-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Ejwaq64TKfk0xpsBxfHkP/hlubwt+u0HgUcDXgjfDPWEP75dGVbnMeK3puYVn9fd kcWWCXcIDyb7WGYM+mUMrQ== 0000950134-03-015442.txt : 20031114 0000950134-03-015442.hdr.sgml : 20031114 20031114152017 ACCESSION NUMBER: 0000950134-03-015442 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20030930 FILED AS OF DATE: 20031114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MARINE PETROLEUM TRUST CENTRAL INDEX KEY: 0000062362 STANDARD INDUSTRIAL CLASSIFICATION: OIL ROYALTY TRADERS [6792] IRS NUMBER: 756008017 STATE OF INCORPORATION: TX FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-08565 FILM NUMBER: 031003920 BUSINESS ADDRESS: STREET 1: NATIONSBANK OF TEXAS N A STREET 2: P O BOX 831402 CITY: DALLAS STATE: TX ZIP: 75283-1402 BUSINESS PHONE: 2145081796 MAIL ADDRESS: STREET 1: P O BOX 831402 CITY: DALLAS STATE: TX ZIP: 75283-1402 10-Q 1 d10611e10vq.txt FORM 10-Q ================================================================================ SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ---------------- FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2003 OR [ ] 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 0-8565 MARINE PETROLEUM TRUST (Exact name of registrant as specified in its charter) TEXAS 75-6008017 (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification No.) BANK OF AMERICA, N.A. 75283-0650 P.O. BOX 830650, DALLAS, TEXAS (Zip Code) (Address of principal executive offices) Registrant's telephone number, including area code (800) 985-0794 None (Former name, former address and former fiscal year if changed since last report) ------------------- Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes No X . Indicate number of units of beneficial interest outstanding as of the latest practicable date: As of September 30, 2003, we had 2,000,000 units of beneficial interest outstanding. ================================================================================ MARINE PETROLEUM TRUST INDEX
PAGE NUMBER ------ PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) ...................................................... 2 Condensed Consolidated Balance Sheets September 30, 2003 and June 30, 2003 .................... 2 Condensed Consolidated Statements of Income and Undistributed Income for the Three Months Ended September 30, 2003 and 2002 ................................................................... 3 Condensed Consolidated Statements of Cash Flows for the Three Months Ended September 30, 2003 and 2002 ...................................................................................... 4 Notes to Condensed Consolidated Financial Statements .......................................... 5 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS . 6 ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK ............................ 9 PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K ...................................................... 10
PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS MARINE PETROLEUM TRUST AND SUBSIDIARY CONDENSED CONSOLIDATED BALANCE SHEETS SEPTEMBER 30, 2003 AND JUNE 30, 2003 (UNAUDITED)
ASSETS SEPTEMBER 30, JUNE 30, 2003 2003 ---- ---- Current Assets: Cash and cash equivalents .............................................. $1,119,965 $1,334,059 Oil and gas royalties receivable ....................................... 1,102,326 1,169,485 Receivable from affiliate .............................................. 96,621 133,197 Interest receivable .................................................... 10,008 5,684 ---------- ---------- Total current assets ................................................ $2,328,920 $2,642,425 ---------- ---------- Investment in U.S. Treasury and agency bonds ............................... 713,380 715,661 Investment in affiliate .................................................... 378,019 418,866 Office equipment, at cost less accumulated ................................. 2,400 2,400 depreciation ............................................................... Producing oil and gas properties ........................................... 7 7 ---------- ---------- $3,422,726 $3,779,359 ========== ========== LIABILITIES AND TRUST EQUITY Current Liability - accounts payable ....................................... $ 864 $ -- Trust Equity: Corpus - authorized 2,000,000 units of beneficial interest, ....................................................... 8 8 issued 2,000,000 units at nominal value Undistributed income ................................................... 3,421,854 3,779,351 ---------- ---------- Total trust equity ................................................... 3,421,862 3,779,359 ---------- ---------- $3,422,726 $3,779,359 ========== ==========
See accompanying notes to condensed consolidated financial statements. 2 MARINE PETROLEUM TRUST AND SUBSIDIARY CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND UNDISTRIBUTED INCOME FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002 (UNAUDITED)
THREE MONTHS ENDED SEPTEMBER 30, ------------- 2003 2002 ---- ---- Income: Oil and gas royalties ............... $1,175,076 $1,051,410 Equity in earnings of affiliate ..... 55,667 87,800 Interest income ..................... 8,543 10,963 ---------- ---------- 1,239,286 1,150,173 ---------- ---------- General and administrative expenses ..... 41,664 37,010 Income before Federal income taxes .. 1,197,622 1,113,163 Federal income taxes of subsidiary ...... -- 7,000 ---------- ---------- Net income .......................... 1,197,622 1,106,163 ---------- ---------- Undistributed income at beginning of year 3,779,351 3,098,183 ---------- ---------- 4,976,973 4,204,346 Distributions to unitholders ............ 1,555,119 1,083,364 ---------- ---------- Undistributed income at end of year ..... $3,421,854 $3,120,982 ========== ========== Net income per unit ..................... $ 0.60 $ 0.55 ========== ========== Distributions per unit .................. $ 0.78 $ 0.54 ========== ==========
