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Item 9A. Controls and Procedures

2022-08-31 compared with 2021-09-24 · 47 added, 34 removed, 312 unchanged (21% of the section changed)

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OTHER INFORMATION

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

Not Applicable.

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

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The following table sets forth the persons known to the Trust who beneficially own more than five percent of the

outstanding units of beneficial interest as of September 1, 2021, based solely on the Trusts review of information filed with the SEC and information provided by such persons:

outstanding units of beneficial interest as of August 15, 2022, based solely on the Trusts review of information filed with the SEC and information provided by such persons:

Name and Address

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EXHIBITS, FINANCIAL STATEMENT SCHEDULES

Financial Statements see Item 8.

(a) Financial Statements see Item 8.

Financial Statements and Supplementary Data above.

Indenture, as amended on

November 16, 2020, of Marine Petroleum Trust, filed as Exhibit 4.1 to the Quarterly Report on Form 10-Q of Marine for the quarter ended September 30, 2020 (File

(b) Exhibits:

Indenture, as amended on November 16, 2020, of Marine Petroleum Trust, filed as Exhibit 4.1 to the Quarterly Report on Form 10-Q of Marine for the quarter ended September 30, 2020 (File No.

000-08565), and incorporated by reference herein.

Description of Securities.

Subsidiaries of Marine,

filed as Exhibit 21.1 to the Annual Report on Form 10-K of Marine for the fiscal year ended June 30, 2002 (File No.

000-08565), and incorporated by reference

Certification of the Corporate Trustee pursuant to Section

302 of the Sarbanes-Oxley Act of 2002.

Certification of the Corporate Trustee pursuant to Section

906 of the Sarbanes-Oxley Act of 2002.

Description of Securities, filed as Exhibit 4.2 to the Annual Report on Form 10-K of Marine for the fiscal

year ended June 30, 2021 (File No.

000-08565), and incorporated by reference herein.

Subsidiaries of Marine, filed as Exhibit 21.1 to the Annual Report on Form 10-K of Marine for the fiscal

year ended June 30, 2002 (File No.

000-08565), and incorporated by reference herein.

Certification of the Corporate Trustee pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Certification of the Corporate Trustee pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Filed herewith.

(c) Financial Statement Schedules All required schedules are included in the financial statements included in this Annual Report on Form

this Annual Report on Form 10-K.

FORM 10-K SUMMARY

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Dallas, Texas

September 24, 2021

August 31, 2022

MARINE PETROLEUM TRUST AND SUBSIDIARY

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However, the unitholders owning eighty percent (80%) or more of the outstanding units may terminate the Trust on any date.

Principles of Consolidation

(b) Principles of Consolidation

The consolidated financial statements include the Trust and its wholly owned subsidiary, MPC.

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transactions have been eliminated upon consolidation.

Producing Oil and Gas Properties

At the time the Trust was established, no determinable market value was available for the assets transferred to the Trust;

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MPC recognizes interest and penalties related to unrecognized tax benefits in income tax

Credit Risk Concentration and Cash Equivalents

(e) Credit Risk Concentration and Cash Equivalents

Financial instruments which potentially subject Marine to concentrations of credit risk are primarily investments in cash equivalents, U.S.

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The Trust and MPC place their cash investments with financial institutions or companies that the Trustee considers credit worthy and limit the amount of credit exposure from any one financial institution.

Marine had cash and cash equivalents of $902,023 and $933,745 at June 30, 2021 and 2020, respectively, which consisted of cash deposits,

Marine had cash and cash equivalents of $1,154,136 and $902,023 at June 30, 2022 and 2021, respectively, which consisted of cash

deposits, U.S.

Treasury and agency bonds and money market accounts.

Use of Estimates

(f) Use of Estimates

The preparation of financial statements in conformity with the modified cash basis method of accounting requires the Trustee to make various

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Actual results may differ from such estimates.

Distributable Income per Unit and Distributions

(g) Distributable Income per Unit and Distributions

Distributable income per unit is determined by dividing distributable income by the number of units of beneficial interest outstanding during

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

Significant Royalty Sources

(h) Significant Royalty Sources

Percent of royalty revenue received by Marine from producers is summarized as follows:

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Fieldwood Energy LLC

Walter Oil & Gas Corporation

Basis of Accounting

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Distributions to unitholders are recognized when declared by the Trustee of the Trust.

The financial statements of Marine differ from financial statements prepared in conformity with GAAP because

of the following:

The financial statements of Marine differ from financial statements prepared in conformity with GAAP because of the following:

Royalty income is recognized in the month received rather than in the month of production.

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Investment in Affiliate Tidelands Royalty Trust B

At June 30, 2021 and 2020, the Trust owned 32.6% of the outstanding units of beneficial interest in Tidelands Royalty Trust B

(Tidelands).

The 452,366 units owned by the Trust had a market value of $194,517 and $67,855 at June 30, 2021 and 2020, respectively, based on the closing price of Tidelands units on the OTC Pink marketplace on such dates.

The following summary financial statements have been derived from the unaudited consolidated financial statements of Tidelands:

At June 30, 2021, the Trust owned 32.6% of the outstanding units of beneficial interest in Tidelands Royalty Trust B

(Tidelands), which entity was wound up prior to June 30, 2022.

The 452,366 units owned by the Trust had a market value of $194,517 at June 30, 2021, based on the closing price of Tidelands units on the OTC Pink

marketplace on such date.

Due to Tidelands being wound up prior to June 30, 2022, there was no market underlying the 452,366 units owned by the Trust on June 30, 2022.

However, expenses and fees to be reimbursed to the Trustee does exist

as a payable of $154,196 as of June 30, 2022.

The following summary financial statements have been derived from the unaudited

consolidated financial statements of Tidelands:

TIDELANDS CONSOLIDATED STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS

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

2019, Tidelands terminated the registration of its units under Section 12(g) of the Exchange Act, and suspended its reporting obligations under Section 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.

The term of Tidelands expired earlier in 2021, and Tidelands is currently in the process of dissolving the

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 Section 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.

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

The term of Tidelands expired in 2021.

Tidelands has been wound up and declared January 31, 2022 as the record date for the

final distribution which was paid in February 2022.

Summary of Quarterly Financial Data (Unaudited)

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Petroleum Trust and not in its individual capacity or

September 24, 2021

August 31, 2022

Senior Vice President

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Petroleum Trust and not in its individual capacity or

September 24, 2021

August 31, 2022

Senior Vice President

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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 9A. Controls and Procedures