27 July 2021business combination● NeutralMajor
Spindletop's board announced a review of strategic alternatives -- potentially a sale, merger or recapitalization -- to enhance shareholder value, with no set timeline.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
2 Nov 2012material agreement▲ GoodMajor
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.
25 Sept 2008material agreement termination● NeutralMajor
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.
26 Oct 2006material agreement▲ Good
The Williams farmout agreement was amended to firm up its terms: Williams would drill wells at no cost to Spindletop/Giant to earn up to 50% of the working interest, with a drilling schedule running through 2008.
25 Aug 2006material agreement▲ GoodMajor
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.
14 Mar 2005asset acquisition disposition▲ Good
An amended disclosure of the office-building purchase revealed the property came from a receiver in liquidation and had a bank-appraised value of $3.1 million against the $2.038 million purchase price -- a favorable buy, though at a low 42% occupancy.
3 Jan 2005asset acquisition disposition● NeutralMajor
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.