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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, 2006
 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.)Bank of America, N.A.
    
    75283-0650P.O. Box 830650, Dallas, Texas
    
    (Zip Code)(Address of principal executive offices)
  
 
  þ o
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer 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, 2006 and June 30, 2005
    
    
    1Condensed Consolidated Statements of Income and Undistributed Income for the Three Months and Nine months Ended March 31, 2006 and 2005
    
    
    2Condensed Consolidated Statements of Cash Flows for the Nine Months Ended March 31, 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
    
    
    10Item 4.
    
    Controls and Procedures
    
    
    10PART II. OTHER INFORMATIONItem 6.
    
    Exhibits
    
    
    11Certification Pursuant to Section 302Certification Pursuant to Section 302Certification Pursuant to Section 906Certification 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, 2006 and June 30, 2005
(Unaudited)
 ASSETS
 March 31,
    
    
    June 30,2006
    
    
    2005Current Assets:Cash and cash equivalents
    
    $
    1,406,491
    
    
    $
    1,171,006Oil and gas royalties receivable
    
    
    465,675
    
    
    
    970,334Receivable from affiliate
    
    
    27,100
    
    
    
    205,500Interest receivable
    
    
    
    
    
    
    1,426Total current assets
    
    $
    1,899,266
    
    
    $
    2,348,266Investment in U.S. Treasury and agency bonds
    
    
    
    
    
    
    200,000Investment in affiliate
    
    
    347,390
    
    
    
    530,349Office equipment, at cost less accumulated depreciation
    
    
    1,263
    
    
    
    2,400Producing oil and gas properties
    
    
    7
    
    
    
    7$
    2,747,926
    
    
    $
    3,081,022LIABILITIES AND TRUST EQUITYCurrent Liabilities  Federal income taxes payable
    
    $
    3,000
    
    
    $
    1,000Trust Equity:Corpus  authorized 2,000,000 units of
beneficial interest,
issued 2,000,000 units at nominal value
    
    
    8
    
    
    
    8Undistributed income
    
    
    2,244,918
    
    
    
    3,080,014Total trust equity
    
    
    2,244,926
    
    
    
    3,080,022$
    2,247,926
    
    
    $
    3,081,022
  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, 2006 and 2005
(Unaudited)
 Three Months Ended
    
    
    Nine Months EndedMarch 31,
    
    
    March 31,2006
    
    
    2005
    
    
    2006
    
    
    2005Income:Oil and gas royalties
    
    $
    1,009,414
    
    
    $
    1,014,572
    
    
    $
    2,536,112
    
    
    $
    2,948,004Equity in earnings of affiliate
    
    
    36,081
    
    
    
    210,104
    
    
    
    346,121
    
    
    
    465,808Interest income
    
    
    11742
    
    
    
    8,200
    
    
    
    38,140
    
    
    
    18,3961,057,237
    
    
    
    1,232,876
    
    
    
    2,920,373
    
    
    
    3,432,208Expenses:General and administrative
    
    
    73,198
    
    
    
    65,369
    
    
    
    171,417
    
    
    
    165,697Income before Federal income taxes
    
    
    984,039
    
    
    
    1,167,507
    
    
    
    2,748,956
    
    
    
    3,266,511Federal income taxes of subsidiary
    
    
    1,800
    
    
    
    950
    
    
    
    5,000
    
    
    
    950Net income
    
    
    982,239
    
    
    
    1,166,557
    
    
    
    2,743,956
    
    
    
    3,265,561Undistributed income at beginning of year
    
    
    2,045,682
    
    
    
    2,608,157
    
    
    
    3,080,014
    
    
    
    2,916,1963,027,921
    
    
    
    3,774,714
    
    
    
    5,823,970
    
    
    
    6,181,757Distributions to unitholders
    
    
    783,002
    
    
    
    1,083,495
    
    
    
    3,570,052
    
    
    
    3,490,538Undistributed income at end of year
    
    $
    2,244,918
    
    
    $
    2,691,219
    
    
    $
    2,244,918
    
    
    $
    2,691,219Net income per unit
    
    $
    0.49
    
    
    $
    058
    
    
    $
    1.37
    
    
    $
    1.63Distributions per unit
    
    $
    0.39
    
    
    $
    0.54
    
    
    $
    1.79
    
    
    $
    1.75
  2




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MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Nine Months Ended March 31, 2006 and 2005
(Unaudited)
 Nine Months EndedMarch 31,2006
    
