SPINDLETOP OIL & GAS CO Files 10-K for Fiscal Year Ended December 31, 2023

TL;DR

<b>SPINDLETOP OIL & GAS CO has filed its 2023 annual 10-K report, detailing its operations in crude petroleum and natural gas.</b>

AI Summary

SPINDLETOP OIL & GAS CO (SPND) filed a Annual Report (10-K) with the SEC on April 16, 2024. The company filed its 10-K annual report for the fiscal year ending December 31, 2023. SPINDLETOP OIL & GAS CO is incorporated in Texas (TX). The company's primary business is Crude Petroleum & Natural Gas extraction (SIC code 1311). Its principal business address is 12850 SPURLING RD., SUITE 200, DALLAS, TX 75230-1279. The filing was made on April 16, 2024.

Why It Matters

For investors and stakeholders tracking SPINDLETOP OIL & GAS CO, this filing contains several important signals. This 10-K filing provides a comprehensive overview of SPINDLETOP OIL & GAS CO's financial performance, operational activities, and strategic outlook for the fiscal year 2023. Investors and analysts can use this report to assess the company's financial health, understand its position within the oil and gas sector, and evaluate potential risks and opportunities.

Risk Assessment

Risk Level: medium — SPINDLETOP OIL & GAS CO shows moderate risk based on this filing. The filing is a standard 10-K, which typically contains extensive financial and operational data, but lacks specific performance metrics or forward-looking statements in the provided header information, necessitating a deeper review of the full document for a precise risk assessment.

Analyst Insight

Review the full 10-K filing to analyze SPINDLETOP OIL & GAS CO's financial statements, operational performance, and risk factors for the fiscal year 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-04-16 — Filing Date (Filed as of date)
• 1311 — SIC Code (Standard Industrial Classification)
• 000-18774 — SEC File Number (SEC file number)

Key Players & Entities

• SPINDLETOP OIL & GAS CO (company) — Filer name
• 2023-12-31 (date) — Conformed period of report
• 2024-04-16 (date) — Filed as of date
• 1311 (industry_code) — Standard Industrial Classification for Crude Petroleum & Natural Gas
• TX (location) — State of Incorporation
• DALLAS (location) — Business address city
• 75230-1279 (zip_code) — Business address zip
• 9726442581 (phone_number) — Business phone

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-04-16: Filing Date — Date the 10-K was officially filed with the SEC.

Key Financial Figures

• $0.01 — Section 12(g) of the Act: Common Stock, $0.01 par value. Indicate by check mark if

Filing Documents

• sog_2023dec31-10k.htm (10-K) — 1280KB
• exhibit_21.htm (EX-21) — 2KB
• exhibit_31-1.htm (EX-31.1) — 8KB
• exhibit_31-2.htm (EX-31.2) — 8KB
• exhibit_32.htm (EX-32) — 6KB
• image_003.gif (GRAPHIC) — 16KB
• 0001017386-24-000085.txt (&nbsp;) — 5249KB
• spnd-20231231.xsd (EX-101.SCH) — 45KB
• spnd-20231231_cal.xml (EX-101.CAL) — 62KB
• spnd-20231231_def.xml (EX-101.DEF) — 90KB
• spnd-20231231_lab.xml (EX-101.LAB) — 275KB
• spnd-20231231_pre.xml (EX-101.PRE) — 213KB
• sog_2023dec31-10k_htm.xml (XML) — 858KB

Description of Business

Item 1. Description of Business GENERAL 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 terms the "Company", "We", "Us" or "Spindletop" are used interchangeably herein to refer to Spindletop Oil & Gas Co. ("Spindletop", "SOG") and its wholly owned subsidiaries, Spindletop Drilling Company ("SDC"), and Prairie Pipeline Co. ("PPC"). The Company has focused its oil and gas operations principally in Texas, although we operate properties in five states including: Texas, Oklahoma, New Mexico, Louisiana, and Alabama. We operate the majority of our projects through the drilling and production phases. Our staff has numerous years of experience in the operations area. We have traditionally leveraged the risks associated with drilling by obtaining industry partners to share in the costs. In addition, the Company, through PPC, owns several miles of pipelines associated with Company operated oil and natural gas properties in Texas which are used for the gathering of natural gas. These gathering lines are located primarily in the Fort Worth Basin and are being utilized to transport the Company's natural gas. Website Access to Our Reports We make available free of charge through our website, www.spindletopoil.com, our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to those reports as soon as reasonably practicable after such material is electronically filed with the Securities and Exchange Commission. Information on our website is not a part of this report. Operating Approach The Company has a long history with, and extensive knowledge of, the Fort Worth Basin of Texas. Our technical staff has extensive oil and gas experience in the Fort Worth Basin, and other geological basins in wh

Properties

Properties Total of Total Gross Net Gross Net Gross Net Gross Net Geographic Area Acres Acres Acres Acres Acres Acres Acres Acres North Texas (1) 4,683 4,418 6,429 319 11,112 4,737 19.33 % 37.59 % East Texas 3,201 2,755 7,007 749 10,208 3,504 17.73 % 27.80 % Gulf Coast Texas 40 35 666 56 706 91 1.23 % 0.72 % West Texas 80 43 2,364 171 2,444 214 4.25 % 1.70 % Texas Panhandle 1,760 1,216 320 57 2,080 1,273 3.61 % 10.10 % Alabama 1,160 634 1,200 43 2,360 677 4.10 % 5.37 % Arkansas — — 880 43 880 43 1.53 % 0.34 % Louisiana 80 80 848 40 928 120 1.61 % 0.95 % New Mexico 1,276 1,136 40 3 1,316 1,139 2.29 % 9.04 % Oklahoma 240 128 23,958 577 24,198 705 42.04 % 5.59 % Montana — — 10 2 10 2 0.02 % 0.02 % Wyoming — — 1,320 98 1,320 98 2.29 % 0.78 % Total 12,520 10,445 45,042 2,158 57,562 12,603 100.03 % 100.00 % 3 The Company uses recent and emerging technologies, as well as proven industry practices, to develop and produce oil and natural gas from its properties. Additionally, the Company has a dedicated and well-trained team of employees and professional staff that continually seek out low-risk profitable drilling and acquisition opportunities. The majority of the Company's leasehold acres are located in Texas. A breakout of the Company's most significant oil and gas reserves by geographic area is as follows : BOE %Total North Texas including the Fort Worth Basin & Bend Arch 213,122 51.42 % East Texas 109,822 26.49 % Panhandle Texas 19,928 4.81 % West Texas 11,662 2.81 % Gulf Coast Texas 1,780 0.43 % Total Texas 356,314 85.96 % Alabama 37,900 9.14 % Arkansas — 0.00 % Oklahoma 19,154 4.62 % New Mexico 1,140 0.28 % Wyoming — 0.00 % Michigan — 0.00 % Total Other States 58,194 14.03 % Total 414,508 100.00 % North Texas - Fort Worth Basin & Bend Arch The Fort Worth

View Full Filing

View this 10-K filing on SEC EDGAR