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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, 2008
 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
(State or other jurisdiction 
of incorporation or organization)
    
    75-6008017
(I.R.S. Employer
Identification No.)c/o The Corporate Trustee:U.S. Trust, Bank of America Private Wealth Management 
P. O. Box 830650, Dallas, Texas
(Address of principal executive offices)
    
    75283-0650
(Zip Code)
 (800) 985-0794
 
 
  þ o
  Large accelerated filer o
Accelerated filer o
Non-accelerated filer o(Do not check if a smaller reporting company)
Smaller reporting company þ  o þ




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MARINE PETROLEUM TRUST
 INDEX
 PageNumberPART I. FINANCIAL INFORMATIONItem 1.Financial Statements (Unaudited)
    
    
    1Consolidated Statements of Assets, Liabilities and Trust Corpus as of September 30, 2008 and
June 30, 2008
    
    
    1Condensed Consolidated Statements of Distributable Income for the Three Months Ended
September 30, 2008 and 2007
    
    
    2Consolidated Statements of Changes in Trust Corpus for the Three Months Ended
September 30, 2008 and 2007
    
    
    3Notes to Condensed Consolidated Financial Statements
    
    
    4Item 2.Trustees Discussion and Analysis of Financial Condition and Results of Operations
    
    
    6Item 3.Quantitative and Qualitative Disclosures About Market Risk
    
    
    10Item 4T.Controls and Procedures
    
    
    10PART II. OTHER INFORMATIONItem 1A.Risk Factors
    
    
    11Item 6.Exhibits
    
    
    11EX-31.1EX-32.1




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##### Table of Contents



PART I. FINANCIAL INFORMATION
 
 Item 1. Financial Statements
 
 MARINE PETROLEUM TRUST AND SUBSIDIARY
 CONSOLIDATED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS
As of September 30, 2008 and June 30, 2008
 September 30,
    
    
    June 30,2008
    
    
    2008(Unaudited)
    
    
    (Audited)ASSETSCurrent assets:Cash and cash equivalents
    
    $
    1,789,106
    
    
    $
    1,668,486Producing oil and gas properties
    
    
    7
    
    
    
    7Receivable from affiliate
    
    
    
    
    
    
    11,274Total assets
    
    $
    1,789,113
    
    
    $
    1,679,767LIABILITIES AND TRUST CORPUSCurrent liabilities:Federal income taxes payable
    
    $
    7,900
    
    
    $
    9,300Total current liabilities
    
    $
    7,900
    
    
    $
    9,300Trust corpus  authorized 2,000,000 units of
beneficial interest, issued 2,000,000 units at
nominal value
    
    
    1,781,213
    
    
    
    1,670,467$
    1,789,113
    
    
    $
    1,679,767
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MARINE PETROLEUM TRUST AND SUBSIDIARY
 CONDENSED CONSOLIDATED STATEMENTS OF DISTRIBUTABLE INCOME
For the Three Months Ended September 30, 2008 and 2007
(Unaudited)
 Three Months EndedSeptember 30,2008
    
    
    2007Income:Oil and gas royalties
    
    $
    1,480,498
    
    
    $
    1,321,266Oil and gas royalties from affiliate
    
    
    284,937
    
    
    
    325,202Interest income
    
    
    7,939
    
    
    
    19,944Total income
    
    $
    1,773,374
    
    
    $
    1,666,412Expenses:General and administrative
    
    $
    119,455
    
    
    $
    54,256Distributable income before Federal income taxes
    
    
    1,653,919
    
    
    
    1,612,156Federal income taxes of subsidiary
    
    
    3,600
    
    
    
    6,700Distributable income
    
    $
    1,650,319
    
    
    $
    1,605,456Distributable income per unit
    
    $
    0.83
    
    
    $
    0.80Distributions per unit
    
    $
    0.77
    
    
    $
    0.77Units outstanding
    
    
    2,000,000
    
    
    
    2,000,000
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MARINE PETROLEUM TRUST AND SUBSIDIARY
 CONSOLIDATED STATEMENTS OF CHANGES IN TRUST CORPUS
For the Three Months Ended September 30, 2008 and 2007
(Unaudited)
 Three Months EndedSeptember 30,2008
    
