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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 March 31, 2007
 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
(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)
  
 þ o
  o o þ
 o þ




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MARINE PETROLEUM TRUST
  
 INDEX
 PageNumberPART I. FINANCIAL INFORMATIONItem 1. Financial Statements (Unaudited)
    
    
    1Condensed Consolidated Balance Sheets as of March 31, 2007 and June 30, 2006
    
    
    1Condensed Consolidated Statements of Income and Undistributed Income for the Three Months and
Nine Months Ended March 31, 2007
    
    
    2Condensed Consolidated Statements of Cash Flows for the Nine Months Ended March 31, 2007
and 2006
    
    
    3Notes to Condensed Consolidated Financial Statements
    
    
    4Item 2. Trustee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 the Corporate Trust Pursuant to Section 302Certification of the Corporate Trust 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
March 31, 2007 and June 30, 2006
 (Unaudited)
 March 31,
    
    
    June 30,2007
    
    
    2006ASSETSCurrent Assets:Cash and cash equivalents
    
    $
    1,678,603
    
    
    $
    1,454,283Oil and gas royalties receivable
    
    
    934,430
    
    
    
    919,494Receivable from affiliate
    
    
    322,545
    
    
    
    67,123Total current assets
    
    $
    2,935,578
    
    
    $
    2,440,900Investment in affiliate
    
    
    622,044
    
    
    
    343,856Producing oil and gas properties
    
    
    7
    
    
    
    7$
    3,557,629
    
    
    $
    2,784,763LIABILITIES AND TRUST EQUITYCurrent Liabilities  Federal income taxes payable
    
    $
    2,800
    
    
    $
    1,800Trust Equity:Corpus  authorized 2,000,000 units of
beneficial interest,
issued 2,000,000 units at nominal value
    
    
    8
    
    
    
    8Undistributed income
    
    
    3,554,821
    
    
    
    2,782,955Total trust equity
    
    
    3,554,829
    
    
    
    2,782,963$
    3,557,629
    
    
    $
    2,784,763
  1




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MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
AND UNDISTRIBUTED INCOME
 For the Three Months and Nine Months Ended March 31, 2007 and 2006
(Unaudited)
 Three Months Ended
    
    
    Nine Months EndedMarch 31,
    
    
    March 31,2007
    
    
    2006
    
    
    2007
    
    
    2006Income:Oil and gas
royalties
    
    $
    1,291,548
    
    
    $
    1,009,414
    
    
    $
    3,576,320
    
    
    $
    2,536,112Equity in
earnings of
affiliate
    
    
    383,626
    
    
    
    36,081
    
    
    
    838,906
    
    
    
    346,121Interest
income
    
    
    19,232
    
    
    
    11,742
    
    
    
    58,478
    
    
    
    38,1401,694,406
    
    
    
    1,057,237
    
    
    
    4,473,704
    
    
    
    2,920,373Expenses:General and
administrative
    
    
    62,099
    
    
    
    73,198
    
    
    
    174,543
    
    
    
    171,417Income before
Federal income
taxes
    
    
    1,632,307
    
    
    
    984,039
    
    
    
    4,299,161
    
    
    
    2,748,956Federal income
taxes of
subsidiary
    
    
    4,600
    
    
    
    1,800
    
    
    
    12,000
    
    
    
    5,000Net
income
    
    
    1,627,707
    
    
    
    982,239
    
    
    
    4,287,161
    
    
    
    2,743,956Undistributed
income at beginning
of year
    
    
    3,152,728
    
    
    
    2,045,682
    
    
    
    2,782,955
    
    
    
    3,080,0144,780,435
    
    
    
    3,027,921
    
    
    
    7,070,116
    
    
    
    5,823,970Distributions to
unitholders
    
    
    1,225,614
    
    
    
    783,002
    
    
    
    3,515,295
    
    
    
    3,579,052Undistributed
income at end of
year
    
    $
    3,554,821
    
    
    $
    2,244,919
    
    
    $
    3,554,821
    
    
    $
    2,244,918Net income per
unit
    
    $
    0.81
    
    
    $
    0.49
    
    
    $
    2.14
    
    
    $
    1.37Distributions per
unit
    
    $
    0.61
    
    
    $
    0.39
    
    
    $
    1.76
    
    
    $
    1.79
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MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Nine Months Ended March 31, 2007 and 2006
 (Unaudited)
 Nine Months EndedMarch 31,2007
    
