SPND - thanks for this one dude. I bought some today - and really like the chart. Thanks. Have an upside projection for it???
Found this also on Kitchen Thread about it:
Message 21569711
agreed, in a few SPND 1.5 mil float, will wait
Spindletop Oil & Gas Co.(OTCBB: SPND.OB) is an independent oil and gas company engaged in the exploration, development and production of oil and natural gas; the rental of oilfield equipment; and through one of its subsidiaries, the gathering and marketing of natural gas.
The Company has focused its oil and gas operations principally in Texas, although we operate properties in six states including: Texas, Louisiana, Oklahoma, Arkansas, Alabama, and New Mexico. We operate a majority of our projects through the drilling and production phases. Our staff has a great deal of experience in the operations arena. We have traditionally leveraged the risks associated with drilling by obtaining industry partners to share in
the costs of drilling. However, we typically retain a controlling interest in the prospects.
In addition, the Company, through PPC, owns approximately 26.1 miles of pipelines located in Texas, which are used for the gathering of natural gas.
These gathering lines are located in the Fort Worth Basin and are being utilized to transport the Company's natural gas as well as natural gas produced by third parties.
As filed in their 6/17 10Q/A, SPND earned a fully-taxed .06/share while adding over $.5MM in cash to their reserves.
7.7M shares out
1.5M float
Total Cash (mrq): 5.09M
Total Cash Per Share (mrq): 0.672
Total Debt (mrq): 1.74M
Total Debt/Equity (mrq): 0.304
Current Ratio (mrq): 2.366
The LTD is a mortgage on their 2-story office building, of which they use about 1/3 and lease out the other 2/3 at prevailing rates.
This building is a stronger asset than reported on their balance sheet.
The Company has operations and well interests in 16 states; however, the majority of reserves (86%) are located in Texas.
A breakout of the Company's most significant reserves by geographic area is as follows:
Fort Worth Basin Texas 1,886,429 BOE 69.67 %
East Texas 131,617 BOE 4.86 %
Gulf Coast Texas 189,889 BOE 7.01 %
- 3 -
Panhandle Texas 45,076 BOE 0.75 %
West Texas 87,914 BOE 3.25 %
Alabama 17,353 BOE 0.64 %
Arkansas 29,650 BOE 1.10 %
Kansas 24,149 BOE 0.89 %
Louisiana 111,371 BOE 4.11 %
Michigan 1,112 BOE 0.04 %
New Mexico 51,941 BOE 1.92 %
North Dakota 3,273 BOE 0.12 %
Oklahoma 122,641 BOE 4.53 %
Wyoming 29,944 BOE 1.11 %
Total 2,707,682 BOE 100.00 %
Proved Developed Reserves:
--------------------------
Balance December 31, 2002 152,994 4,976,890
Balance December 31, 2003 365,230 4,978,309
Balance December 31, 2004 389,851 6,887,978 |
