##### 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, 2009
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to  .
 Commission File No. 000-08565
 Marine Petroleum Trust
  Texas
    
    75-6008017(State or other jurisdiction of
    
    (I.R.S. Employerincorporation or organization)
    
    Identification No.)
 c/o The Corporate Trustee:U.S. Trust, Bank of America Private Wealth ManagementP. O. Box 830650, Dallas, Texas
    
    75283-0650(Address of principal executive offices)
    
    (Zip Code)
 (800) 985-0794
 None
 Units of Beneficial Interest
 o þ
 o þ
  þ o
  o o
 þ
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer o
    
    Smaller reporting company þ(Do not check if a smaller reporting company)
  o þ




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##### 



TABLE OF CONTENTS
 PagePART 1Item 1. Business
    
    
    2Item 1A. Risk Factors
    
    
    4Item 1B. Unresolved Staff Comments
    
    
    8Item 2. Properties
    
    
    8Item 3. Legal Proceedings
    
    
    10Item 4. Submission of Matters to a Vote of Security Holders
    
    
    10PART IIItem 5. Market for Registrants Common Equity, Related Unitholder Matters and Issuer
Purchases of Equity Securities
    
    
    10Item 6. Selected Financial Data
    
    
    11Item 7. Trustees Discussion and Analysis of Financial Condition and Results of Operations
    
    
    13Item 7A. Quantitative and Qualitative Disclosures About Market Risk
    
    
    16Item 8. Financial Statements and Supplementary Data
    
    
    17Item 9. Changes in and Disagreements with Accountants on Accounting and Financial
Disclosure
    
    
    17Item 9A(T). Controls and Procedures
    
    
    17Item 9B. Other Information
    
    
    18PART IIIItem 10. Directors and Executive Officers of the Registrant
    
    
    18Item 11. Executive Compensation
    
    
    19Item 12. Security Ownership of Certain Beneficial Owners and Management and Related
Unitholder Matters
    
    
    19Item 13. Certain Relationships and Related Transactions
    
    
    19Item 14. Principal Accountant Fees and Services
    
    
    20PART IVItem 15. Exhibits, Financial Statement Schedules
    
    
    20EX-31.1EX-32.1EX-99.1
  -1-




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ITEM 1.
    
    BUSINESS
 Organization
 th th
    Royalties
   -2-




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Year Ended June 30,Company
    
    2009
    
    2008
    
    2007Chevron USA, Inc.
    
    
    57
    %
    
    
    56
    %
    
    
    63
    %Anglo Suisse Offshore Partners LLP
    
    
    10
    %
    
    
    9
    %
    
    
    6
    %Apache Corporation
    
    
    6
    %
    
    
    5
    %
    
    
    3
    %Century Exploration Company
    
    
    4
    %
    
    
    6
    %
    
    
    5
    %Energy XXI GOM LLC
    
    
    4
    %
    
    
    3
    %
    
    
    2
    %Walter Oil & Gas Corporation
    
    
    3
    %
    
    
    3
    %
    
    
    7
    %SPN Resources LLC
    
    
    3
    %
    
    
    4
    %
    
    
    2
    %W&T Offshore Inc.
    
    
    3
    %
    
    
    2
    %
    
    
    2
    %McMoran
Oil & Gas LLC
    
    
    3
    %
    
    
    2
    %
    
    
    Devon Energy Production Company LP
    
    
    1
    %
    
    
    2
    %
    
    
    4
    %Others
    
    
    6
    %
    
    
    8
    %
    
    
    6
    %100
    %
    
    
    100
    %
    
    
    100
    %
   Trust Functions Item 10. Directors and Executive Officers
of the Registrant
   Item 2.
 -3-




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Properties
  Widely Held Fixed Investment Trust Reporting Information.
  
  
 ITEM 1A.
    
