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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, 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
    
    75-6008017(State or other jurisdiction
    
    (I.R.S. Employerof incorporation or organization)
    
    Identification No.)
 Bank of America, N.A.P.O. Box 830650, Dallas, Texas
    
    75283-0650(Address of principal executive offices)
    
    (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 May 12, 2004, 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 March 31, 2004 and June 30, 2003
    
    
    1Condensed Consolidated Statements of Income and Undistributed Income for the Three Months and
Nine Months Ended March 31, 2004 and 2003
    
    
    2Condensed Consolidated Statements of Cash Flows for the Nine Months Ended March 31, 2004
and 2003
    
    
    3Notes to Condensed Consolidated Financial Statements
    
    
    4Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    4Item 3. Quantitative and Qualitative Disclosures About Market Risk
    
    
    9Item 4. Controls and Procedures
    
    
    9PART II. OTHER INFORMATIONItem 6. Exhibits and Reports on Form 8-K
    
    
    10Certification of the Principal Accounting OfficerCertification of the Corporate TrusteeCertification of the Principal Accounting OfficerCertification of the Corporate Trustee




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PART I. FINANCIAL INFORMATION 
 Item 1. Financial Statements MARINE PETROLEUM TRUST AND SUBSIDIARY 
 CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, 2004 and June 30, 2003 (Unaudited)
 ASSETS March 31,
    
    June 30,2004
    
    2003Current Assets:Cash and cash equivalents
    
    $
    745,507
    
    
    $
    1,334,059Oil and gas royalties receivable
    
    
    870,895
    
    
    
    1,169,485Receivable from affiliate
    
    
    66,883
    
    
    
    133,197Interest receivable
    
    
    9,339
    
    
    
    5,684Total current assets
    
    $
    1,692,624
    
    
    $
    2,642,425Investment in U.S. Treasury and agency
bonds
    
    
    707,189
    
    
    
    715,661Investment in affiliate
    
    
    384,607
    
    
    
    418,866Office equipment, at cost less accumulated
depreciation
    
    
    2,400
    
    
    
    2,400Producing oil and gas properties
    
    
    7
    
    
    
    7$
    2,786,827
    
    
    $
    3,779,359LIABILITIES AND TRUST EQUITYCurrent Liability  accounts
payable
    
    $
    475
    
    
    $
    Trust Equity:Corpus  authorized 2,000,000 units
of beneficial interest, issued 2,000,000
units at nominal value
    
    
    8
    
    
    
    8Undistributed income
    
    
    2,786,344
    
    
    
    3,779,351Total trust equity
    
    
    2,786,352
    
    
    
    3,779,359$
    2,786,827
    
    
    $
    3,779,359
 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 Nine Months Ended March 31, 2004 and 2003
(Unaudited) Three Months Ended
    
    Nine Months EndedMarch 31,
    
    March 31,2004
    
    2003
    
    2004
    
    2003Income:Oil and gas
royalties
    
    $
    609,111
    
    
    $
    1,139,533
    
    
    $
    3,126,373
    
    
    $
    3,373,298Equity in
earnings of
affiliate
    
    
    70,578
    
    
    
    209,013
    
    
    
    235,089
    
    
    
    331,030Interest income
    
    
    3,896
    
    
    
    8,827
    
    
    
    20,186
    
    
    
    30,884683,585
    
    
    
    1,357,373
    
    
    
    3,381,648
    
    
    
    3,735,212Expenses:General and
administrative
    
    
    68,524
    
    
    
    64,131
    
    
    
    182,188
    
    
    
    162,799Income before
Federal income
taxes
    
    
    615,061
    
    
    
    1,293,242
    
    
    
    3,199,460
    
    
    
    3,572,413Federal income
taxes of
subsidiary
    
    
    
    
    
    
    
    
    
    
    475
    
    
    
    7,000Net income
    
    
    615,061
    
    
    
    1,293,242
    
    
    
    3,198,985
    
    
    
    3,565,413Undistributed
income at beginning
of year
    
    
    3,285,072
    
    
    
    3,028,644
    
    
    
    3,779,351
    
    
    
    3,098,1833,900,133
    
    
    
    4,321,886
    
    
    
    6,978,336
    
    
    
    6,663,596Distributions to
unitholders
    
    
    1,113,789
    
    
    
    1,311,805
    
    
    
    4,191,992
    
    
    
