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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, 2005 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 0-8565 Marine Petroleum Trust  Texas
(State or other jurisdiction
of incorporation or organization)
    
    75-6008017
(I.R.S. Employer
Identification No.)
 Bank of America, N.A.
P.O. Box 830650, Dallas, Texas
(Address of principal executive offices)
    
    75283-0650
(Zip Code)
 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. þ o
 Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule
12b-2 of the Exchange Act). o þ
 Indicate number of units of beneficial interest outstanding as of the latest practicable date:
As of May 13, 2005, we had 2,000,000 units of beneficial interest outstanding.




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MARINE PETROLEUM TRUST INDEX Page
NumberPART I. FINANCIAL INFORMATIONItem 1. Financial Statements (Unaudited)
    
    
    1Condensed Consolidated Balance Sheets as of March 31, 2005 and June 30, 2004
    
    
    1Condensed Consolidated Statements of Income and Undistributed Income for the Three Months and Nine
Months Ended March 31, 2005 and 2004
    
    
    2Condensed Consolidated Statements of Cash Flows for the Nine Months Ended March 31, 2005
and 2004
    
    
    3Notes to Condensed Consolidated Financial Statements
    
    
    4Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    5Item 3. Quantitative and Qualitative Disclosures About Market Risk
    
    
    9Item 4. Controls and Procedures
    
    
    9PART II. OTHER INFORMATIONItem 6.Exhibits
    
    
    10Certification of Principal Accounting Officer Pursuant to Section 302Certification of Corporate Trustee Pursuant to Section 302Certification of Principal Accounting Officer Pursuant to Section 906Certification of Corporate Trustee Pursuant to Section 906




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PART I. FINANCIAL INFORMATION 
 Item 1.Financial Statements MARINE PETROLEUM TRUST AND SUBSIDIARY 
 CONDENSED CONSOLIDATED BALANCE SHEETS
March 31, 2005 and June 30, 2004 (Unaudited)
 March 31,
    
    
    June 30,2005
    
    
    2004ASSETSCurrent Assets:Cash and cash equivalents
    
    $
    1,422,090
    
    
    $
    1,202,855Oil and gas royalties receivable
    
    
    403,320
    
    
    
    965,995Receivable from affiliate
    
    
    179,262
    
    
    
    70,419State and federal taxes refundable
    
    
    
    
    
    
    578Interest receivable
    
    
    4,301
    
    
    
    2,134Total current assets
    
    $
    2,008,973
    
    
    $
    2,241,981Investment in U.S. Treasury and agency bonds
    
    
    200,000
    
    
    
    304,606Investment in affiliate
    
    
    480,797
    
    
    
    367,210Office equipment, at cost less accumulated depreciation
    
    
    2,400
    
    
    
    2,400Producing oil and gas properties
    
    
    7
    
    
    
    7$
    2,692,177
    
    
    $
    2,916,204LIABILITIES AND TRUST EQUITYCurrent Liabilities  Federal income taxes payable
    
    $
    950
    
    
    $
    Trust Equity:Corpus  authorized 2,000,000 units of
beneficial interest,
issued 2,000,000 units at nominal value
    
    
    8
    
    
    
    8Undistributed income
    
    
    2,691,219
    
    
    
    2,916,196Total trust equity
    
    
    2,691,227
    
    
    
    2,916,204$
    2,692,177
    
    
    $
    2,916,204
 See accompanying notes to condensed consolidated financial statements. 1




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MARINE PETROLEUM TRUST AND SUBSIDIARY 
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
AND UNDISTRIBUTED INCOME
  For the Three Months and Nine Months Ended March 31, 2005 and 2004
 (Unaudited)
 Three Months Ended
    
    
    Nine Months EndedMarch 31,
    
    
    March 31,2005
    
    
    2004
    
    
    2005
    
    
    2004Income:Oil and gas royalties
    
    $
    1,014,572
    
    
    $
    609,111
    
    
    $
    2,948,004
    
    
    $
    3,126,373Equity in earnings of affiliate
    
    
    210,104
    
    
    
    70,578
    
    
    
    465,808
    
    
    
    235,089Interest income
    
    
    8,200
    
    
    
    3,896
    
    
    
    18,396
    
    
    
    20,1861,232,876
    
    
    
    683,585
    
    
    
    3,432,208
    
    
    
    3,381,648Expenses:General and administrative
    
    
    65,369
    
    
    
    68,524
    
    
    
    165,697
    
    
    
    182,188Income before Federal income taxes
    
    
    1,167,507
    
    
    
    615,061
    
    
    
    3,266,511
    
    
    
    3,199,460Federal income taxes of subsidiary
    
    
    950
    
    
    
