What changed in this filing

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Item 5. Market for Registrant’s Common Equity

2022-08-31 compared with 2021-09-24 · 67 added, 64 removed, 109 unchanged (55% of the section changed)

4 unchanged sentences

units of beneficial interest.

On September 1, 2021, these outstanding units of record were held by 209 unitholders.

On August 15, 2022, these outstanding units of record were held by 203 unitholders.

There were no changes in the number of outstanding units of beneficial interest during the fiscal year ended June 30, 2022.

69 unchanged sentences

Distributions to unitholders are calculated and paid out net of reserve for future expenses, which are estimated by the Trustee on a quarterly basis.

There was no income from the Trusts interest in Tidelands for fiscal 2021, 2020 and 2019.

The following table shows the number of wells drilled or recompleted on leases in which

Marine has an interest and the number of active wells at the end of each of the past three fiscal years.

There was no income from the Trusts interest in Tidelands for fiscal years 2021 and 2020.

However, Marine received $93,134 as a final

distribution from Tidelands during the fiscal year ended June 30, 2022.

The following table shows the number of wells drilled or

recompleted on leases in which Marine has an interest and the number of active wells at the end of each of the past three fiscal years.

Fiscal Year Ended June 30,

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Natural gas royalties

Net quantities sold:

Net quantities

Natural gas (mcf)

Average price:

Oil (per bbl) (1)

4 unchanged sentences

its royalty income from the sale of oil and 7% of its royalty income from the sale of natural gas, as compared to approximately 94% of its royalty income from the sale of oil and 6% of its royalty income from the sale of natural gas in fiscal year

Income from oil and natural gas royalties in fiscal 2021 decreased approximately 50% from fiscal 2020, primarily due to a decrease in prices realized for oil in addition to a decrease in production of oil and natural gas resulting from a

shutdown of production.

Revenue from oil royalties amounted to $362,751 in fiscal 2021, a decrease from the $691,915 realized in

The average price realized for a barrel of oil decreased to $39.93 in fiscal 2021 from the $54.79 realized in fiscal 2020.

In fiscal 2021, oil production decreased to 9,085 bbls from the 12,628 bbls produced in fiscal 2020.

Revenue from natural gas royalties amounted to $23,905 in fiscal 2021, a decrease from the $81,913 realized in fiscal 2020.

Income from oil and natural gas royalties in fiscal 2022 increased approximately 249% from fiscal 2021, primarily due to an increase in prices realized for oil and natural gas in addition to an increase in production of oil and natural gas

resulting from an opening up of production.

Revenue from oil royalties amounted to $1,259,133 in fiscal 2022, an increase from the

$362,751 realized in fiscal 2021.

The average price realized for a barrel of oil increased to $78.23 in fiscal 2022 from the $39.93 realized in fiscal 2021.

In fiscal 2022, oil production increased to 16,096 bbls from the 9,085 bbls produced

in fiscal 2021.

the average price per mcf of natural gas increased to $2.80 from the $2.44 realized in fiscal 2020.

In fiscal 2021, natural gas production decreased to 8,539 mcf from the 33,639 mcf produced in fiscal 2020.

Revenue from natural gas royalties amounted to $89,121 in fiscal 2022, an increase from the $23,905 realized in fiscal

In fiscal 2022, the average price per mcf of natural gas increased to $5.86 from the $2.80 realized in fiscal 2021.

In fiscal 2022, natural gas production increased to 15,221 mcf from the 8,539 mcf produced in fiscal 2021.

General and administrative expenses for fiscal 2022 amounted to $237,747, an increase from the $225,237 recorded in fiscal 2021, due to

an increase in professional fees, transfer agent fees and printing expenses.

an increase in professional fees, investor fees and printing expenses.

Fiscal Year 2021 Compared to Fiscal Year 2020 .

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income from the sale of natural gas in fiscal year 2020.

