##### Table of Contents



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, 2007.
 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
  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 830650, Dallas, Texas
    
    75283-0241(Address of principal executive offices)
    
    (Zip Code)
 (800) 985-0794
 None
 Units of Beneficial Interest
 o þ
 o þ
  þ o
 þ
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer
þ
  o 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.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    9Item 7A.
    
    Quantitative and Qualitative Disclosures About Market Risk
    
    
    12Item 8.
    
    Financial Statements and Supplementary Data
    
    
    12Item 9.
    
    Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
    
    
    12Item 9A.
    
    Controls and Procedures
    
    
    13Item 9B.
    
    Other Information
    
    
    13PART IIIItem 10.
    
    Directors and Executive Officers of the Registrant
    
    
    13Item 11.
    
    Executive Compensation
    
    
    13Item 12.
    
    Security Ownership of Certain Beneficial Owners and Management and Related Unitholder Matters
    
    
    13Item 13.
    
    Certain Relationships and Related Transactions
    
    
    14Item 14.
    
    Principal Accountant Fees and Services
    
    
    14PART IVItem 15.
    
    Exhibits, Financial Statement Schedules
    
    
    15Certification of the Corporate Trustee Pursuant to Section 302Certification of the Corporate Trustee Pursuant to Section 906Consolidated Financial Statements
  -1-




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ITEM 1.
    
    BUSINESS
 Organization
 th th
    Royalties
   -2-




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Year Ended June 30,Company
    
    2007
    
    2006
    
    2005Chevron USA, Inc.
    
    
    63
    %
    
    
    65
    %
    
    
    78
    %Walter Oil & Gas Corporation
    
    
    7
    %
    
    
    8
    %
    
    
    Anglo Suisse Offshore Partners LLP
    
    
    6
    %
    
    
    6
    %
    
    
    Century Exploration Company
    
    
    5
    %
    
    
    5
    %
    
    
    5
    %Devon Energy Production Company
    
    
    4
    %
    
    
    1
    %
    
    
    2
    %Apache Corporation
    
    
    3
    %
    
    
    
    
    
    
    Newfield Exploration Company
    
    
    2
    %
    
    
    2
    %
    
    
    2
    %Energy XXI GOM LLC
    
    
    2
    %
    
    
    
    
    
    
    SPN Resources LLC
    
    
    2
    %
    
    
    
    
    
    
    W&T Offshore Inc.
    
    
    2
    %
    
    
    
    
    
    
    Kerr-McGee Corporation
    
    
    1
    %
    
    
    3
    %
    
    
    2
    %BP America Production Company
    
    
    1
    %
    
    
    2
    %
    
    
    2
    %Others
    
    
    2
    %
    
    
    8
    %
    
    
    9
    %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.
  If it is determined that Marine is subject to the Texas margin tax, the Trustee may have to
withhold a disproportionate amount from future distributions to pay the tax liability.
  
 ITEM 1B.
    
    UNRESOLVED STAFF COMMENTS
  
 ITEM 2.
    
    PROPERTIES
 General
 Reserves
    Production
 -6-




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##### Table of Contents



Year Ended June 30,2007
    
    2006
    
    2005Net Quantities SoldOil (in barrels (bbls))
    
    
    42,260
    
    
    
    35,336
    
    
    
    49,132Natural Gas (in thousands of cubic feet (mcf))
    
    
    292,326
    
    
    
    231,811
    
    
    
    309,951Average PriceOil (per bbl)
    
    $
    65.98
    
    
    $
    54.53
    
    
    $
    46.02Natural Gas (per mcf)
    
    $
    7.30
    
    
    $
    8.65
    
    
    $
    6.29
  Productive Wells
 Drilling Activity
 Year Ended June 30,2007
    
    2006
    
    2005DevelopmentOil
    
    
    15
    
    
    
    10
    
    
    
    20Natural Gas
    
    
    30
    
    
    
