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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, 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
    
    (I.R.S. Employerof incorporation or organization)
    
    Identification No.)Bank of America, N.A.
    
    75283-0650P.O. Box 830650, Dallas, Texas
    
    (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 December 31, 2006 and June 30, 2006
    
    
    1Condensed Consolidated Statements of Income and Undistributed Income for the Three Months and
Six Months Ended December 31,
2006
    
    
    2Condensed Consolidated Statements of Cash Flows for the Six Months Ended December 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
    
    
    8Item 4. Controls and Procedures
    
    
    8PART II. OTHER INFORMATIONItem 6. Exhibits
    
    
    9Certification of the Corporate Trustee Pursuant to Section 302Certification of the 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, 2006 and June 30, 2006
(Unaudited)
 December 31,
    
    
    June 30,2006
    
    
    2006ASSETSCurrent Assets:Cash and cash equivalents
    
    $
    1,504,779
    
    
    $
    1,454,283Oil and gas royalties receivable
    
    
    840,607
    
    
    
    919,494Receivable from affiliate
    
    
    260,911
    
    
    
    67,123Total current assets
    
    $
    2,606,297
    
    
    $
    2,440,900Investment in affiliate
    
    
    549,632
    
    
    
    343,856Producing oil and gas properties
    
    
    7
    
    
    
    7$
    3,155,936
    
    
    $
    2,784,763LIABILITIES AND TRUST EQUITYCurrent Liabilities  Federal income taxes payable
    
    $
    3,200
    
    
    $
    1,800Trust Equity:Corpus  authorized 2,000,000 units of
beneficial interest, issued 2,000,000 units at
nominal value
    
    
    8
    
    
    
    8Undistributed income
    
    
    3,152,728
    
    
    
    2,782,955Total trust equity
    
    
    3,152,736
    
    
    
    2,782,963$
    3,155,936
    
    
    $
    2,784,763
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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, 2006 and 2005
(Unaudited)
 Three Months Ended
    
    
    Six Months EndedDecember 31,
    
    
    December 31,2006
    
    
    2005
    
    
    2006
    
    
    2005Income:Oil and gas royalties
    
    $
    1,088,364
    
    
    $
    695,164
    
    
    $
    2,284,772
    
    
    $
    1,526,699Equity in earnings of affiliate
    
    
    269,194
    
    
    
    55,589
    
    
    
    455,280
    
    
    
    310,040Interest income
    
    
    20,489
    
    
    
    14,408
    
    
    
    39,246
    
    
    
    26,3981,378,047
    
    
    
    765,161
    
    
    
    2,779,298
    
    
    
    1,863,137Expenses:General and administrative
    
    
    72,218
    
    
    
    48,305
    
    
    
    112,444
    
    
    
    98,219Income before Federal income taxes
    
    
    1,305,829
    
    
    
    716,856
    
    
    
    2,666,854
    
    
    
    1,764,918Federal income taxes of subsidiary
    
    
    3,600
    
    
    
    2,400
    
    
    
    7,400
    
    
    
    3,200Net income
    
    
    1,302,229
    
    
    
    714,456
    
    
    
    2,659,454
    
    
    
    1,761,718Undistributed income at beginning of year
    
    
    3,003,194
    
    
    
    2,909,452
    
    
    
    2,782,955
    
    
    
    3,080,0144,305,423
    
    
    
    3,623,908
    
    
    
    5,442,409
    
    
    
    4,841,732Distributions to unitholders
    
    
    1,152,695
    
    
    
    1,578,226
    
    
    
    2,289,681
    
    
    
    2,796,050Undistributed income at end of year
    
    $
    3,152,728
    
    
    $
    2,045,682
    
    
    $
    3,152,728
    
    
    $
    2,045,682Net income per unit
    
    $
    0.65
    
    
    $
    0.36
    
    
    $
    1.33
    
    
    $
    0.88Distributions per unit
    
    $
    0.58
    
    
    $
    0.79
    
    
    $
    1.14
    
    
    $
    1.40
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MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Six Months Ended December 31, 2006 and 2005
(Unaudited)
 Six Months EndedDecember 31,2006
    
    
    2005Cash flows from operating activities:Net income
    
    $
    2,659,454
    
    
    $
    1,761,718Adjustments to reconcile net income to net cash provided by
operating activities:Depreciation
    
    
    
    
    
    
    568Equity in undistributed earnings of affiliate
    
    
    (455,280
    )
    
    
    (310,040
    )Distributions of earnings of affiliate
    
    
    249,504
    
    
    
    501,974Change in assets and liabilities:Oil and gas royalties receivable
    
    
    78,887
    
    
    
    746,018Receivable from affiliate
    
    
    (193,788
    )
    
    
    (47,826
    )Interest receivable
    
    
    
    
    
    
    1,426Income taxes payable
    
    
    1,400
    
    
    
    200Net cash provided by operating activities
    
    
    2,340,177
    
    
    
    2,654,038Cash flows from investing activities  proceeds from U.S. Agency
bonds
    
    
    
    
    
    
    200,000Cash flows used in financing activitiesdistributions to
unitholders
    
    
    (2,289,681
    )
    
    
    (2,796,050
    )Net increase in cash and cash equivalents
    
    
    50,496
    
    
    
    57,988Cash and cash equivalents at beginning of period
    
    
    1,454,283
    
    
    
    1,171,006Cash and cash equivalents at end of period
    
    $
    1,504,779
    
    
    $
    1,228,994
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MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
December 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
      Critical Accounting Policies
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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
    
    DistributionDecember 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
    
    
    
    0.57December 31, 2006
    
    
    7,975
    
    
    
    108,885
    
    
    
    0.65
    
    
    
    0.58
 
 (1)
    
    Excludes the Trusts equity interest in Tidelands. 6




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Results of OperationsThree Months Ended December 31, 2006 and 2005
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Three Months Ended December 31,2006
    
    2005OILBarrels sold
    
    
    7,975
    
    
    
    6,363Average price
    
    $
    57.94
    
    
    $
    58.36NATURAL GASMcf sold
    
    
    108,885
    
    
    
    32,537Average price
    
    $
    5.75
    
    
    $
    9.95
 Results of OperationsSix Months Ended December 31, 2006 and 2005
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Six Months Ended December 31,2006
    
    2005OILBarrels sold
    
    
    20,302
    
    
    
    14,150Average price
    
    $
    63.17
    
    
    $
    58.86NATURAL GASMcf sold
    
    
    163,408
    
    
    
    84,835Average price
    
    $
    6.13
    
    
    $
    8.18
 Forward-Looking Statements
  
 Item 3. Quantitative and Qualitative Disclosures About Market Risk
     
 Item 4. Controls and Procedures
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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., TrusteeFebruary 14, 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
 12