Spindletop Oil & Gas Co. (SPND)

[OilStockReport]

Summary of operations from 10q

North Texas:
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During the fourth quarter of 2008, the Poston #1 well, located on our Godley
North Block, in Johnson County, Texas was drilled to the Barnett Shale Formation at a depth of 6,754 ft. and cased. The well was completed and was placed on-line and went into sales with an initial rate of 400 mcfgpd on August 2, 2010. The well is located in the Newark, E. (Barnett Shale) field. The Company owns a 91% working interest in this well.

West Texas:
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During the first half of 2010, the Company participated in the drilling of four non-operated wells located in the Fuhrman-Mascho field in Andrews County, Texas. Three of the wells were cased, completed and placed in production during the second quarter of 2010. The fourth well was cased and completed July 2, 2010 and placed in production July 11, 2010. The Miles #13, #14, #15, and #16 wells had initial production rate of 148 bopd, 69 bopd, 99 bopd, and 76 bopd respectively, and 30 mcfgpd , 30 mcfgpd, 28 mcfgpd, and 16 mcfgpd respectively from the San Andres formation at an approximate depth of 4,750 ft. The Company owns a 4.6875% working interest and a 3.28125% net revenue interest in these wells.

South Texas:
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During the second quarter of 2010, the Company acquired working interests in five natural gas wells in Victoria County, Texas. The Company assumed operatorship of three of these wells effective April 1, 2010.

The Vaquero #1 well produces gas from the Rob Welder (Wilcox 9100) field in the Wilcox Group from a perforated interval of 9,314-46 ft. Production from the Vaquero #1 is approximately 25 mcfgpd and one-half bopd. The Vaquero "A" #2 well produces gas from the Welder Ranch field from a perforated interval of 12,026-90 ft. in the Wilcox Group. The Vaquero "A" #2 well was initially shut-in for mechanical repairs but prior to issuance of this report has been re-opened and is expected to produce approximately 25 mcfgpd. The Rob Welder #1 well produces gas from the McFaddin (5700) field from a perforated interval at 5,660-58 ft. in the Yegua Formation. Production from this well is approximately 120 mcfgpd and one-half bopd. The working interests in these three wells are 94.6308%, 85%, and 100% with net revenue interests of 64.6859%, 58.1254%, and 68% respectively.

The interests acquired in the two remaining wells were non-operated working interests. The Company acquired a 25% non-operating working interest and 17% net revenue interest in the Welder Ranch #1 well which produces gas from the Rob Welder (Wilcox 10,400) field from the perforated interval of 10,480-10,520 ft. in the Wilcox Group. Production from this well is approximately 19 mcfgpd and one-half bopd. The Company acquired a 24.171123% non-operating working interest and 16.437236% net revenue interest in the Welder Ranch A #2 well which produces gas from the Marshall (Middle Wilcox) field from a perforated interval of 10,306-12 ft. in the Middle Wilcox Group. Production from this well is approximately 168 mcfgpd and 3.7 bopd.

East Texas:
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The Company participated for a 45% non-operated working interest in the drilling of two wells operated by Giant Energy Co., LP, a related entity. The two wells are located in Nacogdoches County, Texas. The Giant Gas Unit #1 well was spud on November 11, 2009 and reached a total depth of 9,700 ft. on December 6, 2009. Production casing was set to a depth of 9,616 ft. through the Travis Peak Formation. The Giant Gas Unit #2 well was spud on June 1, 2010 and reached a total depth of 9,608 ft. on July 7, 2010. Production casing was set to a depth of 9,605 ft. through the Travis Peak Formation. The wells are awaiting a pipeline connection.

For all of the above wells, the Company cautions that initial production rates may not be an indicator of stabilized production rates or an indicator of the ultimate recoveries obtained.