    
    
    
    
    950
    
    
    
    475Net income
    
    
    1,166,557
    
    
    
    615,061
    
    
    
    3,265,561
    
    
    
    3,198,985Undistributed income at beginning of
period
    
    
    2,608,157
    
    
    
    3,285,072
    
    
    
    2,916,196
    
    
    
    3,779,3513,774,714
    
    
    
    3,900,133
    
    
    
    6,181,757
    
    
    
    6,978,336Distributions to unitholders
    
    
    (1,083,495
    )
    
    
    (1,113,789
    )
    
    
    (3,490,538
    )
    
    
    (4,191,992
    )Undistributed income at end of period
    
    $
    2,691,219
    
    
    $
    2,786,344
    
    
    $
    2,691,219
    
    
    $
    2,786,344Net income per unit
    
    $
    0.58
    
    
    $
    0.31
    
    
    $
    1.63
    
    
    $
    1.60Distributions per unit
    
    $
    0.54
    
    
    $
    0.56
    
    
    $
    1.75
    
    
    $
    2.10
 2




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MARINE PETROLEUM TRUST AND SUBSIDIARY 
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Nine Months Ended March 31, 2005 and 2004 (Unaudited)
 Nine Months EndedMarch 31,2005
    
    
    2004Cash flows from operating activities:Net income
    
    $
    3,265,561
    
    
    $
    3,198,985Adjustments to reconcile net income to net cash provided
by operating activities:Equity in undistributed earnings of affiliate
    
    
    (113,587
    )
    
    
    34,259Amortization of premium
    
    
    4,606
    
    
    
    9,521Change in assets and liabilities:Oil and gas royalties receivable
    
    
    562,675
    
    
    
    298,590Receivable from affiliate
    
    
    (108,843
    )
    
    
    66,314State and federal taxes refundable
    
    
    578
    
    
    
    Interest receivable
    
    
    (2,167
    )
    
    
    (3,655
    )Accounts payable
    
    
    950
    
    
    
    475Net cash provided by operating activities
    
    
    3,609,773
    
    
    
    3,604,489Cash flows from investing activitiesInvestment in U.S. agency bonds
    
    
    
    
    
    
    (201,049
    )Proceeds from sale of U.S. agency bonds
    
    
    100,000
    
    
    
    200,000Net cash provided by (used in) investing activities
    
    
    100,000
    
    
    
    (1,049
    )Cash flows from financing activitiesdistributions to unitholders
    
    
    (3,490,538
    )
    
    
    (4,191,992
    )Net increase (decrease) in cash and cash equivalents
    
    
    219,235
    
    
    
    (588,552
    )Cash and cash equivalents at beginning of period
    
    
    1,202,855
    
    
    
    1,334,059Cash and cash equivalents at end of period
    
    $
    1,422,090
    
    
    $
    745,507
 See accompanying notes to condensed consolidated financial statements. 3




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MARINE PETROLEUM TRUST AND SUBSIDIARY 
 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS March 31, 2005
(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, 2004. 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 nine
months ended March 31, 2005 are not necessarily indicative of the results that may be expected for
the fiscal year ending June 30, 2005. 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 Corporation and the well head price for
natural gas as reported by the Energy Information Agency, a division of the U.S. Department of
Energy 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, (iv) dividends paid by MPC, less (v) 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 MPCs Board of Directors declares a
dividend out of the retained earnings. Beginning in the first quarter of 2004 the Board of
Directors of MPC has declared quarterly dividends equal to 2% of overriding royalties collected
each quarter. On March 31, 2005, undistributed income of the Trust and MPC amounted to $1,785,719
and $905,500, respectively. 4




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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 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 64 leases covering
239,208 gross acres located in the Gulf of Mexico. 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. Tidelands has an overriding royalty interest in seven leases covering
27,948 gross acres located in the Gulf of Mexico. 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s 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 royalties monthly, pays administration expenses, and disburses all net royalties
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 well head price for natural gas
as reported by the Energy Information Agency, a division of the U.S. Department of Energy for the
period under report. We did not have any changes in our critical accounting policies or in our significant
accounting estimates during the nine months ended March 31, 2005. Please see our annual report on
Form 10-K for the year ended June 30, 2004 for a detailed discussion of our critical accounting
policies. 5