See accompanying notes to condensed consolidated financial statements. 3 MARINE PETROLEUM TRUST AND SUBSIDIARY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002 (UNAUDITED)
THREE MONTHS ENDED SEPTEMBER 30, ------------- 2003 2002 ---- ---- Cash flows from operating activities: Net income .................................... $ 1,197,622 $ 1,106,163 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of ......... 40,847 (10,431) affiliate Amortization of premium ..................... 2,281 -- Change in assets and liabilities: Oil and gas royalties receivable ........ 67,159 150,657 Receivable from affiliate ............... 36,576 (33,989) Federal income taxes refundable ......... -- 6,977 Interest receivable ..................... (4,324) (9,095) Accounts payable ........................ 864 379 ----------- ----------- Net cash provided by operating ....... 1,341,025 1,210,661 activities ........................................ Cash flows from investing activities -- Investment in U.S. Treasury and Agency Bonds -- 2,846 ----------- ----------- Cash flows from financing activities -- Distributions to unitholders ................ (1,555,119) (1,083,364) ----------- ----------- Net increase (decrease) in cash and cash .... (214,094) 130,143 equivalents ....................................... Cash and cash equivalents at beginning of period .. 1,334,059 920,943 ----------- ----------- Cash and cash equivalents at end of period ........ $ 1,119,965 $ 1,051,086 =========== ===========
See accompanying notes to condensed consolidated financial statements. 4 MARINE PETROLEUM TRUST AND SUBSIDIARY NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2003 (UNAUDITED) ACCOUNTING POLICIES The financial statements include the financial statements of Marine Petroleum Trust (the "Trust") and its wholly-owned subsidiary, Marine Petroleum Corporation ("MPC"). The financial statements are condensed and should be read in conjunction with the Trust's annual report on Form 10-K for the fiscal year ended June 30, 2003. The financial statements included herein are unaudited, but in the opinion of management they include all adjustments necessary for a fair presentation of the results of operations for the periods indicated. Operating results for the three months ended September 30, 2003 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2004. As an overriding royalty owner, actual production results are not known to us until reported by the operator, which could be a period of 60-90 days later than the actual month of production. To comply with accounting principles generally accepted in the United States of America, we must estimate earned but unpaid royalties from this production. To estimate this amount, we utilize historical information based on the latest production reports from the individual leases and current average prices as reported for oil by Chevron USA and the spot market price for natural gas delivered at the Henry Hub in Louisiana for the period under report. DISTRIBUTABLE INCOME The Trust's indenture provides that the trustee is to distribute all cash in the trust, less an amount reserved for the payment of accrued liabilities and estimated future expenses, to unitholders on the 28th day of March, June, September and December of each year. If the 28th falls on a Saturday, Sunday or legal holiday, the distribution is payable on the immediately preceding business day. As stated under "Accounting Policies" above, the financial statements in this Form 10-Q are the condensed and consolidated account balances of the Trust and MPC. However, distributable income is paid from the unconsolidated account balances of the Trust. Distributable income is comprised of (i) royalties from offshore Texas leases owned directly by the Trust, (ii) 98% of the overriding royalties received by MPC that are paid to the Trust on a quarterly basis, (iii) cash distributions from the Trust's equity interest in the Tidelands Royalty Trust B ("Tidelands"), a separate publicly traded royalty trust, less (iv) administrative expenses incurred by the Trust. UNDISTRIBUTED INCOME A contract between the Trust and MPC provides that 98% of the overriding royalties received by MPC are paid to the Trust each quarter. MPC retains the remaining 2% of the overriding royalties along with other items of income and expense until such time as the Board of Directors declares a dividend out of the retained earnings. No such dividend from MPC to the Trust has been declared since 1993. On September 30, 2003, undistributed income of the Trust and MPC amounted to $2,415,261 and $1,006,593, respectively. 