    3,653,515Undistributed
income at end of
year
    
    $
    2,786,344
    
    
    $
    3,010,081
    
    
    $
    2,786,344
    
    
    $
    3,010,081Net income per
unit
    
    $
    0.31
    
    
    $
    0.65
    
    
    $
    1.60
    
    
    $
    1.78Distributions per
unit
    
    $
    0.56
    
    
    $
    0.66
    
    
    $
    2.10
    
    
    $
    1.83
 See accompanying notes to condensed consolidated financial statements. 2




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MARINE PETROLEUM TRUST AND SUBSIDIARY 
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Nine Months Ended March 31, 2004 and 2003 (Unaudited)
 Nine Months EndedMarch 31,2004
    
    2003Cash flows from operating activities:Net income
    
    $
    3,198,985
    
    
    $
    3,565,413Adjustments to reconcile net income to net cash provided
by operating activities:Equity in undistributed earnings of affiliate
    
    
    34,259
    
    
    
    (94,132
    )Amortization of premium
    
    
    9,521
    
    
    
    6,940Change in assets and liabilities:Oil and gas royalties receivable
    
    
    298,590
    
    
    
    (340,927
    )Receivable from affiliate
    
    
    66,314
    
    
    
    (56,743
    )Federal income taxes refundable
    
    
    
    
    
    
    15,930Interest receivable
    
    
    (3,655
    )
    
    
    (9,014
    )Accounts payable
    
    
    475
    
    
    
    641,839Net cash provided by operating activities
    
    
    3,604,489
    
    
    
    3,729,306Cash flows used in investing activities:Investment in U.S. agency bonds
    
    
    (201,049
    )
    
    
    Proceeds from sale of U.S. agency bonds
    
    
    200,000
    
    
    
    Net cash used in investing activities
    
    
    (1,049
    )
    
    
    Cash flows from financing activitiesdistributions to
unitholders
    
    
    (4,191,992
    )
    
    
    (3,653,515
    )Net decrease in cash and cash equivalents
    
    
    (588,552
    )
    
    
    75,791Cash and cash equivalents at beginning of period
    
    
    1,334,059
    
    
    
    920,943Cash and cash equivalents at end of period
    
    $
    745,507
    
    
    $
    996,734
 See accompanying notes to condensed consolidated financial statements. 3




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MARINE PETROLEUM TRUST AND SUBSIDIARY 
 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 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, 2003. 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 nine months ended March 31, 2004 are not necessarily
indicative of the results that may be expected for the fiscal year ending June
30, 2004. 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. 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, less
(iv) 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 March 31, 2004, undistributed income of the Trust
and MPC amounted to $1,833,873 and $952,471, respectively. 
 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 Chevron
Corporation, Elf Exploration, Inc., and their assignees. 4




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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 the leases described above. 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. 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 nine months ended March 31, 2004.
Please see our annual report on Form 10-K for the year ended June 30, 2003 for
a detailed discussion of our critical accounting policies. General The Trust realized 43% of its revenue from the sale of oil and 57% from
the sale of natural gas during the nine months ended March 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. 5




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Summary Review of Operating Results Net income for the nine months ended March 31, 2004 decreased
approximately 10% to $1.60 per unit as compared to $1.78 for the comparable
period in 2003. Oil production for the nine months ended March 31, 2004
decreased approximately 16,000 barrels and natural gas production decreased
approximately 46,000 mcf from the levels realized in the comparable period in
2003. For the nine months ended March 31, 2004 the average price realized for
a barrel of oil increased $2.15 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 $.81 over the price realized in the comparable period
in 2003. Distributions to unitholders amounted to $2.10 per unit for the nine
months ended March 31, 2004, an increase of approximately 15% over the $1.83
distribution for the comparable period in 2003. The Trusts distributions are paid based on the timing of actual cash
receipts rather than the net income of the Trust. 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 32 drilling and workover operations were conducted successfully during the
nine months ended March 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. Based on data compiled from public records
approximately 63% of these wells will be producing at any given time. 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
    
    DistributionMarch 31, 2003
    
    
    12,379
    
    
    
    117,767
    
    
    
    .65
    
    
    
    .66June 30, 2003
    
    
    28,551
    
    
    
    178,107
    
    
    
    .80
    
    
    
    .41September 30, 2003
    
    
    19,945
    
    
    
    141,921
    
    
    
    .60
    
    
    
    .78December 31, 2003(2)
    
    
    18,090
    
    
    
    151,139
    
    
    
    .69
    
    
    
    .76March 31, 2004
    
    
    7,049
    
    
    
    68,638
    
    
    
    .31
    
    
    
    .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 $.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 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. 6




