Spindletop Oil & Gas SPND

Spindletop Oil & Gas Co is an independent oil and gas company engaged in the exploration, development, production and acquisition of oil and natural gas, and through one of its subsidiaries, the rental of oilfield equipment and the gathering and marketing of natural gas. The Company focuses its operations principally in Texas while also operating properties in Oklahoma, New Mexico, Louisiana, and Alabama. Spindletop Oil & Gas Co owns approximately 50,633 gross acres under lease across these states, with the majority held by production, and maintains a reserve base of 524,037 BOE as of December 31, 2025. The Company pursues growth through acquisitions of producing properties, development of leasehold acreage, and selective drilling and recompletion activities, often partnering with industry participants to share costs and risks.

Spindletop Oil & Gas Co generates revenue primarily from the sale of crude oil and natural gas produced from its operated and non-operated wells. The Company markets its oil and natural gas to major oil and gas companies, brokers, pipelines, and distributors under market-sensitive, short-term contracts. Additionally, through its subsidiary Prairie Pipeline Co (PPC), Spindletop Oil & Gas Co earns fees from gathering and marketing natural gas via its pipeline infrastructure in the Fort Worth Basin of Texas, where it transports gas from Company-operated wells. The Company also generates revenue from commercial real estate leasing by renting office space in its Dallas, Texas headquarters building to non-related third-party tenants at prevailing market rates.

The company operates through the following segments:

• Exploration, acquisition, development and production of oil and natural gas: This segment is responsible for identifying, acquiring, and developing oil and gas properties, conducting drilling and completion activities, and managing production operations across multiple states. Spindletop Oil & Gas Co uses its technical staff and outside consultants to evaluate prospects and participates in both operated and non-operated drilling projects with industry partners. The segment focuses on maintaining and growing reserves through value-priced acquisitions and selective development of leasehold acreage in areas such as the Fort Worth Basin and Bend Arch in North Texas.
• Natural gas gathering: This segment involves the collection and transportation of natural gas from Company-operated wells through pipelines owned by Prairie Pipeline Co (PPC), a wholly owned subsidiary of Spindletop Oil & Gas Co. PPC owns several miles of gathering lines located primarily in the Fort Worth Basin, which are used to gather natural gas for a fee. Substantially all the natural gas gathered by PPC is produced from wells in which Spindletop Oil & Gas Co operates and holds a working interest.
• Commercial real estate investment: This segment encompasses the ownership and leasing of a two-story commercial office building in Dallas, Texas, which serves as Spindletop Oil & Gas Co's principal headquarters. The Company occupies a portion of the building for its corporate offices and leases the remaining space to non-related third-party commercial tenants. Leasing activities are conducted at prevailing market rates, providing a steady stream of rental income to support overall operations.

Spindletop Oil & Gas Co operates as a small independent producer in a highly competitive oil and gas industry dominated by larger integrated and exploration and production companies. The Company competes for leases, equipment, personnel, and market access to sell its oil and natural gas production. Its competitive advantages include extensive technical knowledge of the Fort Worth Basin and other Texas reservoirs, long-term operational experience in the region, and the ability to utilize existing infrastructure such as PPC's gathering lines to reduce costs. Spindletop Oil & Gas Co relies on prudent capital allocation, cost-effective acquisitions, and selective drilling to maintain profitability amid fluctuating commodity prices and rising development expenses.

Spindletop Oil & Gas Co sells its crude oil and natural gas to a diverse group of approximately 89 different purchasers and operators, with no single customer accounting for more than 14% of sales in 2025. Major purchasers include Energy Transfer Crude, Merit Energy Company, Enlink Gas Marketing, LTD., and Bedrock Energy Partners, which collectively represent a significant portion of the Company's revenue stream. The Company also serves third-party commercial tenants in its Dallas office building, though specific tenant names are not disclosed in the filing. All of Spindletop Oil & Gas Co's business is conducted domestically, with no export sales or foreign operations reported.