    
    2007Trust corpus, beginning of period
    
    $
    1,670,467
    
    
    $
    1,653,412Distributable income
    
    
    1,650,319
    
    
    
    1,605,456Distributions to unitholders
    
    
    1,539,573
    
    
    
    1,542,730Trust corpus, end of period
    
    $
    1,781,213
    
    
    $
    1,716,138
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MARINE PETROLEUM TRUST AND SUBSIDIARY
 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2008
(Unaudited)
 Note 1. Accounting Policies
  Note 2. Basis of Accounting
  
    
    Royalty income is recognized in the month when received by Marine.
    
    Marines expenses (which include accounting, legal, and other professional fees,
trustees fees and out-of-pocket expenses) are recorded on an accrual basis. Reserves for
liabilities that are contingent or uncertain in amount may also be established if
considered necessary.
    
    Distributions to unitholders are recognized when declared by the trustee of the Trust.
  
    
    Royalty income is recognized in the month received rather than in the month of
production.
    
    Reserves may be established for contingencies that would not be recorded under GAAP.
  Note 3. Distributable Income
 th th
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Note 4. Investment in Affiliate  Tidelands Royalty Trust B
   TIDELANDS CONSOLIDATED STATEMENTS OF DISTRIBUTABLE INCOME
 Three Months EndedSeptember 30,2008
    
    
    2007Income
    
    $
    1,390,370
    
    
    $
    1,154,174Expenses
    
    
    107,525
    
    
    
    40,654Distributable income before Federal
income taxes
    
    
    1,282,845
    
    
    
    1,113,520Federal income taxes of Tidelands subsidiary
    
    
    13,100
    
    
    
    13,100Distributable income
    
    $
    1,269,745
    
    
    $
    1,100,420
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Item 2. Trustees Discussion and Analysis of Financial Condition and Results of Operations
 Organization
     
  Liquidity and Capital Resources
   6




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The Leases
    Critical Accounting Policies and Estimates
   General
    7




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Hurricanes Gustav and Ike
    Prices
  Summary of Operating Results
   8




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Net ProductionQuantities(1)Natural
    
    Distributable
    
    DistributionQuarter
    
    Oil (bbls)
    
    Gas (mcf)
    
    Income Per Unit
    
    Per UnitSeptember 30, 2007
    
    
    8,758
    
    
    
    74,951
    
    
    $
    0.80
    
    
    $
    0.77December 31, 2007
    
    
    8,355
    
    
    
    49,268
    
    
    $
    0.65
    
    
    $
    0.76March 31, 2008
    
    
    9,458
    
    
    
    58,251
    
    
    $
    0.71
    
    
    $
    0.65June 30, 2008
    
    
    9,049
    
    
    
    57,014
    
    
    $
    0.77
    
    
    $
    0.75September 30, 2008
    
    
    6,972
    
    
    
    41,078
    
    
    $
    0.83
    
    
    $
    0.77
 
 (1)
    
    Excludes the Trusts interest in Tidelands. Results of OperationsThree Months Ended September 30, 2008 and 2007
      9




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Three Months Ended September 30,2008
    
    2007(Unaudited)
    
    (Unaudited)
    
    % ChangeOilBarrels sold
    
    
    6,972
    
    
    
    8,758
    
    
    
    (20
    )%Average price
    
    $
    134.69
    
    
    $
    83.88
    
    
    
    61
    %Natural gasMcf sold
    
    
    41,078
    
    
    
    74,951
    
    
    
    (45
    )%Average price
    
    $
    13.18
    
    
    $
    7.83
    
    
    
    68
    %
  Forward-Looking Statements
  
 Item 3. Quantitative and Qualitative Disclosures About Market Risk
  
 Item 4T. Controls and Procedures
 Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures
  Changes in Internal Control Over Financial Reporting
  10




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PART II. OTHER INFORMATION
 
 Item 1A. Risk Factors
  
 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
U.S. Trust, Bank of America Private Wealth
Management, TrusteeNovember 13, 2008
    By:
    /s/ Ron E. HooperRon E. HooperSenior Vice President 12