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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, 2008
 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 
of incorporation or organization)
    
    (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)
 (800) 985-0794
 
 
 þ 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)
    
    1Condensed Consolidated Balance Sheets as of March 31, 2008 and June 30, 2007
    
    1Condensed Consolidated Statements of Income and Undistributed Income for the Three and
Nine Months Ended March 31, 2008 and 2007
    
    2Condensed Consolidated Statements of Cash Flows for the Nine Months Ended March 31, 2008
and 2007
    
    3Notes to Condensed Consolidated Financial Statements
    
    4Item 2. Trustees Discussion and Analysis of Financial Condition and Results of Operations
    
    5Item 3. Quantitative and Qualitative Disclosures About Market Risk
    
    11Item 4. Controls and Procedures
    
    11PART II. OTHER INFORMATIONItem 1A. Risk Factors
    
    12Item 6. Exhibits
    
    12Certification of Corporate Trustee Pursuant to Section 302Certification 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, 2008 and June 30, 2007
 June 30,March 31, 2008
    
    
    2007(Unaudited)
    
    
    (Audited)ASSETSCurrent Assets:Cash and cash equivalents
    
    $
    1,618,663
    
    
    $
    1,636,082Oil and gas royalties receivable
    
    
    991,671
    
    
    
    1,186,503Receivable from affiliate
    
    
    322,650
    
    
    
    350,126Total current assets
    
    $
    2,932,984
    
    
    $
    3,172,711Investment in affiliate
    
    
    597,047
    
    
    
    646,963Producing oil and gas properties
    
    
    7
    
    
    
    7$
    3,530,038
    
    
    $
    3,819,681LIABILITIES AND TRUST EQUITYCurrent Liabilities  federal income taxes payable
    
    $
    3,300
    
    
    $
    7,600Trust Equity:Corpus  authorized 2,000,000 units of
beneficial interest,
issued 2,000,000 units at nominal value
    
    
    8
    
    
    
    8Undistributed income
    
    
    3,526,730
    
    
    
    3,812,073Total trust equity
    
    
    3,526,738
    
    
    
    3,812,081$
    3,530,038
    
    
    $
    3,819,681
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MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
AND UNDISTRIBUTED INCOME
 For the Three and Nine Months Ended March 31, 2008 and 2007
(Unaudited)
 Three Months Ended
    
    Nine Months EndedMarch 31,
    
    March 31,2008
    
    2007
    
    2008
    
    2007Income:Oil and gas royalties
    
    $
    1,357,983
    
    
    $
    1,291,548
    
    
    $
    3,341,402
    
    
    $
    3,576,320Equity in earnings of affiliate
    
    
    333,782
    
    
    
    383,626
    
    
    
    938,418
    
    
    
    838,906Interest income
    
    
    12,121
    
    
    
    19,232
    
    
    
    50,917
    
    
    
    58,4781,703,886
    
    
    
    1,694,406
    
    
    
    4,330,737
    
    
    
    4,473,704Expenses:General and administrative
    
    
    106,300
    
    
    
    62,099
    
    
    
    249,392
    
    
    
    174,543Income before federal income taxes
    
    
    1,597,586
    
    
    
    1,632,307
    
    
    
    4,081,345
    
    
    
    4,299,161Federal income taxes of subsidiary
    
    
    2,000
    
    
    
    4,600
    
    
    
    10,700
    
    
    
    12,000Net income
    
    
    1,595,586
    
    
    
    1,627,707
    
    
    
    4,070,645
    
    
    
    4,287,161Undistributed income at beginning of
period
    
    
    3,221,730
    
    
    
    3,152,728
    
    
    
    3,812,073
    
    
    
    2,782,9554,817,316
    
    
    
    4,780,435
    
    
    
    7,882,718
    
    
    
    7,070,116Distributions to unitholders
    
    
    1,290,586
    
    
    
    1,225,614
    
    
    
    4,355,988
    
    
    
    3,515,295Undistributed income at end of period
    
    $
    3,526,730
    
    
    $
    3,554,821
    
    
    $
    3,526,730
    
    
    $
    3,554,821Net income per unit
    
    $
    0.80
    
    
    $
    0.81
    
    
    $
    2.04
    
    
    $
    2.14Distributions per unit
    
    $
    0.65
    
    
    $
    0.61
    
    
    $
    2.18
    
    
    $
    1.76Units outstanding
    
    
    2,000,000
    
    
    
