SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 FOR THE FISCAL YEAR ENDED JUNE 30, 2002. 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 NO. 0-8565
MARINE PETROLEUM TRUST
(Exact name of registrant as specified in its charter)
TEXAS 75-6008017
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
C/O THE CORPORATE TRUSTEE:
BANK OF AMERICA, N.A.
P.O. BOX 830241, DALLAS, TEXAS 75283-0241
(Address of principal executive offices) (Zip Code)
|
Registrant's telephone number, including area code
(at the office of the Corporate Trustee): (800) 985-0794
Securities registered pursuant to Section 12(b) of the Act:
NONE
Securities registered pursuant to Section 12(g) of the Act:
UNITS OF BENEFICIAL INTEREST
(Title of Class)
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, and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [X]
Aggregate market value of Units of Beneficial Interest held by non-affiliates of the registrant at August 30, 2002: $39,954,604.
Number of Units of Beneficial Interest outstanding as of August 30, 2002 -- 2,000,000 Units.
Documents Incorporated by Reference:
NONE
CROSS-REFERENCE SHEET
This Form 10-K for the year ended June 30, 2002 of Marine Petroleum Trust is not organized by conventional item numbers and headings contemplated by SEC rules and forms. This cross-reference page is intended to indicate to the reader where (or under which headings) information required under Form 10-K may be found herein.
FORM 10-K HEADINGS
ITEM NUMBERS HEREIN
------------ --------
PART I ............................................................................................. General
Item 1. Business ............................................................................... The Trust; Properties
Item 2. Properties ............................................................................. Properties
Item 3. Legal Proceedings ...................................................................... Legal Matters
Item 4. Submission of Matters to a Vote of Security Holders..................................... Unitholder Voting Matters
PART II ............................................................................................ Financial
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters................... Market and Investor Information
Item 6. Selected Financial Data................................................................. Selected Financial Data
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations... Management's Discussion and
Analysis of Financial
Condition and Results of
Operations
Item 7A. Quantitative and Qualitative Disclosures About Market Risk............................. Quantitative and Qualitative
Disclosures About Market
Risk
Item 8. Financial Statements and Supplementary Data............................................. Financial Statements and
Supplementary Data
Item 9. Disagreements on Accounting and Financial Disclosure.................................... Accounting Matters
PART III............................................................................................ Management and Principal
Unitholders
Item 10. Directors and Executive Officers of the Registrant..................................... Administrators
Item 11. Management Remuneration................................................................ Administrators; Management
Compensation
Item 12. Security Ownership of Certain Beneficial Owners and Management......................... Principal Unitholders
Item 13. Certain Relationships and Related Transactions......................................... Administrators; Management
Compensation
PART IV............................................................................................. Miscellaneous
Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K....................... Exhibits, Financial Statement
Schedules and Reports on
Form 8-K
|
GENERAL
THE TRUST
Organization. Marine Petroleum Trust ("Marine") is a royalty trust that was created in 1956 under the laws of the State of Texas. Marine 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 thereto between Marine's predecessors and Gulf Oil Corporation ("Gulf"). As a result of various transactions that have occurred since 1956, the Gulf interests are now held by Chevron Corporation ("Chevron"), Elf Exploration, Inc. ("Elf"), and their assignees.
The indenture pursuant to which Marine was created (the "Indenture"), provides that the corporate trustee is to distribute all cash in Marine, less an amount reserved for the payment of accrued liabilities and estimated future expenses, to unitholders of record on the 28th day of September, December, March and June of each fiscal year. If the 28th falls on a Saturday, Sunday or legal holiday, the distribution is payable on the immediately preceding business day.
The Indenture, as amended, also provides that the term of the royalty trust will expire on June 1, 2021, unless extended by the vote of the holders of a majority of the outstanding units of beneficial interest.
Marine's wholly-owned subsidiary, Marine Petroleum Corporation ("MPC"), holds title to interests in properties subject to Marine's interests that are situated offshore of Louisiana. Ninety-eight percent of all oil, natural gas, and other mineral royalties collected by this subsidiary are paid to Marine. MPC, like Marine, is prohibited from engaging in a trade or business and does only those things necessary for the administration and liquidation of its properties.
Marine's only industry segment or purpose is the administration and collection of royalties.
Royalties. Marine's rights are generally referred to as overriding royalty interests by the oil and natural gas industry, and we sometimes refer to them as overriding royalty interests in this annual report. All production and marketing functions are conducted by the working interest owners of the leases. Revenues from the overriding royalties are paid to Marine either (i) on the basis of the selling price of oil, natural gas and other minerals produced, saved and 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.
Marine 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 in the "Properties" section below. Marine's overriding royalty interest applies only to existing leases and does not apply to new leases. Marine also owns a 32.6% equity interest in Tidelands Royalty Trust "B" ("Tidelands"), a separate Texas trust, which owns interests in the oil, natural gas, or other mineral leases acquired by Gulf and/or its transferees and assignees in a 1,370,000-acre area of the Gulf of Mexico (the "Royalty Area") during a 50-year period ended April 30, 2001. Prior to the expiration of the 50-year lease acquisition period on April 30, 2001 (the "Acquisition Expiration Date"), if Chevron, Elf or their assigns had acquired a lease or leases on one of the 60 tracts, and if oil or natural gas were produced and sold from any such tract, then Chevron, Elf or their assigns had to make production payments to Tidelands, in an amount equal to approximately 12.5% of the value at the well-head of the oil and natural gas subject to such lease until the sum of $1,500,000 has been paid under the lease. Thereafter, Tidelands' interest in such tract was converted to an overriding royalty and Tidelands received payments equal to approximately 4.17% of the value of the oil and natural gas sold as long as the lease on such tract exists. At June 30, 2002, six of Tidelands' assigned leases contained producing wells and had paid out their $1,500,000 production payment. Tidelands' royalty interest on five of the six leases was 4.17% at June 30, 2002. On the sixth lease Tidelands' overriding royalty is 1.0416%. One recently acquired and assigned lease does not contain any producing wells. This lease has not yet paid $1,500,000 in production payments.