    RISK FACTORS
  Marine is unable to acquire royalty interests in any more leases.
  Royalty interests are depleting assets and may deplete faster than expected or entirely.
   Oil and natural gas prices are volatile and fluctuate due to a number of factors, and lower prices will reduce royalty payments to Marine and distributions to its unitholders.
  -4-




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
    
    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 domestic and foreign oil and natural gas;
    
    the level of consumer demand;
    
    the price and availability of alternative fuels;
    
    the proximity to, and capacity of, transportation facilities; and
    
    the effect of worldwide energy conservation measures.
   The market price for the units may not reflect the value of the royalty interests held by Marine.
   Operating risks for the working interest owners interests on the leases can adversely affect distributions.
  -5-




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The owner of any underlying properties of the leases may transfer any of the properties to another unrelated third party.
  The owner of any underlying properties of the leases may abandon any property, terminating the related royalty interest Marine may hold.
  The Trustee, Marine and its unitholders do not control the operation or development of the underlying properties of the leases and have little influence over operation or development.
  Important reserve and other information with respect to the particular leases subject to Marines royalty interest is difficult to obtain.
  Terrorism and continued geopolitical hostilities could adversely affect Marines distributions to its unitholders or the market price of its units.
  -6-




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Unitholders have limited voting rights.
  The limited liability of the unitholders is uncertain.
  Marines royalty interest can be sold and the Trust can be terminated.
  The operators of the working interest owner are subject to extensive governmental regulation.
  Cash held by the Trustee is not insured by the Federal Deposit Insurance Corporation.
  Financial information of Marine is not prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP.
  -7-




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If it is determined that Marine is subject to the Texas franchise tax, the Trustee may have to withhold an amount from future distributions to pay the tax liability.
  i.e.
  
 ITEM 1B.
    
    UNRESOLVED STAFF COMMENTS
  
 ITEM 2.
    
    PROPERTIES
 General
 Reserves Difficulty in Obtaining Certain Data
    Production
 -8-




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Year Ended June 30,2009
    
    2008
    
    2007Net quantities sold:Oil (in barrels (bbls))
    
    
    16,885
    
    
    
    35,620
    
    
    
    43,242Natural Gas (in thousands of cubic feet (mcf))
    
    
    114,730
    
    
    
    239,484
    
    
    
    288,247Weighted average sales price for royalty oil and
natural
gas sold:Oil (per bbl) (1)
    
    $
    100.13
    
    
    $
    81.89
    
    
    $
    60.63Natural Gas (per mcf)(1)
    
    $
    9.22
    
    
    $
    7.98
    
    
    $
    7.05
 
 (1)
    
    The weighted average sales price is calculated from data provided by the operators. Item 7. Trustees Discussion and Analysis of Financial Condition and
Results of Operations
 Productive Wells Difficulty in Obtaining Certain Data
 Drilling Activity
 Year Ended June 30,2009
    
    2008
    
    2007DevelopmentOil
    
    
    6
    
    
    
    10
    
    
    
    15Natural Gas
    
    
    13
    
    
    
    13
    
    
    
    30Dry
    
    
    2
    
    
    
    1
    
    
    
    3Totals
    
    
    21
    
    
    
    24
    
    
    
    48
  Lease Acreage
 ProducingLeases Granted by(1):
    
    AcreageUnited States
    
    
    226,794State of Texas
    
    
    640State of Louisiana
    
    
    4,890232,324
 
 (1)
    
    Leases are typically granted for a term of five years, during which the lease owner
must establish a commercial production capability, or the lease expires. Marines
overriding royalty area is determined by a contract that defines the area in which
Marine is entitled to receive a royalty interest. In some cases, that area does not
cover an entire lease block. In those cases, Marines royalty interest only applies to
the area that lies within the lease. 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. -9-




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Trust
    
    Acres
    
    InterestTidelands
    
    
    22,948
    
    
    
    1.1928
    %Marine
    
    
    111,432
    
    
    
    0.7500
    %Marine
    
    
    1,527
    
    
    
    0.5000
    %Marine
    
    
    40,151
    
    
    
    0.3750
    %Marine
    
    
    56,266
    
    
    
    0.1905
    %Summary
    
    
    232,324
    
    
    
    0.5918
    %
 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
  -10-




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Sales Price
    
    DistributionsQuarter Ending
    
    High
    
    Low
    
    Per UnitSeptember 30, 2007
    
    $
    36.10
    
    
    $
    28.00
    
    
    $
    0.77December 31, 2007
    
    
    45.00
    
    
    