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General The Trust realized 55% of its revenue from the sale of oil and 45% from the sale of natural
gas during the nine months ended March 31, 2005. Revenue includes estimated royalties of oil and
natural gas produced but not paid. 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 nine months ended March 31, 2005 increased approximately 2% to $1.63 per
unit as compared to $1.60 per unit for the comparable period in 2004. Oil production for the nine
months ended March 31, 2005 decreased approximately 9,000 barrels and natural gas production
decreased approximately 153,000 mcf from the levels realized in the comparable period in 2004. For
the nine months ended March 31, 2005 the average price realized for a barrel of oil increased
$15.13 over the price realized in the comparable period in 2004 and the average price realized for
a thousand cubic feet (mcf) of natural gas increased $1.49 over the price realized in the
comparable period in 2004. Distributions to unitholders amounted to $1.75 per unit for the nine months ended March 31,
2005, a decrease of approximately 17% over the $2.10 distribution for the comparable period in
2004. 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 25 drilling and workover
operations were conducted successfully during the nine months ended March 31, 2005 on leases in
which the Trust has an interest. There are approximately 380 wells subject to the Trusts
overriding royalty interest that are listed as active oil or natural gas wells on the records of
the Minerals Management Service. 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. Production (1)Natural
    
    
    Net
    
    CashQuarter
    
    Oil (bbls)
    
    
    Gas (mcf)
    
    
    Income
    
    DistributionMarch 31, 2004(2)
    
    
    7,049
    
    
    
    68,638
    
    
    .31
    
    .56June 30, 2004
    
    
    17,074
    
    
    
    113,173
    
    
    .60
    
    .53September 30, 2004
    
    
    11,762
    
    
    
    100,176
    
    
    .55
    
    .64December 31, 2004
    
    
    14,375
    
    
    
    41,003
    
    
    .50
    
    .56March 31, 2005
    
    
    9,633
    
    
    
    67,482
    
    
    .58
    
    .54
   (1)
    
    Excludes the Trusts equity interest in Tidelands.(2)
    
    Due to accelerated payments received from Chevron Corporation in December 2003
approximately 3,500 barrels of oil and 26,000 mcf of natural gas were realized in the quarter
ended December 31, 2003 that would normally have been realized in the quarter ended March 31,
2004. As a result of this acceleration $0.13 net income per unit was realized in the quarter
ended December 31, 2003 that would normally have been realized in the quarter ended March 31,
2004. 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 6




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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 8. 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. 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 Mellon Investor Services LLC as the agent for the trustee
of the Trust. Results of OperationsThree Months Ended March 31, 2005 and 2004 Net income increased 90% to approximately $1,200,000 for the three months ended March 31,
2005, from approximately $615,000 realized for the comparable three months in 2004. The Trusts revenue is dependent on the operations of the working interest owners of the
leases burdened with the Trusts overriding royalty interest. The only obligation of the working
interest owners to the Trust is to make monthly overriding royalty payments of the Trusts interest
in the oil and natural gas sold. The volume of oil and gas produced and its selling price are
primary factors in the calculation of overriding royalty payments. Production is affected by the
declining capability of the producing wells, the number of new wells drilled, the number of
existing wells re-worked and placed back in production. The Trust has experienced a steady decline
in the volume of oil and natural gas produced from the wells subject to the Trusts overriding
royalty interest. In the current three month period oil production increased 37% and natural gas
production declined 2% from the levels realized in the comparable three months a year ago.
Production from existing wells is anticipated to decrease in the future due to normal well
depletion. The Trust has no input with the operators regarding future drilling operations which
could impact the Trusts future oil and natural gas production. Revenue from oil royalties, excluding the Trusts equity interest in Tidelands, for the three
months ended March 31, 2005 increased 104% to approximately $490,000, from approximately $240,000
realized for the comparable three months in 2004. There was a 37% increase in production and a 49%
increase in the price realized. Revenue from natural gas royalties, excluding the Trusts equity interest in Tidelands,
increased 42% to approximately $525,000 from approximately $370,000 for the comparable three months
in 2004. There was a 2% decrease in production and a 45% increase in the price realized. Due to accelerated payments received from Chevron Corporation in December 2003, approximately
3,500 barrels of oil and 26,000 mcf of natural gas were realized in the quarter ended December 31,
2003 that would normally have been realized in the quarter ended March 31, 2004. As a result of
this acceleration, $0.13 net income per unit was realized in the quarter ended December 31, 2003
that would normally have been realized in the quarter ended March 31, 2004. Income from the Trusts equity in Tidelands increased approximately 198% for the three months
ended March 31, 2005, as compared to the comparable three months of 2004. This increase is
primarily due to commencement of production from a new well on West Cameron Block 165. 7




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The following table presents the quantities of oil and natural gas sold and the average price
realized from current operations for the three months ended March 31, 2005, and those realized in
the comparable three months in 2004, excluding the Trusts equity interest in Tidelands. Three Months Ended March 31,2005
    
    
    2004OILBarrels sold
    
    
    9,633
    
    
    
