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
- 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
- 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
- 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
- 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
- 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