<PAGE>
================================================================================

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                ----------------

                                    FORM 10-Q

           [X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

             For the quarterly period ended September 30, 2003

                                     OR

           [ ]  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 0-8565

                             MARINE PETROLEUM TRUST
             (Exact name of registrant as specified in its charter)


                       TEXAS                               75-6008017
            (State or other jurisdiction                (I.R.S. Employer
        of incorporation or organization)              Identification No.)


               BANK OF AMERICA, N.A.                       75283-0650
          P.O. BOX 830650, DALLAS, TEXAS                   (Zip Code)
       (Address of principal executive offices)

        Registrant's telephone number, including area code (800) 985-0794

                                      None
               (Former name, former address and former fiscal year
                          if changed since last report)
                               -------------------

      Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

                                   Yes X    No


      Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Exchange Act).

                                   Yes      No X .


      Indicate number of units of beneficial interest outstanding as of the
  latest practicable date: As of September 30, 2003, we had 2,000,000 units of
                        beneficial interest outstanding.

================================================================================
<PAGE>
                                        MARINE PETROLEUM TRUST

                                                INDEX
<TABLE>
<CAPTION>
                                                                                                   PAGE
                                                                                                  NUMBER
                                                                                                  ------

                                    PART I. FINANCIAL INFORMATION

<S>  <C>                                                                                          <C>
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) ......................................................      2

Condensed Consolidated Balance Sheets September 30, 2003 and June 30, 2003 ....................      2

Condensed Consolidated Statements of Income and Undistributed Income for the Three Months Ended
September 30, 2003 and 2002 ...................................................................      3

Condensed Consolidated Statements of Cash Flows for the Three Months Ended September 30, 2003
and 2002 ......................................................................................      4

Notes to Condensed Consolidated Financial Statements ..........................................      5

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS .      6

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK ............................      9



                                      PART II. OTHER INFORMATION

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K ......................................................     10

</TABLE>
<PAGE>
                          PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS


                      MARINE PETROLEUM TRUST AND SUBSIDIARY

                      CONDENSED CONSOLIDATED BALANCE SHEETS
                      SEPTEMBER 30, 2003 AND JUNE 30, 2003
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                     ASSETS

                                                                                SEPTEMBER 30,     JUNE 30,
                                                                                   2003            2003
                                                                                   ----            ----
<S>                                                                             <C>            <C>
Current Assets:
    Cash and cash equivalents ..............................................     $1,119,965     $1,334,059
    Oil and gas royalties receivable .......................................      1,102,326      1,169,485
    Receivable from affiliate ..............................................         96,621        133,197
    Interest receivable ....................................................         10,008          5,684
                                                                                 ----------     ----------
       Total current assets ................................................     $2,328,920     $2,642,425
                                                                                 ----------     ----------


Investment in U.S. Treasury and agency bonds ...............................        713,380        715,661
Investment in affiliate ....................................................        378,019        418,866
Office equipment, at cost less accumulated .................................          2,400          2,400
depreciation ...............................................................
Producing oil and gas properties ...........................................              7              7
                                                                                 ----------     ----------
                                                                                 $3,422,726     $3,779,359
                                                                                 ==========     ==========


                          LIABILITIES AND TRUST EQUITY

Current Liability - accounts payable .......................................     $      864     $       --

Trust Equity:
    Corpus - authorized 2,000,000 units of
beneficial interest, .......................................................              8              8
      issued 2,000,000 units at nominal value
    Undistributed income ...................................................      3,421,854      3,779,351
                                                                                 ----------     ----------
      Total trust equity ...................................................      3,421,862      3,779,359
                                                                                 ----------     ----------
                                                                                 $3,422,726     $3,779,359
                                                                                 ==========     ==========
</TABLE>

     See accompanying notes to condensed consolidated financial statements.

