<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, 2002

                                       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 number of units of beneficial interest outstanding as of the
           latest practicable date: As of September 30, 2002, 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>
ITEM 1. FINANCIAL STATEMENTS (Unaudited) ....................................................          2

Condensed Consolidated Balance Sheets September 30, 2002 and June 30, 2002 ..................          2

Condensed Consolidated Statements of Income for the Three Months Ended
     September 30, 2002 and 2001 ............................................................          3

Condensed Consolidated Statements of Cash Flows for the Three Months Ended
     September 30, 2002 and 2001 ............................................................          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

ITEM 4. CONTROLS AND PROCEDURES .............................................................         10

                           PART II. OTHER INFORMATION

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K ....................................................         11

Signatures ..................................................................................         12
</Table>



<PAGE>


                          PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS


                      MARINE PETROLEUM TRUST AND SUBSIDIARY

                      CONDENSED CONSOLIDATED BALANCE SHEETS
                      SEPTEMBER 30, 2002 AND JUNE 30, 2002
                                   (UNAUDITED)


<Table>
<Caption>
                                     ASSETS
                                                            SEPTEMBER 30,        JUNE 30,
                                                                2002              2002
                                                            -------------     -------------
<S>                                                         <C>               <C>
Current Assets:
    Cash and cash equivalents .........................     $   1,051,086     $     920,943
    Oil and gas royalties receivable ..................           875,484         1,026,141
    Receivable from affiliate .........................            88,698            54,709
    Federal income taxes refundable ...................             8,953            15,930
    Interest receivable ...............................            13,335             4,240
                                                            -------------     -------------
       Total current assets ...........................     $   2,037,556     $   2,021,963
                                                            -------------     -------------
Investment in U.S. Treasury and agency bonds ..........           722,947           725,793
Investment in affiliate ...............................           358,459           348,028
Office equipment, at cost less accumulated depreciation             2,400             2,400
Producing oil and gas properties ......................                 7                 7
                                                            -------------     -------------
                                                            $   3,121,369     $   3,098,191
                                                            =============     =============

                          LIABILITIES AND TRUST EQUITY

Current Liability - Accounts payable ..................     $         379     $          --
                                                            -------------     -------------
Trust Equity:

    Corpus - authorized 2,000,000 units of beneficial
      interest, issued 2,000,000 units at nominal
      value ...........................................                 8                 8


    Undistributed income ..............................         3,120,982         3,098,183
                                                            -------------     -------------
       Total trust equity .............................         3,120,990         3,098,191
                                                            -------------     -------------
                                                            $   3,121,369     $   3,098,191
                                                            =============     =============
</Table>



     See accompanying notes to condensed consolidated financial statements.




                                       2
<PAGE>





                      MARINE PETROLEUM TRUST AND SUBSIDIARY
                   CONDENSED CONSOLIDATED STATEMENT OF INCOME

             FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
                                   (UNAUDITED)


<Table>
<Caption>
                                                             THREE MONTHS
                                                     ---------------------------
                                                         2002            2001
                                                     -----------     -----------
<S>                                                  <C>             <C>
       Income:
           Oil and gas royalties ...............     $ 1,051,410     $ 1,393,790
           Equity in earnings of affiliate .....          87,800          77,479
           Interest income .....................          10,963          23,524
                                                     -----------     -----------
                                                       1,150,173       1,494,793

       General and administrative expenses .....          37,010          44,011
                                                     -----------     -----------
           Income before Federal income taxes ..       1,113,163       1,450,782
       Federal income taxes of subsidiary ......           7,000           2,430
                                                     -----------     -----------
           Net income ..........................       1,106,163       1,448,352

       Undistributed income at beginning of year       3,098,183       3,855,683
                                                     -----------     -----------
                                                       4,204,346       5,304,035
       Distributions to unitholders ............       1,083,364       2,268,214
                                                     -----------     -----------
       Undistributed income at end of year .....     $ 3,120,982     $ 3,035,821
                                                     ===========     ===========

       Net income per unit .....................     $      0.55     $      0.72
                                                     ===========     ===========

       Distributions per unit ..................     $      0.54     $      1.13
                                                     ===========     ===========
</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, 2002 AND 2001
                                   (UNAUDITED)