Presently, the leases subject to Marine's interests cover 275,413 gross acres (including Tidelands' interest in 29,812 leased acres). These leases will remain in force until the expiration of their respective terms. Leases may be voluntarily released by the working interest owner after all oil and natural gas reserves are produced. Leases may
also be abandoned by the working interest owner due to failure to discover sufficient reserves to make development economically worthwhile. In addition, the federal government may force termination of a Lease if the working interest owner fails to fully develop a lease once it is acquired.
For the year ended June 30, 2002, approximately 55% of Marine's royalty revenues were attributable to the sale of oil and approximately 45% were attributable to the sale of natural gas. The royalty revenues received by Marine are affected by seasonal fluctuations in demand and by changes in the market price for oil and natural gas. Over 90% of Marine's revenue for each of the past three years was paid by five working interest owners. The percentage received from these five working interest owners for each of the past three years is presented in the following table:
Years Ending June 30
Company 2002 2001 2000
---- ---- ----
Chevron 79% 75% 71%
Century Exploration Company 5% 3% 3%
Devon Energy Production Company 4% 7% 10%
BP America Production Company 3%(1) 3%(2) 2%
Samedan Oil Corporation 2% 6% 6%
--- --- ---
93% 94% 92%
|
1. Includes $91,510 paid by Arco before BP America Production Company acquired Arco.
2. Includes $187,407 paid by Vastar and $197,641 paid by Arco after Arco acquired Vastar.
In addition, Marine's revenue from its equity interest in Tidelands accounted for approximately 5%, 7% and 6% of Marine's revenue for the years ended June 30, 2002, 2001 and 2000, respectively. Tidelands has reported that royalty revenues from American Explorer Company, Burlington Resources, Chevron, USA, Pennzenergy Exploration and Production Company and Devon accounted for a substantial portion of Tidelands' royalty revenue for the years ended December 31, 2001, 2000 and 1999.
Marine derives no revenues from foreign sources and has no export sales.
Trust Functions. Marine is administered by officers and employees of its Trustee, Bank of America, N.A. MPC employs Ray Bell, its president, treasurer and director, to perform certain management, financial and administrative services for Marine. Except for Mr. Bell, all officers and directors of MPC serve without compensation. See "Management and Principal Unitholders."
Important aspects of Marine's operations are conducted by third parties. Oil and natural gas companies that lease tracts subject to Marine's interests conduct the production and sale of oil and natural gas and the calculation of royalty payments to Marine. Similarly, Marine's distributions are processed and paid by The Bank of New York as the agent for the trustee of Marine.
MPC leases office space in Dallas, Texas to provide work space and record storage for Marine, MPC, Tidelands and Tidelands' wholly-owned subsidiary corporation, Tidelands Royalty "B" Corporation. The cost of this office facility is shared by all four of these entities in proportion to each entity's gross income to the total of such income of all entities.
The ability of Marine to receive revenues is entirely dependent upon its entitlement to its rights with respect to the leases held by Chevron and its assignees in the Gulf of Mexico (as more fully described in "Properties" below). Moreover, no revenues are payable to Marine until sales of production commence from any such lease.
The royalty interests held by Marine are depleting with each barrel of oil and mcf of natural gas produced. No funds are reinvested by Marine; thus, these depleting assets are not being replaced.
PROPERTIES
General. Marine is not engaged in oil and natural gas operations, although its income is based upon the oil and natural gas operations of others. Marine's income is derived from contracts that provide for payments in the nature of overriding royalties made to Marine based on oil and natural gas sales from certain leases in the Gulf of Mexico.
Reserves. Marine is not engaged in the production of oil or natural gas. Marine's income is derived from overriding royalty payments that are carved out of working interests in oil and natural gas leases in the Gulf of Mexico. Marine does not have the engineering data necessary to make an estimate of the proved oil and natural gas reserves attributable thereto (nor the present value of future net cash flows from such reserves), and is not entitled to receive such data from the owners of the working interests from which Marine's interests are derived. See also "Difficulty in Obtaining Certain Data" below.
Since Marine does not have access to this reserve information, Marine is unable to compute the standardized measure of discounted future net cash flows therefrom.
Marine did not file any reports during the fiscal year ended June 30, 2002, with any federal authority or agency with respect to oil and natural gas reserves.
Production. Information regarding the net quantities of oil and natural gas produced with respect to Marine's overriding royalty interests (excluding its equity in Tidelands) for each of the last three fiscal years, as well as the average sales price per unit of oil and natural gas produced upon which payments to Marine are based, is set forth in the following table:
YEAR ENDED JUNE 30,
-------------------------------------------
2002 2001 2000
----------- ----------- -----------
Quantity
Oil (in barrels ("bbls")) ...................... 113,424 112,554 92,837
Natural Gas (in thousand cubic feet ("mcf")) ... 749,771 971,880 807,837
Average Price
Oil (per bbl) .................................. $ 23.34 $ 28.50 $ 24.51
Natural Gas (per mcf) .......................... $ 2.83 $ 5.00 $ 2.48
|
Information about average production cost (lifting cost) per unit of production has been omitted due to its unavailability and inapplicability to Marine. For more recent information regarding prices, see "Management's Discussion and Analysis of Financial Condition and Results of Operations" below.
Productive Wells. Based on the latest public records available to Marine, and including its equity interest in Tidelands, there were approximately 367 active wells subject to Marine's interests, some of which contained multiple completions. Approximately 152 wells were classified as oil wells and approximately 215 wells were classified as natural gas wells. Most of the oil wells also produced associated natural gas and most of the natural gas wells produced condensate, which is economically the equivalent of oil. See "Difficulty in Obtaining Certain Data" below.