                                       2
<PAGE>
                      MARINE PETROLEUM TRUST AND SUBSIDIARY
                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                            AND UNDISTRIBUTED INCOME

             FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                             THREE MONTHS ENDED
                                                SEPTEMBER 30,
                                                -------------
                                              2003        2002
                                              ----        ----
<S>                                        <C>         <C>
Income:
    Oil and gas royalties ...............  $1,175,076  $1,051,410
    Equity in earnings of affiliate .....      55,667      87,800
    Interest income .....................       8,543      10,963
                                           ----------  ----------
                                            1,239,286   1,150,173
                                           ----------  ----------

General and administrative expenses .....      41,664      37,010
    Income before Federal income taxes ..   1,197,622   1,113,163
Federal income taxes of subsidiary ......          --       7,000
                                           ----------  ----------
    Net income ..........................   1,197,622   1,106,163
                                           ----------  ----------
Undistributed income at beginning of year   3,779,351   3,098,183
                                           ----------  ----------
                                            4,976,973   4,204,346
Distributions to unitholders ............   1,555,119   1,083,364
                                           ----------  ----------
Undistributed income at end of year .....  $3,421,854  $3,120,982
                                           ==========  ==========
Net income per unit .....................  $     0.60  $     0.55
                                           ==========  ==========
Distributions per unit ..................  $     0.78  $     0.54
                                           ==========  ==========
</TABLE>



     See accompanying notes to condensed consolidated financial statements.




                                       3
<PAGE>
                      MARINE PETROLEUM TRUST AND SUBSIDIARY

                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
             FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                         THREE MONTHS ENDED
                                                           SEPTEMBER 30,
                                                           -------------
                                                         2003         2002
                                                         ----         ----
<S>                                                  <C>           <C>
Cash flows from operating activities:
    Net income ....................................  $ 1,197,622   $ 1,106,163

    Adjustments to reconcile net income to net cash
provided
      by operating activities:
      Equity in undistributed earnings of .........       40,847       (10,431)
affiliate
      Amortization of premium .....................        2,281            --
      Change in assets and liabilities:
          Oil and gas royalties receivable ........       67,159       150,657
          Receivable from affiliate ...............       36,576       (33,989)
          Federal income taxes refundable .........           --         6,977
          Interest receivable .....................       (4,324)       (9,095)
          Accounts payable ........................          864           379
                                                     -----------   -----------
             Net cash provided by operating .......    1,341,025     1,210,661
activities ........................................

Cash flows from investing activities --
      Investment in U.S. Treasury and Agency Bonds            --         2,846
                                                     -----------   -----------
Cash flows from financing activities --
      Distributions to unitholders ................   (1,555,119)   (1,083,364)
                                                     -----------   -----------
      Net increase (decrease) in cash and cash ....     (214,094)      130,143
equivalents .......................................

Cash and cash equivalents at beginning of period ..    1,334,059       920,943
                                                     -----------   -----------
Cash and cash equivalents at end of period ........  $ 1,119,965   $ 1,051,086
                                                     ===========   ===========
</TABLE>


     See accompanying notes to condensed consolidated financial statements.





                                       4
<PAGE>
                      MARINE PETROLEUM TRUST AND SUBSIDIARY

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                               SEPTEMBER 30, 2003
                                   (UNAUDITED)

ACCOUNTING POLICIES

      The financial statements include the financial statements of Marine
Petroleum Trust (the "Trust") and its wholly-owned subsidiary, Marine Petroleum
Corporation ("MPC"). The financial statements are condensed and should be read
in conjunction with the Trust's annual report on Form 10-K for the fiscal year
ended June 30, 2003. The financial statements included herein are unaudited, but
in the opinion of management they include all adjustments necessary for a fair
presentation of the results of operations for the periods indicated. Operating
results for the three months ended September 30, 2003 are not necessarily
indicative of the results that may be expected for the fiscal year ending June
30, 2004.

      As an overriding royalty owner, actual production results are not known to
us until reported by the operator, which could be a period of 60-90 days later
than the actual month of production. To comply with accounting principles
generally accepted in the United States of America, we must estimate earned but
unpaid royalties from this production. To estimate this amount, we utilize
historical information based on the latest production reports from the
individual leases and current average prices as reported for oil by Chevron USA
and the spot market price for natural gas delivered at the Henry Hub in
Louisiana for the period under report.

