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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, 2005
  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 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, 2005 and June 30, 2005
    
    
    1Condensed Consolidated Statements of Income and Undistributed Income for the Three Months Ended September 30, 2005 and 2004
    
    
    2Condensed Consolidated Statements of Cash Flows for the Three Months Ended September 30, 2005 and 2004
    
    
    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
    
    
    9PART II. OTHER INFORMATIONItem 6.
    
    Exhibits
    
    
    10Certification of the Principal Accounting Officer - Section 302Certification of the Corporate Trustee - Section 302Certification of the Principal Accounting Officer - Section 906Certification of the Corporate Trustee - 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, 2005 and June 30, 2005
(Unaudited)
 ASSETS
 September 30,
    
    
    June 30,2005
    
    
    2005Current Assets:Cash and cash equivalents
    
    $
    1,295,002
    
    
    $
    1,171,006Oil and gas royalties receivable
    
    
    614,440
    
    
    
    970,334Receivable from affiliate
    
    
    267,629
    
    
    
    205,500Interest receivable
    
    
    4,324
    
    
    
    1,426Total current assets
    
    $
    2,181,395
    
    
    $
    2,348,266Investment in U.S. Treasury and agency bonds
    
    
    200,000
    
    
    
    200,000Investment in affiliate
    
    
    527,458
    
    
    
    530,349Office equipment, at cost less accumulated depreciation
    
    
    2,400
    
    
    
    2,400Producing oil and gas properties
    
    
    7
    
    
    
    7$
    2,911,260
    
    
    $
    3,081,022LIABILITIES AND TRUST EQUITYCurrent Liabilities  Federal income taxes payable
    
    $
    1,800
    
    
    $
    1,000Trust Equity:Corpus  authorized 2,000,000 units of
beneficial interest,
issued 2,000,000 units at nominal value
    
    
    8
    
    
    
    8Undistributed income
    
    
    2,909,452
    
    
    
    3,080,014Total trust equity
    
    
    2,909,460
    
    
    
    3,080,022$
    2,911,260
    
    
    $
    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 Ended September 30, 2005 and 2004
(Unaudited)
 Three Months EndedSeptember 30,2005
    
    
    2004Income:Oil and gas royalties
    
    $
    831,535
    
    
    $
    1,065,738Equity in earnings of affiliate
    
    
    254,451
    
    
    
    77,478Interest income
    
    
    11,990
    
    
    
    4,8081,097,976
    
    
    
    1,148,024Expenses:General and administrative
    
    
    49,914
    
    
    
    50,757Income before Federal income taxes
    
    
    1,048,062
    
    
    
    1,097,267Federal income taxes of subsidiary
    
    
    800
    
    
    
    Net income
    
    
    1,047,262
    
    
    
    1,097,267Undistributed income at beginning of
period
    
    
    3,080,014
    
    
    
    2,916,1964,127,276
    
    
    
    4,013,463Distributions to unitholders
    
    
    (1,217,824
    )
    
    
    (1,289,803
    )Undistributed income at end of period
    
    $
    2,909,452
    
    
    $
    2,723,660Net income per unit
    
    $
    0.52
    
    
    $
    0.55Distributions per unit
    
    $
    0.61
    
    
    $
    0.64
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MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended September 30, 2005 and 2004
(Unaudited)
 Three Months EndedSeptember 30,2005
    
    
    2004Cash flows from operating activities:Net income
    
    $
    1,047,262
    
    
    $
    1,097,267Adjustments to reconcile net income to net cash provided
by operating activities:Equity in undistributed earnings of affiliate
    
    
    2,891
    
    
    
    (2,597
    )Amortization of premium
    
    
    
    
    
    
    2,316Change in assets and liabilities:Oil and gas royalties receivable
    
    
    355,894
    
    
    
    103,882Receivable from affiliate
    
    
    (62,129
    )
    
    
    (8,916
    )State and federal taxes refundable
    
    
    
    
    
    
    578Interest receivable
    
    
    (2,898
    )
    
    
    (4,379
    )Accounts payable
    
    
    800
    
    
    
    77Net cash provided by operating activities
    
    
    1,341,820
    
    
    
    1,188,228Cash flows from financing activitiesdistributions to unitholders
    
    
    (1,217,824
    )
    
    
    (1,289,803
    )Net increase (decrease) in cash and cash equivalents
    
    
    123,996
    
    
    
    (101,575
    )Cash and cash equivalents at beginning of period
    
    
    1,171,006
    
    
    
    1,202,855Cash and cash equivalents at end of period
    
    $
    1,295,002
    
    
    $
    1,101,280
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MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2005
(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
   Impact of Recent Hurricanes in Gulf of Mexico
    Summary Review of Operating Results
    6




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Production (1)Natural
    
    
    Net
    
    
    CashQuarter
    
    Oil (bbls)
    
    
    Gas (mcf)
    
    
    Income
    
    
    DistributionSeptember 30, 2004
    
    
    11,762
    
    
    
    100,176
    
    
    
    .55
    
    
    
    .64December 31, 2004
    
    
    14,375
    
    
    
    41,003
    
    
    
    .50
    
    
    
    .56March 31, 2005
    
    
    9,633
    
    
    
    67,482
    
    
    
    .58
    
    
    
    .54June 30, 2005
    
    
    13,362
    
    
    
    101,290
    
    
    
    .74
    
    
    
    .54September 30, 2005
    
    
    7,787
    
    
    
    52,298
    
    
    
    .52
    
    
    
    .61
 
 (1)
    
    Excludes the Trusts equity interest in Tidelands.   Results of OperationsThree Months Ended September 30, 2005 and 2004
    7




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Three Months Ended September 30,2005
    
    
    2004OILBarrels sold
    
    
    7,787
    
    
    
    11,762Average price
    
    $
    59.27
    
    
    $
    43.95NATURAL GASMcf sold
    
    
    52,298
    
    
    
    100,176Average price
    
    $
    7.07
    
    
    $
    5.48
 Forward-Looking Statements
  
 Item 3. Quantitative and Qualitative Disclosures About Market Risk
     8




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Item 4. Controls and Procedures
  9




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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.
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SIGNATURES
  MARINE PETROLEUM TRUST
Bank of America, N.A., TrusteeNovember 14, 2005
    By:
    /s/ RON E. HOOPERRon E. HooperSenior Vice PresidentNovember 14, 2005
    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