Marine Petroleum Trust Announces First Quarter Cash Distribution

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Feb 15, 2013, 11:30 ET

DALLAS, Feb. 15, 2013 /PRNewswire/ -- Marine Petroleum Trust (NASDAQ: MARPS) ("Marine") today declared a quarterly cash distribution to the holders of its units of beneficial interest of $0.335160 per unit, payable on March 28, 2013, to unitholders of record on February 28, 2013. 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 $0.335160 per unit is higher than the $0.293298 per unit distributed last quarter. As compared to the previous quarter, the prices of oil and natural gas have increased, while the volume of natural gas produced and included in the current distribution has decreased and the volume of oil produced and included in the current distribution has remained virtually unchanged. This distribution is lower than the $0.502340 per unit distributed in the comparable quarter in 2012. As compared to the comparable quarter in 2012, the volume of oil and natural gas produced and included in the current distribution has decreased and the prices of oil and natural gas have increased.

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.