Spindletop Oil & Gas Co. (SPND)

[10 bagger]

SPND.. $2.24..SPINDLETOP OIL & GAS CO. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

Years Ended December 31,
2011 2010 2009
Revenues
Oil and gas revenues $ 8,000,000 $ 6,302,000 5,067,000
Revenue from lease operations 289,000 319,000 317,000
Gas gathering, compression, equip rental 172,000 179,000 192,000
Real estate rental income 436,000 448,000 503,000
Interest Income 83,000 158,000 208,000
Other 360,000 250,000 626,000
Total Revenues 9,340,000 7,656,000 6,913,000

Expenses
Lease operations 2,444,000 1,901,000 1,640,000
Production taxes, gathering and marketing 809,000 712,000 807,000
Pipeline and rental operations 25,000 33,000 34,000
Real estate operations 225,000 246,000 249,000
Depreciation and amortization 1,152,000 1,042,000 997,000
ARO accretion expense 34,000 48,000 86,000
General and administrative 3,275,000 3,467,000 3,332,000
Interest expense 55,000 84,000 71,000
Total Expenses 8,019,000 7,533,000 7,216,000
Income Before Income Tax 1,321,000 123,000 (303,000)

Current income tax provision (benefit) (229,000) (97,000) (226,000)
Deferred income tax provision (benefit) (203,000) (227,000) (116,000)
Total income tax provision (benefit) (432,000) (324,000) (342,000)
Net Income $ 1,753,000 $ 447,000 39,000

Earnings per Share of Common Stock
Basic and Diluted $ 0.23 $ 0.06 $ 0.01

Weighted Average Shares Outstanding
Basic and Diluted 7,645,858 7,631,652 7,618,940