    34.00
    
    
    
    0.76March 31, 2008
    
    
    36.99
    
    
    
    27.38
    
    
    
    0.65June 30, 2008
    
    
    35.50
    
    
    
    30.11
    
    
    
    0.75September 30, 2008
    
    $
    33.55
    
    
    $
    22.50
    
    
    $
    0.77December 31, 2008
    
    
    24.47
    
    
    
    17.18
    
    
    
    0.89March 31, 2009
    
    
    24.00
    
    
    
    15.85
    
    
    
    0.30June 30, 2009
    
    
    17.97
    
    
    
    15.21
    
    
    
    0.26
      
 ITEM 6.
    
    SELECTED FINANCIAL DATA
 Item 7. Trustees Discussion and Analysis of Financial
Condition and Results of Operations
 -11-




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Year Ended June 30,(In Thousands Except Per Unit Amounts)2009
    
    
    2008
    
    
    2007
    
    
    2006
    
    
    2005(Audited)
    
    
    (Audited)
    
    
    (Audited)
    
    
    (Audited)
    
    
    (Unaudited)Statement of Distributable Income
Selected Data:Income:Oil and natural gas royalties
    
    $
    2,749
    
    
    $
    4,827
    
    
    $
    4,654
    
    
    $
    3,993
    
    
    $
    4,206Equity in Tidelands
    
    
    1,419
    
    
    
    1,313
    
    
    
    623
    
    
    
    725
    
    
    
    420Interest
    
    
    12
    
    
    
    59
    
    
    
    79
    
    
    
    55
    
    
    
    29$
    4,180
    
    
    $
    6,199
    
    
    $
    5,356
    
    
    $
    4,773
    
    
    $
    4,655Expenses:General and administrative
    
    $
    380
    
    
    $
    314
    
    
    $
    218
    
    
    $
    218
    
    
    $
    207Federal income taxes of subsidiary
    
    
    (19
    )
    
    
    21
    
    
    
    20
    
    
    
    8
    
    
    
    3361
    
    
    
    335
    
    
    
    238
    
    
    
    226
    
    
    
    210Distributable income
    
    $
    3,819
    
    
    $
    5,864
    
    
    $
    5,118
    
    
    $
    4,547
    
    
    $
    4,445Distributions to unitholders
    
    $
    4,436
    
    
    $
    5,847
    
    
    $
    4,921
    
    
    $
    4,472
    
    
    $
    4,576Distributable income per unit
    
    $
    1.91
    
    
    $
    2.93
    
    
    $
    2.56
    
    
    $
    2.27
    
    
    $
    2.22Distributions per unit
    
    $
    2.22
    
    
    $
    2.92
    
    
    $
    2.46
    
    
    $
    2.24
    
    
    $
    2.292009
    
    
    2008
    
    
    2007
    
    
    2006
    
    
    2005(Audited)
    
    
    (Audited)
    
    
    (Audited)
    
    
    (Unaudited)
    
    
    (Unaudited)Statement of
Assets, Liabilities
and Trust Corpus
Selected Data:Total assets
    
    $
    1,053
    
    
    $
    1,680
    
    
    $
    1,661
    
    
    $
    1,459
    
    
    $
    1,383Trust corpus
    
    $
    1,053
    
    
    $
    1,670
    
    
    $
    1,653
    
    
    $
    1,457
    
    
    $
    1,382
 -12-




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ITEM 7.
    
    TRUSTEES DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 Critical Accounting Policies
 
    
    Royalty income is recognized when received by Marine.
    
    Marines expenses (which include accounting, legal, and other professional fees,
Trustees fees and out-of-pocket expenses) are recorded on an accrual basis.
Reserves for liabilities that are contingent or uncertain in amount may also be
established if considered necessary.
    
    Distributions to unitholders are recognized when declared by the Trustee of the
Trust.
  
    
    Royalty income is recognized in the month received rather than in the month of
production.
 
