##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 Form 10-Q
 þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
 For the quarterly period ended March 31, 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 number 000-08565
 Marine Petroleum Trust
  Texas
    
    75-6008017(State or other jurisdiction 
of incorporation or organization)
    
    (I.R.S. Employer
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
 
 
  þ o
  o o
  Large accelerated filer oAccelerated filer oNon-accelerated filer o(Do not check if a smaller reporting company)Smaller reporting company þ  o þ




---



##### 



MARINE PETROLEUM TRUST
 INDEX
 PageNumberPART I. FINANCIAL INFORMATIONItem 1. Financial Statements (Unaudited)
    
    
    1Consolidated Statements of Assets, Liabilities and Trust Corpus as of March 31, 2009 and
June 30, 2008
    
    
    1Condensed Consolidated Statements of Distributable Income for the Three and Nine Months Ended
March 31, 2009 and 2008
    
    
    2Consolidated Statements of Changes in Trust Corpus for the Nine Months Ended
March 31, 2009 and 2008
    
    
    3Notes to Condensed Consolidated Financial Statements
    
    
    4Item 2. Trustees Discussion and Analysis of Financial Condition and Results of Operations
    
    
    6Item 3. Quantitative and Qualitative Disclosures About Market Risk
    
    
    11Item 4T. Controls and Procedures
    
    
    11PART II. OTHER INFORMATIONItem 1A. Risk Factors
    
    
    12Item 6. Exhibits
    
    
    12EX-31.1EX-32.1




---



##### Table of Contents



PART I. FINANCIAL INFORMATION
 
 Item 1. Financial Statements
 
 MARINE PETROLEUM TRUST AND SUBSIDIARY
 CONSOLIDATED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS
As of March 31, 2009 and June 30, 2008
 March 31,
    
    
    June 30,2009
    
    
    2008(Unaudited)
    
    
    (Audited)ASSETSCurrent assets:Cash and cash equivalents
    
    $
    990,192
    
    
    $
    1,668,486Producing oil and gas properties
    
    
    7
    
    
    
    7Receivable from affiliate
    
    
    
    
    
    
    11,274Total assets
    
    $
    990,199
    
    
    $
    1,679,767LIABILITIES AND TRUST CORPUSCurrent liabilities:Federal income taxes payable
    
    $
    7,900
    
    
    $
    9,300Total current liabilities
    
    $
    7,900
    
    
    $
    9,300Trust corpus  authorized 2,000,000 units of
beneficial interest, issued 2,000,000 units at
nominal value
    
    
    982,299
    
    
    
    1,670,467$
    990,199
    
    
    $
    1,679,767
  1




---



##### Table of Contents



MARINE PETROLEUM TRUST AND SUBSIDIARY
 CONDENSED CONSOLIDATED STATEMENTS OF DISTRIBUTABLE INCOME
For the Three and Nine Months Ended March 31, 2009 and 2008
(Unaudited)
 Three Months Ended
    
    
    Nine Months EndedMarch 31,
    
    
    March 31,2009
    
    
    2008
    
    
    2009
    
    
    2008Income:Oil and gas royalties
    
    $
    286,774
    
    
    $
    1,225,908
    
    
    $
    2,488,022
    
    
    $
    3,536,233Oil and gas royalties from affiliate
    
    
    403,742
    
    
    
    293,799
    
    
    
    1,032,326
    
    
    
    1,003,055Interest income
    
    
    555
    
    
    
    12,121
    
    
    
    12,143
    
    
    
    50,917Total income
    
    $
    691,071
    
    
    $
    1,531,828
    
    
    $
    3,532,491
    
    
    $
    4,590,205Expenses:General and administrative
    
    $
    100,788
    
    
    $
    106,299
    
    
    $
    303,930
    
    
    $
    249,392Distributable income before Federal
income taxes
    
    
    590,283
    
    
    
    1,425,529
    
    
    
    3,228,561
    
    
    
    4,340,813Federal income taxes of subsidiary
    
    
    
    
    
    
    2,000
    
    
    
    3,600
    
    
    
    10,700Distributable income
    
    $
    590,283
    
    
    $
    1,423,529
    
    
    $
    3,224,961
    
    
    $
    4,330,113Distributable income per unit
    
    $
    0.30
    
    
    $
    0.71
    
    
    $
    1.61
    
    
    $
    2.17Distributions per unit
    
    $
    0.30
    
    
    $
    0.65
    
    
    $
    1.96
    
    
    $
    2.18Units outstanding
    
    
    2,000,000
    
    
    
    2,000,000
    
    
    
    2,000,000
    
    
    
