MARINE PETROLEUM TRUST (NASDAQ:MARPS) Files An 8-K Regulation FD Disclosure
Item 7.01
MARINE PETROLEUM TRUST Exhibit
EX-99.1 2 d889546dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 Marine Petroleum Trust News Release MARINE PETROLEUM TRUST ANNOUNCES FIRST QUARTER CASH DISTRIBUTION DALLAS,…
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About MARINE PETROLEUM TRUST (NASDAQ:MARPS)
Marine Petroleum Trust (the Trust) is a royalty trust. The Trust is engaged in the administration and liquidation of rights to payments from certain oil and natural gas leases in the Gulf of Mexico, under license agreements and amendments between the Trust’s predecessors and Chevron Corporation (Chevron) and its assignees. The Trust distributes all income, after paying its liabilities and obligations, to the unit holders during the months of March, June, September and December each year. The Trust’s subsidiary, Marine Petroleum Corporation (MPC), holds title to interests in properties subject to the Trust’s interests that are situated offshore of Louisiana. MPC is engaged in the administration and collection of royalties. As of June 30, 2016, MPC held an overriding royalty interest equal to 0.75% of the value at the well of any oil, natural gas, or other minerals produced and sold from the leases. All aspects of MPC’s operations are conducted by third parties.