    
    Reserves may be established for contingencies that would not be recorded under
GAAP.
  Results of Operations.
   Summary Review.
  -13-




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Year Ended June 30,2009
    
    2008
    
    2007Wells Drilled or Recompleted (Gross)
    
    
    21
    
    
    
    24
    
    
    
    48Active Wells (Gross)
    
    
    220
    
    
    
    240
    
    
    
    240
  Year Ended June 30,2009
    
    2008
    
    % ChangeIncome from:Oil royalties
    
    $
    1,690,654
    
    
    $
    2,916,843
    
    
    
    (42.0
    )%Natural gas royalties
    
    $
    1,058,045
    
    
    $
    1,909,973
    
    
    
    (44.6
    )%Totals
    
    $
    2,748,699
    
    
    $
    4,826,816
    
    
    
    (43.1
    )%Net quantities sold:Oil (bbls)
    
    
    16,885
    
    
    
    35,620
    
    
    
    (52.6
    )%Natural gas (mcf)
    
    
    114,730
    
    
    
    239,484
    
    
    
    (52.1
    )%Average price:Oil (1)
    
    $
    100.13
    
    
    $
    81.89
    
    
    
    22.3
    %Natural gas (1)
    
    $
    9.22
    
    
    $
    7.98
    
    
    
    15.5
    %
 
 (1)
    
    These amounts are net of the cost of transportation from offshore leases to onshore
receiving points. -14-




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Year Ended June 30,2008
    
    2007
    
    % ChangeIncome from:Oil royalties
    
    $
    2,916,843
    
    
    $
    2,621,591
    
    
    
    11.3
    %Natural gas royalties
    
    $
    1,909,973
    
    
    $
    2,032,813
    
    
    
    (6.0
    )%Totals
    
    $
    4,826,816
    
    
    $
    4,654,404
    
    
    
    3.7
    %Net quantities sold:Oil (bbls)
    
    
    35,620
    
    
    
    43,242
    
    
    
    (17.6
    )%Natural gas (mcf)
    
    
    239,484
    
    
    
    288,247
    
    
    
    (16.9
    )%Average price:Oil (1)
    
    $
    81.89
    
    
    $
    60.63
    
    
    
    35.1
    %Natural gas (1)
    
    $
    7.98
    
    
    $
    7.05
    
    
    
    13.2
    %
 
 (1)
    
    These amounts are net of the cost of transportation from offshore leases to onshore
receiving points. Fiscal Year 2009 Compared to Fiscal Year 2008
     Fiscal Year 2008 Compared to Fiscal Year 2007
  -15-




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Capital Resources and Liquidity
    Forward-Looking Statements
 Website.
 
 ITEM 7A.
    
    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
  -16-




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ITEM 8.
    
    FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
  PageReport of Independent Registered Public Accounting Firm
    
    
    21Financial Statements:Consolidated Statements of Assets, Liabilities and Trust Corpus as of June 30, 2009 and 2008
    
    
    22Consolidated Statements of Distributable Income for the Three Years Ended June 30, 2009
    
    
    23Consolidated Statements of Changes in Trust Corpus for the Three Years Ended June 30, 2009
    
    
    24Notes to Consolidated Financial Statements
    
    
    25
 Item 15. Exhibits, Financial Statement Schedules
  
 ITEM 9.
    
    CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
  
 ITEM 9A(T).
    
    CONTROLS AND PROCEDURES
 Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures
  Changes in Internal Control Over Financial Reporting
  Trustees Report on Internal Control Over Financial Reporting
  -17-




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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.
 -18-




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ITEM 11.
    
    EXECUTIVE COMPENSATION
  Fiscal
    
    Other AnnualName of Individual or Entity
    
    Year
    
    Compensation(1)U.S. Trust, Bank of America
Private Wealth Management, the
Trustee
    
    
    2009
    
    
    $
    34,3782008
    
    
    $
    35,3582007
    
    
    $
    35,566
 
 (1)
    
    Under the Indenture, the Trustee is entitled to reasonable and customary fees and
compensation for its services. 
 ITEM 12.
    