5 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FINANCIAL CONDITION - LIQUIDITY AND CAPITAL RESOURCES Organization. The Trust is a royalty trust that was created in 1956 under the laws of the State of Texas. The Trust is not permitted to engage in any business activity because it was organized for the sole purpose of providing an efficient, orderly, and practical means for the administration and liquidation of rights to payments from certain oil and natural gas leases in the Gulf of Mexico, pursuant to license agreements and amendments between the Trust's predecessors and Gulf Oil Corporation ("Gulf"). As a result of various transactions that have occurred since 1956, the Gulf interests now are held by Chevron Corporation, Elf Exploration, Inc., and their assignees. The Trust's rights are generally referred to as overriding royalty interests in the oil and natural gas industry. An overriding royalty interest is created by an assignment by the owner of a working interest. The ownership rights associated with an overriding royalty interest terminate when the underlying lease terminates. All production and marketing functions are conducted by the working interest owners of the leases. Revenues from the overriding royalties are paid to the Trust either (i) on the basis of the selling price of oil, natural gas and other minerals produced, saved or sold, or (ii) at the value at the wellhead as determined by industry standards, when the selling price does not reflect the value at the wellhead. The Trust holds an overriding royalty interest equal to three-fourths of 1% of the value at the well of any oil, natural gas, or other minerals produced and sold from the leases described above. The Trust's overriding royalty interest applies only to existing leases and does not apply to new leases. The Trust also owns a 32.6% equity interest in Tidelands. As a result of this ownership, the Trust receives periodic distributions from Tidelands. Due to the limited purpose of the Trust as stated in the Trust Indenture, there is no requirement for capital. The Trust's only obligation is to distribute to unitholders the net income actually collected. As an administrator of oil and natural gas royalty properties, the Trust collects income monthly, pays administration expenses, and disburses all net income collected to its unitholders each quarter. Because all of the Trust's revenues are invested in liquid funds pending distribution, the Trust does not experience any liquidity problems. The Trust's indenture (and MPC's charter and by-laws) expressly prohibits the operation of any kind of trade or business. The Trust's oil and natural gas properties are depleting assets and are not being replaced due to the prohibition against these investments. Because of these restrictions, the Trust does not require short term or long term capital. These restrictions, along with other factors, allow the Trust to be treated as a grantor trust. Thus, all income and deductions, for tax purposes, should flow through to each individual unitholder. The Trust is not a taxable entity. CRITICAL ACCOUNTING POLICIES As an overriding royalty owner, actual production results are not known to us until reported by the operator, which could be a period of 60-90 days later than the actual month of production. To comply with accounting principles generally accepted in the United States of America, we must estimate earned but unpaid royalties from this production. To estimate this amount, we utilize historical information based on the latest production reports from the individual leases and current average prices as reported for oil by Chevron USA and the spot market price for natural gas delivered at the Henry Hub in Louisiana for the period under report. We did not have any changes in our critical accounting policies or in our significant accounting estimates during the three months ended September 30, 2003. Please see our annual report on Form 10-K for the year ended June 30, 2003 for a detailed discussion of our critical accounting policies. GENERAL The Trust realized 43% of its revenue from the sale of oil and 57% from the sale of natural gas during the three months ended September 30, 2003. Revenue includes estimated royalties of oil and natural gas produced but not paid. 6 Distributions fluctuate from quarter to quarter due to changes in oil and natural gas prices and production quantities. Net income is determined by the revenue from oil and natural gas produced and sold during the accounting period. Distributions, however, are determined by the cash available to the Trust on the determination date. SUMMARY REVIEW OF OPERATING RESULTS Net income for the three months ended September 30, 2003 increased approximately 8% to $0.60 per unit as compared to $0.55 for the comparable period in 2002. Oil production for the three months ended September 30, 2003 decreased approximately 8,200 barrels and natural gas production increased approximately 13,000 mcf from the levels realized in the comparable period in 2002. For the three months ended September 30, 2003 the average price received for a barrel of oil increased $0.85 over the price realized in the comparable period in 2002. For the three months ended September 30, 2003 the average price received for a thousand cubic feet (mcf) of natural gas increased $1.92 or 69% over the price realized in the comparable period in 2002. Distributions to unitholders amounted to $0.78 per unit for the three months ended September 30, 2003, an increase of 44% over the distribution for the comparable period in 2002. The Trust's distributions are paid based on the timing of actual cash receipts rather than the net income of the Trust. The Trust must rely on public records for information regarding drilling operations. The public records available up to the date of this report indicate that 7 drilling and workover operations were conducted successfully during the three months ended September 30, 2003, on leases in which the Trust has an interest. In the comparable period a year ago, there were also 7 successful drilling and workover operations. The Trust receives royalty payments on the sale of oil and natural gas from approximately 380 wells that are classified as active. The following table presents the net production quantities of oil and natural gas and net income and distributions per unit for the last five quarters.
