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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 December 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
    
    75-6008017(State or other jurisdiction
    
    (I.R.S. Employerof incorporation or organization)
    
    Identification No.)c/o The Corporate Trustee:U.S. Trust, Bank of America Private Wealth ManagementP. O. Box 830650, Dallas, Texas
    
    75283-0650(Address of principal executive offices)
    
    (Zip Code)
 (800) 985-0794
 
 
  þ o
  o o
  Large accelerated filer o
    
    Accelerated filer o
    
    Non-accelerated filer o
    
    Smaller reporting company þ(Do not check if a smaller reporting company)
  o þ




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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 December 31, 2010 and
June 30, 2010
    
    
    1Condensed Consolidated Statements of Distributable Income for the Three and Six Months Ended
December 31, 2010 and 2009
    
    
    2Consolidated Statements of Changes in Trust Corpus for the Six Months Ended
December 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 4. Controls and Procedures
    
    
    10PART II. OTHER INFORMATIONItem 1A. Risk Factors
    
    
    12Item 6. Exhibits
    
    
    12EX-31.1EX-32.1




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##### Table of Contents



PART I. FINANCIAL INFORMATION
 
 Item 1.
    
    Financial Statements
 MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 CONSOLIDATED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS
As of December 31, 2010 and June 30, 2010
 ASSETS
 December 31,
    
    
    June 30,2010
    
    
    2010(Unaudited)
    
    
    (Audited)Current assets:Cash and cash equivalents
    
    $
    1,171,345
    
    
    $
    1,143,454Federal income taxes refundable
    
    
    14,425
    
    
    
    14,425Producing oil and gas properties
    
    
    7
    
    
    
    7Total assets
    
    $
    1,185,777
    
    
    $
    1,157,886LIABILITIES 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
    
    $
    1,185,777
    
    
    $
    1,157,886$
    1,185,777
    
    
    $
    1,157,886
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##### Table of Contents



MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 CONDENSED CONSOLIDATED STATEMENTS OF DISTRIBUTABLE INCOME
For the Three and Six Months Ended December 31, 2010 and 2009
(Unaudited)
 Three Months Ended
    
    
    Six Months EndedDecember 31,
    
    
    December 31,2010
    
    
    2009
    
    
    2010
    
    
    2009Income:Oil and gas royalties
    
    $
    630,929
    
    
    $
    476,875
    
    
    $
    1,244,395
    
    
    $
    925,431Oil and gas royalties from affiliate
    
    
    124,255
    
    
    
    185,224
    
    
    
    323,484
    
    
    
    434,083Interest income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    11Total income
    
    $
    755,184
    
    
    $
    662,099
    
    
    $
    1,567,879
    
    
    $
    1,359,525Expenses:General and administrative
    
    $
    55,657
    
    
    $
    86,346
    
    
    $
    101,768
    
    
    $
    154,586Distributable income before Federal
income taxes
    
    
    699,527
    
    
    
    575,754
    
    
    
    1,466,111
    
    
    
    1,204,938Federal income taxes of subsidiary
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Distributable income
    
    $
    699,527
    
    
    $
    575,754
    
    
    $
    1,466,111
    
    
    $
    1,204,938Distributable income per unit
    
    $
    0.35
    
    
    $
    0.29
    
    
    $
    0.73
    
    
    $
    0.60Distributions per unit
    
    $
    0.34
    
    
    $
    0.32
    
    
    $
    0.72
    
    
    $
    0.57Units outstanding
    
    
    2,000,000
    
    
    
    2,000,000
    
    
    
    2,000,000
    
    
    
    2,000,000
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MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 CONSOLIDATED STATEMENTS OF CHANGES IN TRUST CORPUS
For the Six Months Ended December 31, 2010 and 2009
(Unaudited)
 Six Months EndedDecember 31,2010
    
    
    2009Trust corpus, beginning of period
    
    $
    1,157,886
    
    
    $
    1,053,282Distributable income
    
    
    1,466,111
    
    
    
    1,204,938Distributions to unitholders
    
    
    1,438,220
    
    
    