    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED UNITHOLDER
MATTERS
  Amount and Nature ofName and Address
    
    Beneficial Ownership
    
    Percent of ClassRobert H. Paslay
1007 Gasserway Circle
Brentwood, TN 37027
    
    204,368 units
    
    
    10.2
    %Patricia Martin 
110 Woodbine Place
Missoula, MT 59803
    
    174,529 units
    
    
    8.7
    %
  
 ITEM 13.
    
    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
  Fiscal Year
    
    Amount Paid2009
    
    $
    48,9062008
    
    $
    48,8862007
    
    $
    46,032
 -19-




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ITEM 14.
    
    PRINCIPAL ACCOUNTANT FEES AND SERVICES
  2009
    
    2008Audit Fees
    
    $
    110,000
    
    
    $
    84,772Audit-Related Fees
    
    
    
    
    
    
    Tax Fees
    
    
    
    
    
    
    All Other Fees
    
    
    
    
    
    
    
 Item 10. Directors and Executive Officers of the Registrant
 
 ITEM 15.
    
    EXHIBITS, FINANCIAL STATEMENT SCHEDULES
 Item 8. Financial Statements and Supplementary Data
   4.1
    
    Indenture, as amended on December 8, 2000, of Marine Petroleum
Trust, filed as Exhibit 4.1 to the Annual Report on 
Form 10-K of Marine for the
fiscal year ended June 30, 2001, and incorporated by reference herein.21.1
    
    Subsidiaries of Marine, filed as Exhibit 21.1 to the Annual
Report on Form 10-K of Marine for the fiscal year ended June 30, 2002, and
incorporated by reference herein.31.1*
    
    Certification of the Corporate Trustee pursuant to Section 302
of the Sarbanes-Oxley Act of 2002.32.1*
    
    Certification of the Corporate Trustee pursuant to Section 906
of the Sarbanes-Oxley Act of 2002.99.1*
    
    Consolidated financial statements of Tidelands Royalty Trust
B for the fiscal year ended December 31, 2008, and report of KPMG LLP,
independent registered public accounting firm.
 
 *
    
    Filed herewith.  -20-




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Report of Independent Registered Public Accounting Firm
 
     
 -21-




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MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 CONSOLIDATED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS
As of June 30, 2009 and 2008
(Audited)
 June 30,
    
    
    June 30,2009
    
    
    2008AssetsCurrent assets:Cash and cash equivalents
    
    $
    1,038,850
    
    
    $
    1,668,486Federal income taxes refundable
    
    
    14,425
    
    
    
    Producing oil and gas properties
    
    
    7
    
    
    
    7Receivable from affiliate
    
    
    
    
    
    $
    11,274Total assets
    
    $
    1,053,282
    
    
    $
    1,679,767Liabilities and Trust CorpusCurrent liabilities:Federal income taxes payable
    
    
    
    
    
    
    9,300Total current liabilities
    
    $
    
    
    
    $
    9,300Trust Corpus  authorized 2,000,000
units of beneficial interest, issued
2,000,000 units at nominal value
    
    
    1,053,282
    
    
    
    1,670,467$
    1,053,282
    
    
    $
    1,679,767
  -22-




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MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 CONSOLIDATED STATEMENTS OF DISTRIBUTABLE INCOME
For the Three Years Ended June 30, 2009
(Audited)
 2009
    
    
    2008
    
    
    2007Income:Oil and natural gas royalties
    
    $
    2,748,699
    
    
    $
    4,826,816
    
    
    $
    4,654,404Oil and natural gas royalties from affiliate
    
    $
    1,419,539
    
    
    $
    1,313,536
    
    
    $
    623,391Interest income
    
    
    12,189
    
    
    
    58,712
    
    
    
    78,418Total income
    
    
    4,180,427
    
    
    
    6,199,064
    
    
    
    5,356,213Expenses:General and administrative
    
    
    380,400
    
    
    
    313,865
    
    
    
    218,089Distributable income before Federal income taxes
    
    
    3,800,027
    
    
    
    5,885,199
    
    
    
    5,138,124Federal income taxes of subsidiary
    
    
    (18,725
    )
    
    
    20,700
    
    
    
