Spindletop Oil and Gas Co (OTC: SPND) is an independent oil and gas company engaged in the exploration, development, and production of crude oil and natural gas across multiple onshore U.S. basins. Revenue comes from selling oil and natural gas production to purchasers and operators under market-sensitive, short-term contracts. The company sold production to approximately 89 different purchasers and operators during fiscal year 2025, with no single buyer outside the top tier accounting for more than 6% of oil and natural gas revenues during the three years ended December 31, 2025. Operations are concentrated in Texas, with leasehold acreage also held in Oklahoma, Alabama, Louisiana, Arkansas, New Mexico, and other states as of December 31, 2025. The Fort Worth Basin in North Texas has been a focal point since the company's inception, targeting both conventional and unconventional reservoirs including the Barnett Shale Formation. The company holds working interests in both operated and non-operated properties, with total gross leasehold acreage spread across multiple geographic areas. The company carries no hedged contracts as of the filing date.

Revenue model

Transactional revenue from the sale of crude oil and natural gas production to purchasers and operators under market-sensitive, short-term contracts. Pricing is market-linked with no disclosed hedging. Equipment owned by the company and located on operated properties is rented to working interest owners, with rental fees charged as lease operating fees to each property (per the 10-K filed 2026-04-15).

Products and services

Crude oil production, natural gas production, and rental of oilfield equipment located on company-operated properties. Reserves classified as proved developed and proved undeveloped as of December 31, 2025, per SEC guidelines. Active drilling includes a horizontal well in Major County, Oklahoma targeting the Mississippian Lime, spud February 28, 2025.

Customers and end markets

Approximately 89 purchasers and operators purchased oil and natural gas from the company during fiscal year 2025. No individual purchaser outside the disclosed top tier accounted for more than 6% of oil and natural gas revenues during the three years ended December 31, 2025. End market is commodity hydrocarbons sold into U.S. onshore oil and gas markets.

Value-chain role

Upstream oil and gas producer holding working interests in operated and non-operated properties. The company participates in drilling, completion, and production, and relies on third-party gathering, transportation, and processing infrastructure. It does not disclose midstream or downstream operations.

Geographic exposure

Primarily onshore United States. North Texas (Fort Worth Basin and Bend Arch): 17.74% of gross acres, 33.77% of net acres. East Texas: 17.75% gross, 30.90% net. Oklahoma: largest gross acreage position. Also holds acreage in Alabama, Louisiana, Arkansas, New Mexico, West Texas, Gulf Coast Texas, and Texas Panhandle, as of December 31, 2025.

Source: SEC 10-K, filed 2026-04-15

Industry: Crude Petroleum & Natural Gas Peers: Barnwell Industries Inc MANUFACTURED HOUSING PROPERTIES INC. ConocoPhillips Hero Technologies Inc. Abundia Global Impact Group, Inc Marine Petroleum Trust Mesa Royalty Trust