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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, 2010
 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
  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




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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 March 31, 2010 and
June 30, 2009
    
    
    1Condensed Consolidated Statements of Distributable Income for the Three and Nine Months Ended
March 31, 2010 and 2009
    
    
    2Consolidated Statements of Changes in Trust Corpus for the Nine Months Ended
March 31, 2010 and 2009
    
    
    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
    
    
    12Item 6. Exhibits
    
    
    12EX-31.1EX-32.1




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PART I. FINANCIAL INFORMATION
 
 Item 1. Financial Statements
 MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 CONSOLIDATED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS


As of March 31, 2010 and June 30, 2009
 March 31,
    
    
    June 30,2010
    
    
    2009(Unaudited)
    
    
    (Audited)ASSETSCurrent assets:Cash and cash equivalents
    
    $
    1,202,540
    
    
    $
    1,038,850Federal income taxes refundable
    
    
    14,425
    
    
    
    14,425Producing oil and gas properties
    
    
    7
    
    
    
    7Total assets
    
    $
    1,216,972
    
    
    $
    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
    
    $
    1,216,972
    
    
    $
    1,053,282$
    1,216,972
    
    
    $
    1,053,282
  1




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##### Table of Contents



MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 CONDENSED CONSOLIDATED STATEMENTS OF DISTRIBUTABLE INCOME
 For the Three and Nine Months Ended March 31, 2010 and 2009
 (Unaudited)
 Three Months Ended
    
    
    Nine Months EndedMarch 31,
    
    
    March 31,2010
    
    
    2009
    
    
    2010
    
    
    2009Income:Oil and gas royalties
    
    $
    604,202
    
    
    $
    286,774
    
    
    $
    1,529,633
    
    
    $
    2,488,022Oil and gas royalties from affiliate
    
    
    199,111
    
    
    
    403,742
    
    
    
    633,194
    
    
    
    1,032,326Interest income
    
    
    
    
    
    
    555
    
    
    
    11
    
    
    
    12,143Total income
    
    $
    803,313
    
    
    $
    691,071
    
    
    $
    2,162,838
    
    
    $
    3,532,491Expenses:General and administrative
    
    $
    60,628
    
    
    $
    100,788
    
    
    $
    215,214
    
    
    $
    303,930Distributable income before Federal income taxes
    
    
    742,685
    
    
    
    590,283
    
    
    
    1,947,624
    
    
    
    3,228,561Federal income taxes of subsidiary
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,600Distributable income
    
    $
    742,685
    
    
    $
    590,283
    
    
    $
    1,947,624
    
    
    $
    3,224,961Distributable income per unit
    
    $
    0.37
    
    
    $
    0.30
    
    
    $
    0.97
    
    
    $
    1.61Distributions per unit
    
    $
    0.32
    
    
    $
    0.30
    
    
    $
    0.89
    
    
    $
    1.96Units outstanding
    
    
    2,000,000
    
    
    
    2,000,000
    
    
    
    2,000,000
    
    
    
    2,000,000
  2




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MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 CONSOLIDATED STATEMENTS OF CHANGES IN TRUST CORPUS
 For the Nine Months Ended March 31, 2010 and 2009
 (Unaudited)
 Nine Months EndedMarch 31,2010
    
    
    2009Trust corpus, beginning of period
    
    $
    1,053,282
    
    
    $
    1,670,467Distributable income
    
    
    1,947,624
    
    
    
    3,224,961Distributions to unitholders
    
    
    1,783,934
    
    
    
    3,913,129Trust corpus, end of period
    
    $
    1,216,972
    
    
    $
    982,299
  3




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MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2010
(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




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Note 4. Subsequent Event
  Note 5. Investment in Affiliate  Tidelands Royalty Trust B
   TIDELANDS CONSOLIDATED STATEMENTS OF DISTRIBUTABLE INCOME
 Nine
    
    
    NineMonths
    
    
    MonthsEnded
    
    
    EndedMarch 31,
    
    
    March 31,2010
    
    
    2009Income
    
    $
    2,009,401
    
    
    $
    3,728,868Expenses
    
    
    172,158
    
    
    
    244,458Distributable income before Federal
income taxes
    
    
    1,837,243
    
    
    
    3,484,410Federal income taxes of Tidelands subsidiary
    
    
    5,800
    
    
    
    31,770Distributable income
    
    $
    1,831,443
    
    
    $
    3,452,640
  5




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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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Summary of Operating Results
    Net ProductionQuantities(1)Natural
    
    Distributable
    
    DistributionQuarter Ended
    
    Oil (bbls)
    
    Gas (mcf)
    
    Income Per Unit
    
    Per UnitDecember 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
    
    
    $
    0.25December 31, 2009
    
    
    5,352
    
    
    
    30,833
    
    
    $
    0.29
    
    
    $
    0.32March 31, 2010
    
    
    5,790
    
    
    
    32,085
    
    
    $
    0.37
    
    
    $
    0.32
 
 (1)
    
    Excludes the Trusts interest in Tidelands. Results of OperationsThree Months Ended March 31, 2010 and 2009
   8




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Three Months Ended March 31,2010
    
    2009(Unaudited)
    
    (Unaudited)
    
    % ChangeOilBarrels sold
    
    
    5,790
    
    
    
    2,130
    
    
    
    171.8
    %Average price
    
    $
    76.10
    
    
    $
    54.45
    
    
    
    39.8
    %Natural gasMcf sold
    
    
    32,085
    
    
    
    28,473
    
    
    
    12.7
    %Average price
    
    $
    5.10
    
    
    $
    6.00
    
    
    
    (15.0
    )%
  Results of OperationsNine Months Ended March 31, 2010 and 2009
      9




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Nine Months Ended March 31,2010
    
    2009(Unaudited)
    
    (Unaudited)
    
    % ChangeOilBarrels sold
    
    
    16,137
    
    
    
    12,675
    
    
    
    27.3
    %Average price
    
    $
    68.79
    
    
    $
    118.47
    
    
    
    (41.9
    )%Natural gasMcf sold
    
    
    98,992
    
    
    
    97,936
    
    
    
    1.1
    %Average price
    
    $
    4.22
    
    
    $
    10.07
    
    
    
    (58.1
    )%
  Forward-Looking Statements
  Website
  
 Item 3.
    
    Quantitative and Qualitative Disclosures About Market Risk
  
 Item 4T.
    
    Controls and Procedures
 Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures
 10




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Changes in Internal Control Over Financial Reporting
  11




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PART II. OTHER INFORMATION
 
 Item 1A.
    
    Risk Factors
  Failure to collect royalty payments from working interest owners could adversely affect Marines
distributions to its unitholders.
  
 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, TrusteeMay 17, 2010
    By:
    /s/ Ron E. HooperRon E. HooperSenior Vice President 13