    19,950Distributable income
    
    $
    3,818,752
    
    
    $
    5,864,499
    
    
    $
    5,118,174Distributable income per unit
    
    $
    1.91
    
    
    $
    2.93
    
    
    $
    2.56Distributions per unit
    
    $
    2.22
    
    
    $
    2.92
    
    
    $
    2.46Units outstanding
    
    
    2,000,000
    
    
    
    2,000,000
    
    
    
    2,000,000
  -23-




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MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 CONSOLIDATED STATEMENTS OF CHANGES IN TRUST CORPUS
For the Three Years Ended June 30, 2009
(Audited)
 2009
    
    
    2008
    
    
    2007Trust corpus, beginning of year
    
    $
    1,670,467
    
    
    $
    1,653,412
    
    
    $
    1,456,939Distributable income
    
    
    3,818,752
    
    
    
    5,864,499
    
    
    
    5,118,174Distributions to unitholders
    
    
    4,435,937
    
    
    
    5,847,444
    
    
    
    4,921,701Trust corpus, end of year
    
    $
    1,053,282
    
    
    $
    1,670,467
    
    
    $
    1,653,412
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MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Three Years Ended June 30, 2009
 (1) Summary of Significant Accounting Policies
 (a) General
     (b) Principles of Consolidation
  (c) Producing Oil and Gas Properties
   (d) U.S. Federal Income Taxes
    -25-




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(e) Credit Risk Concentration and Cash Equivalents
   (f) Use of Estimates
  (g) Distributable Income per Unit
  (h) Significant Royalty Sources
  Year Ended June 30,Company
    
    2009
    
    2008
    
    2007Chevron USA, Inc.
    
    
    57
    %
    
    
    56
    %
    
    
    63
    %Anglo Suisse Offshore Partners LLP
    
    
    10
    %
    
    
    9
    %
    
    
    6
    %Apache Corporation
    
    
    6
    %
    
    
    5
    %
    
    
    3
    %Century Exploration Company
    
    
    4
    %
    
    
    6
    %
    
    
    5
    %Energy XXI GOM LLC
    
    
    4
    %
    
    
    3
    %
    
    
    2
    %Walter Oil & Gas Corporation
    
    
    3
    %
    
    
    3
    %
    
    
    7
    %SPN Resources LLC
    
    
    3
    %
    
    
    4
    %
    
    
    2
    %W&T Offshore Inc.
    
    
    3
    %
    
    
    2
    %
    
    
    2
    %McMoran Oil and Gas LLC
    
    
    3
    %
    
    
    2
    %
    
    
    Devon Energy Production Company
    
    
    1
    %
    
    
    2
    %
    
    
    4
    %Others
    
    
    6
    %
    
    
    8
    %
    
    
    6
    %100
    %
    
    
    100
    %
    
    
    100
    %
 (2) Basis of Accounting
  
    
    Royalty income is recognized when received by Marine.
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
    
    Marines expenses (which include accounting, legal, and other professional fees,
Trustees fees and out-of-pocket expenses) are recorded on an accrual basis.
Reserves for liabilities that are contingent or uncertain in amount may also be
established if considered necessary.
 
    
    Distributions to unitholders are recognized when declared by the Trustee of the
Trust.
  
    
    Royalty income is recognized in the month received rather than in the month of
production.
 
    
    Reserves may be established for contingencies that would not be recorded under
GAAP.
  (3) Investment in and Receivables from Affiliate  Tidelands Royalty Trust B
    TIDELANDS CONSOLIDATED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS
 June 30,
    
    
    June 30,2009
    
    
    2008AssetsCurrent assets:Cash and cash equivalents
    
    $
    1,673,403
    
    
    $
    2,048,006Oil, natural gas and other mineral properties
    
    
    2
    
    
    
    2Federal taxes refundable
    
    
    9,734
    
    
    
    Total assets
    
    $
    1,683,139
    
    
    $
    2,048,008Liabilities and Trust CorpusCurrent liabilities:Accounts
payable
    
    $
    
    
    
    $
    11,279Federal income taxes
payable
    
    
    
    
    
