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Spindletop Oil & Gas Co. is a small independent energy company focused on exploring, developing and acquiring oil and natural gas properties, primarily in Texas, with additional operations in Oklahoma, New Mexico, Louisiana and Alabama. It also gathers and markets natural gas and leases commercial office space.
As of December 31, 2025, the company held 50,633 gross (10,211 net) leasehold acres and reported total proved developed producing reserves of 524,037 barrels of oil equivalent, about 89% of which are in Texas. It operates most of its reserves and pipelines.
Spindletop is pursuing growth through value-priced acquisitions, selective drilling and recompletions, but notes that inflation, supply chain and labor shortages are pressuring development costs. A strategic alternatives review, initiated in July 2021, continues and could include asset sales, a merger, recapitalization or a sale of the company.
The company highlights extensive risk factors: heavy exposure to volatile oil and gas prices, capital needs to develop properties, competition with larger producers, aging staff and pipelines, environmental and regulatory obligations, high insider ownership of about 89.42%, and a downgrade of its stock to the OTC Pink Limited market, which may further reduce liquidity and access to capital.
Spindletop Oil & Gas Co. filed a Form 12b-25 notifying the SEC it cannot timely file its Form 10-K for the period ended December 31, 2025. The company expects a net loss of approximately $1,900,000 for 2025 and reports an increased Asset Retirement Obligation (ARO) provision of approximately $1,544,000 tied to higher plugging and reclamation costs.
Spindletop Oil & Gas Co. reported modest profitability for the nine months ended September 30, 2025, with net income of $289,000 versus $84,000 a year earlier and basic and diluted EPS of $0.04. Total revenues rose slightly to $3,193,000, as higher natural gas volumes and prices offset weaker oil sales and lower interest income.
Operations generated an operating loss of $599,000, but interest income of $628,000 turned results positive. Cash, cash equivalents and restricted cash were $5,222,000 at period end, down from $6,742,000 at the start of the year, reflecting $1,028,000 of capitalized acquisition, exploration and development spending, $1,197,000 of additional long-term investments, and a $351,000 repurchase of 141,573 shares into treasury stock.
The company highlighted significant risks to liquidity and access to capital. Its stock was downgraded on July 1, 2025 to the OTC Markets Pink Limited tier, now displaying a prominent “Warning! Limited Information” label and yield sign, which it states will likely reduce trading liquidity and make it harder for shareholders to buy and sell SPND. Spindletop also disclosed the dismissal without prejudice of one Louisiana pollution lawsuit and a new, early-stage pollution lawsuit, and described participation in several small non-operated horizontal wells in Oklahoma and West Texas.
Spindletop Oil & Gas Co. filed a Form 12b-25 to report that its Form 10-Q for the period ended September 30, 2025 will be filed late because it is still waiting for information from oil and gas purchasers and third-party operators. The company expects stronger results, with net income for the nine-month period anticipated to be around $290,000, up from $84,000 for the same period in 2024. Total revenues for the nine months are expected to rise by about $75,000, while total expenses are expected to decline by about $25,000 compared to the prior-year period.