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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 September 30, 2007
 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.
    
    75283-0650P.O. Box 830650, Dallas, Texas
(Address of principal executive offices)
    
    (Zip Code)
 (214) 209-2444
 
  þ o
  o o þ
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MARINE PETROLEUM TRUST
 INDEX
 PageNumberPART I. FINANCIAL INFORMATIONItem 1.Financial Statements (Unaudited)
    
    
    1Condensed Consolidated Balance Sheets as of September 30, 2007 and June 30, 2007
    
    
    1Condensed Consolidated Statements of Income and Undistributed Income for the Three Months Ended
September 30, 2007 and 2006
    
    
    2Condensed Consolidated Statements of Cash Flows for the Three Months Ended September 30, 2007
and 2006
    
    
    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
    
    
    8Item 4.Controls and Procedures
    
    
    8PART II. OTHER INFORMATIONItem 1A.Risk Factors
    
    
    9Item 6.Exhibits
    
    
    9Certification of the Corporate Trustee Pursuant to Section 302Certification of the 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
September 30, 2007 and June 30, 2007
 September 30,2007
    
    
    June 30,(Unaudited)
    
    
    2007ASSETSCurrent Assets:Cash and cash equivalents
    
    $
    1,713,418
    
    
    $
    1,636,082Oil and gas royalties receivable
    
    
    911,335
    
    
    
    1,186,503Receivable from affiliate
    
    
    397,068
    
    
    
    350,126Total current assets
    
    $
    3,021,821
    
    
    $
    3,172,711Investment in affiliate
    
    
    588,616
    
    
    
    646,963Producing oil and gas properties
    
    
    7
    
    
    
    7$
    3,610,444
    
    
    $
    3,819,681LIABILITIES AND TRUST EQUITYCurrent Liabilities  Federal income taxes payable
    
    $
    10,300
    
    
    $
    7,600Trust Equity:Corpus  authorized 2,000,000 units of
beneficial interest,
issued 2,000,000 units at nominal value
    
    
    8
    
    
    
    8Undistributed income
    
    
    3,600,136
    
    
    
    3,812,073Total trust equity
    
    
    3,600,144
    
    
    
    3,812,081$
    3,610,444
    
    
    $
    3,819,681
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##### Table of Contents



MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 CONDENSED CONSOLIDATED STATEMENTS OF INCOME
AND UNDISTRIBUTED INCOME
 For the Three Months Ended September 30, 2007 and 2006
(Unaudited)
 Three Months EndedSeptember 30,2007
    
    
    2006Income:Oil and gas royalties
    
    $
    1,046,099
    
    
    $
    1,196,408Equity in earnings of affiliate
    
    
    325,706
    
    
    
    186,086Interest income
    
    
    19,944
    
    
    
    18,7571,391,749
    
    
    
    1,401,251Expenses:General and administrative
    
    
    54,256
    
    
    
    40,226Income before Federal income taxes
    
    
    1,337,493
    
    
    
    1,361,025Federal income taxes of subsidiary
    
    
    6,700
    
    
    
    3,800Net income
    
    
    1,330,793
    
    
    
    1,357,225Undistributed income at beginning of period
    
    
    3,812,073
    
    
    
    2,782,9555,142,866
    
    
    
    4,140,180Distributions to unitholders
    
    
    1,542,730
    
    
    
    1,136,986Undistributed income at end of period
    
    $
    3,600,136
    
    
    $
    3,003,194Net income per unit
    
    $
    0.67
    
    
    $
    0.68Distributions per unit
    
    $
    0.77
    
    
    $
    0.57Units outstanding
    
    
    2,000,000
    
    
    
    2,000,000
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MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended September 30, 2007 and 2006
(Unaudited)
 Three Months EndedSeptember 30,2007
    
    
    2006Cash flows from operating activities:Net income
    
    $
    1,330,793
    
    
    $
    1,357,225Adjustments to reconcile net income to net cash provided
by operating activities:Equity in undistributed earnings of affiliate
    
    
    (325,706
    )
    
    
    (186,086
    )Distributions of earnings of affiliate
    
    
    384,053
    
    
    
    14,146Change in assets and liabilities:Oil and gas royalties receivable
    
    
    275,168
    
    
    
    63,325Receivable from affiliate
    
    
    (46,942
    )
    
    
    39,985Income taxes payable
    
    
    2,700
    
    
    
    1,800Net cash provided by operating activities
    
    
    1,620,066
    
    
    
    1,290,395Cash flows
used in financing activitiesdistributions to unitholders
    
    
    (1,542,730
    )
    
    
    (1,136,986
    )Net increase in cash and cash equivalents
    
    
    77,336
    
    
    
    153,409Cash and cash equivalents at beginning of period
    
    
    1,636,082
    
    
    
    1,454,283Cash and cash equivalents at end of period
    
    $
    1,713,418
    
    
    $
    1,607,692
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MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2007
(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
      Critical Accounting Policies
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General
   Summary of Operating Results
    Production (1)Natural
    
    Net
    
    CashQuarter
    
    Oil (bbls)
    

Gas (mcf)
    
    Income
    
    DistributionSeptember 30, 2006
    
    
    12,327
    
    
    
    54,523
    
    
    $
    0.68
    
    
    $
    0.57December 31, 2006
    
    
    7,975
    
    
    
    108,885
    
    
    
    0.65
    
    
    
    0.58March 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
    
    
    $
    0.77
 
 (1)
    
    Excludes the Trusts equity interest in Tidelands.   Results of OperationsThree Months Ended September 30, 2007 and 2006
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Three Months Ended September 30,2007
    
    2006OilBarrels sold
    
    
    8,552
    
    
    
    12,327Average price
    
    $
    77.37
    
    
    $
    64.18Natural GasMcf sold
    
    
    64,648
    
    
    
    54,523Average price
    
    $
    5.95
    
    
    $
    7.43
 State Tax Considerations
  e.g.
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e.g.
   Forward-Looking Statements
  
 Item 3. Quantitative and Qualitative Disclosures About Market Risk
  
 Item 4. Controls and Procedures
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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
 November 14, 2007
    By:
    /s/ Ron E. HooperRon E. HooperSenior Vice President 10