##### 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, 2011
 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.)
 c/o The Corporate Trustee:
U.S. Trust, Bank of America Private Wealth Management
P. O. Box 830650, Dallas, Texas 75283-0650
 (800) 985-0794
 None
 
  þ o
  o o
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer o
    
    Smaller reporting company þ(Do not check if a smaller reporting company)
  o þ




---



##### 



MARINE PETROLEUM TRUST
 INDEX
 PageNumberPART I. FINANCIAL INFORMATIONItem 1. Financial Statements (Unaudited)
    
    
    1Condensed Consolidated Statements of Assets, Liabilities and Trust Corpus as of September 30, 2011 and
June 30, 2011
    
    
    1Condensed Consolidated Statements of Distributable Income for the Three Months Ended
September 30, 2011 and 2010
    
    
    2Condensed Consolidated Statements of Changes in Trust Corpus for the Three Months Ended
September 30, 2011 and 2010
    
    
    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 4. 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
 
 CONDENSED CONSOLIDATED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS
As of September 30, 2011 and June 30, 2011
 ASSETS
 September 30,
    
    
    June 30,2011
    
    
    2011(Unaudited)
    
    
    (Audited)Current assets:Cash and cash equivalents
    
    $
    1,362,778
    
    
    $
    1,345,960Federal income taxes refundable
    
    
    14,425
    
    
    
    14,425Producing oil and gas properties
    
    
    7
    
    
    
    7Total assets
    
    $
    1,377,210
    
    
    $
    1,360,392
 LIABILITIES AND TRUST CORPUS
 Current 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
    
    $
    1,377,210
    
    
    $
    1,360,392$
    1,377,210
    
    
    $
    1,360,392
  1




---



##### Table of Contents



MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 CONDENSED CONSOLIDATED STATEMENTS OF DISTRIBUTABLE INCOME
For the Three Months Ended September 30, 2011 and 2010
(Unaudited)
 Three Months EndedSeptember 30,2011
    
    
    2010Income:Oil and gas royalties
    
    $
    1,043,177
    
    
    $
    613,466Oil and gas royalties from affiliate
    
    
    90,384
    
    
    
    199,229Interest income
    
    
    
    
    
    
    Total income
    
    $
    1,133,561
    
    
    $
    812,695Expenses:General and administrative
    
    $
    36,657
    
    
    $
    46,111Distributable income before Federal income taxes
    
    
    1,096,904
    
    
    
    766,584Federal income taxes of subsidiary
    
    
    
    
    
    
    Distributable income
    
    $
    1,096,904
    
    
    $
    766,584Distributable income per unit
    
    $
    0.55
    
    
    $
    0.38Distributions per unit
    
    $
    0.54
    
    
    $
    0.37Units outstanding
    
    
    2,000,000
    
    
    
    2,000,000
  2




---



##### Table of Contents



MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN TRUST CORPUS
For the Three Months Ended September 30, 2011 and 2010
(Unaudited)
 Three Months EndedSeptember 30,2011
    
    
    2010Trust corpus, beginning of period
    
    $
    1,360,392
    
    
    $
    1,157,886Distributable income
    
    
    1,096,904
    
    
    
    766,584Distributions to unitholders
    
    
    (1,080,086
    )
    
    
    (749,620
    )Trust corpus, end of period
    
    $
    1,377,210
    
    
    $
    1,174,850
  3




---



##### Table of Contents



MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2011
(Unaudited)
 Note 1. Accounting Policies
  Note 2. Basis of Accounting
  
    
    Royalty income is recognized in the month when received by Marine.
    
    Marines expenses (including 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.
 Financial Statements of Royalty Trusts
 Note 3. Distributable Income
 th th
  4




---



##### Table of Contents



Note 4. Investment in Affiliate  Tidelands Royalty Trust B
   TIDELANDS CONSOLIDATED STATEMENTS OF DISTRIBUTABLE INCOME
 Three
    
    
    ThreeMonths
    
    
    MonthsEnded
    
    
    EndedSeptember 30,
    
    
    September 30,2011
    
    
    2010Income
    
    $
    360,559
    
    
    $
    413,669Expenses
    
    
    37,275
    
    
    
    65,017Distributable income before Federal income taxes
    
    
    323,284
    
    
    
    348,652Federal income taxes of Tidelands subsidiary
    
    
    
    
    
    
    Distributable income
    
    $
    323,284
    
    
    $
    348,652
  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
 Financial Statements of Royalty Trusts
  General
    7




---



##### Table of Contents



Summary of Operating Results
     Net Production Quantities(1)Natural
    
    
    Distributable
    
    
    DistributionsQuarter Ended
    
    Oil (bbls)
    
    
    Gas (mcf)
    
    
    Income Per Unit
    
    
    Per UnitJune 30, 2010
    
    
    5,031
    
    
    
    30,357
    
    
    $
    0.35
    
    
    $
    0.38September 30, 2010
    
    
    5,592
    
    
    
    34,536
    
    
    $
    0.38
    
    
    $
    0.37December 31, 2010
    
    
    5,783
    
    
    
    35,475
    
    
    $
    0.35
    
    
    $
    0.34March 31, 2011
    
    
    6,300
    
    
    
    38,404
    
    
    $
    0.40
    
    
    $
    0.36June 30, 2011
    
    
    6,532
    
    
    
    37,304
    
    
    $
    0.35
    
    
    $
    0.41September 30, 2011
    
    
    7,288
    
    
    
    32,882
    
    
    $
    0.55
    
    
    $
    0.54
 
 (1)
    
    Excludes the Trusts interest in Tidelands. Results of OperationsThree Months Ended September 30, 2011 Compared to the Three Months
Ended September 30, 2010
   8




---



##### Table of Contents



Three Months Ended September 30,2011
    
    
    2010(Unaudited)
    
    
    (Unaudited)
    
    
    % ChangeOilBbls sold
    
    
    7,288
    
    
    
    5,592
    
    
    
    30
    %Average price
    
    $
    119.01
    
    
    $
    79.27
    
    
    
    50
    %Natural gasMcf sold
    
    
    32,882
    
    
    
    34,536
    
    
    
    (5
    %)Average price
    
    $
    5.35
    
    
    $
    4.93
    
    
    
    9
    %
  Forward-Looking Statements
  Website
  9




---



##### Table of Contents



Item 3. Quantitative and Qualitative Disclosures About Market Risk
  
 Item 4. 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
  
 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 10, 2011
    By:
    /s/ Ron E. HooperRon E. HooperSenior Vice President  12