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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 December 31, 2004 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 0-8565 Marine Petroleum Trust  Texas
(State or other jurisdiction
of incorporation or organization)
    
    75-6008017
(I.R.S. Employer
Identification No.)Bank of America, N.A.
P.O. Box 830650, Dallas, Texas
(Address of principal executive offices)
    
    75283-0650
(Zip Code)
 Registrants telephone number, including area code (800) 985-0794 None
(Former name, former address and former fiscal year
if changed since last report)    Indicate by check mark whether the registrant (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days. Yes þ No o
 Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule
12b-2 of the Exchange Act). Yes o No þ
 Indicate number of units of beneficial interest outstanding as of the latest practicable date:
As of February 14, 2005, we had 2,000,000 units of beneficial interest outstanding.




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MARINE PETROLEUM TRUST INDEX PageNumberPART I. FINANCIAL INFORMATIONItem 1. Financial Statements (Unaudited)
    
    1Condensed Consolidated Balance Sheets as of December 31, 2004 and June 30, 2004
    
    1Condensed Consolidated Statements of Income and Undistributed Income for the Three Months and Six Months Ended December 31, 2004 and 2003
    
    2Condensed Consolidated Statements of Cash Flows for the Six Months Ended December 31, 2004 and 2003
    
    3Notes to Condensed Consolidated Financial Statements
    
    4Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    5Item 3. Quantitative and Qualitative Disclosures About Market Risk
    
    9Item 4. Controls and Procedures
    
    9PART II. OTHER INFORMATIONItem 6. Exhibits
    
    10Certification of Principal Accounting Officer Pursuant to Section 302Certification of Corporate Trustee Pursuant to Section 302Certification of Principal Accounting Officer Pursuant to Section 906Certification of Corporate Trustee Pursuant to Section 906




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PART I. FINANCIAL INFORMATION 
 Item 1.Financial Statements MARINE PETROLEUM TRUST AND SUBSIDIARY 
 CONDENSED CONSOLIDATED BALANCE SHEETS
December 31, 2004 and June 30, 2004
(Unaudited) December 31,
    
    
    June 30,2004
    
    
    2004ASSETSCurrent Assets:Cash and cash
equivalents
    
    $
    1,114,809
    
    
    $
    1,202,855Oil and gas
royalties
receivable
    
    
    723,473
    
    
    
    965,995Receivable from
affiliate
    
    
    123,697
    
    
    
    70,419State and federal
taxes
refundable
    
    
    
    
    
    
    578Interest
receivable
    
    
    1,465
    
    
    
    2,134Total current
assets
    
    $
    1,963,444
    
    
    $
    2,241,981Investment in U.S.
Treasury and agency
bonds
    
    
    200,000
    
    
    
    304,606Investment in
affiliate
    
    
    442,314
    
    
    
    367,210Office equipment, at
cost less
accumulated
depreciation
    
    
    2,400
    
    
    
    2,400Producing oil and
gas
properties
    
    
    7
    
    
    
    7$
    2,608,165
    
    
    $
    2,916,204LIABILITIES AND TRUST EQUITYTrust
Equity:Corpus  authorized
2,000,000 units of
beneficial
interest,
issued 2,000,000
units at nominal
value
    
    
    8
    
    
    
    8Undistributed
income
    
    
    2,608,157
    
    
    
    2,916,196Total trust
equity
    
    
    2,608,165
    
    
    
    2,916,204$
    2,608,165
    
    
    $
    2,916,204
 See accompanying notes to condensed consolidated financial statements. 1




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MARINE PETROLEUM TRUST AND SUBSIDIARY 
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 AND UNDISTRIBUTED INCOME
 For the Three Months and Six Months Ended December 31, 2004 and 2003
(Unaudited) Three Months Ended
    
    
    Six Months EndedDecember 31,
    
    
    December 31,2004
    
    
    2003
    
    
    2004
    
    
    2003Income:Oil and gas
royalties
    
    $
    867,694
    
    
    $
    1,342,186
    
    
    $
    1,933,432
    
    
    $
    2,517,262Equity in
earnings of
affiliate
    
    
    178,226
    
    
    
    108,844
    
    
    
    255,704
    
    
    
    164,511Interest
income
    
    
    5,388
    
    
    
    7,747
    
    
    
    10,196
    
    
    
    16,2901,051,308
    
    
    
    1,458,777
    
    
    
    2,199,332
    
    
    
    2,698,063Expenses:General and
administrative
    
    
    49,571
    
    
    
