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Strategies & Market Trends : Aardvark Adventures -- Ignore unavailable to you. Want to Upgrade?

To: ~digs who wrote (3028)	5/21/2008 2:26:56 AM
From: ~digs	Respond to of 7944

SPND.ob 7.5 DALLAS, May 19 /PRNewswire-FirstCall/ -- Spindletop Oil & Gas Co. has released its earnings for the three months ended March 31, 2008. The Company reported Net Income of $1,177,000 on gross revenues of $3,410,000 for the three months ended March 31, 2008 as compared with Net Income of $216,000 on gross revenues of $1,417,000 for the three months ended March 31, 2007. Earnings per share of common stock for the three months ended March 31, 2008 was $0.15 per share compared to $0.03 per share for the same period in 2007. Natural gas revenues for the first three months of 2008 were $2,648,000 compared to $825,000 for the same period in 2007, an increase of $1,823,000, or 221%. Natural gas volumes for the first quarter of 2008 were 364,200 mcf compared to 132,500 mcf during the first quarter of 2007, an increase of 231,700 mcf, or 175%. This increase was due to the addition of six new Barnett Shale wells subsequent to the first quarter of 2007. Average natural gas prices received were $7.27 per mcf in the first quarter of 2008 as compared to $6.23 per mcf in the first quarter of 2007, an increase of 16.7%. Oil sales for the first three months of 2008 were $469,000 compared to $300,000 in the first quarter of 2007, an increase of $169,000 or 56%. Oil volumes for the first quarter of 2008 were 5,800 bbls compared to 5,600 bbls during the first quarter of 2007, and increase of 200 bbls, or 3.6%. Average oil prices received were $80.33 per bbl in the first quarter of 2008 compared to $53.40 per bbl in the first three months of 2007, an increase of 50.4%. biz.yahoo.com