DALLAS, Aug. 20, 2021 /PRNewswire/ -- Marine Petroleum
Trust (NASDAQ: MARPS) ("Marine") today declared a quarterly cash
distribution to the holders of its units of beneficial interest of
$0.064312 per unit, payable on
September 28, 2021, to unitholders of
record on August 31, 2021.
Marine's 2020 tax information, 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-marine.com/ Additionally,
printed reports can be requested and are mailed free of charge.
This distribution of $0.064312 per
unit is higher than the $0.028228 per
unit distributed last quarter. As compared to the previous quarter,
both the volume of oil and of natural gas produced and included in
this distribution have increased. The price realized for both
oil and natural gas produced and included in the current
distribution increased this quarter. This distribution is higher
than the $0.044516 per unit
distributed in the comparable quarter in 2020. As compared to
the comparable quarter in 2020, the price realized for both oil and
natural gas have increased. As compared to this time last year, the
volume of both oil and natural gas produced and included in the
current distribution has 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.
The prior Restated Marine Petroleum Trust Indenture (the
"Indenture') stated that Marine would terminate on June 1, 2021. In preparing to seek approval to
extend the trust by twenty (20) years to June 1, 2041 pursuant to Article X, Section 1(a)
of the Indenture, Marine became aware that the necessary approval
for this extension of the consent of a majority of the outstanding
of units of interest was obtained on May 22,
2014 by a consent solicitation filed with the Securities and
Exchange Commission when holders of 63.57% of the outstanding units
of interest on the record date of March 28,
2014 approved the extension of Marine through June 1, 2041. Less than 1% of the outstanding
units of interest were voted against the extension. Since only
approval of a majority of the outstanding units of interest was
required and not 80% as was believed to be the case at the time of
the 2014 consent solicitation, the 63.57% approval authorized the
extension of Marine through June 1,
2041. The updated Indenture reflecting the June 1, 2041 termination date was filed with
Marine's Form 10-Q on November 16,
2020.
Contact:
Ron E. Hooper
SVP,
Royalty Trust Services
Simmons Bank, Trustee
Toll Free – 1.855.588-7839
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SOURCE MARINE PETROLEUM TRUST