Spindletop Oil & Gas Co. Releases Earnings for First Half of 2008.
19 Agosto 2008 - 10:17AM
PR Newswire (US)
DALLAS, Aug. 19 /PRNewswire-FirstCall/ -- Spindletop Oil & Gas
Co. (OTC:SPND) (BULLETIN BOARD: SPND) (the "Company") has released
its earnings for the six months ended June 30, 2008. The Company
reported Net Income of $2,194,000 on gross revenues of $6,963,000
for the six months ended June 30, 2008 as compared with Net Income
of $730,000 on gross revenues of $3,577,000 for the six months
ended June 30, 2007. Earnings per share of common stock for the six
months ended June 30, 2008 was $0.29 per share compared to $0.10
per share for the same period in 2007. Natural gas revenues for the
first six months of 2008 were $5,197,000 compared to $2,284,000 for
the same period in 2007, an increase of $2,913,000, or 128%.
Natural gas volumes for the first half of 2008 were 679,000 mcf
compared to 349,000 mcf during the first half of 2007, an increase
of 330,000 mcf, or 95%. This increase was due to the addition of
five new Barnett Shale wells that started producing gas during the
third quarter of 2007 through the first half of 2008. Average
natural gas prices received were $8.84 per mcf in the first half of
2008 as compared to $6.55 per mcf in the first half of 2007, an
increase of 35%. Oil sales for the first six months of 2008 were
$1,192,000 compared to $692,000 in the first six months of 2007, an
increase of $500,000 or 72%. Oil volumes for the first half of 2008
were 13,000 bbls compared to 12,000 bbls during the first half of
2007, an increase of 1,000 bbls, or 8%. Average oil prices received
were $96.55 per bbl in the first half of 2008 compared to $56.68
per bbl in the first half of 2007, an increase of 70%. This press
release may contain "forward-looking statements" as that term is
defined in the Private Securities Litigation Reform Act of 1995.
Such statements are based on management's current expectations and
are subject to a number of factors and uncertainties which could
cause actual results to differ materially from those described
herein. Although the Company believes the expectations in such
statements to be reasonable, there can be no assurance that such
expectations will prove to be correct. Spindletop Oil & Gas Co.
is a publicly held independent exploration and production company
headquartered in Dallas, Texas that operates oil and gas properties
throughout Texas, Alabama, Arkansas, Louisiana, Oklahoma and New
Mexico. The company also operates several gas pipeline gathering
systems and owns interests in outside operated oil and gas
producing properties in sixteen states. Approximately 87% of the
company's reserves are natural gas and 13% are crude oil and
condensate. The company filed its Annual Report Form 10-K with the
Securities and Exchange Commission on April 14, 2008. For more
information, please go to the Company's website at
http://www.spindletopoil.com/, or contact Robert E. Corbin,
Controller of Spindletop Oil & Gas Co., 972-644-2581.
DATASOURCE: Spindletop Oil & Gas Co. CONTACT: Robert E. Corbin,
Controller of Spindletop Oil & Gas Co., +1-972-644-2581 Web
site: http://www.spindletopoil.com/
Copyright