    
    2006Cash flows from operating activities:Net income
    
    $
    4,287,161
    
    
    $
    2,743,956Adjustments to reconcile net income to net cash provided
by operating activities:Depreciation
    
    
    
    
    
    
    1,137Equity in undistributed earnings of affiliate
    
    
    (838,906
    )
    
    
    (346,120
    )Distributions of earnings of affiliate
    
    
    560,718
    
    
    
    529,079Change in assets and liabilities:Oil and gas royalties receivable
    
    
    (14,936
    )
    
    
    504,659Receivable from affiliate
    
    
    (255,422
    )
    
    
    178,400Interest receivable
    
    
    
    
    
    
    1,426Income taxes payable
    
    
    1,000
    
    
    
    2,000Net cash provided by operating activities
    
    
    3,739,615
    
    
    
    3,614,537Cash flows from investing activities  proceeds from U.S. Agency
bonds
    
    
    
    
    
    
    200,000Cash flows used in financing activitiesdistributions to
unitholders
    
    
    (3,515,295
    )
    
    
    (3,579,052
    )Net increase in cash and cash equivalents
    
    
    224,320
    
    
    
    235,485Cash and cash equivalents at beginning of period
    
    
    1,454,283
    
    
    
    1,171,006Cash and cash equivalents at end of period
    
    $
    1,678,603
    
    
    $
    1,406,491
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MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2007
 (Unaudited)
 Accounting Policies
   Distributable Income
 th th
     Undistributed Income
  4




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Item 2. Trustees Discussion and Analysis of Financial Condition and Results of Operations
 Financial Condition  Liquidity and Capital Resources
      Critical Accounting Policies
   5




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General
   Current operations and hurricane damage.
 Summary Review of Operating Results
    Production (1)Natural
    
    Net
    
    CashQuarter
    
    Oil (bbls)
    
    Gas (mcf)
    
    Income
    
    DistributionMarch 31, 2006
    
    
    7,482
    
    
    
    61,295
    
    
    
    0.49
    
    
    
    0.39June 30, 2006
    
    
    13,704
    
    
    
    85,681
    
    
    
    0.72
    
    
    
    0.45September 30, 2006
    
    
    12,327
    
    
    
    54,523
    
    
    
    0.68
    
    
    
    0.57December 31,
2006
    
    
    7,975
    
    
    
    108,885
    (2)
    
    
    0.65
    
    
    
    0.58March
31,2007
    
    
    13,089
    
    
    
    62,392
    
    
    
    0.81
    
    
    
    0.61
 
 (1)
    
    Excludes the Trusts equity interest in Tidelands.(2)
    
    Natural gas volumes for December 31, 2006 reflect the increased demand due to summer and fall
weather conditions.  6




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Results of OperationsThree Months Ended March 31, 2007 and 2006
        Three Months Ended March 31,2007
    
    2006OILBarrels sold
    
    
    13,089
    
    
    
    7,482Average price
    
    $
    62.35
    
    
    $
    55.87NATURAL GASMcf sold
    
    
    62,392
    
    
    
    61,295Average price
    
    $
    7.62
    
    
    $
    9.67
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Results of OperationsNine Months Ended March 31, 2007 and 2006
        Nine Months Ended March 31,2007
    
    2006OILBarrels sold
    
    
    33,391
    
    
    
    21,632Average price
    
    $
    62.86
    
    
    $
    57.83NATURAL GASMcf sold
    
    
    225,800
    
    
    
    146,130Average price
    
    $
    6.54
    
    
    $
    8.80
 State Tax Considerations
  8




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Forward-Looking Statements
  
 Item 3. Quantitative and Qualitative Disclosures About Market Risk
     
 Item 4. Controls and Procedures
  9




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PART II. OTHER INFORMATION
 
 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.
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SIGNATURES
  MARINE PETROLEUM TRUST
Bank of America, N.A., TrusteeMay 15, 2007
    By:
    /s/ RON E. HOOPERRon E. HooperSenior Vice President 11




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