<PAGE>   1
 
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                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                             ---------------------
 
                                   FORM 10-Q
 
<TABLE>
<S>       <C>                                                          <C>
[X]             QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934
               FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 1998
                                       OR
[ ]            TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934
</TABLE>
 
             FOR THE TRANSITION PERIOD FROM ________ TO ________ .
                         COMMISSION FILE NUMBER 0-8565
 
                             MARINE PETROLEUM TRUST
             (Exact name of registrant as specified in its charter)
 
<TABLE>
<S>                                            <C>
                    TEXAS                                        75-6008017
         (State or other jurisdiction                         (I.R.S. Employer
      of incorporation or organization)                     Identification No.)
              NATIONSBANK, N.A.                                  75283-0241
        P.O. BOX 830241, DALLAS, TEXAS                           (Zip Code)
   (Address of principal executive offices)
</TABLE>
 
       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 number of units of beneficial interest outstanding as of the last
practicable date.
 
<TABLE>
<CAPTION>
         Title of Each Class of Units              Number of Units of Beneficial Interest
            of Beneficial Interest                           September 30, 1998
         ----------------------------              --------------------------------------
<S>                                            <C>
         UNITS OF BENEFICIAL INTEREST                            2,000,000
</TABLE>
 
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<PAGE>   2
 
                             MARINE PETROLEUM TRUST
 
                                     INDEX
 
<TABLE>
<CAPTION>
                                                               PAGE
                                                              NUMBER
                                                              ------
<S>                                                           <C>
PART I. FINANCIAL INFORMATION
 
ITEM 1. FINANCIAL STATEMENTS................................     2
 
Condensed Consolidated Balance Sheets September 30, 1998 and
  June 30, 1998 (Unaudited).................................     2
 
Condensed Consolidated Statements of Income and
  Undistributed Income Three Months Ended September 30, 1998
  and 1997 (Unaudited)......................................     3
 
Condensed Consolidated Statements of Cash Flows Three Months
  Ended September 30, 1998 and 1997 (Unaudited).............     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 DISCLOSURE ABOUT MARKET
  RISK......................................................     8
 
PART II. OTHER INFORMATION
 
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K....................     8
 
Signatures..................................................     9
 
Exhibit Index...............................................    10
</TABLE>
<PAGE>   3
 
                         PART I. FINANCIAL INFORMATION
 
ITEM 1. FINANCIAL STATEMENTS
 
                     MARINE PETROLEUM TRUST AND SUBSIDIARY
 
                     CONDENSED CONSOLIDATED BALANCE SHEETS
                      SEPTEMBER 30, 1998 AND JUNE 30, 1998
                                  (UNAUDITED)
 
                                     ASSETS
 
<TABLE>
<CAPTION>
                                                              SEPTEMBER 30     JUNE 30
                                                                  1998           1998
                                                              ------------    ----------
<S>                                                           <C>             <C>
Current Assets:
  Cash and cash equivalents.................................   $1,826,119     $1,922,336
  Oil and gas royalties receivable..........................      292,031        399,007
  Receivable from affiliate.................................      135,885        116,377
                                                               ----------     ----------
          Total current assets..............................    2,254,035      2,437,720
                                                               ----------     ----------
Investment in affiliate.....................................      224,946        306,670
Office equipment, at cost less accumulated depreciation.....          555            555
Producing oil and gas properties............................            7              7
                                                               ----------     ----------
                                                               $2,479,543     $2,744,952
                                                               ==========     ==========
 
                              LIABILITIES AND TRUST EQUITY
 
Current Liabilities:
  Accounts payable..........................................   $  629,013     $  926,663
  Income taxes payable......................................        6,821          9,021
                                                               ----------     ----------
          Total current liabilities.........................      635,834        935,684
Trust Equity:
  Corpus -- authorized 2,000,000 units of beneficial
     interest, issued 2,000,000 units at nominal value......            8              8
  Undistributed income......................................    1,843,701      1,809,260
                                                               ----------     ----------
          Total trust equity................................    1,843,709      1,809,268
                                                               ----------     ----------
                                                               $2,479,543     $2,744,952
                                                               ==========     ==========
</TABLE>
 