<Table>
<Caption>
                                                                                 2002             2001
                                                                              -----------      -----------
<S>                                                                           <C>              <C>
Cash flows from operating activities:
    Net income ..........................................................     $ 1,106,163      $ 1,448,352

    Adjustments to reconcile net income to net cash provided by operating
      activities:
      Equity in undistributed (earnings) loss of affiliate ..............         (10,431)          15,187
      Change in assets and liabilities:
          Oil and gas royalties receivable ..............................         150,657          282,980
          Receivable from affiliate .....................................         (33,989)          64,378
          Federal income taxes refundable ...............................           6,977               --
          Interest receivable ...........................................          (9,095)              --
          Accounts payable ..............................................             379               --
          Income taxes payable ..........................................              --           (2,570)
                                                                              -----------      -----------
             Net cash provided by operating activities ..................       1,210,661        1,808,327
                                                                              -----------      -----------
Cash flows from investing activities:
      Investment in U.S. Treasury and agency bonds ......................           2,846               --
      Purchase of office equipment ......................................              --           (1,845)
                                                                              -----------      -----------
          Net cash provided by (used in) investing activities ...........           2,846           (1,845)
                                                                              -----------      -----------
Cash flows from financing activities--
      Distributions to unitholders ......................................      (1,083,364)      (2,268,214)
                                                                              -----------      -----------

      Net increase (decrease) in cash and cash equivalents ..............         130,143         (461,732)

Cash and cash equivalents at beginning of period ........................         920,943        2,515,239
                                                                              -----------      -----------

Cash and cash equivalents at end of period ..............................     $ 1,051,086      $ 2,053,507
                                                                              ===========      ===========
</Table>


     See accompanying notes to condensed consolidated financial statements.





                                       4
<PAGE>


                      MARINE PETROLEUM TRUST AND SUBSIDIARY

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                               SEPTEMBER 30, 2002
                                   (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, 2002. 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, 2002 are not necessarily
indicative of the results that may be expected for the year ending June 30,
2003.

         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 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, and (iv) less 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, 2002, undistributed income of the
Trust and MPC amounted to $2,122,343 and $998,639, respectively.




                                       5
<PAGE>


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 thereto 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 expenses of administration, 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 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,
2002. Please see our annual report on Form 10-K for the year ended June 30, 2002
for a detailed discussion of our critical accounting policies.

GENERAL

         The Trust realized 66% of its revenue from the sale of oil and 34% from
the sale of natural gas. 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


                                       6
<PAGE>

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, 2002, declined
approximately 24% to $0.55 per unit as compared to $0.72 per unit for the
comparable three months in 2001. Oil production for the three months ended
September 30, 2002, decreased approximately 1,600 barrels and natural gas
production decreased approximately 83,000 mcf. The average price received for a
barrel of oil declined $0.85, or 3%, and the average price received for a
thousand cubic feet (mcf) of natural gas declined $0.22, or 7%.

         Distributions to unitholders amounted to $0.54 per unit for the three
months ended September 30, 2002, a decrease of 52% from the distribution for the
three months ended September 30, 2001.

         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 seven drilling and workover operations were conducted successfully
during the three months ended September 30, 2002, on leases in which the Trust
has an interest. In the comparable period a year ago there were eight drilling
and workover operations reported. The Trust receives royalty payments on the
sale of oil and natural gas from approximately 375 wells.

         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, 2001 ...       29,748          211,925              .72             1.13
         December 31, 2001 ....       25,314          150,434              .49              .72
         March 31, 2002 .......       26,159          160,506              .47              .49
         June 30, 2002 ........       32,203          226,906              .74              .46
         September 30, 2002 ...       28,136          129,252              .55              .54
</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
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 natural gas, which might then lead to decreased
production; reductions in production due to depletion of existing wells or
disruptions in service, including 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.

         Important aspects of the Trust's operations are conducted by third
parties. These include the production and sale of oil and natural gas and the
calculation of royalty payments to the Trust, which are conducted by oil and
natural 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 as the agent for the trustee of the Trust.


                                       7
<PAGE>


RESULTS OF OPERATIONS--THREE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001

         Net income decreased 24% to approximately $1,106,000 for the three
months ended September 30, 2002, from approximately $1,448,000 realized for the
comparable three months in 2001. The quantity of oil and natural gas produced
decreased during the three months ended September 30, 2002 as compared to the
three months ended September 30, 2001. The average prices realized for oil and
natural gas decreased for the three months ended September 30, 2002 as compared
to the three months ended September 30, 2001.