DISTRIBUTABLE INCOME

      The Trust's indenture provides that the trustee is to distribute all cash
in the trust, less an amount reserved for the payment of accrued liabilities and
estimated future expenses, to unitholders on the 28th day of March, June,
September and December of each year. If the 28th falls on a Saturday, Sunday or
legal holiday, the distribution is payable on the immediately preceding business
day.

      As stated under "Accounting Policies" above, the financial statements in
this Form 10-Q are the condensed and consolidated account balances of the Trust
and MPC. However, distributable income is paid from the unconsolidated account
balances of the Trust. Distributable income is comprised of (i) royalties from
offshore Texas leases owned directly by the Trust, (ii) 98% of the overriding
royalties received by MPC that are paid to the Trust on a quarterly basis, (iii)
cash distributions from the Trust's equity interest in the Tidelands Royalty
Trust B ("Tidelands"), a separate publicly traded royalty trust, less (iv)
administrative expenses incurred by the Trust.

UNDISTRIBUTED INCOME

      A contract between the Trust and MPC provides that 98% of the overriding
royalties received by MPC are paid to the Trust each quarter. MPC retains the
remaining 2% of the overriding royalties along with other items of income and
expense until such time as the Board of Directors declares a dividend out of the
retained earnings. No such dividend from MPC to the Trust has been declared
since 1993. On September 30, 2003, undistributed income of the Trust and MPC
amounted to $2,415,261 and $1,006,593, respectively.


                                       5
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

FINANCIAL CONDITION - LIQUIDITY AND CAPITAL RESOURCES

      Organization. The Trust is a royalty trust that was created in 1956 under
the laws of the State of Texas. The Trust is not permitted to engage in any
business activity because it was organized for the sole purpose of providing an
efficient, orderly, and practical means for the administration and liquidation
of rights to payments from certain oil and natural gas leases in the Gulf of
Mexico, pursuant to license agreements and amendments between the Trust's
predecessors and Gulf Oil Corporation ("Gulf"). As a result of various
transactions that have occurred since 1956, the Gulf interests now are held by
Chevron Corporation, Elf Exploration, Inc., and their assignees.

      The Trust's rights are generally referred to as overriding royalty
interests in the oil and natural gas industry. An overriding royalty interest is
created by an assignment by the owner of a working interest. The ownership
rights associated with an overriding royalty interest terminate when the
underlying lease terminates. All production and marketing functions are
conducted by the working interest owners of the leases. Revenues from the
overriding royalties are paid to the Trust either (i) on the basis of the
selling price of oil, natural gas and other minerals produced, saved or sold, or
(ii) at the value at the wellhead as determined by industry standards, when the
selling price does not reflect the value at the wellhead.

      The Trust holds an overriding royalty interest equal to three-fourths of
1% of the value at the well of any oil, natural gas, or other minerals produced
and sold from the leases described above. The Trust's overriding royalty
interest applies only to existing leases and does not apply to new leases. The
Trust also owns a 32.6% equity interest in Tidelands. As a result of this
ownership, the Trust receives periodic distributions from Tidelands.

      Due to the limited purpose of the Trust as stated in the Trust Indenture,
there is no requirement for capital. The Trust's only obligation is to
distribute to unitholders the net income actually collected. As an administrator
of oil and natural gas royalty properties, the Trust collects income monthly,
pays administration expenses, and disburses all net income collected to its
unitholders each quarter. Because all of the Trust's revenues are invested in
liquid funds pending distribution, the Trust does not experience any liquidity
problems.

      The Trust's indenture (and MPC's charter and by-laws) expressly prohibits
the operation of any kind of trade or business. The Trust's oil and natural gas
properties are depleting assets and are not being replaced due to the
prohibition against these investments. Because of these restrictions, the Trust
does not require short term or long term capital. These restrictions, along with
other factors, allow the Trust to be treated as a grantor trust. Thus, all
income and deductions, for tax purposes, should flow through to each individual
unitholder. The Trust is not a taxable entity.