Drilling Activity. Information concerning the results of operations on leases in which Marine had an interest (including its equity interest in Tidelands) for each of its last three fiscal years is set forth below:
YEAR ENDED JUNE 30
--------------------------
2002 2001 2000
---- ---- ----
Development
Oil ................ 26 39 21
Natural Gas ........ 34 58 36
Suspended* ......... 0 1 6
Dry ................ 7 1 5
---- ---- ----
Totals ........ 67 99 68
==== ==== ====
|
* "Suspended" wells are wells that have been completed but whose classifications have not been reported at the relevant date.
Information regarding net wells or acres is not included since Marine does not own any working interests.
Lease Acreage. Marine has an overriding royalty interest (including its equity interest in Tidelands) in 73 different oil and natural gas leases covering 275,413 gross acres. These leases are located in the Central and Western areas of the Gulf of Mexico off the coasts of Louisiana and Texas. This acreage is presented in the following table:
PRIMARY
LEASES GRANTED BY (1): TERM PRODUCING TOTAL
------- --------- -------
United States ........ 2,500 267,383 269,883
State of Texas ....... -- 640 640
State of Louisiana ... -- 4,890 4,890
------- ------- -------
2,500 272,913 275,413
======= ======= =======
|
(1) Leases are typically granted for a term of five years, during which the lease owner must establish a commercial production capability, or the lease expires. There are 5,351 acres located on leases that have commercial production, but the production is not on Marine's overriding royalty area within those leases.
The overriding royalty interest owned by Marine is a fractional interest out of total oil and natural gas sold, and is free and clear of all operating costs. The actual percentage interest in a lease attributable to Marine's interest varies from lease to lease. The acreage weighted average percentage interest attributable to Marine's interest in all of these leases is .6181%.
Present Activities. Public records indicate that 5 wells are being drilled on tracts that Marine has an interest in. Public records indicate that operators have designated locations for 7 additional wells. There is no assurance that these wells will be drilled, and if they are drilled, that they will be successful.
Difficulty in Obtaining Certain Data. Marine's only activities are the collection and distribution of revenues from overriding royalties on certain oil and natural gas leases in the Gulf of Mexico, pursuant to purchase agreements between Marine's predecessors and Gulf and its transferees. The leasehold working interests that are subject to the rights held by Marine are owned, in most cases, in whole or in part by Chevron, or other oil and natural gas exploration and production companies. Certain information as to reserves, availability of oil and natural gas, average production cost (lifting cost) per unit, undeveloped acreage, net wells and net acres, etc., with respect to the particular leases subject to Marine's interests lies solely within the knowledge of these concerns. Engineering data, if any, regarding these leaseholds would have been compiled principally by or for the working interest owners of these leaseholds and Marine believes that it will not be provided access to such information. Because of this, it appears that unreasonable efforts and expense would be involved in seeking to obtain all of the information required under Item 102 of Regulation S-K and Securities Exchange Act of 1934 Industry Guide 2.
LEGAL MATTERS
Neither Marine nor MPC, nor any of their respective properties (exclusive of properties owned by Chevron and subject to the Marine and Tidelands license agreements), is a party to or subject to any material pending litigation as of the date hereof.
UNITHOLDER VOTING MATTERS
No matters have been presented to the unitholders to be voted upon during the fiscal year ended June 30, 2002.
FINANCIAL
MARKET AND INVESTOR INFORMATION
The units of beneficial interest in Marine trade on the Nasdaq SmallCap Market under the symbol "MARPS." Distributions of cash are made to unitholders quarterly. The following table presents the range of high and low trade prices by quarter for the past two years as reported by the OTC Market Report. The per unit amount of cash distributed to unitholders for each of these quarters is also presented in the table.
TRADE PRICE
--------------- DISTRIBUTIONS
QUARTER ENDING HIGH LOW PER UNIT
-------------- ----- ----- -------------
September 30, 2001 ......... 32.49 26.00 1.134
December 31, 2001 .......... 34.00 26.01 .724
March 31, 2002 ............. 34.00 26.06 .486
June 30, 2002 .............. 29.50 24.00 .459
September 30, 2000 ......... 22.50 15.50 .623
December 31, 2000 .......... 25.00 17.25 .862
March 31, 2001 ............. 29.25 22.50 .935
June 30, 2001 .............. 41.75 26.20 1.174
|
Marine is authorized to issue and has issued 2,000,000 units of beneficial interest. On September 11, 2002, these outstanding units were held of record by 600 unitholders.
Marine must distribute to its unitholders all cash accumulated each quarter, less an amount reserved for accrued liabilities and estimated future expenses. Such distributions have been made since its inception and will continue so long as the income from oil and natural gas royalties exceeds administrative costs.
Distributions fluctuate from quarter to quarter due to changes in oil and natural gas prices and production quantities. Distributions, however, are determined by the cash available to Marine on the determination date.
