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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, 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
(State or other jurisdiction 
of incorporation or organization)
    
    75-6008017
(I.R.S. Employer
Identification No.)c/o The Corporate Trustee:U.S. Trust, Bank of America Private Wealth Management 
P. O. Box 830650, Dallas, Texas
(Address of principal executive offices)
    
    75283-0650
(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 September 30, 2010 and
June 30, 2010
    
    
    1Condensed Consolidated Statements of Distributable Income for the Three Months Ended
September 30, 2010 and 2009
    
    
    2Consolidated Statements of Changes in Trust Corpus for the Three Months Ended
September 30, 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
    
    
    11Item 6. Exhibits
    
    
    11EX-31.1EX-32.1




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PART I. FINANCIAL INFORMATION
 
 Item 1. Financial Statements
 MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 CONSOLIDATED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS
As of September 30, 2010 and June 30, 2010
 September 30,
    
    
    June 30,2010
    
    
    2010(Unaudited)
    
    
    (Audited)ASSETSCurrent assets:Cash and cash equivalents
    
    $
    1,160,418
    
    
    $
    1,143,454Federal income taxes refundable
    
    
    14,425
    
    
    
    14,425Producing oil and gas properties
    
    
    7
    
    
    
    7Total assets
    
    $
    1,174,850
    
    
    $
    1,157,886
 LIABILITIES
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
    
    $
    1,174,850
    
    
    $
    1,157,886$
    1,174,850
    
    
    $
    1,157,886
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MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 CONDENSED CONSOLIDATED STATEMENTS OF DISTRIBUTABLE INCOME
For the Three Months Ended September 30, 2010 and 2009
(Unaudited)
 Three Months EndedSeptember 30,2010
    
    
    2009Income:Oil and gas royalties
    
    $
    613,466
    
    
    $
    448,556Oil and gas royalties from affiliate
    
    
    199,229
    
    
    
    248,858Interest income
    
    
    
    
    
    
    11Total income
    
    $
    812,695
    
    
    $
    697,425Expenses:General and administrative
    
    $
    46,111
    
    
    $
    68,241Distributable income before Federal
income taxes
    
    
    766,584
    
    
    
    629,184Federal income taxes of subsidiary
    
    
    
    
    
    
    Distributable income
    
    $
    766,584
    
    
    $
    629,184Distributable income per unit
    
    $
    0.38
    
    
    $
    0.31Distributions per unit
    
    $
    0.37
    
    
    $
    0.25Units outstanding
    
    
    2,000,000
    
    
    
    2,000,000
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MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 CONSOLIDATED STATEMENTS OF CHANGES IN TRUST CORPUS

For the Three Months Ended September 30, 2010 and 2009
(Unaudited)
 Three Months EndedSeptember 30,2010
    
    
    2009Trust corpus, beginning of period
    
    $
    1,157,886
    
    
    $
    1,053,282Distributable income
    
    
    766,584
    
    
    
    629,184Distributions to unitholders
    
    
    749,620
    
    
    
    492,005Trust corpus, end of period
    
    $
    1,174,850
    
    
    $
    1,190,461
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MARINE PETROLEUM TRUST AND SUBSIDIARY
 
 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
September 30, 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 Months EndedSeptember 30,2010
    
    
    2009Income
    
    $
    413,669
    
    
    $
    793,305Expenses
    
    
    65,017
    
    
    
    66,819Distributable income before Federal
income taxes
    
    
    348,652
    
    
    
    726,486Federal income taxes of Tidelands subsidiary
    
    
    
    
    
    
    3,800Distributable income
    
    $
    345,652
    
    
    $
    722,686
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Item 2. Trustees Discussion and Analysis of Financial Condition and Results of
Operations
 Organization
     
  Liquidity and Capital Resources
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The Leases
    Critical Accounting Policies and Estimates
 Financial Statements of Royalty Trusts
  General
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Summary of Operating Results
     Net Production Quantities(1)Natural
    
    Distributable
    
    Distribution PerQuarter Ended
    
    Oil (bbls)
    
    Gas (mcf)
    
    Income Per Unit
    
    UnitMarch 31, 2009
    
    
    2,130
    
    
    
    28,473
    
    
    $
    0.30
    
    
    $
    0.30June 30, 2009
    
    
    4,210
    
    
    
    16,794
    
    
    $
    0.29
    
    
    $
    0.26September 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
    
    
    $
    0.32September 30, 2010
    
    
    5,592
    
    
    
    34,536
    
    
    $
    0.38
    
    
    $
    0.37
 
 (1)
    
    Excludes the Trusts interest in Tidelands. Results of OperationsThree Months Ended September 30, 2010 and 2009
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Three Months Ended September 30,2010
    
    
    2009(Unaudited)
    
    
    (Unaudited)
    
    
    %ChangeOilBarrels sold
    
    
    5,592
    
    
    
    4,995
    
    
    
    12.0
    %Average price
    
    $
    79.27
    
    
    $
    59.65
    
    
    
    32.9
    %Natural gasMcf sold
    
    
    34,536
    
    
    
    36,074
    
    
    
    (4.3
    )%Average price
    
    $
    4.93
    
    
    $
    4.17
    
    
    
    18.2
    %
  Forward-Looking Statements
  Website
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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
  10




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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, TrusteeNovember 15, 2010
    By:
    /s/ Ron E. HooperRon E. HooperSenior Vice President 12