Spindletop Oil & Gas is a small independent oil and gas exploration and production company focused primarily on Texas, with operations concentrated in the Fort Worth Basin and East Texas. The company's proved reserves are roughly 77% natural gas and 23% oil. Spindletop sells crude oil and natural gas to major oil companies, brokers, pipelines, and distributors under short-term, market-priced contracts, with no hedging program, leaving revenue fully exposed to commodity price swings. The company does not own drilling rigs; all drilling is performed by independent contractors. Spindletop grows production through acquisitions of producing properties, participation in non-operated drilling projects alongside larger operators (typically holding small working interests of 1.5%–8%), and recompletion of existing wells. The company funds operations primarily from internally generated cash flow and historically shares drilling risk with industry partners. Beyond its core upstream business, Spindletop operates two minor ancillary businesses: Prairie Pipeline, a natural gas gathering subsidiary in the Fort Worth Basin that gathers gas almost entirely from Spindletop's own wells, and a Dallas office building where Spindletop leases excess space to third-party tenants. In 2021, Spindletop's Board initiated a formal review of strategic alternatives, including a possible sale, merger, or recapitalization.