UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act
Date of Report: May 19, 2008
(Date of Earliest Event Reported)
SPINDLETOP OIL & GAS CO.
(Exact name of registrant as specified in its charter)
Texas 000-18774 75-2063001
(State or other jurisdiction (Commission File No.) (IRS Employer or ID #)
of incorporation)
12850 Spurling Rd., Suite 200
Dallas, Texas 75230
(Address of principal executive offices)
(972) 644-2581
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions
[ ] Written communications pursuant to rule 425 under the Securities
Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Section 2 - Financial Information
Item 2.02. Results of Operations and Financial Condition
On May 19, 2008, Spindletop Oil & Gas Co. ("the Company") announced its
operational results for the quarter ended March 31, 2008. A copy of the
announcement is attached as Exhibit "99.1."
The information furnished pursuant to Item 2.02 in this Form 8-K, including
Exhibit "99.1" attached hereto, shall not be deemed to be "filed" for purposes
of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the
liabilities of that Section, unless we specifically incorporate it by reference
in a document filed under the Securities Act of 1933 or the Securities Exchange
Act of 1934. We undertake no duty or obligation to publicly update or revise
the information furnished pursuant to Item 2.02 of this Current Report on Form
8-K.
Section 9 - Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
The following Exhibit is furnished with this report.
Exhibit
Designation Description of Exhibit
99.1* Press Release dated May 19, 2008
_____________________
* Furnished herewith
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Current Report on Form 8-K to be signed on its
behalf by the undersigned thereunto duly authorized.
SPINDLETOP OIL & GAS CO.
(Registrant)
Date: May 22, 2008 By: /s/ Chris G. Mazzini
Chris G. Mazzini
President, Principal
Executive Officer
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Exhibit 99.1
PRESS RELEASE
SPINDLETOP OIL & GAS CO. RELEASES FIRST QUARTER 2008 EARNINGS; NATURAL GAS
PRODUCTION INCREASES DUE TO THE NEWARK, EAST BARNETT SHALE FIELD.
DALLAS, May 19 /PRNewswire-FirstCall/ -- Spindletop Oil & Gas Co. (OTC Bulletin
Board: SPND) (the "Company") has released its earnings for the three months
ended March 31, 2008. The Company reported Net Income of $1,177,000 on gross
revenues of $3,410,000 for the three months ended March 31, 2008 as compared
with Net Income of $216,000 on gross revenues of $1,417,000 for the three
months ended March 31, 2007. Earnings per share of common stock for the three
months ended March 31, 2008 was $0.15 per share compared to $0.03 per share for
the same period in 2007.
Natural gas revenues for the first three months of 2008 were $2,648,000
compared to $825,000 for the same period in 2007, an increase of $1,823,000,
or 221%. Natural gas volumes for the first quarter of 2008 were 364,200 mcf
compared to 132,500 mcf during the first quarter of 2007, an increase
of 231,700 mcf, or 175 %. This increase was due to the addition of six new
Barnett Shale wells subsequent to the first quarter of 2007. Average natural
gas prices received were $7.27 per mcf in the first quarter of 2008 as compared
to $6.23 per mcf in the first quarter of 2007, an increase of 16.7%.
Oil sales for the first three months of 2008 were $469,000 compared to $300,000
in the first quarter of 2007, an increase of $169,000 or 56%. Oil volumes for
the first quarter of 2008 were 5,800 bbls compared to 5,600 bbls during the
first quarter of 2007, and increase of 200 bbls, or 3.6%. Average oil prices
received were $80.33 per bbl in the first quarter of 2008 compared to $53.40
per bbl in the first three months of 2007, an increase of 50.4%.
This press release may contain "forward-looking statements" as that term is
defined in the Private Securities Litigation Reform Act of 1995. Such
statements are based on management's current expectations and are subject to a
number of factors and uncertainties which could cause actual results to differ
materially from those described herein. Although the Company believes the
expectations in such statements to be reasonable, there can be no assurance
that such expectations will prove to be correct.
Spindletop Oil & Gas Co. is a publicly held independent exploration and
production company headquartered in Dallas, Texas that operates oil and gas
properties throughout Texas, Alabama, Arkansas, Louisiana, Oklahoma and New
Mexico. The company also operates several gas pipeline gathering systems and
owns interests in outside operated oil and gas producing properties in sixteen
states. Approximately 87% of the company's reserves are natural gas and 13%
are crude oil and condensate.
The company filed its Annual Report Form 10-K with the Securities and Exchange
Commission on April 14, 2008. For more information, please go to the Company's
website at http://www.spindletopoil.com, or contact Robert E. Corbin,
Controller of Spindletop Oil & Gas Co., 972-644-2581.
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