    72,000
    
    
    
    100,328
    
    
    
    113,664Income before
Federal income
taxes
    
    
    1,001,737
    
    
    
    1,386,777
    
    
    
    2,099,004
    
    
    
    2,584,399Federal income
taxes of
subsidiary
    
    
    
    
    
    
    475
    
    
    
    
    
    
    
    475Net
income
    
    
    1,001,737
    
    
    
    1,386,302
    
    
    
    2,099,004
    
    
    
    2,583,924Undistributed
income at beginning
of period
    
    
    2,723,660
    
    
    
    3,421,854
    
    
    
    2,916,196
    
    
    
    3,779,3513,725,397
    
    
    
    4,808,156
    
    
    
    5,015,200
    
    
    
    6,363,275Distributions to
unitholders
    
    
    1,117,240
    
    
    
    1,523,084
    
    
    
    2,407,043
    
    
    
    3,078,203Undistributed
income at end of
period
    
    $
    2,608,157
    
    
    $
    3,285,072
    
    
    $
    2,608,157
    
    
    $
    3,285,072Net income per
unit
    
    $
    0.50
    
    
    $
    0.69
    
    
    $
    1.05
    
    
    $
    1.29Distributions per
unit
    
    $
    0.56
    
    
    $
    0.76
    
    
    $
    1.20
    
    
    $
    1.54
 2




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MARINE PETROLEUM TRUST AND SUBSIDIARY 
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Six Months Ended December 31, 2004 and 2003
(Unaudited) Six Months EndedDecember 31,2004
    
    
    2003Cash flows from operating activities:Net income
    
    $
    2,099,004
    
    
    $
    2,583,924Adjustments to reconcile net income to net cash provided
by operating activities:Equity in undistributed earnings of
affiliate
    
    
    (75,104
    )
    
    
    41,425Amortization of premium
    
    
    4,606
    
    
    
    4,562Change in assets and liabilities:Oil and gas royalties receivable
    
    
    242,522
    
    
    
    102,301Receivable from affiliate
    
    
    (53,278
    )
    
    
    21,725State and federal taxes refundable
    
    
    578
    
    
    
    Interest receivable
    
    
    669
    
    
    
    (130
    )Accounts payable
    
    
    
    
    
    
    475Net cash provided by operating
activities
    
    
    2,218,997
    
    
    
    2,754,282Cash flows from investing activities
Proceeds from sale of U.S. agency bonds
    
    
    100,000
    
    
    
    Cash flows from financing activitiesdistributions to
unitholders
    
    
    (2,407,043
    )
    
    
    (3,078,203
    )Net decrease in cash and cash equivalents
    
    
    (88,046
    )
    
    
    (323,921
    )Cash and cash equivalents at beginning of period
    
    
    1,202,855
    
    
    
    1,334,059Cash and cash equivalents at end of period
    
    $
    1,114,809
    
    
    $
    1,010,138
 See accompanying notes to condensed consolidated financial statements. 3




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MARINE PETROLEUM TRUST AND SUBSIDIARY 
 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2004
(Unaudited) Accounting Policies The financial statements include the financial statements of Marine Petroleum Trust (the
Trust) and its wholly-owned subsidiary, Marine Petroleum Corporation (MPC). The financial
statements are condensed and should be read in conjunction with the Trusts annual report on Form
10-K for the fiscal year ended June 30, 2004. The financial statements included herein are
unaudited, but in the opinion of management they include all adjustments necessary for a fair
presentation of the results of operations for the periods indicated. Operating results for the six
months ended December 31, 2004 are not necessarily indicative of the results that may be expected
for the fiscal year ending June 30, 2005. As an overriding royalty owner, actual production results are not known to us until reported
by the operator, which could be a period of 60-90 days later than the actual month of production.
To comply with accounting principles generally accepted in the United States of America, we must
estimate earned but unpaid royalties from this production. To estimate this amount, we utilize
historical information based on the latest production reports from the individual leases and
current average prices as reported for oil by ChevronTexaco and the well head price for natural gas
as reported by the Energy Information Agency, a division of the U.S. Department of Energy for the
period under report. Distributable Income The Trusts Indenture provides that the trustee is to distribute all cash in the trust, less
an amount reserved for the payment of accrued liabilities and estimated future expenses, to
unitholders on the 28th day of March, June, September and December of each year. If the
28th falls on a Saturday, Sunday or legal holiday, the distribution is payable on the
immediately preceding business day. As stated under Accounting Policies above, the financial statements in this Form 10-Q are
the condensed and consolidated account balances of the Trust and MPC. However, distributable
income is paid from the unconsolidated account balances of the Trust. Distributable income is
comprised of (i) royalties from offshore Texas leases owned directly by the Trust, (ii) 98% of the
overriding royalties received by MPC that are paid to the Trust on a quarterly basis, (iii) cash
distributions from the Trusts equity interest in the Tidelands Royalty Trust B (Tidelands), a
separate publicly traded royalty trust, (iv) dividends paid by MPC, less (v) administrative
expenses incurred by the Trust. Undistributed Income A contract between the Trust and MPC provides that 98% of the overriding royalties received by
MPC are paid to the Trust each quarter. MPC retains the remaining 2% of the overriding royalties
along with other items of income and expense until such time as the Board of Directors declares a
dividend out of the retained earnings. Beginning in the first quarter of 2004 the Board of
Directors has declared quarterly dividends equal to 2% of overriding royalties collected each
quarter. On December 31, 2004, undistributed income of the Trust and MPC amounted to $1,698,591
and $909,566, respectively. 4




