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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 September 30, 2006
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
 For the Transition period fromto.
 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.)Bank of America, N.A. 
P.O. Box 830650, Dallas, Texas
    
    75283-0650
(Zip Code)(Address of principal executive offices)
  
  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 September 30, 2006 and June 30, 2006
    
    1Condensed Consolidated Statements of Income and Undistributed Income for the Three Months
Ended September 30, 2006 and 2005
    
    2Condensed Consolidated Statements of Cash Flows for the Three Months Ended September 30, 2006
and 2005
    
    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
    
    8Item 4. Controls and Procedures
    
    8PART II. OTHER INFORMATIONItem 6. Exhibits
    
    9Certification Pursuant to Section 302Certification 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
September 30, 2006 and June 30, 2006
(Unaudited)
 September 30,
    
    
    June 30,2006
    
    
    2006ASSETSCurrent Assets:Cash and cash equivalents
    
    $
    1,607,692
    
    
    $
    1,454,283Oil and gas royalties receivable
    
    
    856,169
    
    
    
    919,494Receivable from affiliate
    
    
    27,138
    
    
    
    67,123Total current assets
    
    $
    2,490,999
    
    
    $
    2,440,900Investment in affiliate
    
    
    515,796
    
    
    
    343,856Producing oil and gas properties
    
    
    7
    
    
    
    7$
    3,006,802
    
    
    $
    2,784,763LIABILITIES AND TRUST EQUITYCurrent Liabilities  Federal income taxes payable
    
    $
    3,600
    
    
    $
    1,800Trust Equity:Corpus  authorized 2,000,000 units of beneficial
interest,
issued 2,000,000 units at nominal value
    
    
    8
    
    
    
    8Undistributed income
    
    
    3,003,194
    
    
    
    2,782,955Total trust equity
    
    
    3,003,202
    
    
    
    2,782,963$
    3,006,802
    
    
    $
    2,784,763
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MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
 AND UNDISTRIBUTED INCOME
 For the Three Months Ended September 30, 2006 and 2005
(Unaudited)
 Three Months EndedSeptember 30,2006
    
    
    2005Income:Oil and gas royalties
    
    $
    1,196,408
    
    
    $
    831,535Equity in earnings of affiliate
    
    
    186,086
    
    
    
    254,451Interest income
    
    
    18,757
    
    
    
    11,9901,401,251
    
    
    
    1,097,976Expenses:General and administrative
    
    
    40,226
    
    
    
    49,914Income before Federal income taxes
    
    
    1,361,025
    
    
    
    1,048,062Federal income taxes of subsidiary
    
    
    3,800
    
    
    
    800Net income
    
    
    1,357,225
    
    
    
    1,047,262Undistributed income at beginning of year
    
    
    2,782,955
    
    
    
    3,080,0144,140,180
    
    
    
    4,127,276Distributions to unitholders
    
    
    1,136,986
    
    
    
    1,217,824Undistributed income at end of year
    
    $
    3,003,194
    
    
    $
    2,909,452Net income per unit
    
    $
    0.68
    
    
    $
    0.52Distributions per unit
    
    $
    0.57
    
    
    $
    0.61
  2




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MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended September 30, 2006 and 2005
(Unaudited)
 Three Months EndedSeptember 30,2006
    
    
    2005Cash flows from operating activities:Net income
    
    $
    1,357,225
    
    
    $
    1,047,262Adjustments to reconcile net income to net cash provided
by operating activities:Equity in undistributed earnings of affiliate
    
    
    (186,086
    )
    
    
    (254,450
    )Distributions of earnings of affiliate
    
    
    14,146
    
    
    
    257,341Change in assets and liabilities:Oil and gas royalties receivable
    
    
    63,325
    
    
    
    355,894Receivable from affiliate
    
    
    39,985
    
    
    
    (62,129
    )Interest receivable
    
    
    
    
    
    
    (2,898
    )Income taxes payable
    
    
    1,800
    
    
    
    800Net cash provided by operating activities
    
    
    1,290,395
    
    
    
    1,341,820Cash flows used in financing activitiesdistributions to unitholders
    
    
    (1,136,986
    )
    
    
    (1,217,824
    )Net increase in cash and cash equivalents
    
    
    153,409
    
    
    
    123,996Cash and cash equivalents at beginning of period
    
    
    1,454,283
    
    
    
    1,171,006Cash and cash equivalents at end of period
    
    $
    1,607,692
    
    
    $
    1,295,002
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MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2006
(Unaudited)
 Accounting Policies
   Distributable Income
 th th
     Undistributed Income
  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
      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
    
    DistributionSeptember 30, 2005
    
    
    7,787
    
    
    
    52,298
    
    
    
    0.52
    
    
    
    0.61December 31, 2005
    
    
    6,363
    
    
    
    32,537
    
    
    
    0.36
    
    
    
    0.79March 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
    
    
    
    0.57
 
 (1)
    
    Excludes the Trusts equity interest in Tidelands.  6




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Results of OperationsThree Months Ended September 30, 2006 and 2005
        Three Months Ended September 30,2006
    
    2005OILBarrels sold
    
    
    12,327
    
    
    
    7,787Average price
    
    $
    64.18
    
    
    $
    59.27NATURAL GASMcf sold
    
    
    54,523
    
    
    
    52,298Average price
    
    $
    7.43
    
    
    $
    7.07
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Forward-Looking Statements
  
 Item 3. Quantitative and Qualitative Disclosures About Market Risk
     
 Item 4. Controls and Procedures
  8




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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., TrusteeNovember 10, 2006
    By:
    /s/ RON E. HOOPERRon E. HooperSenior Vice President 10




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Marine Petroleum Trust
c/o Bank of America, N.A.
P.O. Box 830650
Dallas, Texas 75283-0650
 11