                                        2
<PAGE>   4
 
                     MARINE PETROLEUM TRUST AND SUBSIDIARY
 
      CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND UNDISTRIBUTED INCOME
             FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997
                                  (UNAUDITED)
 
<TABLE>
<CAPTION>
                                                                      THREE MONTHS
                                                                ------------------------
                                                                   1998          1997
                                                                ----------    ----------
<S>                                                             <C>           <C>
Income:
  Oil and gas royalties.....................................    $  669,234    $  608,210
  Equity in earnings of affiliate...........................        48,442       116,947
  Interest income...........................................        26,486        25,293
                                                                ----------    ----------
                                                                   744,162       750,450
                                                                ----------    ----------
  Expenses -- General and administrative....................        58,382        35,705
                                                                ----------    ----------
     Income before federal income taxes.....................       685,780       714,745
  Federal income taxes of subsidiary........................            --         2,400
          Net income........................................       685,780       712,345
Undistributed income at beginning of period.................     1,809,260     2,044,795
                                                                ----------    ----------
                                                                 2,495,040     2,757,140
Distributions to unitholders................................       651,339       873,658
                                                                ----------    ----------
Undistributed income at end of period.......................    $1,843,701    $1,883,482
                                                                ==========    ==========
Net income per unit.........................................    $     0.34    $     0.36
                                                                ==========    ==========
Distributions per unit......................................    $     0.33    $     0.44
                                                                ==========    ==========
</TABLE>
 
                                        3
<PAGE>   5
 
                     MARINE PETROLEUM TRUST AND SUBSIDIARY
 
                CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
             FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997
                                  (UNAUDITED)
 
<TABLE>
<CAPTION>
                                                                 1998          1997
                                                              ----------    ----------
<S>                                                           <C>           <C>
Cash flows from operating activities:
  Net income................................................  $  685,780    $  712,345
  Adjustments to reconcile net income to net cash provided
     by operating activities:
     Depreciation...........................................          --           731
     Equity in undistributed earnings of affiliate..........      81,724       (77,405)
     Change in assets and liabilities:
       Oil and gas royalties receivable.....................     106,976       267,509
       Receivables from affiliate...........................     (19,508)       12,736
       Accounts payable.....................................    (297,650)           --
       Income taxes payable.................................      (2,200)         (600)
                                                              ----------    ----------
          Net cash provided by operating activities.........     555,122       915,316
                                                              ----------    ----------
Cash flows used in investing activities --
       Purchase of office equipment.........................          --        (2,219)>
Cash flows from financing activities -- distributions to
  unitholders...............................................    (651,339)     (873,658)
                                                              ----------    ----------
          Net increase (decrease) in cash and cash
            equivalents.....................................     (96,217)       39,439
                                                              ----------    ----------
Cash and cash equivalents at beginning of period............   1,922,336     1,759,718
                                                              ----------    ----------
Cash and cash equivalents at end of period..................  $1,826,119    $1,799,157
                                                              ==========    ==========
</TABLE>
 
                                        4
<PAGE>   6
 
                     MARINE PETROLEUM TRUST AND SUBSIDIARY
 
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                               SEPTEMBER 30, 1998
                                  (UNAUDITED)
 
ACCOUNTING POLICIES
 
     The financial statements include the financial statements of Marine
Petroleum Trust (the "Trust") and its wholly-owned subsidiary, are condensed,
and should be read in conjunction with the annual report for the fiscal year
ended June 30, 1998. The financial statements included herein are unaudited, but
in the opinion of management include all adjustments necessary for a fair
presentation of the results of operations for the periods indicated.
 
UNDISTRIBUTED INCOME
 
     Undistributed income on September 30, 1998 includes $1,105,407 applicable
to the Trust and $738,294 applicable to Marine Petroleum Corporation, the
Trust's wholly-owned subsidiary. Distributions to unitholders are dependent on
the volume and price of oil and gas sold by others and will fluctuate from
quarter to quarter.
 