    15
    
    
    
    27Dry
    
    
    3
    
    
    
    2
    
    
    
    8Totals
    
    
    48
    
    
    
    27
    
    
    
    55
  Lease Acreage
 Leases Granted by(1):
    
    ProducingUnited States
    
    
    232,554State of Texas
    
    
    640State of Louisiana
    
    
    4,890238,084
 
 (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
  -7-




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Present Activities
 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 PriceDistributionsQuarter Ending
    
    High
    
    Low
    
    Per UnitSeptember 30, 2006
    
    
    31.00
    
    
    
    19.58
    
    
    
    0.568December 31, 2006
    
    
    26.24
    
    
    
    22.29
    
    
    
    0.576March 31, 2007
    
    
    27.79
    
    
    
    23.20
    
    
    
    0.613June 30, 2007
    
    
    32.64
    
    
    
    26.05
    
    
    
    0.703September 30, 2005
    
    
    28.50
    
    
    
    24.90
    
    
    
    0.609December 31, 2005
    
    
    31.98
    
    
    
    27.50
    
    
    
    0.789March 31, 2006
    
    
    34.00
    
    
    
    22.82
    
    
    
    0.392June 30, 2006
    
    
    25.60
    
    
    
    20.00
    
    
    
    0.447
  -8-




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ITEM 6.
    
    SELECTED FINANCIAL DATA
 Year Ended June 30,(In Thousands Except Per Unit Amounts)2007
    
    
    2006
    
    
    2005
    
    
    2004
    
    
    2003Statement of Income and UndistributedIncome Selected DataIncome:Oil and natural gas royalties
    
    $
    4,921
    
    
    $
    3,942
    
    
    $
    4,211
    
    
    $
    4,312
    
    
    $
    4,909Equity in Tidelands
    
    
    1,189
    
    
    
    405
    
    
    
    711
    
    
    
    288
    
    
    
    440Interest
    
    
    79
    
    
    
    54
    
    
    
    28
    
    
    
    24
    
    
    
    35$
    6,189
    
    
    $
    4,401
    
    
    $
    4,950
    
    
    $
    4,624
    
    
    $
    5,384Expenses:General and administrative
    
    $
    218
    
    
    $
    218
    
    
    $
    207
    
    
    $
    227
    
    
    $
    218Federal income taxes of subsidiary
    
    
    20
    
    
    
    8
    
    
    
    3
    
    
    
    
    
    
    
    7238
    
    
    
    226
    
    
    
    210
    
    
    
    227
    
    
    $
    225Net income
    
    $
    5,951
    
    
    $
    4,175
    
    
    $
    4,740
    
    
    $
    4,397
    
    
    $
    5,159Distributions
    
    $
    4,922
    
    
    $
    4,472
    
    
    $
    4,576
    
    
    $
    5,259
    
    
    $
    4,478Per Unit (2,000,000 outstanding)Net income
    
    $
    2.98
    
    
    $
    2.09
    
    
    $
    2.37
    
    
    $
    2.20
    
    
    $
    2.58Distributions
    
    $
    2.46
    
    
    $
    2.24
    
    
    $
    2.29
    
    
    $
    2.63
    
    
    $
    2.24Balance Sheet Selected DataTotal assets
    
    $
    3,820
    
    
    $
    2,785
    
    
    $
    3,081
    
    
    $
    2,916
    
    
    $
    3,779Trust equity
    
    $
    3,812
    
    
    $
    2,783
    
    
    $
    3,080
    
    
    $
    2,916
    
    
    $
    3,779
 
 ITEM 7.
    
    MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 Critical Accounting Policies
 Results of Operations.
 -9-




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Summary Review.
     Year Ended June 30,2007
    
    2006
    
    2005Drilled
    
    
    48
    
    
    
    27
    
    
    
    55Producing
    
    
    240
    
    
    
    260
    
    
    
    320
    -10-




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Year Ended June 30,2007
    
    2006
    
    2005Income from:Oil royalties
    
    $
    2,788,226
    
    
    $
    1,937,145
    
    
    $
    2,260,902Natural gas royalties
    
    $
    2,133,187
    
    
    $
    2,004,925
    
    
    $
    1,949,859Totals
    
    $
    4,921,413
    
    
    $
    3,942,070
    
    
    $
    4,210,761Net quantities sold:Oil (bbls)
    
    
    42,260
    
    
    
    35,336
    
    
    
    49,132Natural gas (mcf)
    
    
    292,326
    
    
    
    231,811
    
    
    
    309,951Average price:Oil
    
    $
    65.98
    
    
    $
    54.53
    
    
    $
    46.02Natural gas
    
    $
    7.30
    
    
    $
    8.65
    
    
    $
    6.29
 Oil and Gas Royalties  2007 and 2006
  Oil and Gas Royalties  2006 and 2005
    Capital Resources and Liquidity
  -11-




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ITEM 7A.
    
    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
     
 ITEM 8.
    
    FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
  PageReport of Independent Registered Public Accounting Firm
    
    
    16Financial Statements:Consolidated Balance Sheets as of June 30, 2007 and 2006
    
    
    17Consolidated Statements of Income and Undistributed Income for the Three Years Ended
June 30, 2007
    
    
    18Consolidated Statements of Cash Flows for the Three Years Ended June 30, 2007
    
    
    19Notes to Consolidated Financial Statements
    
    
    20
 Exhibits, Financial Statement Schedules and Reports on Form 8-K 
  
 ITEM 9.
    
    CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
  -12-




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ITEM 9A.
    
    CONTROLS AND PROCEDURES
   
 ITEM 9B.
    
    OTHER INFORMATION
  
 ITEM 10.
    
    DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
 Directors
and Officers.
 Section 16(a) Beneficial Ownership Reporting Compliance
 Code of Ethics. th
 Committees.
 
 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
 -13-




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ITEM 13.
    
    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
  
 ITEM 14.
    
    PRINCIPAL ACCOUNTANT FEES AND SERVICES
  2007
    
    2006Audit Fees
    
    $
    44,575
    
    
    $
    37,100Audit-Related Fees
    
    
    
    
    
    
    Tax Fees
    
    
    
    
    
    
    All Other Fees
    
    
    
    
    
    
    
  -14-




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ITEM 15.
    
    EXHIBITS, FINANCIAL STATEMENT SCHEDULES
    4.1
    
    Indenture, as amended on December 8, 2000, of Marine Petroleum
Trust, filed as Exhibit 4.1 to the Annual Report on Form 10-K of Marine for the
fiscal year ended June 30, 2001, and incorporated by reference herein.21.1
    
    Subsidiaries of Marine, filed as Exhibit 21.1 to the Annual
Report on Form 10-K of Marine for the fiscal year ended June 30, 2002, and
incorporated by reference herein.31.1
    
    Certification of the Corporate Trustee pursuant to Section 302
of the Sarbanes-Oxley Act of 2002.32.1
    
    Certification of the Corporate Trustee pursuant to Section 906
of the Sarbanes-Oxley Act of 2002.99.1
    
    Consolidated financial statements of Tidelands Royalty Trust
B for the fiscal years ended December 31, 2006 and
2005, and report of KPMG LLP, independent registered public accounting firm.
 -15-




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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
     
 -16-




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##### Table of Contents



MARINE PETROLEUM TRUST AND SUBSIDIARY
 CONSOLIDATED BALANCE SHEETS
June 30, 2007 and 2006
  2007
    
    
    2006Current assets:Cash and cash equivalents
    
    $
    1,636,082
    
    
    $
    1,454,283Oil and gas royalties receivable
    
    
    1,186,503
    
    
    
    919,494Receivables from affiliate
    
    
    350,126
    
    
    