    
    4,196Income distributable to
unitholders
    
    
    762,305
    
    
    
    872,871Total current
liabilities
    
    $
    762,305
    
    
    $
    888,346Trust Corpus  authorized
1,386,525 units of beneficial
interest, issued 1,386,375 units
at nominal value
    
    
    920,834
    
    
    
    1,159,662$
    1,683,139
    
    
    $
    2,048,008
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TIDELANDS CONSOLIDATED STATEMENTS OF DISTRIBUTABLE INCOME
 Twelve Months Ended June 30,2009
    
    
    2008
    
    
    2007Income
    
    $
    4,363,355
    
    
    $
    4,105,079
    
    
    $
    3,267,744Expenses
    
    
    329,693
    
    
    
    238,291
    
    
    
    163,118Distributable income before Federal income
taxes
    
    
    4,033,662
    
    
    
    3,866,788
    
    
    
    3,104,626Federal income taxes of Tidelands subsidiary
    
    
    32,570
    
    
    
    47,400
    
    
    
    38,250Distributable income
    
    $
    4,001,092
    
    
    $
    3,819,388
    
    
    $
    3,066,376
  (4) Summary of Quarterly Financial Data (Unaudited)
  Oil and
    
    
    
    
    
    
    
    
    
    
    DistributableGas
    
    
    
    
    
    
    Distributable
    
    
    IncomeRoyalties
    
    
    Expenses
    
    
    Income
    
    
    Per UnitQuarter ended:September 30, 2007
    
    $
    1,321,266
    
    
    $
    54,256
    
    
    $
    1,605,456
    
    
    $
    0.80December 31, 2007
    
    
    989,059
    
    
    
    88,837
    
    
    
    1,301,128
    
    
    
    0.65March 31, 2008
    
    
    1,225,908
    
    
    
    106,299
    
    
    
    1,423,529
    
    
    
    0.71June 30, 2008
    
    
    1,290,583
    
    
    
    64,473
    
    
    
    1,534,386
    
    
    
    0.77$
    4,826,816
    
    
    $
    313,865
    
    
    $
    5,864,499
    
    
    $
    2.93Quarter ended:September 30, 2008
    
    $
    1,480,498
    
    
    $
    119,455
    
    
    $
    1,650,319
    
    
    $
    0.83December 31, 2008
    
    
    720,751
    
    
    
    83,687
    
    
    
    984,360
    
    
    
    0.49March 31, 2009
    
    
    286,774
    
    
    
    100,788
    
    
    
    590,283
    
    
    
    0.30June 30, 2009
    
    
    260,676
    
    
    
    76,470
    
    
    
    593,790
    
    
    
    0.29$
    2,748,699
    
    
    $
    380,400
    
    
    $
    3,818,752
    
    
    $
    1.91
 (5) Supplemental Information Relating to Oil and Gas Reserves (Unaudited)
  Twelve Months Ended June 30,2009
    
    2008
    
    2007Marine:Oil (barrels)
    
    
    16,885
    
    
    
    35,620
    
    
    
    43,242Gas (mcf)
    
    
    114,730
    
    
    
    239,484
    
    
    
    288,247Tidelands:Oil (barrels)
    
    
    1,278
    
    
    
    1,952
    
    
    
    2,231Gas (mcf)
    
    
    167,224
    
    
    
    147,188
    
    
    
    127,074
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(6) Texas Margin Tax
  e.g. e.g.
   (7) Subsequent Events
 Subsequent Events .
  -29-




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SIGNATURES
  MARINE PETROLEUM TRUST
(Registrant)By: U.S. Trust, Bank of America
Private Wealth Management in its
capacity as trustee of Marine
Petroleum Trust and not in its
individual capacity or otherwiseDate: September 18, 2009
    
    
    
    
    By:
    /s/ Ron E. HooperRon E. HooperSenior Vice President
  U.S. Trust, Bank of America Private Wealth
Management, in its capacity as trustee of
Marine Petroleum Trust and not in its
individual capacity or otherwiseDated:  September 18, 2009
    By:
    /s/ Ron E. HooperRon E. HooperSenior Vice President  -30-