What changed in this filing

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Item 9A. Controls and Procedures

2023-09-26 compared with 2022-08-31 · 34 added, 41 removed, 318 unchanged (19% of the section changed)

25 unchanged sentences

for directors or officers or the election or appointment of directors or officers.

Under the Indenture, Simmons Bank, serves as the Trustee.

Under the Indenture, Argent Trust Company, serves as the Trustee.

Code of Ethics.

1 unchanged sentence

Employees of the Trustee must comply with the

Trustees code of ethics, a copy of which will be made available to unitholders without charge, upon request by appointment at Simmons Bank, 2911 Turtle Creek Blvd., Suite 850, Dallas, Texas 75219.

Trustees code of ethics, a copy of which will be made available to unitholders without charge, upon request by appointment at Argent Trust Company, 3838 Oak Lawn Avenue, Suite 1720, Dallas, Texas 75219.

The Trust has no directors and therefore has no audit committee or audit committee financial expert and no nominating

7 unchanged sentences

Compensation (1)

Argent Trust Company, Trustee

Simmons Bank, Trustee

4 unchanged sentences

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 August 15, 2022, 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 September 15, 2023, based solely on the Trusts review of information filed with the SEC and information provided by such persons:

Name and Address

2 unchanged sentences

Percent of Class

213,837 units

1007 Gasserway Circle

Brentwood, TN 37027

213,837 units

Patricia Martin

174,529 units

110 Woodbine Place

Missoula, MT 59803

174,529 units

There are no executive officers or directors of the Trust.

17 unchanged sentences

(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.

Indenture, as amended on September 23, 2022, of Marine Petroleum Trust, filed as Exhibit 4.1 to the Current Report on Form 8-K of Marine filed September 28, 2022 (File No.

000-08565), and incorporated by reference herein.

8 unchanged sentences

Filed herewith.

this Annual Report on Form 10-K.

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

FORM 10-K SUMMARY

38 unchanged sentences

/s/ WEAVER AND TIDWELL, L.L.P

We have served as the

Trusts auditor since 2011.

We have served as the Trusts auditor since 2011.

Dallas, Texas

August 31, 2022

September 26, 2023

MARINE PETROLEUM TRUST AND SUBSIDIARY

37 unchanged sentences

Summary of Significant Accounting Policies

Marine Petroleum Trust (the Trust) was established on June 1, 1956 with the transfer of property to the Trust consisting of

certain contract rights, units of beneficial interest and common stock in exchange for units of beneficial interest in the Trust.

The contract rights entitled the Trust to receive an overriding royalty interest in oil, natural gas and other mineral

leasehold interests acquired by Gulf Oil Corporation, now Chevron U.S.A., Inc.

(Chevron), a subsidiary of Chevron Corporation, in certain areas of the Gulf of Mexico prior to January 1, 1980.

The Trust must distribute to its unitholders all cash accumulated each quarter, less an amount reserved for accrued liabilities and estimated

future expenses.

Petroleum Trust (the Trust) was established on June 1, 1956 with the transfer of property to the Trust consisting of certain contract rights, units of beneficial interest and common stock in exchange for units of beneficial interest

in the Trust.

The contract rights entitled the Trust to receive an overriding royalty interest in oil, natural gas and other mineral leasehold interests acquired by Gulf Oil Corporation, now Chevron U.S.A., Inc.

(Chevron), a subsidiary

of Chevron Corporation, in certain areas of the Gulf of Mexico prior to January 1, 1980.

The Trust must distribute to its

unitholders all cash accumulated each quarter, less an amount reserved for accrued liabilities and estimated future expenses.

The Trust and its subsidiary cannot engage in a trade or business.

Funds held by Marine Petroleum Corporation, a wholly owned subsidiary of the Trust, (MPC, and collectively with the Trust, Marine) pending

distribution to the Trust are invested in U.S.

Funds held by Marine Petroleum Corporation, a wholly

owned subsidiary of the Trust, (MPC, and collectively with the Trust, Marine) pending distribution to the Trust are invested in U.S.

Treasury and agency bonds.

The unitholders assigned their contract rights offshore of

Louisiana to MPC reserving a 98% net profits interest to themselves.

The net profits interest contract was transferred to the Trust along with the other properties.

The unitholders assigned their contract rights offshore of Louisiana to MPC reserving a 98% net profits interest to themselves.

profits interest contract was transferred to the Trust along with the other properties.

The Trust is authorized to pay expenses of MPC should it be necessary.

26 unchanged sentences

2018 through 2022 remain subject to examination.

These issues shall be resolved by the end of the calendar 2023.

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

15 unchanged sentences

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

Fiscal Year Ended June 30,

Fiscal Year Ended

Arena Energy, LP

Chevron USA, Inc.

Fieldwood Energy LLC

Walter Oil & Gas Corporation

7 unchanged sentences

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.

11 unchanged sentences

Investment in Affiliate Tidelands Royalty Trust B

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

At March 31, 2022, 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:

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

reserve of $154,196 has been established for future reporting and compliance issues that may arise in years to come and will be used for such transactions.

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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Distributable income before Federal income taxes

Federal income taxes of Tidelands subsidiary

Federal income taxes of Tidelands

Distributable income

63 unchanged sentences

MARINE PETROLEUM TRUST

Simmons Bank, in its capacity as trustee of Marine

Petroleum Trust and not in its individual capacity or

August 31, 2022

Argent Trust Company, in its capacity as trustee of Marine Petroleum Trust and not in its individual capacity or otherwise

September 26, 2023

Senior Vice President

1 unchanged sentence

following persons on behalf of the registrant and in the capacities and on the dates indicated.

Simmons Bank, in its capacity as trustee of Marine

Petroleum Trust and not in its individual capacity or

August 31, 2022

Argent Trust Company, in its capacity as trustee of Marine Petroleum Trust and not in its individual capacity or otherwise

September 26, 2023

Senior Vice President

1 unchanged sentence

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