SELECTED FINANCIAL DATA
(IN THOUSANDS EXCEPT PER UNIT AMOUNTS)
--------------------------------------------------------
2002 2001 2000 1999 1998
------- ------- ------- ------- -------
STATEMENT OF INCOME AND UNDISTRIBUTED INCOME
SELECTED DATA
Income:
Oil and natural gas royalties .............. $ 4,772 $ 8,062 $ 4,526 $ 2,841 $ 2,577
Equity in Tidelands ........................ 235 575 318 328 461
Interest ................................... 52 120 92 98 100
------- ------- ------- ------- -------
$ 5,059 $ 8,757 $ 4,936 $ 3,267 $ 3,138
------- ------- ------- ------- -------
Expenses:
General and administrative ................. 231 $ 241 $ 180 $ 176 $ 146
Federal income taxes of subsidiary ......... (19) 34 12 6 12
------- ------- ------- ------- -------
$ 212 $ 275 $ 192 $ 182 $ 158
------- ------- ------- ------- -------
Net income ................................. $ 4,847 $ 8,482 $ 4,744 $ 3,085 $ 2,980
======= ======= ======= ======= =======
Distributions .............................. $ 5,065 $ 7,187 $ 4,300 $ 2,777 $ 3,216
======= ======= ======= ======= =======
Per Unit (2,000,000 outstanding)
Net income ................................. $ 2.42 $ 4.24 $ 2.37 $ 1.54 $ 1.49
======= ======= ======= ======= =======
Distributions .............................. $ 2.80 $ 3.59 $ 2.15 $ 1.39 $ 1.61
======= ======= ======= ======= =======
BALANCE SHEET SELECTED DATA
Total assets ................................. $ 3,098 $ 3,874 $ 2,570 $ 2,371 $ 2,745
======= ======= ======= ======= =======
Trust equity ................................. $ 3,098 $ 3,856 $ 2,560 $ 2,117 $ 1,809
======= ======= ======= ======= =======
|
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Capital Resources and Liquidity. Because of the nature of Marine as a trust entity, there is no requirement for capital; its only obligation is to distribute to unitholders the net income actually collected. As an administrator of oil and natural gas royalty properties, Marine collects income monthly, pays expenses of administration, and disburses all net income collected to its unitholders each quarter. Because all of Marine's revenues are invested in liquid funds pending distribution, Marine does not experience liquidity problems.
Marine's Indenture (and the charter and by-laws of MPC) expressly prohibits the operation of any kind of trade or business. Marine'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, Marine does not require short term or long term capital. These restrictions, along with other factors, allow Marine to be treated as a grantor trust; thus all income and deductions, for tax purposes, should flow through to each individual unitholder. Marine is not a taxable entity.
Results of Operations. Marine's revenues are derived from the oil and natural gas production activities of unrelated parties. Marine's revenues and distributions fluctuate from period to period based upon factors beyond Marine's control, including without limitation the number of leases subject to Marine's interests, the number of productive wells drilled on leases subject to Marine's interests, the level of production over time from such wells and the prices at which the oil and natural gas from such wells are sold. Marine believes that it will continue to have revenues sufficient to permit distributions to be made to unitholders for the foreseeable future, although no assurance can be made regarding the amounts thereof. The foregoing sentence is a forward-looking statement. Factors that might cause actual results to differ from expected results include reductions in prices or demand for oil and natural gas, which might then lead to decreased production; reductions in production due to depletion of existing wells or disruptions in service, including as the result of storm damage, blowouts or other production accidents, and geological changes such as cratering of productive formations; expiration or release of leases subject to Marine's interests.
Marine's income consists primarily of oil and natural gas royalties and is based on the value at the well of its percentage interest in oil and natural gas sold without reduction for any of the expense of production. Value at the well for oil is the purchasers' posted price at its receiving point onshore, less the cost of transportation from the offshore lease to the onshore receiving point. In general, value at the well is determined on the basis of the selling price of oil, natural gas and other minerals produced, saved and sold, or at wellhead prices determined by industry standards, where the selling price does not reflect value at the well.
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. To comply with accounting principles generally accepted in the United States of America, we must estimate earned but unpaid royalty 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 the period under report.
Summary Review. Marine's net income for the year ended June 30, 2002 amounted to $4,847,485 or $2.42 per unit as compared to $8,482,747 or $4.24 per unit in fiscal 2001 and $4,743,594 or $2.37 per unit in fiscal 2000. These results include $244,250 realized in fiscal 2000 from reduction of an accounts payable provided by MPC to cover possible refunds that may have been required upon redetermination of natural gas prices for royalty payments in prior periods.
These results also include income from Marine's equity interest in Tidelands which amounted to $234,945 for fiscal 2002, $574,755 for fiscal 2001 and $318,072 for fiscal 2000. Income from Tidelands contributed approximately 5% of Marine's royalty income for fiscal 2002 as compared to 7% and 6% of Marine's royalty income for fiscal 2001 and 2000, respectively.
Marine's administrative expenses decreased to approximately $231,000 from approximately $241,000 experienced in the previous year. This decrease was substantially due to decreased legal, accounting and other expenses.
Interest income decreased to approximately $52,000 from approximately $120,000 realized in the previous year due to a decrease in funds temporarily on deposit and a reduction in the yield on such funds.
Marine believes that the drilling and work-over program of the operating companies has added to the life of well revenue. The following table shows the number of new wells drilled and the number of producing wells for the past three years.
2002 2001 2000
---- ---- ----
Drilled ..................... 67 99 68
Produced .................... 367 375 322
|
The following table and related discussion and analysis shows the royalty income, the net quantities sold, and the average price received for oil and natural gas during the past three years excluding Marine's equity interest in Tidelands and the $244,250 realized in fiscal 2000 from the reduction of the previously established accounts payable for possible royalty over-payments that management no longer deemed required.
FOR YEARS ENDED JUNE 30,
----------------------------------------
2002 2001 2000
---------- ---------- ----------
Income from
Oil royalties ............ $2,647,623 $3,207,362 $2,275,447
Natural gas royalties .... 2,124,195 4,854,958 2,006,664
---------- ---------- ----------
Totals ................ $4,771,818 $8,062,320 $4,282,111
---------- ---------- ----------
Net quantities sold
Oil (bbls) ............... 113,424 112,554 92,837
Natural gas (mcf) ........ 749,771 971,880 807,837
Average price
Oil ...................... $ 23.34 $ 28.50 $ 24.51
Natural gas .............. $ 2.83 $ 5.00 $ 2.48
|
Oil and Gas Royalties -- 2002 and 2001: During fiscal 2002, Marine received approximately 55% of its royalty income from the sale of oil and 45% from the sale of natural gas. Income from such oil and natural gas royalties in fiscal 2002 decreased approximately 41% from fiscal 2001.