CRITICAL ACCOUNTING POLICIES

      As an overriding royalty owner, actual production results are not known to
us until reported by the operator, which could be a period of 60-90 days later
than the actual month of production. To comply with accounting principles
generally accepted in the United States of America, we must estimate earned but
unpaid royalties from this production. To estimate this amount, we utilize
historical information based on the latest production reports from the
individual leases and current average prices as reported for oil by Chevron USA
and the spot market price for natural gas delivered at the Henry Hub in
Louisiana for the period under report.

      We did not have any changes in our critical accounting policies or in our
significant accounting estimates during the three months ended September 30,
2003. Please see our annual report on Form 10-K for the year ended June 30, 2003
for a detailed discussion of our critical accounting policies.

GENERAL

      The Trust realized 43% of its revenue from the sale of oil and 57% from
the sale of natural gas during the three months ended September 30, 2003.
Revenue includes estimated royalties of oil and natural gas produced but not
paid.




                                       6
<PAGE>
      Distributions fluctuate from quarter to quarter due to changes in oil and
natural gas prices and production quantities. Net income is determined by the
revenue from oil and natural gas produced and sold during the accounting period.
Distributions, however, are determined by the cash available to the Trust on the
determination date.

SUMMARY REVIEW OF OPERATING RESULTS

      Net income for the three months ended September 30, 2003 increased
approximately 8% to $0.60 per unit as compared to $0.55 for the comparable
period in 2002. Oil production for the three months ended September 30, 2003
decreased approximately 8,200 barrels and natural gas production increased
approximately 13,000 mcf from the levels realized in the comparable period in
2002. For the three months ended September 30, 2003 the average price received
for a barrel of oil increased $0.85 over the price realized in the comparable
period in 2002. For the three months ended September 30, 2003 the average price
received for a thousand cubic feet (mcf) of natural gas increased $1.92 or 69%
over the price realized in the comparable period in 2002.

      Distributions to unitholders amounted to $0.78 per unit for the three
months ended September 30, 2003, an increase of 44% over the distribution for
the comparable period in 2002.

      The Trust's distributions are paid based on the timing of actual cash
receipts rather than the net income of the Trust.

      The Trust must rely on public records for information regarding drilling
operations. The public records available up to the date of this report indicate
that 7 drilling and workover operations were conducted successfully during the
three months ended September 30, 2003, on leases in which the Trust has an
interest. In the comparable period a year ago, there were also 7 successful
drilling and workover operations. The Trust receives royalty payments on the
sale of oil and natural gas from approximately 380 wells that are classified as
active.

      The following table presents the net production quantities of oil and
natural gas and net income and distributions per unit for the last five
quarters.

<TABLE>
<CAPTION>
                           PRODUCTION (1)
                      ---------------------
                                   NATURAL      NET        CASH
        QUARTER       OIL (BBLS)  GAS (MCF)   INCOME   DISTRIBUTION
        -------       ----------  ---------   ------   ------------
<S>                   <C>         <C>         <C>      <C>
September 30, 2002       28,136   129,252       .55        .54
December 31, 2003        20,659   160,606       .58        .63
September 30, 2002       12,379   117,767       .65        .66
June 30, 2003 ....       28,551   178,107       .80        .41
September 30, 2003       19,945   141,921       .60        .78
</TABLE>


-----------------------------------

(1) Excludes the Trust's equity interest in Tidelands.

      The Trust's revenues are derived from the oil and natural gas production
activities of unrelated parties. The Trust's revenues and distributions
fluctuate from period to period based upon factors beyond the Trust's control,
including, without limitation, the number of productive wells drilled and
maintained on leases subject to the Trust's interest, the level of production
over time from such wells and the prices at which the oil and natural gas from
such wells are sold. The Trust believes that it will continue to have enough
revenues to allow distributions to be made to unitholders for the foreseeable
future, although no assurance can be made regarding the amount of any future
distributions. The foregoing sentence is a forward-looking statement. For more
information, see "Forward Looking Statements" on page 9. Actual results may
differ from expected results because of reductions in the price or demand for
oil and natural gas, which might then lead to decreased production; reductions
in production due to the depletion of existing wells or disruptions in service,
which may be caused by storm damage to production facilities, blowouts or other
production accidents, or geological changes such as cratering of productive
formations; and the expiration or release of leases subject to the Trust's
interests.




