##### 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, 2011
 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
    
    (I.R.S. Employerof incorporation or organization)
    
    Identification No.)
 c/o The Corporate Trustee:
U.S. Trust, Bank of America Private Wealth Management
P. O. Box 830650, Dallas, Texas 75283-0650
 (800) 985-0794
 
 
  þ o
  o o
  Large accelerated filer o
Accelerated filer o
Non-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, 2011 and June 30, 2010
    
    
    1Condensed Consolidated Statements of Distributable Income for the
Three and Nine Months Ended March 31, 2011 and 2010
    
    
    2Consolidated Statements of Changes in Trust Corpus for the Nine
Months Ended March 31, 2011 and 2010
    
    
    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
    
    
    10Item 4. Controls and Procedures
    
    
    10PART 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, 2011 and June 30, 2010
 March 31,
    
    
    June 30,2011
    
    
    2010(Unaudited)
    
    
    (Audited)ASSETSCurrent assets:Cash and cash equivalents
    
    $
    1,253,805
    
    
    $
    1,143,454Federal income taxes refundable
    
    
    14,425
    
    
    
    14,425Producing oil and gas properties
    
    
    7
    
    
    
    7Total assets
    
    $
    1,268,237
    
    
    $
    1,157,886LIABILITIES AND TRUST CORPUSCurrent liabilities:Federal income taxes payable
    
    $
    
    
    
    $
    Total current liabilities
    
    $
    
    
    
    $
    Trust corpus  authorized 2,000,000 units of
beneficial interest, issued 2,000,000 units at
nominal value
    
    $
    1,268,237
    
    
    $
    1,157,886$
    1,268,237
    
    
    $
    1,157,886
  1




---



##### Table of Contents



MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 CONDENSED CONSOLIDATED STATEMENTS OF DISTRIBUTABLE INCOME
For the Three and Nine Months Ended March 31, 2011 and 2010
(Unaudited)
 Three Months Ended
    
    
    Nine Months EndedMarch 31,
    
    
    March 31,2011
    
    
    2010
    
    
    2011
    
    
    2010Income:Oil and gas royalties
    
    $
    736,242
    
    
    $
    604,202
    
    
    $
    1,980,637
    
    
    $
    1,529,633Oil and gas royalties from affiliate
    
    
    165,696
    
    
    
    199,111
    
    
    
    489,180
    
    
    
    633,194Interest income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    11Total income
    
    $
    901,938
    
    
    $
    803,313
    
    
    $
    2,469,817
    
    
    $
    2,162,838Expenses:General and administrative
    
    $
    102,082
    
    
    $
    60,628
    
    
    $
    203,850
    
    
    $
    215,214Distributable income before Federal
income taxes
    
    
    799,856
    
    
    
    742,685
    
    
    
    2,265,967
    
    
    
    1,947,624Federal income taxes of subsidiary
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Distributable income
    
    $
    799,856
    
    
    $
    742,685
    
    
    $
    2,265,967
    
    
    $
    1,947,624Distributable income per unit
    
    $
    0.40
    
    
    $
    0.37
    
    
    $
    1.13
    
    
    $
    0.97Distributions per unit
    
    $
    0.36
    
    
    $
    0.32
    
    
    $
    1.08
    
    
    $
    0.89Units 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, 2011 and 2010
(Unaudited)
 Nine Months EndedMarch 31,2011
    
    
    2010Trust corpus, beginning of period
    
    $
    1,157,886
    
    
    $
    1,053,282Distributable income
    
    
    2,265,967
    
    
    
    1,947,624Distributions to unitholders
    
    
    2,155,616
    
    
    
    1,783,934Trust corpus, end of period
    
    $
    1,268,237
    
    
    $
    1,216,972
  3




---



##### Table of Contents



MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2011
(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.
 Financial Statements of Royalty Trusts
 Note 3. Distributable Income
 th th
  4




---



##### Table of Contents



Note 4. Subsequent Event
  Note 5. Investment in Affiliate  Tidelands Royalty Trust B
   TIDELANDS CONSOLIDATED STATEMENTS OF DISTRIBUTABLE INCOME
 Nine
    
    
    NineMonths
    
    
    MonthsEnded
    
    
    EndedMarch 31,
    
    
    March 31,2011
    
    
    2010Income
    
    $
    1,406,506
    
    
    $
    2,009,401Expenses
    
    
    162,632
    
    
    
    172,158Distributable income before Federal
income taxes
    
    
    1,243,874
    
    
    
    1,837,243Federal income taxes of Tidelands subsidiary
    
    
    
    
    
    
    5,800Distributable income
    
    $
    1,243,874
    
    
    $
    1,831,443
  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
 Financial Statements of Royalty
Trusts
  General
    7




---



##### Table of Contents



Summary of Operating Results
     Net Production Quantities(1)Natural
    
    Distributable
    
    DistributionsQuarter Ended
    
    Oil (bbls)
    
    Gas (mcf)
    
    Income Per Unit
    
    Per UnitDecember 31, 2009
    
    
    5,352
    
    
    
    30,833
    
    
    $
    0.29
    
    
    $
    0.32March 31, 2010
    
    
    5,790
    
    
    
    32,085
    
    
    $
    0.37
    
    
    $
    0.32June 30, 2010
    
    
    5,031
    
    
    
    30,357
    
    
    $
    0.35
    
    
    $
    0.38September 30, 2010
    
    
    5,592
    
    
    
    34,536
    
    
    $
    0.38
    
    
    $
    0.37December 31, 2010
    
    
    5,783
    
    
    
    35,475
    
    
    $
    0.35
    
    
    $
    0.34March 31, 2011
    
    
    6,300
    
    
    
    38,404
    
    
    $
    0.40
    
    
    $
    0.36
 
 (1)
    
    Excludes the Trusts interest in Tidelands. Results of OperationsThree Months Ended March 31, 2011 and 2010
    8




---



##### Table of Contents



Three Months Ended March 31,2011
    
    2010(Unaudited)
    
    (Unaudited)
    

% ChangeOilBarrels sold
    
    
    6,300
    
    
    
    5,790
    
    
    
    9
    %Average price
    
    $
    87.70
    
    
    $
    76.10
    
    
    
    15
    %Natural gasMcf sold
    
    
    38,404
    
    
    
    32,085
    
    
    
    20
    %Average price
    
    $
    4.78
    
    
    $
    5.10
    
    
    
    (6
    )%
  Results of OperationsNine Months Ended March 31, 2011 and 2010
       9




---



##### Table of Contents



Nine Months Ended March 31,2011
    
    2010(Unaudited)
    
    (Unaudited)
    

% ChangeOilBarrels sold
    
    
    17,675
    
    
    
    16,137
    
    
    
    10
    %Average price
    
    $
    81.90
    
    
    $
    68.79
    
    
    
    19
    %Natural gasMcf sold
    
    
    108,415
    
    
    
    98,992
    
    
    
    10
    %Average price
    
    $
    4.92
    
    
    $
    4.22
    
    
    
    17
    %
  Forward-Looking Statements
  Website
  
 Item 3. Quantitative and Qualitative Disclosures About Market Risk
  
 Item 4. Controls and Procedures
 Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures
  10




---



##### Table of Contents



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 16, 2011
    By:
    /s/ Ron E. HooperRon E. HooperSenior Vice President 13