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Item 2.Managements Discussion and Analysis of Financial Condition and Results of Operations Financial Condition  Liquidity and Capital Resources The Trust is a royalty trust that was created in 1956 under the laws of the State of Texas.
The Trust is not permitted to engage in any business activity because it was organized for the sole
purpose of providing an efficient, orderly, and practical means for the administration and
liquidation of rights to payments from certain oil and natural gas leases in the Gulf of Mexico,
pursuant to license agreements and amendments between the Trusts predecessors and Gulf Oil
Corporation (Gulf). As a result of various transactions that have occurred since 1956, the Gulf
interests now are held by ChevronTexaco Corporation, Elf Exploration, Inc., and their assignees. The Trusts rights are generally referred to as overriding royalty interests in the oil and
natural gas industry. An overriding royalty interest is created by an assignment by the owner of a
working interest. The ownership rights associated with an overriding royalty interest terminate
when the underlying lease terminates. All production and marketing functions are conducted by the
working interest owners of the leases. Revenues from the overriding royalties are paid to the
Trust either (i) on the basis of the selling price of oil, natural gas and other minerals produced,
saved or sold, or (ii) at the value at the wellhead as determined by industry standards, when the
selling price does not reflect the value at the wellhead. The Trust holds an overriding royalty interest equal to three-fourths of 1% of the value at
the well of any oil, natural gas, or other minerals produced and sold from 64 leases covering
239,208 gross acres located in the Gulf of Mexico. The Trusts overriding royalty interest applies
only to existing leases and does not apply to new leases. The Trust also owns a 32.6% equity
interest in Tidelands. Tidelands has an overriding royalty interest in seven leases covering
27,948 gross acres located in the Gulf of Mexico. As a result of this ownership, the Trust
receives periodic distributions from Tidelands. Due to the limited purpose of the Trust as stated in the Trusts Indenture, there is no
requirement for capital. The Trusts only obligation is to distribute to unitholders the net
income actually collected. As an administrator of oil and natural gas royalty properties, the
Trust collects royalties monthly, pays administration expenses, and disburses all net royalties
collected to its unitholders each quarter. Because all of the Trusts revenues are invested in
liquid funds pending distribution, the Trust does not experience any liquidity problems. The Trusts Indenture (and MPCs charter and by-laws) expressly prohibits the operation of any
kind of trade or business. The Trusts oil and natural gas properties are depleting assets and are
not being replaced due to the prohibition against these investments. Because of these
restrictions, the Trust does not require short term or long term capital. These restrictions,
along with other factors, allow the Trust to be treated as a grantor trust. Thus, all income and
deductions, for tax purposes, should flow through to each individual unitholder. The Trust is not
a taxable entity. Critical Accounting Policies As an overriding royalty owner, actual production results are not known to us until reported
by the operator, which could be a period of 60-90 days later than the actual month of production.
To comply with accounting principles generally accepted in the United States of America, we must
estimate earned but unpaid royalties from this production. To estimate this amount, we utilize
historical information based on the latest production reports from the individual leases and
current average prices as reported for oil by Chevron USA and the well head price for natural gas
as reported by the Energy Information Agency, a division of the U.S. Department of Energy for the
period under report. We did not have any changes in our critical accounting policies or in our significant
accounting estimates during the six months ended December 31, 2004. Please see our annual report
on Form 10-K for the year ended June 30, 2004 for a detailed discussion of our critical accounting
policies. 5