Income from oil and natural gas royalties in fiscal 2020 decreased approximately 8% from fiscal 2019, primarily due to a decrease in prices realized for oil and natural gas, offset in part by

an increase in production of oil and natural gas.

Revenue from oil royalties amounted to $691,915 in fiscal 2020, a decrease from the

$761,232 realized in fiscal 2019.

Income from oil and natural gas royalties in fiscal 2021 decreased approximately 50% from fiscal 2020, primarily due to a decrease in prices realized for oil in addition to a decrease in

production of oil and natural gas resulting from a shutdown of production.

Revenue from oil royalties amounted to $362,751 in fiscal

2021, a decrease from the $691,915 realized in fiscal 2020.

The average price realized for a barrel of oil decreased to $39.93 in fiscal 2021 from the $54.79 realized in fiscal 2020.

In fiscal 2020, oil production increased to 12,628 bbls from the 11,382 bbls produced

in fiscal 2019.

Revenue from natural gas royalties amounted to $81,913 in fiscal 2020, an increase from the

In fiscal 2021, oil production decreased to 9,085 bbls from the

12,628 bbls produced in fiscal 2020.

Revenue from natural gas royalties amounted to $23,905 in fiscal 2021, a decrease from the

$81,913 realized in fiscal 2020.

In fiscal 2020, the average price per mcf of natural gas decreased to $2.44 from the $3.52 realized in fiscal 2019.

In fiscal 2020, natural gas production increased to 33,639 mcf from the 22,147 mcf produced in

General and administrative expenses for fiscal 2020 amounted to $214,075, a decrease from the $226,471 recorded in

fiscal 2019, due to a decrease in professional fees, transfer agent fees and printing expenses.

In fiscal 2021, the average price per mcf of natural gas increased to $2.80 from the $2.44 realized in fiscal 2020.

In fiscal 2021, natural gas production decreased to 8,539 mcf from the 33,639 mcf produced in fiscal

General and administrative expenses for fiscal 2021 amounted to $225,237, an increase from the $214,075 recorded in fiscal 2020,

due to an increase in professional fees, transfer agent fees and printing expenses.

Capital Resources and Liquidity .

The Trusts Indenture (and the charter and by-laws of MPC) expressly prohibits the operation of any kind of trade or business.

Due to the limited purpose of the Trust as stated in the Trusts

Indenture, there is no requirement for capital.

Trusts Indenture (and the charter and by-laws of MPC) expressly prohibits the operation of any kind of trade or business.

Due to the limited purpose of the Trust as stated in the Trusts Indenture,

there is no requirement for capital.

Its only obligation is to distribute to unitholders the distributable 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 distributable income collected to its unitholders each quarter, less an amount reserved for accrued liabilities and estimated future expenses.

Because all of Marines revenues are invested in liquid funds pending distribution,

Marine does not experience liquidity problems.

Marines oil and natural gas properties are depleting assets and are not being

replaced due to the prohibition against these investments.

an administrator of oil and natural gas royalty properties, the Trust collects income monthly, pays expenses of administration and disburses all distributable income collected to its unitholders each quarter, less an amount reserved for accrued

liabilities and estimated future expenses.

Because all of Marines revenues are invested in liquid funds pending distribution, Marine does not experience liquidity problems.

Marines oil and natural gas properties are depleting assets and are not being replaced due to the prohibition against these investments.

These restrictions, along with other factors, allow the Trust to be treated as a non-taxable grantor trust for U.S.

Federal income tax purposes.

Accordingly, all of Marines income and deductions should flow through to its unitholders on a proportionate basis.

Accordingly, all of Marines income and deductions should

flow through to its unitholders on a proportionate basis.

MPC will owe U.S.

Federal (and state) income taxes with respect to its income after deducting statutory

MPCs income specifically excludes 98% of oil and natural gas royalties collected by MPC, which are retained by and delivered to the Trust in respect of the Trusts net profits interest.

