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. All production and marketing functions are conducted by the working interest owners of the leases. Revenues from overriding royalties are paid to the Company either on the basis of the selling price of oil, natural gas and other minerals produced, saved and sold, or at the value at the wellhead as determined by industry standards.