ACCOUNTS PAYABLE
 
     Marine Petroleum Corporation has provided an account payable of $628,250 to
cover possible refunds that may be required upon redetermination of gas prices
for royalty payments in prior periods. During the current quarter, Marine
Petroleum Corporation determined that $130,000 of the previously established
account payable was no longer required. Accordingly accounts payable was reduced
and oil and gas royalties was increased by $130,000.
 
                                        5
<PAGE>   7
 
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
 
FINANCIAL CONDITION -- LIQUIDITY AND CAPITAL RESOURCES
 
     The Trust is a "royalty trust" with overriding royalty interests in oil and
gas leases in the Gulf of Mexico. The Trust's indenture (and the charter and
by-laws of its subsidiary) expressly prohibit the operation of any kind of trade
or business. All royalties received by the Trust, less administrative expenses,
are distributed quarterly to unitholders. Since the Trust's sole purpose is to
collect and distribute cash collected from royalties, there are no requirements
for capital.
 
GENERAL
 
     Net income for the three months ended September 30, 1998 amounted to $.34
per unit which was down approximately 6% from the $.36 realized for the three
months ended September 30, 1997. Income from royalties increased approximately
10%, including the additional income referred to in the "Notes to Condensed
Consolidated Financial Statements." The Trust's equity in the income of
Tidelands Royalty Trust B decreased approximately 59% for the current three
months as compared to the comparable period a year ago.
 
     Distributions fluctuate from quarter to quarter. The amount of each
distribution is determined by the amount of cash available for distribution on
the date the distribution is determined. The amount of each distribution is
determined 10 days before the applicable record date.
 
     The following table presents the net production quantities of oil and gas
and net income and distributions per unit for the last five quarters.
 
<TABLE>
<CAPTION>
                                                                PRODUCTION
                                                          ----------------------    NET         CASH
QUARTER                                                   OIL(bbls)    GAS(mcf)    INCOME   DISTRIBUTION
-------                                                   ----------   ---------   ------   ------------
<S>                                                       <C>          <C>         <C>      <C>
September 30, 1997......................................    17,919      183,059     $.36        $.44
December 31, 1997.......................................    18,946      241,932      .47         .35
March 31, 1998..........................................    10,301      175,595      .34         .51
June 30, 1998...........................................    15,422      153,557      .32         .31
September 30, 1998......................................    12,844      223,920      .34         .33
</TABLE>
 
     The Trust's current fiscal year began on July 1, 1998. Since that date,
operators have completed five new development wells on leases in which the Trust
has an interest. One of the wells was not successful while four were completed
as either oil or gas producers. At the present time operators have nine
development wells in process and have identified five locations for development
wells to be drilled in the future. In addition to drilling operations on new
wells, the operators work over old wells by re-completing them in other
producing formations. Because operators do not report their drilling operations
to the Trust, the Trust must rely on public records for information regarding
drilling operations.
 
     The Trust's revenues are derived from the oil and 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
 
                                        6
<PAGE>   8
 
to the Trust's interest, the level of production over time from such wells and
the prices at which the oil and gas from such wells is sold. The Trust believes
that it will continue to have revenues sufficient to permit distributions to be
made to unitholders for the foreseeable future, although no assurance can be
made regarding the amounts thereof. The foregoing sentence is a forward-looking
statement. Factors that might cause actual results to differ from expected
results include reductions in prices or demand for oil and gas, which might then
lead to decreased production; reductions in production due to depletion of
existing wells or disruptions in service, including as the result of storm
damage to production facilities, blowouts or other production accidents, and
geological changes such as cratering of productive formations; expiration or
release of leases subject to the Trust's interests; and the discontinuation by
parties subject to the contract dated April 30, 1951 between Tidelands'
predecessors and Gulf Oil Corporation of their efforts to obtain leases in the
area that is subject to Tidelands' interests.
 