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General The Trust realized 58% of its revenue from the sale of oil and 42% from the sale of natural
gas during the six months ended December 31, 2004. Revenue includes estimated royalties of oil and
natural gas produced but not paid. Distributions fluctuate from quarter to quarter due to changes in oil and natural gas prices
and production quantities. Net income is determined by the revenue from oil and natural gas
produced and sold during the accounting period. Distributions, however, are determined by the cash
available to the Trust on the determination date. Summary Review of Operating Results Net income for the six months ended December 31, 2004 decreased approximately 19% to $1.05 per
unit as compared to $1.29 per unit for the comparable period in 2003. Oil production for the six
months ended December 31, 2004 decreased approximately 12,000 barrels and natural gas production
decreased approximately 152,000 mcf from the levels realized in the comparable period in 2003. For
the six months ended December 31, 2004 the average price realized for a barrel of oil increased
$13.76 over the price realized in the comparable period in 2003 and the average price realized for
a thousand cubic feet (mcf) of natural gas increased $0.95 over the price realized in the
comparable period in 2003. Distributions to unitholders amounted to $1.20 per unit for the six months ended December 31,
2004, a decrease of approximately 22% over the $1.54 distribution for the comparable period in
2003. The Trust must rely on public records for information regarding drilling operations. The
public records available up to the date of this report indicate that 13 drilling and workover
operations were conducted successfully during the six months ended December 31, 2004 on leases in
which the Trust has an interest. There are approximately 380 wells subject to the Trusts
overriding royalty interest that are listed as active oil or natural gas wells on the records of
the Minerals Management Service. The following table presents the net production quantities of oil and natural gas and net
income and distributions per unit for the last five quarters. Production (1)Natural
    
    
    Net
    
    CashQuarter
    
    Oil (bbls)
    
    
    Gas (mcf)
    
    
    Income
    
    DistributionDecember 31,
2003(2)
    
    
    18,090
    
    
    
    151,139
    
    
    .69
    
    .76March 31,
2004(2)
    
    
    7,049
    
    
    
    68,638
    
    
    .31
    
    .56June 30,
2004
    
    
    17,074
    
    
    
    113,173
    
    
    .60
    
    .53September 30,
2004
    
    
    11,762
    
    
    
    100,176
    
    
    .55
    
    .64December 31,
2004
    
    
    14,375
    
    
    
    41,003
    
    
    .50
    
    .56
   (1)
    
    Excludes the Trusts equity interest in Tidelands.(2)
    
    Due to accelerated payments received from ChevronTexaco in December 2003
approximately 3,500 barrels of oil and 26,000 mcf of natural gas were realized in the quarter
ended December 31, 2003 that would normally have been realized in the quarter ended March 31,
2004. As a result of this acceleration $0.13 net income per unit was realized in the quarter
ended December 31, 2003 that would normally have been realized in the quarter ended March 31,
2004. The Trusts revenues are derived from the oil and natural gas production activities of
unrelated parties. The Trusts revenues and distributions fluctuate from period to period based
upon factors beyond the Trusts control, including, without limitation, the number of productive
wells drilled and maintained on leases subject to the Trusts interest, the level of production
over time from such wells and the prices at which the oil and natural gas from such wells are sold.
The Trust believes that it will continue to have enough revenues to allow distributions to be made
to 6




