
    
    
    8
    
    
    
    8Undistributed income
    
    
    2,782,955
    
    
    
    3,080,014Total trust equity
    
    
    2,782,963
    
    
    
    3,080,022$
    2,784,763
    
    
    $
    3,081,022
  -16-




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MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 CONSOLIDATED STATEMENTS OF INCOME AND UNDISTRIBUTED INCOME
Three Years Ended June 30, 2006
 2006
    
    
    2005
    
    
    2004Income:Oil and gas royalties
    
    $
    3,942,070
    
    
    $
    4,210,761
    
    
    $
    4,311,533Equity in earnings of affiliate
    
    
    405,260
    
    
    
    710,818
    
    
    
    287,991Interest income
    
    
    53,492
    
    
    
    28,201
    
    
    
    23,6464,400,822
    
    
    
    4,949,780
    
    
    
    4,623,170Expenses:General and administrative
    
    
    217,665
    
    
    
    207,170
    
    
    
    226,854Income before Federal income taxes
    
    
    4,183,157
    
    
    
    4,742,610
    
    
    
    4,396,316Federal income taxes of subsidiary
    
    
    7,800
    
    
    
    3,000
    
    
    
    Net income
    
    
    4,175,357
    
    
    
    4,739,610
    
    
    
    4,396,316Undistributed income at beginning of year
    
    
    3,080,014
    
    
    
    2,916,196
    
    
    
    3,779,3517,255,371
    
    
    
    7,655,806
    
    
    
    8,175,667Distributions to unitholders
    
    
    4,472,416
    
    
    
    4,575,792
    
    
    
    5,259,471Undistributed income at end of year
    
    $
    2,782,955
    
    
    $
    3,080,014
    
    
    $
    2,916,196Net income per unit
    
    $
    2.09
    
    
    $
    2.37
    
    
    $
    2.20Distributions per unit
    
    $
    2.24
    
    
    $
    2.29
    
    
    $
    2.63
  -17-




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MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Years Ended June 30, 2006
 2006
    
    
    2005
    
    
    2004Cash flows from operating activities:Net income
    
    $
    4,175,357
    
    
    $
    4,739,610
    
    
    $
    4,396,316Adjustments to reconcile net income to net cash
provided by operating activities:Depreciation
    
    
    2,400
    
    
    
    
    
    
    
    Equity in earnings of affiliate
    
    
    (405,260
    )
    
    
    (710,818
    )
    
    
    (287,991
    )Distributions of earnings of affiliate
    
    
    591,753
    
    
    
    547,679
    
    
    
    339,647Amortization of premium
    
    
    
    
    
    
    4,606
    
    
    
    12,104Change in assets and liabilities:Oil and gas royalties receivable
    
    
    50,840
    
    
    
    (4,339
    )
    
    
    203,490Receivables from affiliate
    
    
    138,377
    
    
    
    (135,081
    )
    
    
    62,778State & federal taxes refundable
    
    
    
    
    
    
    578
    
    
    
    (578
    )Interest receivable
    
    
    1,426
    
    
    
    708
    
    
    
    3,550Income taxes payable
    
    
    800
    
    
    
    1,000
    
    
    
    Net cash provided by operating
activities
    
    
    4,555,693
    
    
    
    4,443,943
    
    
    
    4,729,316Cash flows from investing activities Investment in U.S. Treasury and agency bonds
    
    
    
    
    
    
    
    
    
    
    (201,049
    )Proceeds from sale of U.S. agency bonds
    
    
    200,000
    
    
    
    100,000
    
    
    
    600,000Net cash provided by investing activities
    
    
    200,000
    
    
    
    100,000
    
    
    
    398,951Cash flows used in financing activities 
distributions to unitholders
    
    
    (4,472,416
    )
    
    
    (4,575,792
    )
    
    
    (5,259,471
    )Net increase (decrease) in cash and cash equivalents
    
    
    283,277
    
    
    
    (31,849
    )
    
    
    (131,204
    )Cash and cash equivalents at beginning of period
    
    
    1,171,006
    
    
    
    1,202,855
    
    
    
    1,334,059Cash and cash equivalents at end of period
    
    $
    1,454,283
    
    
    $
    1,171,006
    
    
    $
    1,202,855
  -18-




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MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Three Years Ended June 30, 2006
 (1) Summary of Significant Accounting Policies
 (a) General
     (b) Principles of Consolidation
  (c) Producing Oil and Gas Properties
   (d) Undistributed Income
 th th
 (e) Federal Income Taxes
  -19-




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MARINE PETROLEUM TRUST AND SUBSIDIARY
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Three Years Ended June 30, 2006
   June 30, 2006
    
    
    June 30, 2005Deferred tax assetsNet operating loss carryforward
    
    $
    
    
    
    $
    800Deferred tax liabilitiesIncome not yet recognized for income taxes
    
    
    
    
    
    
    (800
    )Net deferred tax liability
    
    $
    
    
    
    $
    
   (f) Credit Risk Concentration and Cash Equivalents
   (g) Statements of Cash Flows
  (h) Fair Value of Financial Instruments
   -20-




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MARINE PETROLEUM TRUST AND SUBSIDIARY
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Three Years Ended June 30, 2006
 (i) Use of Estimates
  (j) Income Per Unit
  (k) Significant Royalty Sources
  Years
Ended June 30,Company
    
    2006
    
    2005
    
    2004ChevronTexaco
    
    
    65
    %
    
    
    78
    %
    
    
    72
    %Walter Oil & Gas Corp.
    