PRODUCTION (1) --------------------- NATURAL NET CASH QUARTER OIL (BBLS) GAS (MCF) INCOME DISTRIBUTION ------- ---------- --------- ------ ------------ September 30, 2002 28,136 129,252 .55 .54 December 31, 2003 20,659 160,606 .58 .63 September 30, 2002 12,379 117,767 .65 .66 June 30, 2003 .... 28,551 178,107 .80 .41 September 30, 2003 19,945 141,921 .60 .78
- ----------------------------------- (1) Excludes the Trust's equity interest in Tidelands. The Trust's revenues are derived from the oil and natural gas production activities of unrelated parties. The Trust's revenues and distributions fluctuate from period to period based upon factors beyond the Trust's control, including, without limitation, the number of productive wells drilled and maintained on leases subject to the Trust's interest, the level of production over time from such wells and the prices at which the oil and natural gas from such wells are sold. The Trust believes that it will continue to have enough revenues to allow distributions to be made to unitholders for the foreseeable future, although no assurance can be made regarding the amount of any future distributions. The foregoing sentence is a forward-looking statement. For more information, see "Forward Looking Statements" on page 9. Actual results may differ from expected results because of reductions in the price or demand for oil and natural gas, which might then lead to decreased production; 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; and the expiration or release of leases subject to the Trust's interests. 7 Important aspects of the Trust's operations are conducted by third parties. Oil and natural gas companies that lease tracts subject to the Trust's interests are responsible for the production and sale of oil and natural gas and the calculation of royalty payments to the Trust. The Trust's distributions are processed and paid by The Bank of New York as the agent for the trustee of the Trust. RESULTS OF OPERATIONS -- THREE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002 Oil and gas royalties increased 12% over the comparable quarter a year ago. Several oil wells were damaged by the storms that hit the Gulf of Mexico in September and October last year and were not brought back on stream by the working interest owner. Natural gas production was up over the comparable period a year ago when production was lower than normal. A number of gas wells were worked over in the months following the September 30, 2002 quarter adding additional natural gas production. Net income increased 8% to approximately $1,198,000 for the three months ended September 30, 2003, from approximately $1,106,000 realized for the comparable three months in 2002. Revenue from oil royalties, excluding the Trust's equity interest in Tidelands, for the three months ended September 30, 2003, decreased 27% to approximately $508,000, from approximately $693,000 realized for the comparable three months in 2002. The 29% decrease in production was not offset by the 3% increase in the average price, resulting in a decrease in royalties from oil for the three months ended September 30, 2003. Revenue from natural gas royalties, excluding the Trust's equity interest in Tidelands, increased 86% to approximately $667,000 for the three months ended September 30, 2003, from approximately $359,000 for the comparable three months in 2002. The increase in production plus the increase in the price for natural gas for the three months ended September 30, 2003 resulted in increased royalties from natural gas for the quarter. Income from the Trust's equity in Tidelands decreased approximately 37% for the three months ended September 30, 2003, as compared to the three months ended September 30, 2002. The following table presents the quantities of oil and natural gas sold and the average prices realized from current operations for the three months ended September 30, 2003, and those realized in the comparable three months in 2002, excluding the Trust's equity interest in Tidelands:
2003 2002 ---- ---- OIL Barrels sold .. 19,945 28,136 Average price . $ 25.46 $ 24.61 NATURAL GAS Mcf sold ...... 141,921 129,252 Average price . $ 4.70 $ 2.78
FORWARD-LOOKING STATEMENTS The statements discussed in this quarterly report on Form 10-Q regarding our future financial performance and results, and other statements that are not historical facts, are forward-looking statements as defined in Section 27A of the Securities Act of 1933. We use the words "may," "will," "expect," "anticipate," "estimate," "believe," "continue," "intend," "plan," "budget," or other similar words to identify forward-looking statements. You should read statements that contain these words carefully because they discuss future expectations, contain projections of our financial condition, and/or state other "forward-looking" information. Events may occur in the future that we are unable to accurately predict, or over which we have no control. If one or more of these uncertainties materialize, or if underlying assumptions prove incorrect, actual outcomes may vary materially from those forward-looking statements included in this Form 10-Q. 8 ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Not applicable. 