         Revenue from oil royalties (excluding the Trust's equity interest in
Tidelands) decreased 8% to approximately $693,000 for the three months ended
September 30, 2002, from approximately $757,000 realized for the comparable
three months in 2001. As shown in the table below, the decrease in production
quantities, and a 3% decline in the average price realized resulted in reduced
royalties from oil for the three months ended September 30, 2002.

         Revenue from natural gas royalties, excluding the Trust's equity
interest in Tidelands, decreased 44% to approximately $359,000 for the three
months ended September 30, 2002, from approximately $636,000 for the comparable
three months in 2001. As shown in the table below, decreases in production and
price for natural gas for the three months ended September 30, 2002 resulted in
reduced royalties for the quarter.

         Income from the Trust's equity in Tidelands increased approximately 13%
for the three months ended September 30, 2002 from the comparable period in 2001
due to an increase in Tidelands' revenue from oil and natural gas.

         The quantities of oil and natural gas sold and the average prices
realized from current operations for the three months ended September 30, 2002,
and those realized in the comparable three months in 2001, excluding the Trust's
equity interest in Tidelands, are presented in the following table:

<Table>
<Caption>
                                                                               2002            2001
                                                                             --------        --------
         <S>                                                                 <C>             <C>
         OIL
             Barrels sold..........................................            28,136          29,748
             Average price.........................................          $  24.61        $  25.46

         NATURAL GAS
             Mcf sold...............................................          129,252         211,925
             Average price...........................................        $   2.78        $   3.00

</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.

         Extraordinary weather conditions in the Gulf of Mexico interrupted
production and affected all offshore Gulf leases from late September until
mid-October, which may decrease the Trust's revenue for the quarter ending
December 31, 2002 and cash flow for the first quarter of 2003. The Trust is
unable to predict the effect this extraordinary weather may have on production
or on the Trust's cash flow.




                                       8
<PAGE>


ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

         Not applicable.



                                       9
<PAGE>


ITEM 4. CONTROLS AND PROCEDURES

         Not applicable.



                                       10
<PAGE>



                           PART II. OTHER INFORMATION

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

         (a)      The following exhibits are included herein:

<Table>
<S>               <C>
99.1              Certification of the Principal Accounting Officer pursuant to
                  Section 906 of the Sarbanes-Oxley Act of 2002.

99.2              Certification of the Corporate Trustee pursuant to Section 906
                  of the Sarbanes-Oxley of Act of 2002.
</Table>

         (b)      Current Reports on Form 8-K:

                  Current report on Form 8-K dated and filed September 30, 2002,
                  pursuant to Item 9. furnishing the certifications of the
                  Trustee and the Principal Accounting Officer.



                                       11
<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 14, 2002                        By:   /s/ RON E. HOOPER
                                               --------------------------------
                                                       Ron E. Hooper
                                                   Senior Vice President


November 14, 2002                        By:    /s/ R. RAY BELL
                                               --------------------------------
                                                       R. Ray Bell
                                                Principal Accounting Officer



                                       12
<PAGE>



                                 CERTIFICATIONS

I, R. Ray Bell, certify that:

1.   I have reviewed this quarterly report on Form 10-Q of Marine Petroleum
     Trust;

2.   Based on my knowledge, this quarterly report does not contain any untrue
     statement of a material fact or omit to state a material fact necessary to
     make the statements made, in light of the circumstances under which such
     statements were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my knowledge, the financial statements, and other financial
     information included in this quarterly report, fairly present in all
     material respects the financial condition, results of operations and cash
     flows of the registrant as of, and for, the periods presented in this
     quarterly report;

4.   The registrant's Trustee and I are responsible for establishing and
     maintaining disclosure controls and procedures (as defined in Exchange Act
     Rules 13a-14 and 15d-14) for the registrant and we have:

     a)   designed such disclosure controls and procedures to ensure that
          material information relating to the registrant, including its
          consolidated subsidiaries, is made known to us by others within those
          entities, particularly during the period in which this quarterly
          report is being prepared;

     b)   evaluated the effectiveness of the registrant's disclosure controls
          and procedures as of a date within 90 days prior to the filing date of
          this quarterly report (the "Evaluation Date"); and

     c)   presented in this quarterly report our conclusions about the
          effectiveness of the disclosure controls and procedures based on our
          evaluation as of the Evaluation Date;

