Spindletop Oil & Gas Co. (SPND)

[dizzydon]

i wonder what their actual valuation is..

these are their gas and oil reserves as of 12/31/2009
(doesn't look like they give these #'s in the quarterly reports)


Total proved gas reserves-Mcf
12,521,000

Total proved crude oil
and condensate Reserves-Bbls
323,000

even at just $3.50 per Mcf they would have $42m worth of gas
at $70 per barrel they would seem to have $22m worth of crude
.......these two together would total roughly $65m........

most of the necessary drilling has been done in connection with these reserves to actually bring it up out of the ground so i'd think they would stand to realize better then half (?) of that $65m amount in revenue's......

at its current price would this stock be something of a relatively safe investment while hoping for SpindleTop to be acquired by one of the larger producers?

.... i like their swirling oil well and blue flame gas logo but i think i'd have to give the link to their website!