9 PART II. OTHER INFORMATION ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) The following exhibits are included herein: 31.1 Certification of the Principal Accounting Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 31.2 Certification of the Corporate Trustee pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 32.1 Certification of the Principal Accounting Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 32.2 Certification of the Corporate Trustee pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (b) Current Reports on Form 8-K: None. 10 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. MARINE PETROLEUM TRUST Bank of America, N.A., Trustee November 13, 2003 By: /s/ RON E. HOOPER --------------------------------------- Ron E. Hooper Senior Vice President November 13, 2003 By: /s/ R. RAY BELL -------------------------------------- R. Ray Bell Principal Accounting Officer 11 INDEX TO EXIBITS 31.1 Certification of the Principal Accounting Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 31.2 Certification of the Corporate Trustee pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 32.1 Certification of the Principal Accounting Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 32.2 Certification of the Corporate Trustee pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 12 EX-31.1 3 d10611exv31w1.txt CERTIFICATION PURSUANT TO SECTION 302 EXHIBIT 31.1 CERTIFICATIONS I, R. Ray Bell, certify that: 1. I have reviewed this quarterly report on Form 10-Q of Marine Petroleum Trust; 2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant's Trustee and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) for the registrant and we have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and c) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's Trustee and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting. Date: November 13, 2003 /s/ R. RAY BELL ------------------------------- R. Ray Bell Principal Accounting Officer EX-31.2 4 d10611exv31w2.txt CERTIFICATION PURSUANT TO SECTION 302 EXHIBIT 31.2 CERTIFICATIONS I, Ron E. Hooper, certify that 1. I have reviewed this quarterly report on Form 10-Q of Marine Petroleum Trust for which Bank of America, N.A. acts as Trustee; 2. Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant's Principal Accounting Officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) for the registrant and we have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and c) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's Principal Accounting Officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting. Date: November 13, 2003 /s/ RON E. HOOPER ---------------------------- Ron E. Hooper Senior Vice President Royalty Management on behalf of Bank of America Private Bank, not in its individual capacity but solely as the trustee of Marine Petroleum Trust EX-32.1 5 d10611exv32w1.txt CERTIFICATION PURSUANT TO SECTION 906 EXHIBIT 32.1 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), each of the Principal Accounting Officer and the Trustee of Marine Petroleum Trust (the "Company"), does hereby certify, to such person's knowledge, that: The Quarterly Report on Form 10-Q for the quarter ended September 30, 2003 (the "Form 10-Q") of the Company fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company as of, and for, the periods presented in the Form 10-Q. /s/ R. RAY BELL - ------------------------------------- R. Ray Bell Principal Accounting Officer Dated: November 13, 2003 A signed original of this written statement required by Section 906 has been provided to Marine Petroleum Trust and will be retained by Marine Petroleum Trust and furnished to the Securities and Exchange Commission or its staff upon request. The foregoing certification is being furnished as an exhibit to the Form 10-Q pursuant to Item 601(b)(32) of Regulation S-K and Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code) and, accordingly, is not being filed as part of the Form 10-Q for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of the company, whether made before or after the date hereof, regardless of any general incorporation language in such filing. EX-32.2 6 d10611exv32w2.txt CERTIFICATION PURSUANT TO SECTION 906 EXHIBIT 32.2 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), each of the Principal Accounting Officer and the Trustee of Marine Petroleum Trust (the "Company"), does hereby certify, to such person's knowledge, that: The Quarterly Report on Form 10-Q for the quarter ended September 30, 2003 (the "Form 10-Q") of the Company fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company as of, and for, the periods presented in the Form 10-Q. /s/ RON E. HOOPER - -------------------------------------------------------- Ron E. Hooper Senior Vice President Royalty Management on behalf of Bank of America Private Bank, not in its individual capacity but solely as the trustee of Marine Petroleum Trust Dated: November 13, 2003 A signed original of this written statement required by Section 906 has been provided to Marine Petroleum Trust and will be retained by Marine Petroleum Trust and furnished to the Securities and Exchange Commission or its staff upon request. The foregoing certification is being furnished as an exhibit to the Form 10-Q pursuant to Item 601(b)(32) of Regulation S-K and Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code) and, accordingly, is not being filed as part of the Form 10-Q for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of the company, whether made before or after the date hereof, regardless of any general incorporation language in such filing. -----END PRIVACY-ENHANCED MESSAGE-----