5.   The registrant's Trustee and I have disclosed, based on our most recent
     evaluation, to the registrant's auditors:

     a)   all significant deficiencies in the design or operation of internal
          controls which could adversely affect the registrant's ability to
          record, process, summarize and report financial data and have
          identified for the registrant's auditors any material weakness in
          internal controls; and

     b)   any fraud, whether or not material, that involves management or other
          employees who have a significant role in the registrant's internal
          controls; and

6.   The registrant's Trustee and I have indicated in this quarterly report
     whether or not there were significant changes in internal controls or in
     other factors that could significantly affect internal controls subsequent
     to the date of our most recent evaluation, including any corrective actions
     with regard to significant deficiencies and material weaknesses.

In giving the certifications in paragraphs 4, 5 and 6 above, I have relied to
the extent I consider reasonable on information provided to me by various
working interest owners.

Date:  November 14, 2002                          /s/ R. Ray Bell
                                                  -----------------------------
                                                  R. Ray Bell
                                                  Principal Accounting Officer



                                       13
<PAGE>



                                 CERTIFICATIONS

I, Ron E. Hooper, certify that

1.   I have reviewed this quarterly report on Form 10-Q of Marine Petroleum
     Trust, for which Bank of America, N.A. acts as Trustee;

2.   Based on my knowledge, this quarterly report does not contain any untrue
     statement of a material fact or omit to state a material fact necessary to
     make the statements made, in light of the circumstances under which such
     statements were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my knowledge, the financial statements, and other financial
     information included in this quarterly report, fairly present in all
     material respects the financial condition, results of operations and cash
     flows of the registrant as of, and for, the periods presented in this
     quarterly report;

4.   The registrant's other certifying officer and I are responsible for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

     a)   designed such disclosure controls and procedures to ensure that
          material information relating to the registrant, including its
          consolidated subsidiaries, is made known to us by others within those
          entities, particularly during the period in which this quarterly
          report is being prepared;

     b)   evaluated the effectiveness of the registrant's disclosure controls
          and procedures as of a date within 90 days prior to the filing date of
          this quarterly report (the "Evaluation Date"); and

     c)   presented in this quarterly report our conclusions about the
          effectiveness of the disclosure controls and procedures based on our
          evaluation as of the Evaluation Date;

5.   The registrant's other certifying officer and I have disclosed, based on
     our most recent evaluation, to the registrant's auditors:

     a)   all significant deficiencies in the design or operation of internal
          controls which could adversely affect the registrant's ability to
          record, process, summarize and report financial data and have
          identified for the registrant's auditors any material weakness in
          internal controls; and

     b)   any fraud, whether or not material, that involves management or other
          employees who have a significant role in the registrant's internal
          controls; and

6.   The registrant's other certifying officer and I have indicated in this
     quarterly report whether or not there were significant changes in internal
     controls or in other factors that could significantly affect internal
     controls subsequent to the date of our most recent evaluation, including
     any corrective actions with regard to significant deficiencies and material
     weaknesses.

In giving the certifications in paragraphs 4, 5 and 6 above, I have relied to
the extent I consider reasonable on information provided to me by various
working interest owners.

Date:  November 14, 2002                    /s/ RON E. HOOPER
                                            -----------------------------------
                                            Ron E. Hooper Senior Vice President
                                            Royalty Management on behalf of Bank
                                            of America Private Bank, not in its
                                            individual capacity but solely as
                                            the trustee of Marine Petroleum
                                            Trust



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<PAGE>


MARINE PETROLEUM TRUST
C/O BANK OF AMERICA, N.A.
P.O. BOX 830650
DALLAS, TEXAS 75283-0650



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<Table>
<Caption>
EXHIBIT
NO.                        DESCRIPTION
-------                    -----------

<S>             <C>
99.1            Certification of the Principal Accounting Officer pursuant to
                Section 906 of the Sarbanes-Oxley Act of 2002.

99.2            Certification of the Corporate Trustee pursuant to Section 906
                of the Sarbanes-Oxley of Act of 2002.
</Table>