     Important aspects of the Trust's operations are conducted by third parties.
These include the production and sale of oil and gas and the calculation and
payment of royalties to the Trust, which are conducted by oil and gas companies
that lease tracts subject to the Trust's interests. Similarly, the Trust's
distributions are processed and paid by the Bank of New York. Any disruption of
the Trust's operations that results from Year 2000 problems of these third
parties could have a material adverse effect of the Trust. The Trust does not
have access to information that would permit it to determine the status on these
third parties' efforts to analyze and address Year 2000 issues. The Trust
intends to monitor these parties' public announcements and disclosure regarding
Year 2000 issues, and to seek direct assurances where appropriate, in an effort
to ensure that these parties address Year 2000 issues that could adversely
affect the Trust.
 
RESULTS OF OPERATIONS -- THREE MONTHS ENDED SEPTEMBER 30, 1998
 
     Net income for the quarter ended September 30, 1998 amounted to $685,780,
which was approximately 4% less than the $712,345 realized in the comparable
period of 1997.
 
     The volume of oil sold decreased approximately 28% over the comparable
period last year, and the average price per barrel of oil decreased to $13.95
per barrel from $17.64 a year ago.
 
     Natural gas volumes sold increased approximately 22% in the current period
from the comparable period last year. Natural gas volumes amounted to 223,920
mcf this period and were 183,059 mcf for the comparable period last year. The
average price realized increased $.21 to $2.47 from $2.26 a year ago. The
increase in the average price realized for natural gas resulted from an increase
in gas revenue due to the $130,000 reduction in the reserve created for possible
overpayment of royalties on gas in prior periods. Without this adjustment the
average price realized for natural gas during this quarter would have been
$1.89. There were no comparable adjustments in the prior year.
 
     Income from the equity interest in Tidelands decreased approximately 59% in
the current period over the comparable period last year. Tidelands reported a
44% decline in oil production and a 66% decline in natural gas production during
the quarter ended September 30, 1998.
 
     Marine Petroleum Corporation has entered into an agreement with NationsBank
to provide collection, accounting and reporting services with respect to its
overriding royalty properties. During the current quarter general and
administrative expense was increased by a one time set up fee of $19,000. This
item accounts for most of the increase in general and administrative expense in
the current quarter.
 
                                        7
<PAGE>   9
 
     The quantities of oil and gas sold and the average prices realized
(including the equity in Tidelands) for the three months ended September 30,
1998, and those realized in the comparable 1997 quarter, are presented in the
following table:
 
<TABLE>
<CAPTION>
                                                                1998       1997
                                                              --------    -------
<S>                                                           <C>         <C>
OIL
  Barrels sold..............................................    12,844     17,919
  Average price.............................................  $  13.95    $ 17.64
 
NATURAL GAS
  Mcf sold..................................................   223,920    183,059
  Average price.............................................  $   2.47    $  2.26
</TABLE>
 
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
 
     Not applicable.
 
                           PART II. OTHER INFORMATION
 
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
 
     (a) The following exhibits are included herein:
 
<TABLE>
<CAPTION>
        EXHIBIT
         NUMBER                             DESCRIPTION OF EXHIBIT
        -------                             ----------------------
<C>                      <S>
          27             -- Financial Data Schedule
</TABLE>
 
     (b) Current Reports on Form 8-K:
 
          None
 
                                        8
<PAGE>   10
 
                                   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
 
                                            NationsBank, N.A., Trustee
 
November 12, 1998                           By:      /s/ JANE J. SHEA
                                              ----------------------------------
                                                         Jane J. Shea
                                                        Vice President
 
November 12, 1998                                    /s/ R. RAY BELL
                                            ------------------------------------
                                                Principal Accounting Officer
 
                                        9
<PAGE>   11
                               INDEX TO EXHIBITS


<TABLE>
<CAPTION>
EXHIBIT
  NO.                   ITEM
-------                 ----
  <S>          <C>
  27           Financial Data Schedule
</TABLE>