Oil royalties during fiscal 2002 in the amount of $2,647,623 were 17% less than oil royalties received in fiscal 2001 in the amount of $3,207,362, due to a decrease in the average price received.
Natural gas royalties during fiscal 2002 in the amount of $2,124,195 were 56% lower than natural gas royalties received in fiscal 2001 in the amount of $4,854,958. The decrease was due to a decrease in the price received and in the quantity of natural gas sold.
Oil and Gas Royalties - 2001 and 2000: Revenue from oil royalties amounted to $3,207,362 in fiscal 2001, an increase of 41% over the $2,275,447 realized in fiscal 2000. The average price of a barrel of oil increased 16% to $28.50 and production increased 21% to 112,554 barrels. Please refer to the table in the previous section.
Revenue from natural gas royalties amounted to $4,854,958, an increase of 142% over the $2,006,664 realized in fiscal 2000. The average price of a thousand cubic feet (mcf) of natural gas increased 102% to $5.00 and production increased 20% to 971,880 mcf. Please refer to the table in the previous section.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
At June 30, 2002, Marine did not have any market risk exposure with regard to any activities in derivative financial instruments, other financial instruments and derivative commodity instruments.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
The financial statements listed in the following Index, together with the related notes and the report of KPMG LLP, independent certified public accountants, are presented on pages 14 through 22 hereof.
PAGE
----
Independent Auditors' Report............................................................................ 14
Financial Statements:
Consolidated Balance Sheets as of June 30, 2002 and 2001............................................ 15
Consolidated Statements of Income and Undistributed Income for the Three Years Ended June 30, 2002.. 16
Consolidated Statements of Cash Flows for the Three Years Ended June 30, 2002....................... 17
Notes to Consolidated Financial Statements.......................................................... 18
|
See also "Exhibits, Financial Statement Schedules and Reports on Form 8-K" of this Form 10-K for further information concerning the financial statements of Marine and its subsidiaries.
All schedules have been omitted for the reason that they are either not required, not applicable or the required information is included in the financial statements and notes thereto.
ACCOUNTING MATTERS
During fiscal 2002 and 2001, there have been no disagreements between Marine and its independent auditors on accounting or financial disclosure matters which would warrant disclosure under Item 304 of Regulation S-K.
MANAGEMENT AND PRINCIPAL UNITHOLDERS
ADMINISTRATORS
Marine is a trust created under the laws of the State of Texas. Marine's Indenture does not provide for directors or officers or the election of directors or officers. Under the Indenture, Bank of America, N.A., serves as Trustee.
R. Ray Bell may be considered a significant employee of Marine. Mr. Bell has been involved in the administration of Marine since its inception. He was the chief financial officer of Marine's predecessor and is 75 years old. Since July 1, 1977, he has served as an officer and director of MPC, and will continue to serve in such capacities until the next meeting of directors and shareholders, respectively, of MPC or until his successors are elected and qualified.
MANAGEMENT COMPENSATION
During the fiscal year ended June 30, 2002, Marine paid or accrued fees of $44,201 to Bank of America, N.A., as Trustee. These fees are paid in accordance with the terms of the Indenture, as amended, governing Marine.
PRINCIPAL UNITHOLDERS
The following table sets forth the persons known to Marine who own beneficially more than five percent of the outstanding units of beneficial interest as of September 11, 2002:
AMOUNT AND NATURE OF
NAME AND ADDRESS BENEFICIAL OWNERSHIP PERCENT OF CLASS
---------------- --------------------- ----------------
Paslay Family Limited Partnership 286,469 units 14.32%
5806 Lindenshire Lane
Dallas, TX 75230
Robert H. Paslay (1) 346,184 units 17.3%
1007 Gasserway Circle
Brentwood, TN 37027
Patricia Martin (1) 317,763 units 15.9%
1020 S. Ocean Blvd.
Maralapan, FL 33462
|
(1) Includes the 286,469 units beneficially owned as a co-trustee of seven trusts that serve as the general partners of the Paslay Family Limited Partnership.
There are no executive officers or directors of Marine. Bank of America, N.A. does not beneficially own any units of beneficial interest.
MISCELLANEOUS
EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
(a) Financial Statements -- see "Financial Statements and Supplementary Data" above.
The consolidated financial statements, together with the related notes and the report of KPMG LLP, independent certified public accountants, as contained in the Form 10-K of Tidelands Royalty Trust "B" for its fiscal year ended December 31, 2001 and filed with the Securities and Exchange Commission, are hereby incorporated herein by reference for all purposes.
(b) Reports on Form 8-K -- No reports on Form 8-K have been filed during the last quarter of the fiscal year ended June 30, 2002.
(c) Exhibits:
4.1 - Indenture, as amended on December 8, 2000, of Marine Petroleum Trust, filed as Exhibit 4.1 to the Annual Report of Form 10-K of Marine for the fiscal year ended June 30, 2001, and incorporated by reference herein.
4.2 - Form of Certificate evidencing Unit(s) of Beneficial Interest, filed as Exhibit 4 to the Annual Report on Form 10-K of Marine for the fiscal year ended June 30, 1994, filed with the Securities and Exchange Commission and incorporated by reference herein.
21.1 - Subsidiaries of Marine, filed herewith.
INDEPENDENT AUDITORS' REPORT
The Trustee
Marine Petroleum Trust:
We have audited the accompanying consolidated balance sheets of Marine Petroleum Trust and subsidiary as of June 30, 2002 and 2001 and the related consolidated statements of income and undistributed income and cash flows for each of the years in the three-year period ended June 30, 2002. These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Marine Petroleum Trust and subsidiary as of June 30, 2002 and 2001 and the results of their operations and their cash flows for each of the years in the three-year period ended June 30, 2002, in conformity with accounting principles generally accepted in the United States of America.
