Marine Petroleum Trust Announces First Quarter Cash Distribution

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Feb 18, 2014, 10:30 ET

DALLAS, Feb. 18, 2014 /PRNewswire/ -- Marine Petroleum Trust (NASDAQ: MARPS) ("Marine") today declared a quarterly cash distribution to the holders of its units of beneficial interest of $0.361546 per unit, payable on March 28, 2014, to unitholders of record on February 28, 2014. Marine's cash distribution history, current and prior year financial reports, a link to filings made with the Securities and Exchange Commission and more can be found on its website at http://www.marps-marinepetroleumtrust.com/.

This distribution of $0.361546 per unit is lower than the $0.378486 per unit distributed last quarter. As compared to the previous quarter, the volume of oil produced and included in the current distribution has decreased while the volume of natural gas has remained relatively unchanged. The prices of both oil and natural gas for this quarter decreased. This distribution is higher than the $0.335160 per unit distributed in the comparable quarter in 2013. As compared to the comparable quarter in 2013, the volume of oil produced and included in the current distribution and the price of natural gas have increased, while the volume of natural gas produced and included in the current distribution and the price of oil have decreased.

Marine's distributions to unitholders are determined by royalties received up to the date the distribution amount is declared. In general, Marine receives royalties two months after oil production and three months after natural gas production.

As previously disclosed, U.S. Trust, Bank of America Private Wealth Management has announced its intention to resign as trustee of the Trust, subject to certain conditions set forth in the trustee's notice dated January 9, 2014, including unitholder approval of a successor trustee.

Marine intends to post the Marine Petroleum Trust 2013 tax information table on Marine's website by March 1, 2014.