    67,123Total current assets
    
    
    3,172,711
    
    
    
    2,440,900Investment in affiliate
    
    
    646,963
    
    
    
    343,856Producing oil and gas properties
    
    
    7
    
    
    
    7$
    3,819,681
    
    
    $
    2,784,763LIABILITIES AND TRUST EQUITYCurrent liabilities  Federal income taxes payable
    
    $
    7,600
    
    
    $
    1,800Trust equityCorpus
 authorized 2,000,000 units of beneficial interest, issued 2,000,000 units at nominal value
    
    
    8
    
    
    
    8Undistributed income
    
    
    3,812,073
    
    
    
    2,782,955Total trust equity
    
    
    3,812,081
    
    
    
    2,782,963$
    3,819,681
    
    
    $
    2,784,763
  -17-




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MARINE PETROLEUM TRUST AND SUBSIDIARY
 CONSOLIDATED STATEMENTS OF INCOME AND UNDISTRIBUTED INCOME
Three Years Ended June 30, 2007
 2007
    
    
    2006
    
    
    2005Income:Oil and gas royalties
    
    $
    4,921,413
    
    
    $
    3,942,070
    
    
    $
    4,210,761Equity in earnings of affiliate
    
    
    1,189,027
    
    
    
    405,260
    
    
    
    710,818Interest income
    
    
    78,418
    
    
    
    53,492
    
    
    
    28,2016,188,858
    
    
    
    4,400,822
    
    
    
    4,949,780Expenses:General and administrative
    
    
    218,089
    
    
    
    217,665
    
    
    
    207,170Income before federal income taxes
    
    
    5,970,769
    
    
    
    4,183,157
    
    
    
    4,742,610Federal income taxes of subsidiary
    
    
    19,950
    
    
    
    7,800
    
    
    
    3,000Net income
    
    
    5,950,819
    
    
    
    4,175,357
    
    
    
    4,739,610Undistributed income at beginning of year
    
    
    2,782,955
    
    
    
    3,080,014
    
    
    
    2,916,1968,733,774
    
    
    
    7,255,371
    
    
    
    7,655,806Distributions to unitholders
    
    
    4,921,701
    
    
    
    4,472,416
    
    
    
    4,575,792Undistributed income at end of year
    
    $
    3,812,073
    
    
    $
    2,782,955
    
    
    $
    3,080,014Net income per unit
    
    $
    2.98
    
    
    $
    2.09
    
    
    $
    2.37Distributions per unit
    
    $
    2.46
    
    
    $
    2.24
    
    
    $
    2.29Units Outstanding
    
    
    2,000,000
    
    
    
    2,000,000
    
    
    
    2,000,000
  -18-




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MARINE PETROLEUM TRUST AND SUBSIDIARY
 CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Years Ended June 30, 2007
 2007
    
    
    2006
    
    
    2005Cash flows from operating activities:Net income
    
    $
    5,950,819
    
    
    $
    4,175,357
    
    
    $
    4,739,610Adjustments to reconcile net income to net cash
provided by operating activities:Depreciation
    
    
    
    
    
    
    2,400
    
    
    
    Equity in earnings of affiliate
    
    
    (1,189,027
    )
    
    
    (405,260
    )
    
    
    (710,818
    )Distributions of earnings of affiliate
    
    
    885,920
    
    
    
    591,753
    
    
    
    547,679Amortization of premium
    
    
    
    
    
    
    
    
    
    
    4,606Change in assets and liabilities:Oil and gas royalties receivable
    
    
    (267,009
    )
    
    
    50,840
    
    
    
    (4,339
    )Receivables from affiliate
    
    
    (283,003
    )
    
    
    138,377
    
    
    
    (135,081
    )State & federal taxes refundable
    
    
    
    
    
    
    
    
    
    
    578Interest receivable
    
    
    
    
    
    
    1,426
    
    
    
    708Income taxes payable
    
    
    5,800
    
    
    
