SEC File No. 0-18774
CUSIP No. 848550 20 8
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
FORM 12b-25
NOTIFICATION OF LATE FILING
[X] Form 10-K [ ] Form 20-F [ ] Form 11-K [ ] Form 10-Q [ ]
Form 10-D [ ] Form N-SAR [ ] Form N-CSR
For the Period Ended: December 31, 2009
[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
For the Transition Period Ended:___________________________
Nothing in this form shall be construed to imply that the Commission
Has verified any information contained herein.
If the notification relates to a portion of the filing checked above,
Identify the Item(s) to which the notification relates:
PART I - REGISTRANT INFORMATION
Spindletop Oil & Gas Co.
(Full name of registrant)
N/A
(Former Name if Applicable)
12850 Spurling Dr., Suite 200
(Address of Principal Executive Office)
Dallas, Texas 75230
(City, State and Zip Code)
PART II - RULES 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or
expense and the registrant seeks relief pursuant to Rule 12b-25(b), the
following should be completed. (Check box if appropriate)
(a) The reasons described in reasonable detail in Part III of this
form could not be eliminated without unreasonable effort or
expense;
(b) The subject annual report, semi-annual report, transition report
on Form 10-K, Form 20-F, Form 11-K, Form N-SAR, or Form N-CSR, or
portion thereof, will be filed on or before the fifteenth
[X] calendar day following the prescribed due date; or the subject
quarterly report or transition report on Form 10-Q, or subject
distribution report on Form 10-D or portion thereof will be filed
on or before the fifth calendar day following the prescribed due
date; and
(c) The accountant's statement or other exhibit required by
Rule 12b-25(c) has been attached if applicable.
PART III - NARRATIVE
State below in reasonable detail why the Forms 10-K, 20-F, 11-K, 10-Q, 10-D,
N-SAR, N-CSR or the transition report or portion thereof, could not be filed
within the prescribed time period.
Spindletop Oil & Gas Co. is unable to file its Annual Report on Form 10-K
for the year ended December 31, 2009, without unreasonable effort and
expense due to the late receipt of information required from consolidated
subsidiaries.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification.
Chris G. Mazzini 972 644-2581
(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of
the Securities Exchange Act of 1934 or Section 30 of the Investment Company
Act of 1940 during the preceding 12 months or for such shorter period that
the registrant was required to file such report(s) been filed? If answer is
no, identify report(s), [X] YES [ ] NO
(3) Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be reflected by
the earnings statements to be included in the subject report or portion
thereof? [X] YES [ ] NO
If so, attach an explanation of the anticipated change, both narratively and
quantitatively, and, if appropriate, state the reasons why a reasonable
estimate of the results cannot be made.
Net income for the year ended December 31, 2009 is anticipated to
significantly decrease as compared with the prior year. In 2008 we reported
a net income of $3,521,000, however we anticipate there will be a net loss for
2009 in the area of approximately $250,000 to $500,000.
This estimated loss is due to a decrease in total oil and gas revenues which
decreased from approximately $12,690,000 in 2008 to approximately $5,067,000
in 2009.
Oil revenue for 2009 was approximately $1,485,000 compared to $2,326,000 for
2008, a decrease of approximately $841,000 or 36.16%. This was due to a
decrease in average oil prices from $71.21 per bbl in 2008 to $56.55 per bbl
in 2009, a decrease of $14.66 per bbl or 20.59%. In addition to the decrease
in oil prices, oil sales decreased from approximately 32,650 bbls in 2008 to
approximately 25,875 bbls in 2009, a decrease of 6,775 bbls or 20.75%.
Gas revenue for 2009 was approximately $3,582,000 compared to $10,364,000 for
2008, a decrease of approximately $6,782,000 or 65.44%. This was due primarily
to a drop in average gas prices from $8.41 per Mcf in 2008 to $4.13 per Mcf in
2009, a decrease of $4.28 per MCF or 50.89%. In addition to the decrease in
gas prices, gas sales decreased from approximately 1,232,000 Mcf in 2008 to
approximately 866,000 Mcf in 2009, a decrease of 366,000 Mcf or 29.71%.
Estimated lease operating expenses for 2009 are anticipated to decrease by
approximately 30-35% from the $2,552,000 incurred in 2008. General and
administrative expenses are expected to increase by approximately 4-5%, from
the $3,198,000 reported in 2008.
SPINDLETOP OIL & GAS CO.
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
March 31, 2010 By: /s/ Robert E. Corbin
Robert E. Corbin
Principal Financial and
Accounting Officer
INSTRUCTION: The form may be signed by an executive officer of the registrant
or by any other duly authorized representative. The name and title of the
person signing the form shall be typed or printed beneath the signature. If
the statement is signed on behalf of the registrant by an authorized
representative (other than an executive officer), evidence of the
representative's authority to sign on behalf of the registrant shall be filed
with the form.
ATTENTION
Intentional misstatements or omissions of fact constitute
Federal Criminal Violations (See 18 U.S.C. 1001)
GENERAL INSTRUCTIONS
1. This form is required by Rule 12b-25 (17 CFR 240.12b-25) of the General
Rules and Regulations under the Securities and Exchange Act of 1934.
2. One signed original and four conformed copies of this form and amendments
thereto must be completed and filed with the Securities and Exchange
Commission, Washington, D.C. 20549, in accordance with rule 0-3 of the General
Rules and Regulations under the Act. The information contained in or filed
with the form will be made a matter of public record in the Commission files.
3. A manually signed copy of the form and amendments thereto shall be filed
with each national securities exchange on which any class of securities of the
registrant is registered.
4. Amendments to the notifications must also be filed on form 12b-25 but need
not restate information that has been correctly furnished. The form shall be
clearly identified as an amended notification.
5. Electronic filers. This form shall not be used by electronic filers unable
to timely file a report solely due to electronic difficulties. Filers unable
to submit a report within the time period prescribed due to difficulties in
electronic filing should comply with either Rule 201 or Rule202 of Regulations
S-T (Section 232.201 or Section 232.202 of this chapter) or apply for an
adjustment in filing date pursuant to Rule 13(b) of Regulation S-T (Section
232.13(b) of this chapter).