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Friday 9 October 2026 · Oil, gas and mining explorers, from their own disclosures

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SPINDLETOP OIL & GAS CO

NYSE:SPND · 5 story beats from 2005 to 2021

What it holds, and what it is worth

5bcf gas

reserve · P90 4.52 / P50 4.52 / P10 4.52

0mmbbl condensate

reserve · P90 0.229 / P50 0.229 / P10 0.229

Valued at: SPINDLETOP OIL & GAS CO 100% of volumes already stated net
4 notes for review
  • company-reported total: valued at 100% (SEC reserves are already net to the company)
  • gas: no best estimate stated; P50 taken as 4.52 from the low case
  • gas: high case not stated; set equal to P50
  • liquids: single estimate 0.229 mmbbl used for P90/P50/P10
50%
Probability of
5
mmbbl
100.0%
Value retained
$2,724,000.00
AUD

Leverage per instrument

NYSE:SPND
6%
$4.66 → $0.29

The story so far

The events that changed the company's story, in plain English, each written against everything known about the company at the time. The dot shows whether it was good, bad or neutral for shareholders.

shares on issue market cap (log scale)

20216.8m shares · US$12.4m market cap

  1. 27 July

    Spindletop's board announced a review of strategic alternatives -- potentially a sale, merger or recapitalization -- to enhance shareholder value, with no set timeline.

    business combination

    6.8m shUS$12.4m

20127.7m shares · US$19.2m market cap

  1. 2 Nov

    Spindletop bought back 700,000 shares (about 9.1% of shares outstanding) from Nadel & Gussman Energy for $1.49 million, with Nadel & Gussman agreeing to a two-year standstill against acquiring more stock -- removing a sizeable shareholder overhang.

    material agreement

    7.7m shUS$19.2m

2008

  1. 25 Sept

    Williams terminated the Barnett Shale farmout after drilling 12 of the originally prescribed wells (10 on Spindletop's leasehold, 2 on Giant's), earning working interest only in the wells actually drilled -- no penalty was owed, and Spindletop is now free to develop the remaining acreage itself.

    material agreement termination

2006

  1. 25 Aug

    Spindletop and its majority owner Giant Energy Corp signed a farmout agreement giving Williams Production-Gulf Coast the exclusive option to drill Barnett Shale horizontal wells on 11,500 acres of their leasehold, earning a working interest by carrying the drilling costs -- a potentially major development catalyst if Williams proceeded past its due-diligence window.

    material agreement

2005

  1. 3 Jan

    Spindletop bought a north Dallas office building for $2.038 million (mostly funded by a $1.8 million JPMorgan Chase loan) from Giant Energy Corp -- a company wholly owned by Spindletop's own president, chairman and majority owner, Chris Mazzini.

    asset acquisition disposition