Marine Petroleum Trust (Marine) is a royalty trust. The Company was organized for the sole purpose of providing 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 the Company’s predecessors and Gulf Oil Corporation (Gulf). The Company’s wholly owned subsidiary, Marine Petroleum Corporation (MPC), holds title to interests in properties subject to the Company’s interests that are situated offshore of Louisiana. Ninety eight percent of all oil, natural gas, and other mineral royalties collected by MPC less the cost of receiving and collection are retained by and delivered to the Company. MPC retains the remaining 2%of the overriding royalties along with other items of income and expense.