/s/ KPMG LLP
Dallas, Texas
September 23, 2002
|
MARINE PETROLEUM TRUST AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
JUNE 30, 2002 AND 2001
ASSETS
2002 2001
-------------- --------------
Current assets:
Cash and cash equivalents .............................. $ 920,943 $ 2,515,239
Oil and gas royalties .................................. 1,026,141 854,229
Receivables from affiliate ............................. 54,709 165,216
Federal income taxes refundable ........................ 15,930 --
Interest receivable .................................... 4,240 --
-------------- --------------
Total current assets ............................... 2,021,963 3,534,684
-------------- --------------
Investment in U.S. Treasury and agency bonds ............... 725,793 --
Investment in affiliate .................................... 348,028 338,788
Office equipment, at cost less accumulated depreciation .... 2,400 555
Producing oil and gas properties ........................... 7 7
-------------- --------------
$ 3,098,191 $ 3,874,034
============== ==============
LIABILITIES AND TRUST EQUITY
Current liabilities:
Income taxes payable ................................... $ -- $ 18,343
-------------- --------------
Total liabilities .................................. -- 18,343
-------------- --------------
Trust equity
Corpus - authorized 2,000,000 units of beneficial
interest, issued 2,000,000 units at nominal value .... 8 8
Undistributed income ................................... 3,098,183 3,855,683
-------------- --------------
Total trust equity ................................. 3,098,191 3,855,691
-------------- --------------
$ 3,098,191 $ 3,874,034
============== ==============
|
See accompanying notes to consolidated financial statements.
MARINE PETROLEUM TRUST AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME AND UNDISTRIBUTED INCOME
THREE YEARS ENDED JUNE 30, 2002
2002 2001 2000
--------------- --------------- ---------------
Income:
Oil and gas royalties .................... $ 4,771,818 $ 8,062,320 $ 4,526,361
Equity in earnings of affiliate .......... 234,945 574,755 318,072
Interest income .......................... 52,262 120,207 92,399
--------------- --------------- ---------------
5,059,025 8,757,282 4,936,832
Expenses:
General and administrative ............... 230,613 240,749 180,832
--------------- --------------- ---------------
Income before Federal income taxes ... 4,828,412 8,516,533 4,756,000
Federal income taxes of subsidiary .......... (19,073) 33,786 12,406
--------------- --------------- ---------------
Net income ........................... 4,847,485 8,482,747 4,743,594
Undistributed income at beginning of year ... 3,855,683 2,559,993 2,116,678
--------------- --------------- ---------------
8,703,168 11,042,740 6,860,272
Distributions to unitholders ................ 5,604,985 7,187,057 4,300,279
--------------- --------------- ---------------
Undistributed income at end of year ......... $ 3,079,110 $ 3,855,683 $ 2,559,993
=============== =============== ===============
Net income per unit ......................... $ 2.42 $ 4.24 $ 2.37
=============== =============== ===============
Distributions per unit ...................... $ 2.80 $ 3.59 $ 2.15
=============== =============== ===============
|
See accompanying notes to consolidated financial statements.
MARINE PETROLEUM TRUST AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE YEARS ENDED JUNE 30, 2002
2002 2001 2000
------------ ------------ ------------
Cash flows from operating activities:
Net income ................................................... $ 4,847,485 $ 8,482,747 $ 4,743,594
Adjustments to reconcile net income to net cash
provided by operating activities:
Equity in undistributed earnings of affiliate .............. (9,240) (32,387) 15,669
Change in assets and liabilities:
Oil and gas royalties receivable ......................... (171,912) (367,521) (179,051)
Receivables from affiliate ............................... 110,507 (70,214) (14,063)
Federal income taxes refundable .......................... (15,930) -- --
Interest receivable ...................................... (4,240) -- --
Accounts payable ......................................... -- (88) (244,162)
Income taxes payable ..................................... (18,343) 8,161 26
------------ ------------ ------------
Net cash provided by operating activities ............ 4,738,327 8,020,698 4,322,013
Cash flows used in investing activities -
Investment in U.S. Treasury and agency bonds ................. (725,793) -- --
Purchase of office equipment ................................. (1,845) -- --
------------ ------------ ------------
Net cash used in investing activities ........................ (727,638) -- --
------------ ------------ ------------
Cash flows used in financing activities - distributions to
unitholders .................................................. (5,604,985) (7,187,057) (4,300,279)
------------ ------------ ------------
Net increase (decrease) in cash and cash equivalents ............ (1,594,296) 833,641 21,734
Cash and cash equivalents at beginning of period ................ 2,515,239 1,681,598 1,659,864
------------ ------------ ------------
Cash and cash equivalents at end of period ...................... $ 920,943 $ 2,515,239 $ 1,681,598
============ ============ ============
|
See accompanying notes to consolidated financial statements.
MARINE PETROLEUM TRUST AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
THREE YEARS ENDED JUNE 30, 2002
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) General
The Marine Petroleum Trust ("Marine") was established on June 1, 1956 with the transfer of property to Marine consisting of certain contract rights, units of beneficial interest and common stock in exchange for units of beneficial interest in Marine. The contract rights entitled Marine to receive a .0075 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.
Marine must distribute all income, after paying its liabilities and obligations, to the unitholders during the months of March, June, September and December each year. Marine and its subsidiary cannot engage in a trade or business. Funds held by the subsidiary pending distribution to Marine are invested in U.S. Treasury and agency bonds.