The Trust does not currently have any long-term contractual obligations, other than the obligation to make distributions to unitholders

pursuant to the Indenture.

The Trust does not maintain any off-balance sheet arrangements within the meaning of Item 303 of Regulation S-K.

Federal (and state) income taxes with respect to its income after deducting statutory depletion.

MPCs income specifically excludes 98% of oil and natural gas

royalties collected by MPC, which are retained by and delivered to the Trust in respect of the Trusts net profits interest.

Trust does not currently have any long-term contractual obligations, other than the obligation to make distributions to unitholders pursuant to the Indenture.

The Trust does not maintain any off-balance sheet

arrangements within the meaning of Item 303 of Regulation S-K.

Forward-Looking Statements .

The statements discussed in this Annual Report on Form 10-K

regarding Marines future financial performance and results of operations, and other statements that are not historical facts, are forward-looking statements as defined in Section 27A of the Securities Act of 1933, as amended and

Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act).

Marine uses the words may, expect, anticipate, estimate, believe, continue,

intend, plan, budget, or other similar words to identify forward-looking statements.

All forward-looking statements speak only as of the date on which they are made.

You should read statements that contain these

words carefully because they discuss future expectations, contain projections of Marines financial condition, and/or state other forward-looking information.

Actual results may differ from expected results because of factors, risks

and uncertainties including, but not limited to, the following:

reductions in prices or demand for oil and natural gas, due to, for example, the COVID-19 pandemic, which might then lead to decreased production

or impair Marines ability to make distributions;

reductions in production due to the depletion of existing wells or disruptions in service, which may be caused by storm damage to production facilities, blowouts or other production accidents,

or geological changes such as cratering of productive formations;

The statements discussed in this Annual Report on Form 10-K regarding Marines future financial performance and results of operations, and other statements that are not historical facts, are

forward-looking statements as defined in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act).

Marine uses the words may,

expect, anticipate, estimate, believe, continue, intend, plan, budget, or other similar words to identify forward-looking statements.

All forward-looking

statements speak only as of the date on which they are made.

You should read statements that contain these words carefully because they discuss future expectations, contain projections of Marines financial condition, and/or state other

forward-looking information.

Actual results may differ from expected results because of factors, risks and uncertainties including, but not limited to, the following:

reductions in prices or demand for oil and natural gas, due to, for

example, the COVID-19 pandemic, which might then lead to decreased production or impair Marines ability to make distributions;

reductions in production due to the depletion of existing wells or

disruptions in service, which may be caused by storm damage to production facilities, blowouts or other production accidents, or geological changes such as cratering of productive formations;

changes in regulations;

2 unchanged sentences

other changes in domestic and international energy markets;

the resignation

of the Trustee;

the resignation of the Trustee;

and the expiration, termination or release of leases subject to Marines interests.

Events may occur in the future that Marine is unable to accurately predict, or over which it has no control.

If one or more of these

uncertainties as well as other risks of which we are not aware materialize, or if underlying assumptions prove incorrect, actual outcomes may vary materially from those contained in the forward-looking statements included in this Annual Report on

Marine has an Internet website and has made available its

Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to such reports, filed

or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, at www.marps-marine.com.

Each of these reports will be posted on this website as soon as reasonably practicable after such report is electronically filed with or furnished to

occur in the future that Marine is unable to accurately predict, or over which it has no control.

If one or more of these uncertainties as well as other risks of which we are not aware materialize, or if underlying assumptions prove incorrect,

actual outcomes may vary materially from those contained in the forward-looking statements included in this Annual Report on Form 10-K.

Except as required by applicable securities laws, Marine does not

undertake any obligation to update or revise any forward-looking statements.

Marine has an Internet website and

has made available its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments

to such reports, filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, at www.marps-marine.com.

Each of these reports will be posted on this website as soon as reasonably practicable after such report is electronically

filed with or furnished to the SEC.

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 5. Market for Registrant’s Common Equity