    800
    
    
    
    1,000Net cash provided by operating activities
    
    
    5,103,500
    
    
    
    4,555,693
    
    
    
    4,443,943Cash flows from investing activities 
Proceeds from sale of U.S. agency bonds
    
    
    
    
    
    
    200,000
    
    
    
    100,000Net cash provided by investing activities
    
    
    
    
    
    
    200,000
    
    
    
    100,000Cash flows used in financing activities  distributions
to unitholders
    
    
    (4,921,701
    )
    
    
    (4,472,416
    )
    
    
    (4,575,792
    )Net increase (decrease) in cash and cash equivalents
    
    
    181,799
    
    
    
    283,277
    
    
    
    (31,849
    )Cash and cash equivalents at beginning of period
    
    
    1,454,283
    
    
    
    1,171,006
    
    
    
    1,202,855Cash and cash equivalents at end of period
    
    $
    1,636,082
    
    
    $
    1,454,283
    
    
    $
    1,171,006
  -19-




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##### Table of Contents



MARINE PETROLEUM TRUST AND SUBSIDIARY
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Three Years Ended June 30, 2007
 (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
  -20-




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MARINE PETROLEUM TRUST AND SUBSIDIARY
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Three Years Ended June 30, 2007
   (f) Credit Risk Concentration and Cash Equivalents
   (g) Statements of Cash Flows
  (h) Fair Value of Financial Instruments
   (i) Use of Estimates
  -21-




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MARINE PETROLEUM TRUST AND SUBSIDIARY
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Three Years Ended June 30, 2007
 (j) Income Per Unit
  (k) Significant Royalty Sources
  Years Ended June 30,Company
    
    2007
    
    2006
    
    2005Chevron USA, Inc.
    
    
    63
    %
    
    
    65
    %
    
    
    78
    %Walter Oil & Gas Corporation
    
    
    7
    %
    
    
    8
    %
    
    
    Anglo Suisse Offshore Partners LLP
    
    
    6
    %
    
    
    6
    %
    
    
    Century Exploration Company
    
    
    5
    %
    
    
    5
    %
    
    
    5
    %Devon Energy Production Company
    
    
    4
    %
    
    
    1
    %
    
    
    2
    %Apache Corporation
    
    
    3
    %
    
    
    
    
    
    
    Newfield Exploration Company
    
    
    2
    %
    
    
    2
    %
    
    
    2
    %Energy XXI GOM LLC
    
    
    2
    %
    
    
    
    
    
    
    SPN Resources LLC
    
    
    2
    %
    
    
    
    
    
    
    W&T Offshore Inc.
    
    
    2
    %
    
    
    
    
    
    
    Kerr-McGee Corporation
    
    
    1
    %
    
    
    3
    %
    
    
    2
    %BP America Production Company
    
    
    1
    %
    
    
    2
    %
    
    
    2
    %Others
    
    
    2
    %
    
    
    8
    %
    
    
    9
    %100
    %
    
    
    100
    %
    
    
    100
    %
 (2)
    
    Investment in and Receivables from Affiliate  Tidelands Royalty Trust B
    2007
    
    
    2006Balance at beginning of year
    
    $
    343,856
    
    
    $
    530,349Equity in earnings of affiliate
    
    
    1,189,027
    
    
    
    405,260Distribution of earnings
    
    
    (885,920
    )
    
    
    (591,753
    )Balance at end of year
    
    $
    646,963
    
    
    $
    343,856
  -22-




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##### Table of Contents



MARINE PETROLEUM TRUST AND SUBSIDIARY
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Three Years Ended June 30, 2007
  BALANCE SHEETS
 Assets
 June 30,2007
    
    
    2006Cash and cash equivalents
    
    $
    2,278,043
    
    
    $
    1,089,961Oil and gas royalties receivable
    
    
    740,267
    
    
    
    162,607Other
    
    
    2
    
    
    