A Louisiana trust can only exist for a short period of time; therefore, the unitholders assigned their contract rights off-shore of Louisiana to Marine Petroleum Corporation, a wholly-owned subsidiary of Marine, ("MPC") reserving a 98% net profits interest to themselves. The net profits interest contract was transferred to Marine along with the other properties. Marine is authorized to pay expenses of MPC should it be necessary.
Marine is to continue until June 1, 2021, or until such later date as holders of the units owning a majority of the outstanding units may designate, but in any event, not more than 20 years from such designation. However, the unitholders owning eighty percent (80%) of the outstanding units may terminate the trust on any date.
(b) Principles of Consolidation
The consolidated financial statements include Marine and its wholly-owned subsidiary, MPC. All material intercompany accounts and transactions have been eliminated in consolidation.
(c) Producing Oil and Gas Properties
At the time Marine was established, no determinable market value was available for the assets transferred to Marine; consequently, nominal values were assigned. Accordingly, no allowance for depletion has been computed.
All income from oil and natural gas royalties relate to proved developed oil and natural gas reserves.
(d) Undistributed Income
Marine's indenture agreement provides that the corporate 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 of record 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. Undistributed income includes $983,594 and $947,167 applicable to MPC at June 30, 2002 and 2001, respectively.
(e) Federal Income Taxes
No provision has been made for Federal income taxes on Marine's income since such taxes are the liability of the unitholders.
Income Taxes
Federal income taxes have been provided on the income of MPC, excluding the 98% net profits interest to be distributed to Marine and deducting statutory depletion. MPC uses the cash method of reporting for federal income taxes.
At June 30, 2002, the Trust has a receivable from overpayment of prior year MPC federal taxes in the amount of approximately $16,000. At June 30, 2002, deferred tax assets and liabilities were as follows:
June 30, 2002
Deferred tax assets
Net operating loss carryforward $ 3,936
Deferred tax liabilities
Income not yet recognized for income taxes (3,936)
--------
Net deferred tax liability $ --
========
|
MPC had a net operating loss carryforward of approximately $19,000 at June 30, 2002, which does not expire until 2022.
The primary difference between the effective tax rate of the Trust and the statutory tax rate is the fact that only MPC income, excluding the 98% net profits interest, is subject to federal income tax.
MARINE PETROLEUM TRUST AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
THREE YEARS ENDED JUNE 30, 2002
(f) Credit Risk Concentration and Cash Equivalents
Financial instruments which potentially subject Marine and MPC to concentrations of credit risk are primarily investments in cash equivalents, U.S. Treasury and agency bonds and receivables. Marine and MPC place their cash investments with financial institutions or companies that management considers credit worthy and limit the amount of credit exposure from any one financial institution or company. Marine has not experienced significant problems collecting its receivables in the past.
Marine and MPC had cash equivalents and investments in U.S. Treasury and agency bonds of $1,646,736 and $2,480,267 at June 30, 2002 and 2001, respectively, which consisted of money market accounts, U.S. Treasury and agency bonds, and money market mutual funds. For purposes of the statements of cash flows, Marine considers all investments with initial maturities of three months or less to be cash equivalents.
(g) Statements of Cash Flows
MPC made Federal income tax payments of $15,200, $25,625 and $12,380 during the years ended June 30, 2001, 2000 and 1999, respectively.
(h) Fair Value of Financial Instruments
Marine and MPC define the fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties. The carrying value of cash equivalents, oil and natural gas royalties receivable, receivables from affiliates, accounts payable, and taxes payable approximate fair value because of the short maturities of those instruments.
U.S. Treasury and agency bonds held to maturity are valued at amortized cost.
(i) Use of Estimates
Management of Marine and MPC has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these financial statements in conformity with generally accepted accounting principles. Actual results could differ from those estimates.
(j) Income Per Unit
Income per unit is calculated by dividing net income by the weighted average number of units of beneficial interest outstanding during the period.
(k) Significant Royalty Sources
Royalty revenue received by Marine from producers is summarized as follows:
2002 2001 2000
------------ ------------ ------------
Chevron ........................... 79% 75% 71%
Century Exploration Company ....... 5% 3% 3%
Devon f/k/a Pennzenergy .......... 4% 7% 10%
Others ............................ 12% 18% 19%
------------ ------------ ------------
100% 100% 100%
============ ============ ============
|
MARINE PETROLEUM TRUST AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
THREE YEARS ENDED JUNE 30, 2002
(2) INVESTMENT IN AND RECEIVABLES FROM AFFILIATE - TIDELANDS ROYALTY TRUST "B"
At June 30, 2002 and 2001, Marine owned 32.63% of the outstanding units of interest in Tidelands Royalty Trust "B" ("Tidelands"). The 452,366 units owned by Marine had a quoted market value of $1,538,044 and $2,488,013 at June 30, 2002 and 2001, respectively.
Marine and Tidelands share certain common costs which are allocated based on their respective net revenues.
The investment in affiliate is accounted for by the equity method. The following summarizes changes in this account for 2001 and 2000:
2002 2001
------------ ------------
Balance at beginning of year ........... $ 338,788 $ 306,401
Equity in earnings of affiliate ........ 264,945 574,755
Distribution of earnings ............... (225,705) (542,368)
------------ ------------
Balance at end of year ................. $ 378,028 $ 338,788
============ ============
|
At June 30, 2002 and 2001, receivables from affiliate includes $42,390 and $154,883, respectively, of income distributable to Marine as a Tidelands unitholder.
The following summary financial statements have been derived from the unaudited consolidated financial statements of Tidelands.