                                       7
<PAGE>
      Important aspects of the Trust's operations are conducted by third
parties. Oil and natural gas companies that lease tracts subject to the Trust's
interests are responsible for the production and sale of oil and natural gas and
the calculation of royalty payments to the Trust. The Trust's distributions are
processed and paid by The Bank of New York as the agent for the trustee of the
Trust.

RESULTS OF OPERATIONS -- THREE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002

      Oil and gas royalties increased 12% over the comparable quarter a year
ago. Several oil wells were damaged by the storms that hit the Gulf of Mexico in
September and October last year and were not brought back on stream by the
working interest owner. Natural gas production was up over the comparable period
a year ago when production was lower than normal. A number of gas wells were
worked over in the months following the September 30, 2002 quarter adding
additional natural gas production.

      Net income increased 8% to approximately $1,198,000 for the three months
ended September 30, 2003, from approximately $1,106,000 realized for the
comparable three months in 2002.

      Revenue from oil royalties, excluding the Trust's equity interest in
Tidelands, for the three months ended September 30, 2003, decreased 27% to
approximately $508,000, from approximately $693,000 realized for the comparable
three months in 2002. The 29% decrease in production was not offset by the 3%
increase in the average price, resulting in a decrease in royalties from oil for
the three months ended September 30, 2003.

      Revenue from natural gas royalties, excluding the Trust's equity interest
in Tidelands, increased 86% to approximately $667,000 for the three months ended
September 30, 2003, from approximately $359,000 for the comparable three months
in 2002. The increase in production plus the increase in the price for natural
gas for the three months ended September 30, 2003 resulted in increased
royalties from natural gas for the quarter.

      Income from the Trust's equity in Tidelands decreased approximately 37%
for the three months ended September 30, 2003, as compared to the three months
ended September 30, 2002.

      The following table presents the quantities of oil and natural gas sold
and the average prices realized from current operations for the three months
ended September 30, 2003, and those realized in the comparable three months in
2002, excluding the Trust's equity interest in Tidelands:
<TABLE>
<CAPTION>

                          2003         2002
                          ----         ----
<S>                  <C>          <C>
OIL
    Barrels sold ..       19,945       28,136
    Average price .  $     25.46  $     24.61

NATURAL GAS
    Mcf sold ......      141,921      129,252
    Average price .  $      4.70  $      2.78
</TABLE>

FORWARD-LOOKING STATEMENTS

      The statements discussed in this quarterly report on Form 10-Q regarding
our future financial performance and results, and other statements that are not
historical facts, are forward-looking statements as defined in Section 27A of
the Securities Act of 1933. We use the words "may," "will," "expect,"
"anticipate," "estimate," "believe," "continue," "intend," "plan," "budget," or
other similar words to identify forward-looking statements. You should read
statements that contain these words carefully because they discuss future
expectations, contain projections of our financial condition, and/or state other
"forward-looking" information. Events may occur in the future that we are unable
to accurately predict, or over which we have no control. If one or more of these
uncertainties materialize, or if underlying assumptions prove incorrect, actual
outcomes may vary materially from those forward-looking statements included in
this Form 10-Q.





                                       8
<PAGE>
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

      Not applicable.






                                       9
<PAGE>
                           PART II. OTHER INFORMATION

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

      (a)   The following exhibits are included herein:

            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.

      (b)   Current Reports on Form 8-K:

            None.




                                       10
<PAGE>
                                   SIGNATURES

      Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                      MARINE PETROLEUM TRUST
                                      Bank of America, N.A., Trustee


November 13, 2003                     By:  /s/ RON E. HOOPER
                                         ---------------------------------------
                                               Ron E. Hooper
                                            Senior Vice President


November 13, 2003                     By:  /s/ R. RAY BELL
                                          --------------------------------------
                                               R. Ray Bell
                                          Principal Accounting Officer




                                       11
<PAGE>
                                INDEX TO EXIBITS

            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.




                                       12