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unitholders for the foreseeable future, although no assurance can be made regarding the amount of
any future distributions. The foregoing sentence is a forward-looking statement. For more
information, see Forward-Looking Statements on page 9. Actual results may differ from expected
results because of reductions in the price or demand for oil and natural gas, which might then lead
to decreased production; reductions in production due to the depletion of existing wells or
disruptions in service, which may be caused by storm damage to production facilities, blowouts or
other production accidents, or geological changes such as cratering of productive formations; and
the expiration or release of leases subject to the Trusts interests. Important aspects of the Trusts operations are conducted by third parties. Oil and natural
gas companies that lease tracts subject to the Trusts interests are responsible for the production
and sale of oil and natural gas and the calculation of royalty payments to the Trust. Prior to
November 1, 2004, the Trusts distributions were processed and paid by The Bank of New York as the
agent for the trustee of the Trust. Effective November 1, 2004, Mellon Investor Services LLC
became the agent for the trustee of the Trust and distributions will be processed and paid by
Mellon Investor Services LLC. Results of OperationsThree Months Ended December 31, 2004 and 2003 Net income decreased 28% to approximately $1,002,000 for the three months ended December 31,
2004, from approximately $1,386,000 realized for the comparable three months in 2003. The Trusts revenue is dependent on the operations of the working interest owners of the
leases burdened with the Trusts overriding royalty interest. The only obligation of the working
interest owners to the Trust is to make monthly overriding royalty payments of the Trusts interest
in the oil and natural gas sold. The volume of oil and gas produced and its selling price are
primary factors in the calculation of overriding royalty payments. Production is affected by the
declining capability of the producing wells, the number of new wells drilled, the number of
existing wells re-worked and placed back in production. The Trust has experienced a steady decline
in the volume of oil and natural gas produced from the wells subject to the Trusts overriding
royalty interest. In the current three month period oil production declined 21% and natural gas
production declined 73% from the levels realized in the comparable three months a year ago.
Production from existing wells is anticipated to continue to decrease in the future due to normal
well depletion. The Trust has no input with the operators regarding future drilling operations
which could impact the Trusts future oil and natural gas production. Revenue from oil royalties, excluding the Trusts equity interest in Tidelands, for the three
months ended December 31, 2004 increased 1% to approximately $603,000, from approximately $599,000
realized for the comparable three months in 2003. There was a 21% decrease in production and a 27%
increase in the price realized. Revenue from natural gas royalties, excluding the Trusts equity interest in Tidelands,
decreased 64% to approximately $265,000 from approximately $744,000 for the comparable three months
in 2003. There was a 73% decrease in production and a 31% increase in the price realized. Income from the Trusts equity in Tidelands increased approximately 64% for the three months
ended December 31, 2004, as compared to the comparable three months of 2003. This increase is
primarily due to commencement of production from a new well on West Cameron Block 165. Weather is a factor in the production of both oil and natural gas in the Gulf of Mexico.
There was no reported damage by Hurricane Ivan to the production facilities on the Trusts override
properties, but there was significant damage to other facilities owned by ChevronTexaco. There
was a decline in the number of wells drilled and worked over during the first six months of 2004.
A significant factor in the 73% decline in natural gas production was a loss of production in a
natural gas well on South Timbalier Block 177. The Trust does not expect this well will go back on
stream in the future. The following table presents the quantities of oil and natural gas sold and the average price
realized from current operations for the three months ended December 31, 2004, and those realized
in the comparable three months in 2003, excluding the Trusts equity interest in Tidelands. 7




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Three Months Ended December 31,2004
    
    
    2003OILBarrels
sold
    
    
    14,375
    
    
    
    18,090Average
price
    
    $
    41.94
    
    
    $
    33.09NATURAL GASMcf
sold
    
    
    41,003
    
    
    
    151,139Average
price
    
    $
    6.46
    
    
    $
    4.92
 Results of OperationsSix Months Ended December 31, 2004 and 2003 Net income decreased 19% to approximately $2,099,000 for the six months ended December 31,
2004, from approximately $2,584,000 realized for the comparable six months in 2003. The Trusts revenue is dependent on the operations of the working interest owners of the
leases burdened with the Trusts overriding royalty interest. The only obligation of the working
interest owners to the Trust is to make monthly overriding royalty payments of the Trusts interest
in the oil and natural gas sold. The volume of oil and gas produced and its selling price are
primary factors in the calculation of overriding royalty payments. Production is affected by the
declining capability of the producing wells, the number of new wells drilled, the number of
existing wells re-worked and placed back in production. The Trust has experienced a steady decline
in the volume of oil and natural gas produced from the wells subject to the Trusts overriding
royalty interest. In the current six month period oil production declined 31% and natural gas
production declined 52% from the levels realized in the comparable six months a year ago.
Production from existing wells is anticipated to continue to decrease in the future due to normal
well depletion. The Trust has no input with the operators regarding future drilling operations
which could impact the Trust s future oil and natural gas production. Revenue from oil royalties, excluding the Trusts equity interest in Tidelands, for the six
months ended December 31, 2004 increased 1% to approximately $1,120,000, from approximately
$1,106,000 realized for the comparable six months in 2003. There was a 31% decrease in production
and a 47% increase in the price realized. Revenue from natural gas royalties, excluding the Trusts equity interest in Tidelands,
decreased 42% to approximately $814,000 from approximately $1,411,000 for the comparable six months
in 2003. There was a 52% decrease in production and a 20% increase in the price realized. Income from the Trusts equity in Tidelands increased approximately 55% for the six months
ended December 31, 2004, as compared to the comparable six months of 2003. This increase is
primarily due to commencement of production from a new well on West Cameron Block 165. Weather is a factor in the production of both oil and natural gas in the Gulf of Mexico.
There was no reported damage by Hurricane Ivan to the production facilities on the Trusts override
properties, but there was significant damage to other facilities owned by ChevronTexaco. There
was a decline in the number of wells drilled and worked over during the first six months of 2004.
A significant factor in the 52% decline in natural gas production was a loss of production in a
natural gas well on South Timbalier Block 177. The Trust does not expect this well will go back on
stream in the future. The following table presents the quantities of oil and natural gas sold and the average price
realized from current operations for the six months ended December 31, 2004, and those realized in
the comparable six months in 2003, excluding the Trusts equity interest in Tidelands. 8