BALANCE SHEETS
ASSETS
JUNE 30
---------------------------
2002 2001
------------ ------------
Cash and cash equivalents .................................. $ 485,415 $ 1,531,272
Oil and gas royalties receivable ........................... 114,365 120,927
Other ...................................................... 738,671 1,351
------------ ------------
$ 1,338,451 $ 1,653,550
============ ============
LIABILITIES AND TRUST EQUITY
Liabilities (including $139,258 and $484,021 payable to
unitholders in 2002 and 2001, respectively) ............ $ 271,842 $ 615,260
Corpus ..................................................... 2 2
Undistributed income ....................................... 1,066,607 1,038,288
------------ ------------
$ 1,338,451 $ 1,653,550
============ ============
|
MARINE PETROLEUM TRUST AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
THREE YEARS ENDED JUNE 30, 2002
STATEMENTS OF INCOME
YEAR ENDED JUNE 30
------------------------------------------
2002 2001 2000
------------ ------------ ------------
Income ............................................... $ 825,751 $ 1,903,226 $ 1,081,252
Expenses ............................................. 101,380 115,340 88,149
------------ ------------ ------------
Income before Federal income taxes .............. 724,371 1,787,886 993,103
Federal incomes taxes of Tidelands' subsidiary ....... 4,329 26,428 18,285
------------ ------------ ------------
Net income ...................................... $ 720,042 $ 1,761,458 $ 974,818
============ ============ ============
|
Tidelands is a registrant with the Securities and Exchange Commission and has filed a Form 10-K as of December 31, 2001.
(3) SUMMARY OF QUARTERLY FINANCIAL DATA (UNAUDITED)
The following quarterly financial information for fiscal year 2002 and 2001 is unaudited; however, in the opinion of management, all adjustments necessary to a fair statement of the results of operations for the interim periods have been included.
NET
OIL AND GAS NET INCOME
ROYALTIES EXPENSES INCOME PER UNIT
-------------- -------------- -------------- --------------
Quarter ended:
September 30, 2001 .... $ 1,393,790 44,011 1,448,352 .72
December 31, 2001 ..... 991,952 64,233 984,438 .49
March 31, 2002 ........ 937,518 74,238 942,401 .47
June 30, 2002 ......... 1,448,558 48,131 1,472,294 .74
-------------- -------------- -------------- --------------
$ 4,771,818 230,613 4,847,485 2.42
-------------- -------------- -------------- --------------
Quarter ended:
September 30, 2000 .... $ 1,694,404 44,140 1,873,299 .94
December 31, 2000 ..... 1,895,450 80,946 1,947,085 .97
March 31, 2001 ........ 2,171,317 61,363 2,299,098 1.15
June 30, 2001 ......... 2,301,149 54,300 2,363,265 1.18
-------------- -------------- -------------- --------------
$ 8,062,320 240,749 8,482,747 4.24
============== ============== ============== ==============
|
MARINE PETROLEUM TRUST AND SUBSIDIARY
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)
THREE YEARS ENDED JUNE 30, 2002
(4) SUPPLEMENTAL INFORMATION RELATING TO OIL AND GAS RESERVES (UNAUDITED)
Oil and natural gas reserve information relating to Marine's and Tidelands' royalty interests is not presented because such information is not available to Marine or Tidelands. Marine's share of oil and natural gas produced for its royalty interests and the Marine's equity in oil and natural gas produced for Tidelands' royalty interests were as follows:
2002 2001 2000
---------- ---------- ----------
Marine:
Oil (barrels) ............................... 113,424 112,554 92,837
========== ========== ==========
Gas (mcf) ................................... 749,771 971,880 807,837
========== ========== ==========
Tidelands:
Oil (barrels) ............................... 2,877 4,132 3,527
========== ========== ==========
Gas (mcf) ................................... 61,242 80,132 76,081
========== ========== ==========
|
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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
(Registrant)
By: BANK OF AMERICA, N.A.
in its capacity as trustee of Marine
Petroleum Trust and not in its
individual capacity or otherwise
By: /s/ RON E. HOOPER
------------------------------
Ron E. Hooper
Senior Vice President
Date: September 30, 2002
|
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
BANK OF AMERICA, N.A.
in its capacity as trustee of Marine
Petroleum Trust and not in its
individual capacity or otherwise
Dated: September 30 2002 By: /s/ RON E. HOOPER
------------------------------
Ron E. Hooper
Senior Vice President
Dated: September 30, 2002 /s/ R. RAY BELL
----------------------------------
R. Ray Bell
Principal Accounting Officer
|
CERTIFICATION
I, R. Ray Bell, Principal Accounting Officer of Marine Petroleum Trust, certify that:
1. I have reviewed this annual report on Form 10-K of Marine Petroleum Trust;
2. Based on my knowledge, this annual 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 annual report; and
3. Based on my knowledge, the financial statements, and other financial information included in this annual 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 annual report.
Date: September 30, 2002
/s/ R. RAY BELL
----------------------------
R. Ray Bell
Principal Accounting Officer
|
CERTIFICATION
I, 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, certify that:
1. I have reviewed this annual report on Form 10-K of Marine Petroleum Trust;
2. Based on my knowledge, this annual 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 annual report; and
3. Based on my knowledge, the financial statements, and other financial information included in this annual 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 annual report.
Date: September 30, 2002
/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
|
INDEX TO EXHIBITS
EXHIBIT
NUMBER DESCRIPTION
------- -----------
4.1 Indenture, as amended on December 8, 2000, of Marine
Petroleum Trust, filed as Exhibit 4.1 to the Annual Report of
Form 10-K of Marine for the fiscal year ended June 30, 2001,
and incorporated by reference herein.
4.2 Form of Certificate evidencing Unit(s) of Beneficial
Interest, filed as Exhibit 4 to the Annual Report on Form
10-K of Marine for the fiscal year ended June 30, 1994, filed
with the Securities and Exchange Commission and incorporated
by reference herein.
21.1 Subsidiaries of Marine, filed herewith.
|
EXHIBIT 21.1
SUBSIDIARIES OF MARINE PETROLEUM TRUST
State of
Company Name Incorporation
------------ -------------
Marine Petroleum Corporation Texas
|