    
    2005Cash flows from operating activities:Net income
    
    $
    2,743,956
    
    
    $
    3,265,561Adjustments to reconcile net income to net cash provided
by operating activities:Depreciation
    
    
    1,137
    
    
    
    Equity in undistributed earnings of affiliate
    
    
    182,959
    
    
    
    (113,587
    )Amortization of premium
    
    
    
    
    
    
    4,606Change in assets and liabilities:Oil and gas royalties receivable
    
    
    504,659
    
    
    
    562,675Receivable from affiliate
    
    
    178,400
    
    
    
    (108,843
    )State and federal taxes refundable
    
    
    
    
    
    
    578Interest receivable
    
    
    1,426
    
    
    
    (2,167
    )Accounts payable
    
    
    2,000
    
    
    
    950Net cash provided by operating activities
    
    
    3,614,537
    
    
    
    3,609,773Cash flows from investing activities  proceeds from U.S. Agency
Bonds
    
    
    200,000
    
    
    
    100,000Cash flows from financing activitiesdistributions to unitholders
    
    
    (3,579,052
    )
    
    
    (3,490,538
    )Net increase in cash and cash equivalents
    
    
    235,485
    
    
    
    219,235Cash and cash equivalents at beginning of period
    
    
    1,171,006
    
    
    
    1,202,855Cash and cash equivalents at end of period
    
    $
    1,406,491
    
    
    $
    1,422,090
  3




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MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2006
(Unaudited)
 Accounting Policies
   Distributable Income
 th th
      4




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Undistributed Income
  
 Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
 Financial Condition  Liquidity and Capital Resources
     5




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Critical Accounting Policies
   General
   Current operations and hurricane damage.
      6




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Summary Review of Operating Results
    Production (1)Natural
    
    
    Net
    
    
    CashQuarter
    
    Oil (bbls)
    
    
    Gas (mcf)
    
    
    Income
    
    
    DistributionMarch 31, 2005
    
    
    9,633
    
    
    
    67,482
    
    
    
    .58
    
    
    
    .54June 30, 2005
    
    
    13,362
    
    
    
    101,290
    
    
    
    .74
    
    
    
    .54September 30, 2005
    
    
    7,787
    
    
    
    52,298
    
    
    
    .52
    
    
    
    .61December 31, 2005
    
    
    6,363
    
    
    
    32,537
    
    
    
    .36
    
    
    
    .79March 31, 2006
    
    
    7,482
    
    
    
    61,295
    
    
    
    .49
    
    
    
    .39
 
 (1)
    
    Excludes the Trusts equity interest in Tidelands.  7




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Results of OperationsThree Months Ended March 31, 2006 and 2005
        Three Months Ended March 31,2006
    
    
    2005OILBarrels sold
    
    
    7,482
    
    
    
    9,633Average price
    
    $
    55.87
    
    
    $
    50.85NATURAL GASMcf sold
    
    
    61,295
    
    
    
    67,482Average price
    
    $
    9.67
    
    
    $
    7.78
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Results of OperationsNine Months Ended March 31, 2006 and 2005
        Nine Months Ended March 31,2006
    
    
    2005OILBarrels sold.
    
    
    21,632
    
    
    
    35,770Average price
    
    $
    57.83
    
    
    $
    45.00NATURAL GASMcf sold
    
    
    146,130
    
    
    
    208,661Average price
    
    $
    8.80
    
    
    $
    6.41
 Forward-Looking Statements
  9




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Item 3. Quantitative and Qualitative Disclosures About Market Risk
     
 Item 4. Controls and Procedures
  10




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PART II. OTHER INFORMATION
 
 Item 6. Exhibits
  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.
 11




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SIGNATURES
  MARINE PETROLEUM TRUSTBank of America, N.A., TrusteeMay 12, 2006
    
    By:
    
    /s/ RON E. HOOPERRon E. HooperSenior Vice PresidentMay 12, 2006
    
    By:
    
    /s/ R. RAY BELLR. Ray BellPrincipal Accounting Officer
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Marine Petroleum Trust
c/o Bank of America, N.A.
P.O. Box 830650
Dallas, Texas 75283-0650