    2,000,000
  2




---



##### Table of Contents



MARINE PETROLEUM TRUST AND SUBSIDIARY
 CONSOLIDATED STATEMENTS OF CHANGES IN TRUST CORPUS
For the Nine Months Ended March 31, 2009 and 2008
(Unaudited)
 Nine Months EndedMarch 31,2009
    
    
    2008Trust corpus, beginning of period
    
    $
    1,670,467
    
    
    $
    1,653,412Distributable income
    
    
    3,224,961
    
    
    
    4,330,113Distributions to unitholders
    
    
    3,913,129
    
    
    
    4,355,989Trust corpus, end of period
    
    $
    982,299
    
    
    $
    1,627,536
  3




---



##### Table of Contents



MARINE PETROLEUM TRUST AND SUBSIDIARY
 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2009
(Unaudited)
 Note 1. Accounting Policies
  Note 2. Basis of Accounting
  
    
    Royalty income is recognized in the month 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.
  Note 3. Distributable Income
 th th
  4




---



##### Table of Contents



Note 4. Investment in Affiliate  Tidelands Royalty Trust B
   TIDELANDS CONSOLIDATED STATEMENTS OF DISTRIBUTABLE INCOME
 Nine Months EndedMarch 31,2009
    
    
    2008Income
    
    $
    3,728,868
    
    
    $
    3,111,439Expenses
    
    
    244,458
    
    
    
    166,236Distributable income before Federal
income taxes
    
    
    3,484,410
    
    
    
    2,945,203Federal income taxes of Tidelands subsidiary
    
    
    31,770
    
    
    
    40,700Distributable income
    
    $
    3,452,640
    
    
    $
    2,904,503
  5




---



##### Table of Contents



Item 2. Trustees Discussion and Analysis of Financial Condition and Results of Operations
 Organization
     
  Liquidity and Capital Resources
   6




---



##### Table of Contents



The Leases
   Critical Accounting Policies and Estimates
   General
     7




---



##### Table of Contents



Hurricanes Gustav and Ike
     Summary of Operating Results
    Net ProductionQuantities(1)Natural
    
    Distributable
    
    DistributionQuarter Ended
    
    Oil (bbls)
    
    Gas (mcf)
    
    Income Per Unit
    
    Per UnitMarch 31, 2008
    
    
    9,458
    
    
    
    58,251
    
    
    $
    0.71
    
    
    $
    0.65June 30, 2008
    
    
    9,049
    
    
    
    57,014
    
    
    $
    0.77
    
    
    $
    0.75September 30, 2008
    
    
    6,972
    
    
    
    41,078
    
    
    $
    0.83
    
    
    $
    0.77December 31, 2008
    
    
    3,573
    
    
    
    28,385
    
    
    $
    0.49
    
    
    $
    0.89March 31, 2009
    
    
    2,130
    
    
    
    28,473
    
    
    $
    0.30
    
    
    $
    0.30
 
 (1)
    
    Excludes the Trusts interest in Tidelands. 8




---



##### Table of Contents



Results of OperationsThree Months Ended March 31, 2009 and 2008
       Three Months Ended March 31,2009
    
    2008(Unaudited)
    
    (Unaudited)
    
    % ChangeOilBarrels sold
    
    
    2,130
    
    
    
    9,458
    
    
    
    (77
    )%Average price
    
    $
    54.45
    
    
    $
    78.22
    
    
    
    (30
    )%Natural gasMcf sold
    
    
    28,473
    
    
    
    58,251
    
    
    
    (51
    )%Average price
    
    $
    6.00
    
    
    $
    8.34
    
    
    
    (28
    )%
  Results of OperationsNine Months Ended March 31, 2009 and 2008
    9




---



##### Table of Contents



Nine Months Ended March 31,2009(Unaudited)
    

2008(Unaudited)
    
    % ChangeOilBarrels sold
    
    
    12,675
    
    
    
    26,571
    
    
    
    (52
    )%Average price
    
    $
    118.47
    
    
    $
    79.27
    
    
    
    49
    %Natural gasMcf sold
    
    
    97,936
    
    
    
    182,470
    
    
    
    (46
    )%Average price
    
    $
    10.07
    
    
    $
    7.84
    
    
    
    28
    %
  Forward-Looking Statements
  Website
  10




---



##### Table of Contents



Item 3. Quantitative and Qualitative Disclosures About Market Risk
  
 Item 4T. Controls and Procedures
 Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures
  Changes in Internal Control Over Financial Reporting
  11




---



##### Table of Contents



PART II. OTHER INFORMATION
 
 Item 1A. Risk Factors
  
 Item 6. Exhibits
  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.
 12




---



##### Table of Contents



SIGNATURES
  MARINE PETROLEUM TRUST
U.S. Trust, Bank of America Private Wealth
Management, TrusteeMay 12, 2009
    By:
    /s/ Ron E. HooperRon E. HooperSenior Vice President 13