##### Table of Contents



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, 2009
 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.)c/o The Corporate Trustee:U.S. Trust, Bank of America Private Wealth ManagementP. O. Box 830650, Dallas, Texas
    
    75283-0650(Address of principal executive offices)
    
    (Zip Code)
 (800) 985-0794
 
  þ o
  o 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




---



##### 



MARINE PETROLEUM TRUST
 INDEX
 PageNumberPART I. FINANCIAL INFORMATIONItem 1. Financial Statements (Unaudited)
    
    
    1Consolidated Statements of Assets, Liabilities and Trust Corpus as of September 30, 2009 and June 30, 2009
    
    
    1Condensed Consolidated Statements of Distributable Income for the Three Months Ended September 30, 2009 and 2008
    
    
    2Consolidated Statements of Changes in Trust Corpus for the Three Months Ended September 30, 2009 and 2008
    
    
    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




---



##### 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, 2009 and June 30, 2009
 September 30,
    
    
    June 30,2009
    
    
    2009(Unaudited)
    
    
    (Audited)ASSETSCurrent assets:Cash and cash equivalents
    
    $
    1,176,029
    
    
    $
    1,038,850Federal income taxes refundable
    
    
    14,425
    
    
    
    14,425Producing oil and gas properties
    
    
    7
    
    
    
    7Total assets
    
    $
    1,190,461
    
    
    $
    1,053,282LIABILITIES AND TRUST CORPUSCurrent liabilities:Federal income taxes payable
    
    $
    
    
    
    $
    Total current liabilities
    
    $
    
    
    
    $
    Trust corpus  authorized 2,000,000 units of
beneficial interest, issued 2,000,000 units at
nominal value
    
    $
    1,190,461
    
    
    $
    1,053,282$
    1,190,461
    
    
    $
    1,053,282
  1




---



##### Table of Contents



MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 CONDENSED CONSOLIDATED STATEMENTS OF DISTRIBUTABLE INCOME
For the Three Months Ended September 30, 2009 and 2008
(Unaudited)
 Three Months EndedSeptember 30,2009
    
    2008Income:Oil and gas royalties
    
    $
    448,556
    
    
    $
    1,480,498Oil and gas royalties from affiliate
    
    
    248,858
    
    
    
    284,937Interest income
    
    
    11
    
    
    
    7,939Total income
    
    $
    697,425
    
    
    $
    1,773,374Expenses:General and administrative
    
    $
    68,241
    
    
    $
    119,455Distributable income before Federal
income taxes
    
    
    629,184
    
    
    
    1,653,919Federal income taxes of subsidiary
    
    
    
    
    
    
    3,600Distributable income
    
    $
    629,184
    
    
    $
    1,650,319Distributable income per unit
    
    $
    0.31
    
    
    $
    0.83Distributions per unit
    
    $
    0.25
    
    
    $
    0.77Units outstanding
    
    
    2,000,000
    
    
    
    2,000,000
  2




---



##### Table of Contents



MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 CONSOLIDATED STATEMENTS OF CHANGES IN TRUST CORPUS
For the Three Months Ended September 30, 2009 and 2008
(Unaudited)
 Three Months EndedSeptember 30,2009
    
    
    2008Trust corpus, beginning of period
    
    $
    1,053,282
    
    
    $
    1,670,467Distributable income
    
    
    629,184
    
    
    
    1,650,319Distributions to unitholders
    
    
    492,005
    
    
    
    1,539,573Trust corpus, end of period
    
    $
    1,190,461
    
    
    $
    1,781,213
  3




---



##### Table of Contents



MARINE PETROLEUM TRUST AND SUBSIDIARY
 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2009
(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
  4




---



##### Table of Contents



Note 4. Subsequent Event
  Note 5. Investment in Affiliate  Tidelands Royalty Trust B
   TIDELANDS CONSOLIDATED STATEMENTS OF DISTRIBUTABLE INCOME
 Three Months EndedSeptember 30,2009
    
    
    2008Income
    
    $
    793,305
    
    
    $
    1,390,370Expenses
    
    
    66,819
    
    
    
    107,525Distributable income before Federal
income taxes
    
    
    726,486
    
    
    
    1,282,845Federal income taxes of Tidelands subsidiary
    
    
    3,800
    
    
    
    13,100Distributable income
    
    $
    722,686
    
    
    $
    1,269,745
  5




---



##### Table of Contents



Item 2. Trustees Discussion and Analysis of Financial Condition and Results of Operations
 Organization
     
  Liquidity and Capital Resources
   6




---



##### Table of Contents



The Leases
   Critical Accounting Policies and Estimates
   General
     7




---



##### Table of Contents



Hurricanes Gustav and Ike
     Summary of Operating Results
    Net ProductionQuantities(1)Natural
    
    
    Distributable
    
    
    DistributionQuarter Ended
    
    Oil (bbls)
    
    
    Gas (mcf)
    
    
    Income Per Unit
    
    
    Per UnitSeptember 30, 2008
    
    
    6,972
    
    
    
    41,078
    
    
    $
    0.83
    
    
    $
    0.77December 31, 2008
    
    
    3,573
    
    
    
    28,385
    
    
    $
    0.49
    
    
    $
    0.89March 31, 2009
    
    
    2,130
    
    
    
    28,473
    
    
    $
    0.30
    
    
    $
    0.30June 30, 2009
    
    
    4,210
    
    
    
    16,794
    
    
    $
    0.29
    
    
    $
    0.26September 30, 2009
    
    
    4,995
    
    
    
    36,074
    
    
    $
    0.31
    
    
    $
    0.25
 
 (1)
    
    Excludes the Trusts interest in Tidelands. 8




---



##### Table of Contents



Results of OperationsThree Months Ended September 30, 2009 and 2008
       Three Months Ended September 30,2009
    
    2008(Unaudited)
    
    (Unaudited)
    
    % ChangeOilBarrels sold
    
    
    4,995
    
    
    
    6,972
    
    
    
    (28.4
    )%Average price
    
    $
    59.65
    
    
    $
    134.69
    
    
    
    (55.7
    )%Natural gasMcf sold
    
    
    36,074
    
    
    
    41,078
    
    
    
    (12.2
    )%Average price
    
    $
    4.17
    
    
    $
    13.18
    
    
    
    (68.4
    )%
  Forward-Looking Statements
  9




---



##### Table of Contents



Website
  
 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




---



##### Table of Contents



PART II. OTHER INFORMATION
 
 Item 1A. Risk Factors
  Cash held by the Trustee is not insured by the Federal Deposit Insurance Corporation.
  
 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.
 11




---



##### Table of Contents



SIGNATURES
  MARINE PETROLEUM TRUST
U.S. Trust, Bank of America Private Wealth
Management, TrusteeNovember 6, 2009
    By:
    /s/ Ron E. HooperRon E. HooperSenior Vice President 12