    
    8
    %
    
    
    
    
    
    
    Anglo Suisse Offshore LLP
    
    
    6
    %
    
    
    
    
    
    
    Century Exploration Company
    
    
    5
    %
    
    
    5
    %
    
    
    6
    %Kerr McGee
    
    
    3
    %
    
    
    2
    %
    
    
    Newfield Exploration
    
    
    2
    %
    
    
    2
    %
    
    
    1
    %BP America
    
    
    2
    %
    
    
    2
    %
    
    
    7
    %Devon Production Company
    
    
    1
    %
    
    
    2
    %
    
    
    4
    %Others
    
    
    8
    %
    
    
    9
    %
    
    
    10
    %100
    %
    
    
    100
    %
    
    
    100
    %
 (2) Investment in and Receivables from Affiliate  Tidelands Royalty Trust B
    2006
    
    
    2005Balance at beginning of year
    
    $
    530,349
    
    
    $
    367,210Equity in earnings of affiliate
    
    
    405,260
    
    
    
    710,818Distribution of earnings
    
    
    (591,753
    )
    
    
    (547,679
    )Balance at end of year
    
    $
    343,856
    
    
    $
    530,349
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##### Table of Contents



MARINE PETROLEUM TRUST AND SUBSIDIARY
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Three Years Ended June 30, 2006
  BALANCE SHEETS
 Assets
 June 30,2006
    
    
    2005Cash and cash equivalents
    
    $
    1,089,961
    
    
    $
    1,593,764Oil and gas royalties receivable
    
    
    162,607
    
    
    
    444,358Other
    
    
    2
    
    
    
    201,366$
    1,252,570
    
    
    $
    2,239,488
 Liabilities and Trust Equity
 2006
    
    
    2005Liabilities (including $191,691 and $598,638 payable to
unitholders in 2006 and 2005, respectively)
    
    $
    198,746
    
    
    $
    614,116Corpus
    
    
    2
    
    
    
    2Undistributed income
    
    
    1,053,822
    
    
    
    1,625,370$
    1,252,570
    
    
    $
    2,239,488
 Statements of Income
 Year ended June 30,2006
    
    
    2005
    
    
    2004Income
    
    $
    1,383,272
    
    
    $
    2,311,598
    
    
    $
    996,249Expenses
    
    
    125,976
    
    
    
    128,962
    
    
    
    109,007Income before Federal income taxes
    
    
    1,257,296
    
    
    
    2,182,636
    
    
    
    887,242Federal income taxes of Tidelands subsidiary
    
    
    15,289
    
    
    
    13,601
    
    
    
    4,630Net income
    
    $
    1,242,007
    
    
    $
    2,169,035
    
    
    $
    882,612
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##### Table of Contents



MARINE PETROLEUM TRUST AND SUBSIDIARY
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Three Years Ended June 30, 2006
 (3) Summary of Quarterly Financial Data (Unaudited)
  Oil and gas
    
    
    
    
    
    
    Net
    
    
    Net incomeroyalties
    
    
    Expenses
    
    
    income
    
    
    per unitQuarter ended:September 30, 2005
    
    $
    831,535
    
    
    
    49,914
    
    
    
    1,047,262
    
    
    
    .52December 31, 2005
    
    
    695,164
    
    
    
    48,305
    
    
    
    714,456
    
    
    
    .36March 31, 2006
    
    
    1,009,414
    
    
    
    73,198
    
    
    
    982,239
    
    
    
    .49June 30, 2006
    
    
    1,405,957
    
    
    
    46,248
    
    
    
    1,431,400
    
    
    
    .72$
    3,942,070
    
    
    
    217,665
    
    
    
    4,175,357
    
    
    
    2.09Quarter ended:September 30, 2004
    
    $
    1,065,738
    
    
    
    50,757
    
    
    
    1,097,267
    
    
    
    .55December 31, 2004
    
    
    867,694
    
    
    
    49,571
    
    
    
    1,001,737
    
    
    
    .50March 31, 2005
    
    
    1,014,572
    
    
    
    65,369
    
    
    
    1,166,557
    
    
    
    .58June 30, 2005
    
    
    1,262,757
    
    
    
    41,473
    
    
    
    1,474,049
    
    
    
    .74$
    4,210,761
    
    
    
    207,170
    
    
    
    4,739,610
    
    
    
    2.37
 (4) Supplemental Information Relating to Oil and Gas Reserves (Unaudited)
  2006
    
    2005
    
    2004Marine:Oil (barrels)
    
    
    35,336
    
    
    
    49,132
    
    
    
    62,158Gas (mcf)
    
    
    231,811
    
    
    
    309,951
    
    
    
    474,871Tidelands:Oil (barrels)
    
    
    1,816
    
    
    
    2,627
    
    
    
    2,524Gas (mcf)
    
    
    41,424
    
    
    
    94,703
    
    
    
    38,415
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##### Table of Contents



SIGNATURES
  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 otherwiseDate: September 27, 2006
    
    
    
    
    
    
    
    By:
    
    /s/ RON E. HOOPERRon E. HooperSenior Vice President
  BANK OF AMERICA, N.A.in its capacity as trustee of Marine Petroleum
Trust and not in its individual capacity or
otherwiseDated: September 27, 2006
    
    
    
    By:
    
    /s/ RON E. HOOPERRon E. HooperSenior Vice President
 -24-