    7,049Average price
    
    $
    50.85
    
    
    $
    34.07NATURAL GASMcf sold
    
    
    67,482
    
    
    
    68,638Average price
    
    $
    7.78
    
    
    $
    5.38
 Results of OperationsNine Months Ended March 31, 2005 and 2004 Net income increased 2% to approximately $3,266,000 for the nine months ended March 31, 2005,
from approximately $3,199,000 realized for the comparable nine months in 2004. The Trusts revenue is dependent on the operations of the working interest owners of the
leases burdened with the Trusts overriding royalty interest. The only obligation of the working
interest owners to the Trust is to make monthly overriding royalty payments of the Trusts interest
in the oil and natural gas sold. The volume of oil and gas produced and its selling price are
primary factors in the calculation of overriding royalty payments. Production is affected by the
declining capability of the producing wells, the number of new wells drilled, the number of
existing wells re-worked and placed back in production. The Trust has experienced a steady decline
in the volume of oil and natural gas produced from the wells subject to the Trusts overriding
royalty interest. In the current nine month period oil production declined 21% and natural gas
production declined 42% from the levels realized in the comparable nine months a year ago.
Production from existing wells is anticipated to continue to decrease in the future due to normal
well depletion. The Trust has no input with the operators regarding future drilling operations
which could impact the Trusts future oil and natural gas production. Revenue from oil royalties, excluding the Trusts equity interest in Tidelands, for the nine
months ended March 31, 2005 increased 20% to approximately $1,610,000, from approximately
$1,347,000 realized for the comparable nine months in 2004. There was a 21% decrease in production
and a 51% increase in the price realized. Revenue from natural gas royalties, excluding the Trusts equity interest in Tidelands,
decreased 25% to approximately $1,338,000 from approximately $1,779,000 for the comparable nine
months in 2004. There was a 42% decrease in production and a 30% increase in the price realized. Income from the Trusts equity in Tidelands increased approximately 98% for the nine months
ended March 31, 2005, as compared to the comparable nine months of 2004. This increase is primarily
due to commencement of production from a new well on West Cameron Block 165. The following table presents the quantities of oil and natural gas sold and the average price
realized from current operations for the nine months ended March 31, 2005, and those realized in
the comparable nine months in 2004, excluding the Trusts equity interest in Tidelands. Nine Months Ended March 31,2005
    
    
    2004OILBarrels sold
    
    
    35,770
    
    
    
    45,084Average price
    
    $
    45.00
    
    
    $
    29.87NATURAL GASMcf sold
    
    
    208,661
    
    
    
    361,698Average price
    
    $
    6.41
    
    
    $
    4.92
 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 8




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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. 
 Item 3.Quantitative and Qualitative Disclosures About Market Risk As described elsewhere herein, the Trusts only function is to collect overriding royalties
from leases operated by others and distribute those royalties to its unitholders after paying the
cost of collection and administration. The Trusts income is highly dependent on the prices
realized from the sale of oil and natural gas. Oil and natural gas prices have historically
experienced significant volatility. The Trust does not attempt to manage its commodity price risk
through the use of fixed price contracts or financial derivatives. Due to the short span of time between receipts and disbursements, cash held by the Trust is
held in a non-interest bearing trust account. Oil and natural gas royalties received by MPC prior to payment of the 98% net profits interest
are held in money market accounts that invest in U.S. Treasury securities and are considered not at
risk. The retained earnings of MPC are held in either money market accounts or U.S. Treasury or
agency securities to be held to maturity. Funds held in money market accounts and U.S. Treasury
securities that mature in less than one year are considered not at risk. 
 Item 4.Controls and Procedures As of the end of the period covered by this report, the Trustee carried out an evaluation of
the effectiveness of the design and operation of the Trusts disclosure controls and procedures
pursuant to Exchange Act Rules 13a-15 and 15d-15. Based upon that evaluation, the Trustee concluded
that the Trusts disclosure controls and procedures are effective in timely alerting the Trustee to
material information relating to the Trust required to be included in the Trusts periodic filings
with the Securities and Exchange Commission. There has not been any change in the Trusts internal
control over financial reporting during the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the Trusts internal control over financial
reporting. 9




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PART II. OTHER INFORMATION 
 Item 6.Exhibits 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.
 10




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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
 May 13, 2005
    By:
    /s/ RON E. HOOPERRon E. HooperSenior Vice President May 13, 2005
    By:
    /s/ R. RAY BELLR. Ray BellPrincipal Accounting Officer 11




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Marine Petroleum Trust
c/o Bank of America, N.A.
P.O. Box 830650
Dallas, Texas 75283-0650 12