    2$
    3,018,312
    
    
    $
    1,252,570
 Liabilities and Trust Equity
 2007
    
    
    2006Liabilities (including $996,271 and $191,691 payable to
unitholders in 2007 and 2006, respectively)
    
    $
    1,035,550
    
    
    $
    198,746Corpus
    
    
    2
    
    
    
    2Undistributed income
    
    
    1,982,760
    
    
    
    1,053,822$
    3,018,312
    
    
    $
    1,252,570
 Statements of Income
 Year Ended June 30,2007
    
    
    2006
    
    
    2005Income
    
    $
    3,845,404
    
    
    $
    1,383,272
    
    
    $
    2,311,598Expenses
    
    
    163,118
    
    
    
    125,976
    
    
    
    128,962Income before federal income taxes
    
    
    3,682,286
    
    
    
    1,257,296
    
    
    
    2,182,636Federal income taxes of Tidelands subsidiary
    
    
    38,250
    
    
    
    15,289
    
    
    
    13,601Net income
    
    $
    3,644,036
    
    
    $
    1,242,007
    
    
    $
    2,169,035
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##### Table of Contents



MARINE PETROLEUM TRUST AND SUBSIDIARY
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Three Years Ended June 30, 2007
 (3)
    
    Summary of Quarterly Financial Data (Unaudited)
  Oil and
    
    
    
    
    
    
    
    
    
    
    NetGas
    
    
    
    
    
    
    Net
    
    
    IncomeRoyalties
    
    
    Expenses
    
    
    Income
    
    
    Per UnitQuarter ended:September 30, 2006
    
    $
    1,196,408
    
    
    
    40,226
    
    
    
    1,357,225
    
    
    
    0.68December 31, 2006
    
    
    1,088,364
    
    
    
    72,218
    
    
    
    1,302,229
    
    
    
    0.65March 31, 2007
    
    
    1,291,548
    
    
    
    62,099
    
    
    
    1,627,707
    
    
    
    0.81June 30, 2007
    
    
    1,345,093
    
    
    
    43,546
    
    
    
    1,663,658
    
    
    
    0.83$
    4,921,413
    
    
    
    218,089
    
    
    
    5,950,819
    
    
    
    2.97Quarter ended:September 30, 2005
    
    $
    831,535
    
    
    
    49,914
    
    
    
    1,047,262
    
    
    
    0.52December 31, 2005
    
    
    695,164
    
    
    
    48,305
    
    
    
    714,456
    
    
    
    0.36March 31, 2006
    
    
    1,009,414
    
    
    
    73,198
    
    
    
    982,239
    
    
    
    0.49June 30, 2006
    
    
    1,405,957
    
    
    
    46,248
    
    
    
    1,431,400
    
    
    
    0.72$
    3,942,070
    
    
    
    217,665
    
    
    
    4,175,357
    
    
    
    2.09
 (4)
    
    Supplemental Information Relating to Oil and Gas Reserves (Unaudited)
  2007
    
    
    2006
    
    
    2005Marine:Oil (barrels)
    
    
    42,260
    
    
    
    35,336
    
    
    
    49,132Gas (mcf)
    
    
    292,326
    
    
    
    231,811
    
    
    
    309,951Tidelands:Oil (barrels)
    
    
    2,466
    
    
    
    1,816
    
    
    
    2,627Gas (mcf)
    
    
    152,936
    
    
    
    41,424
    
    
    
    94,703
 (5)
    
    Texas Margin Tax
  -24-




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##### Table of Contents



SIGNATURES
  MARINE PETROLEUM TRUST
(Registrant)By:
    BANK OF AMERICA, N.A.in its capacity as trustee of MarinePetroleum Trust and not in its
individual capacity or otherwise Date:  September 28, 2007
    
    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 28, 2007
    
    By:
    /s/ RON E. HOOPERRon E. HooperSenior Vice President  -26-