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Six Months Ended December 31,2004
    
    
    2003OILBarrels
sold
    
    
    26,137
    
    
    
    38,035Average
price
    
    $
    42.85
    
    
    $
    29.09NATURAL GASMcf
sold
    
    
    141,179
    
    
    
    293,060Average
price
    
    $
    5.76
    
    
    $
    4.81
 Forward-Looking Statements The statements discussed in this quarterly report on Form 10-Q regarding our future financial
performance and results, and other statements that are not historical facts, are forward-looking
statements as defined in Section 27A of the Securities Act of 1933. We use the words may,
will, expect, anticipate, estimate, believe, continue, intend, plan, budget, or
other similar words to identify forward-looking statements. You should read statements that
contain these words carefully because they discuss future expectations, contain projections of our
financial condition, and/or state other forward-looking information. Events may occur in the
future that we are unable to accurately predict, or over which we have no control. If one or more
of these uncertainties materialize, or if underlying assumptions prove incorrect, actual outcomes
may vary materially from those forward-looking statements included in this Form 10-Q. 
 Item 3.Quantitative and Qualitative Disclosures About Market Risk As described elsewhere herein, the Trusts only function is to collect overriding royalties
from leases operated by others and distribute those royalties to its unitholders after paying the
cost of collection and administration. The Trusts income is highly dependent on the prices
realized from the sale of oil and natural gas. Oil and natural gas prices have historically
experienced significant volatility. The Trust does not attempt to manage its commodity price risk
through the use of fixed price contracts or financial derivatives. Due to the short span of time between receipts and disbursements, cash held by the Trust is
held in a non-interest bearing trust account. Oil and natural gas royalties received by MPC prior to payment of the 98% net profits interest
are held in money market accounts that invest in U.S. Treasury securities and are considered not at
risk. The retained earnings of MPC are held in either money market accounts or U.S. Treasury or
agency securities to be held to maturity. Funds held in money market accounts and U.S. Treasury
securities that mature in less than one year are considered not at risk. 
 Item 4.Controls and Procedures As of the end of the period covered by this report, the Trustee carried out an evaluation of
the effectiveness of the design and operation of the Trusts disclosure controls and procedures
pursuant to Exchange Act Rules 13a-15 and 15d-15. Based upon that evaluation, the Trustee concluded
that the Trusts disclosure controls and procedures are effective in timely alerting the Trustee to
material information relating to the Trust required to be included in the Trusts periodic filings
with the Securities and Exchange Commission. There has not been any change in the Trusts internal
control over financial reporting during the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the Trusts internal control over financial
reporting. 9




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PART II. OTHER INFORMATION 
 Item 6.Exhibits The following exhibits are included herein:  31.1
    Certification of the Principal Accounting Officer pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002.31.2
    Certification of the Corporate Trustee pursuant to Section 302
of the Sarbanes-Oxley Act of 2002.32.1
    Certification of the Principal Accounting Officer pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002.32.2
    Certification of the Corporate Trustee pursuant to Section 906
of the Sarbanes-Oxley Act of 2002. 10




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SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. MARINE PETROLEUM TRUSTBank of America, N.A., TrusteeFebruary 14, 2005
    
    
    
    By:
    
    /s/ RON E. HOOPERRon E. HooperSenior Vice PresidentFebruary 14, 2005
    
    
    
    By:
    
    /s/ R. RAY BELLR. Ray BellPrincipal Accounting Officer
 11




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Marine Petroleum Trust
c/o Bank of America, N.A.
P.O. Box 830650
Dallas, Texas 75283-0650 12