    2,000,000
    
    
    
    2,000,000
    
    
    
    2,000,000
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MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Nine Months Ended March 31, 2008 and 2007
(Unaudited)
 Nine Months EndedMarch 31,2008
    
    
    2007Cash flows from operating activities:Net income
    
    $
    4,070,645
    
    
    $
    4,287,161Adjustments to reconcile net income to net cash provided
by operating activities:Equity in undistributed earnings of affiliate
    
    
    (938,418
    )
    
    
    (838,906
    )Distributions of earnings of affiliate
    
    
    988,334
    
    
    
    560,718Change in assets and liabilities:Oil and gas royalties receivable
    
    
    194,832
    
    
    
    (14,936
    )Receivable from affiliate
    
    
    27,476
    
    
    
    (255,422
    )Income taxes payable
    
    
    (4,300
    )
    
    
    1,000Net cash provided by operating activities
    
    
    4,338,569
    
    
    
    3,739,615Cash flows used in financing activitiesdistributions to
unitholders
    
    
    (4,355,988
    )
    
    
    (3,515,295
    )Net decrease in cash and cash equivalents
    
    
    (17,419
    )
    
    
    224,320Cash and cash equivalents at beginning of period
    
    
    1,636,082
    
    
    
    1,454,283Cash and cash equivalents at end of period
    
    $
    1,618,663
    
    
    $
    1,678,603
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MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2008
(Unaudited)
 Accounting Policies
   Distributable Income
 th th
    Undistributed Income
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Item 2. Trustees Discussion and Analysis of Financial Condition and Results of Operations
 Financial Condition  Liquidity and Capital Resources
 Organization
      
 5




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Critical Accounting Policies and Estimates
   General
    Summary of Operating Results
  6




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Production (1)Natural
    
    Net
    
    CashQuarter
    
    Oil (bbls)
    
    Gas (mcf)
    
    Income
    
    DistributionMarch 31, 2007
    
    
    
    
    
    
    13,089
    
    
    
    62,392
    
    
    $
    0.81
    
    
    $
    0.61June 30, 2007
    
    
    
    
    
    
    8,869
    
    
    
    66,526
    
    
    $
    0.83
    
    
    $
    0.70September 30, 2007
    
    
    
    
    
    
    8,552
    
    
    
    64,648
    
    
    $
    0.67
    
    
    $
    0.77December 31, 2007
    
    
    
    
    
    
    7,819
    
    
    
    29,162
    
    
    $
    0.57
    
    
    $
    0.76March 31, 2008
    
    
    
    
    
    
    9,026
    
    
    
    66,726
    
    
    $
    0.80
    
    
    $
    0.65
 
 (1)
    
    Excludes the Trusts equity interest in Tidelands. Results of OperationsThree Months Ended March 31, 2008 and 2007
       Three Months Ended March 31,2008
    
    2007
    
    % ChangeOilBarrels sold
    
    
    9,026
    
    
    
    13,089
    
    
    
    (31
    )%Average price
    
    $
    83.15
    
    
    $
    62.35
    
    
    
    33
    %Natural GasMcf sold
    
    
    66,726
    
    
    
    62,392
    
    
    
    7
    %Average price
    
    $
    9.10
    
    
    $
    7.62
    
    
    
    19
    %
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Results of OperationsNine Months Ended March 31, 2008 and 2007
       Nine Months Ended March 31,2008
    
    2007
    
    % ChangeOilBarrels sold
    
    
    25,397
    
    
    
    33,391
    
    
    
    (24
    )%Average price
    
    $
    82.23
    
    
    
    62.86
    
    
    
    31
    %Natural GasMcf sold
    
    
    160,536
    
    
    
    225,800
    
    
    
    (28
    )%Average price
    
    $
    7.80
    
    
    $
    6.54
    
    
    
    19
    %
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State Tax Considerations
   e.g. e.g.
   e.g.
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Forward-Looking Statements
 
 10




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Item 3. Quantitative and Qualitative Disclosures About Market Risk
  
 Item 4. Controls and Procedures
 Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures
  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
   Bank of America, N.A., TrusteeMay 13, 2008
    By:
    /s/ Ron E. HooperRon E. HooperSenior Vice President 13