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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. The Trusts
distributions are processed and paid by The Bank of New York as the agent for
the trustee of the Trust. Results of OperationsThree Months Ended March 31, 2004 and 2003 Net income decreased 52% to approximately $615,000 for the three months
ended March 31, 2004, from approximately $1,293,000 realized for the comparable
three months in 2003. However, due to accelerated payments made by
ChevronTexaco in December 2003 approximately $261,000 was realized in the
quarter ended December 31, 2003 that would normally have been realized in the
current quarter. 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 override. In the
current three month period (volumes adjusted for comparison) oil production has
declined 15% and natural gas production has declined 20% from the levels
realized in the comparable three months a year ago. Revenue from oil royalties, excluding the Trusts equity interest in
Tidelands, for the three months ended March 31, 2004 decreased 47% to
approximately $240,000, from approximately $452,000 realized for the comparable
three months in 2003. As shown by the table below, there was a 43% decrease in
production and a 7% decrease in the price realized in the current quarter as
compared to the comparable quarter in 2003. As mentioned in a previous
paragraph ChevronTexaco accelerated payments in December 2003 resulting in
approximately $109,000 of oil royalties realized in the quarter ended December
31, 2003 that would normally have been realized in the current quarter. Revenue from natural gas royalties, excluding the Trusts equity interest
in Tidelands, decreased 46% to approximately $369,000 from approximately
$682,000 for the comparable three months in 2003. As shown in the table below,
there was a 42% decrease in production and a 7% decrease in the price realized.
As mentioned in a previous paragraph ChevronTexaco accelerated payments in
December 2003 resulting in approximately $151,000 of natural gas royalties
realized in the quarter ended December 31, 2003 that would normally have been
realized in the current quarter. Income from the Trusts equity in Tidelands decreased approximately 66%
for the three months ended March 31, 2004, as compared to the comparable three
months of 2003. 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 March 31, 2004, and those realized in the comparable three months in
2003, excluding the Trusts equity interest in Tidelands. 2004
    
    2003OILBarrels
sold
    
    
    7,049
    
    
    
    12,379Average price
    
    $
    34.07
    
    
    $
    36.49NATURAL GASMcf sold
    
    
    68,638
    
    
    
    117,767Average price
    
    $
    5.38
    
    
    $
    5.79
 7




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Results of OperationsNine Months Ended March 31, 2004 and 2003 Net income decreased 10% to approximately $3,199,000 for the nine months
ended March 31, 2004, from approximately $3,565,000 realized for the comparable
nine 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 and the number of non-producing 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
override for the past nine months. Revenue from oil royalties, excluding the Trusts equity interest in
Tidelands, for the nine months ended March 31, 2004 decreased 21% to
approximately $1,347,000 from approximately $1,698,000 realized for the
comparable nine months in 2003. As shown in the table below there was a 26%
decrease in production quantities and an 8% increase in the average price
realized. Revenue from natural gas royalties , excluding the Trusts equity interest
in Tidelands, increased 6% to approximately $1,780,000 for the nine months
ended March 31, 2004, from approximately $1,675,000 for the comparable nine
months in 2003. As shown in the table below there was an 11% decline in
production and a 20% increase in the price realized for natural gas. Income from the Trusts equity in Tidelands decreased approximately 29%
in the nine months ended March 31, 2004, as compared to the comparable nine
months in 2003. The following table presents the quantities of oil and natural gas sold
and the average prices realized from current operations for the nine months
ended March 31, 2004, and those realized for the comparable nine months in
2003, excluding the Trusts equity in Tidelands. 2004
    
    2003OILBarrels
sold
    
    
    45,084
    
    
    
    61,242Average price
    
    $
    29.87
    
    
    $
    27.72NATURAL GASMcf sold
    
    
    361,698
    
    
    
    407,625Average price
    
    $
    4.92
    
    
    $
    4.11
 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. 8




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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 though 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 Marine Petroleum Corporation (a
subsidiary) 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 the subsidiary 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. However, on March 31, 2004 the subsidiary held $600,000 of such securities
that mature in two, three and five years with an average yield of 4.33%. If
held to maturity these securities are believed to be not at risk. Should a
need arise for these funds before the securities mature and if interest rates
increase there is, under these conditions, a possible market risk. The market
value of these securities on March 31, 2004 was $623,814. 
 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 Items 1-5 not applicable. 
 Item 6. Exhibits and Reports on Form 8-K  (a)
    
    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.
  (b)
    
    Current Reports on Form 8-K:None. 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 TRUST
Bank of America, N.A., TrusteeMay 14, 2004
    By:
    /s/ RON E. HOOPERRon E. HooperSenior Vice PresidentMay 14, 2004
    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




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##### Table of Contents



INDEX TO 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.