What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2021-09-24 compared with 2020-09-28 · 36 added, 35 removed, 81 unchanged (47% of the section changed)

4 unchanged sentences

which the Trust was created (the Indenture) provides that the term of the Trust will expire on June 1, 2041, unless extended by the vote of the holders of a majority of the outstanding units of beneficial interest.

Following the

filing of this Annual Report, the unitholders will be asked to approve an amendment to the Indenture to extend the life of the Trust beyond the expiration date.

The Trust is not permitted to engage in any business activity because it was organized for the sole purpose of providing an efficient, orderly

36 unchanged sentences

Marine also owns a 32.6% interest in Tidelands Royalty Trust B

(Tidelands), a separate Texas trust, which owns interests in four leases covering an aggregate of 17,188 gross acres.

The term of the Tidelands royalty trust will expire in 2021, unless extended by the affirmative vote of the holders of

a majority of the outstanding units of beneficial interest.

Tidelands indenture provides that the Trustee is to distribute all cash in the trust, less an amount reserved for payment of accrued liabilities and estimated future expenses, to

unitholders of record on the last business day of March, June, September and December of each year.

Pursuant to the Tidelands indenture, such distributions are to be made within 15 days of the record date.

Distributable income is paid from the

unconsolidated account balances of Tidelands.

Distributable income is comprised of (i) royalties from offshore Texas leases owned directly by Tidelands, plus (ii) 95% of the overriding royalties received by its subsidiary that are retained by

and delivered to Tidelands on a quarterly basis, less (iii) administrative expenses of Tidelands.

(Tidelands), a separate Texas trust.

The four leases covering an aggregate of 17,188 gross acres in which Tidelands owned interests are no longer producing and are not expected to produce in the future.

Therefore, such acreage is not

included in Marines acreage in this report.

The last distribution Marine received from Tidelands was in the fourth quarter of 2018.

The term of Tidelands expired earlier in 2021, and Tidelands is currently in the process of winding up.

Tidelands indenture provides that prior to Tidelands termination the Trustee was to distribute all cash in the trust, less an amount reserved for payment of accrued liabilities and estimated future expenses, to unitholders of record on

the last business day of March, June, September and December of each year.

Pursuant to the Tidelands indenture, such distributions were to be made within 15 days of the record date.

Distributable income was paid from the unconsolidated account

balances of Tidelands.

Distributable income was comprised of (i) royalties from offshore Texas leases owned directly by Tidelands, plus (ii) 95% of the overriding royalties received by its subsidiary that were retained by and delivered to

Tidelands on a quarterly basis, less (iii) administrative expenses of Tidelands.

Tidelands was a reporting company under the Securities Exchange Act of 1934, as amended.

On March 8, 2019, Tidelands terminated the

registration of its units under Section 12(g) of the Exchange Act, and suspended its reporting obligations under 13(a) of the Exchange Act.

As of that date, Tidelands obligations to file certain reports with the SEC, including annual,

quarterly and current reports on Form 10-K, Form 10-Q and Form 8-K, respectively, were automatically and immediately suspended.

On March 8, 2019, Tidelands terminated the registration of its units

under Section 12(g) of the Exchange Act, and suspended its reporting obligations under 13(a) of the Exchange Act.

As of that date, Tidelands obligations to file certain reports with the SEC, including annual, quarterly and current reports

on Form 10-K, Form 10-Q and Form 8-K, respectively, were automatically and immediately suspended.

As of the date of filing of this Annual Report on Form 10-K, the leases subject to Marines

interests cover an aggregate of 217,056 gross acres (including Tidelands interest in 17,188 gross acres).

interests cover an aggregate of 199,868 gross acres.

These leases will remain in force until the leases terminate or expire pursuant to their respective terms.

Leases may be voluntarily

released by the working interest owner after oil and natural gas reserves are produced.

Leases may also be abandoned by the working interest owner due to the failure to discover and produce sufficient reserves to make development economically

Leases may be voluntarily released by the working interest owner after oil and natural

gas reserves are produced.

Leases may also be abandoned by the working interest owner due to the failure to discover and produce sufficient reserves to make development economically worthwhile.

In addition, the U.S.

federal government may terminate a lease if the working interest owner fails to develop a lease once it is acquired.

For the fiscal year ended June 30, 2020, approximately 89% of Marines royalty revenues were attributable to the sale of oil and

approximately 11% of Marines royalty revenues were attributable to the sale of natural gas.

The royalty revenues received by Marine are affected by a number of factors, including seasonal fluctuations in demand, the ability of wells to produce

due to depletion and changes in the market prices for oil and natural gas.

The following table presents the percent of royalties received from various working interest owners, which account for the royalties received in each of the past three years.

federal government may terminate

a lease if the working interest owner fails to develop a lease once it is acquired.

For the fiscal year ended June 30, 2021,

approximately 94% of Marines royalty revenues were attributable to the sale of oil and approximately 6% of Marines royalty revenues were attributable to the sale of natural gas.

The royalty revenues received by Marine are affected by a

number of factors, including seasonal fluctuations in demand, the ability of wells to produce due to depletion and changes in the market prices for oil and natural gas.

The following table presents the percent of royalties received from various

working interest owners, which account for the royalties received in each of the past three years.

Fiscal Year Ended June 30,

2 unchanged sentences

Fieldwood Energy LLC

In addition, Marines revenues from its interest in Tidelands accounted for approximately 0%, 0% and

0.01% of Marines revenues for the fiscal years ended June 30, 2020, 2019 and 2018, respectively.

Marine derives no revenues

from foreign sources and has no export sales.

In addition, Marine did not have any revenues from its interest in Tidelands for the fiscal years ended

June 30, 2021, 2020 and 2019.

Marine derives no revenues from foreign sources and has no export sales.

Trust Functions .

3 unchanged sentences

Directors, Executive Officers and Corporate Governance .

All aspects of

Marines operations are conducted by third parties.

These operations include the production and sale of oil and natural gas and the calculation of royalty payments to Marine, which are conducted by oil and natural gas companies that lease

tracts subject to Marines interests.

American Stock Transfer and Trust Company, LLC is the transfer agent for Marine and is responsible for reviewing, processing and paying distributions.

All aspects of Marines operations are conducted by third parties.

These operations include the production and sale of oil and natural gas and the calculation of royalty payments to Marine, which are conducted by oil and natural gas companies that lease tracts subject to Marines interests.

American Stock

Transfer and Trust Company, LLC is the transfer agent for Marine and is responsible for reviewing, processing and paying distributions.

The ability of Marine to receive revenues is entirely dependent upon its rights with respect

24 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business