    1,137,651Trust corpus, end of period
    
    $
    1,185,777
    
    
    $
    1,120,569
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MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
December 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.
 Financial Statements of Royalty Trusts
 Note 3. Distributable Income
 th th
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Note 4. Subsequent Event
  Note 5. Investment in Affiliate  Tidelands Royalty Trust B
   TIDELANDS CONSOLIDATED STATEMENTS OF DISTRIBUTABLE INCOME
 Three
    
    
    Three
    
    
    SixMonths
    
    
    Months
    
    
    MonthsEnded
    
    
    Ended
    
    
    EndedSeptember 30,
    
    
    December 31,
    
    
    December 31,2010
    
    
    2009
    
    
    2009Income
    
    $
    413,669
    
    
    $
    533,499
    
    
    $
    1,326,804Expenses
    
    
    65,017
    
    
    
    61,237
    
    
    
    128,056Distributable
income before
Federal
income taxes
    
    
    348,652
    
    
    
    472,262
    
    
    
    1,198,748Federal income
taxes of Tidelands
subsidiary
    
    
    
    
    
    
    
    
    
    
    3,800Distributable income
    
    $
    348,652
    
    
    $
    472,262
    
    
    $
    1,194,948
  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
 Financial Statements of Royalty
Trusts
  General
   7




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Summary of Operating Results
     Net Production Quantities(1)Natural
    
    Distributable
    
    DistributionQuarter Ended
    
    Oil (bbls)
    
    Gas (mcf)
    
    Income Per Unit
    
    Per UnitSeptember 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
    
    
    $
    0.32June 30, 2010
    
    
    5,031
    
    
    
    30,357
    
    
    $
    0.35
    
    
    $
    0.38September 30, 2010
    
    
    5,592
    
    
    
    34,536
    
    
    $
    0.38
    
    
    $
    0.37December 31, 2010
    
    
    5,783
    
    
    
    35,475
    
    
    $
    0.35
    
    
    $
    0.34
 
 (1)
    
    Excludes the Trusts interest in Tidelands. Results of OperationsThree Months Ended December 31, 2010 and 2009
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Three Months Ended December 31,2010
    
    2009(Unaudited)
    
    (Unaudited)
    
    % ChangeOilBarrels sold
    
    
    5,783
    
    
    
    5,352
    
    
    
    8
    %Average price
    
    $
    78.12
    
    
    $
    69.41
    
    
    
    13
    %Natural gasMcf sold
    
    
    35,475
    
    
    
    30,833
    
    
    
    15
    %Average price
    
    $
    5.05
    
    
    $
    3.42
    
    
    
    48
    %
  Results of OperationsSix Months Ended December 31, 2010 and 2009
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Six Months Ended December 31,2010
    
    2009(Unaudited)
    
    (Unaudited)
    
    % ChangeOilBarrels sold
    
    
    11,375
    
    
    
    10,347
    
    
    
    10
    %Average price
    
    $
    78.68
    
    
    $
    64.70
    
    
    
    22
    %Natural gasMcf sold
    
    
    70,011
    
    
    
    66,907
    
    
    
    5
    %Average price
    
    $
    4.99
    
    
    $
    3.83
    
    
    
    30
    %
  Forward-Looking Statements
  Website
  
 Item 3. Quantitative and Qualitative Disclosures About Market Risk
  
 Item 4. Controls and Procedures
 Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures
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Changes in Internal Control Over Financial Reporting
  11




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PART II. OTHER INFORMATION
 
 Item 1A. Risk Factors
  
 Item 6. Exhibits
  31.1
    
    Certification of the Corporate Trustee pursuant to Section 302
of the Sarbanes-Oxley Act of 2002.32.1
    
    Certification of the Corporate Trustee pursuant to Section 906
of the Sarbanes-Oxley Act of 2002.
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SIGNATURES
  MARINE PETROLEUM TRUST
U.S. Trust, Bank of America Private Wealth
Management, TrusteeFebruary 14, 2011
    By:
    /s/ Ron E. HooperRon E. HooperSenior Vice President 13