UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act
Date of Report: September 19, 2008
(Date of Earliest Event Reported)
SPINDLETOP OIL & GAS CO.
(Exact name of registrant as specified in its charter)
Texas 000-18774 75-2063001
(State or other jurisdiction (Commission File No.) (IRS Employer or ID #)
of incorporation)
12850 Spurling Rd., Suite 200
Dallas, Texas 75230
(Address of principal executive offices)
(972) 644-2581
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions
[ ] Written communications pursuant to rule 425 under the Securities
Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
Section 1 - Registrant's Business and Operations
Item 1.02 Termination of a Material Definitive Agreement
Spindletop Oil & Gas Co. ("Spindletop") and Giant Energy Corp. ("Giant")
entered into a Farmout and Exploration Agreement dated August 22, 2006, (the
"Agreement") with Williams Production-Gulf Coast Company, L.P. ("Williams").
The Agreement was subsequently amended to clarify a number of provisions in
the original Farmout and Exploration Agreement.
The Agreement, as amended, provided that Williams had an option but not an
obligation to drill and carry Spindletop and Giant in a prescribed number of
horizontal Barnett Shale wells on approximately 11,500 acres of leasehold
interest held by Spindletop or Giant in Parker, Wise, Johnson, Hood, Erath,
Jack, Clay and Palo Pinto Counties, Texas. If Williams drilled the prescribed
number of wells, then Williams would earn up to a 50% gross working interest
in the leasehold interest acreage. If Williams opted to drill less than the
prescribed number, then Williams would only earn an interest in the wells
drilled by them along with a prescribed quantity of acreage surrounding each
horizontal drainhole.
After drilling 12 of the prescribed number of horizontal Barnett Shale wells,
10 on the Spindletop leasehold and 2 on the Giant leasehold, Williams has given
notice of its election to terminate the Agreement in accordance with provisions
contained in the Agreement, and subsequent amendments, effective September 19,
2008. There are no early termination penalties incurred by Williams, or any
of the parties to the Agreement, however, by opting not to drill all of the
prescribed number of carried wells, the earned assignments shall be limited to
50% gross working interest in said wells along with a prescribed quantity of
acreage surrounding each horizontal drainhole. As a consequence of the
termination of the Agreement, Spindletop is now free to pursue other
development opportunities on the leasehold acreage that Spindletop retained and
that was not earned by Williams under the Agreement.
Giant is the owner of approximately 76% of the outstanding shares of Common
Stock of Spindletop. Giant is 100% owned by Chris G. Mazzini, President and
a director of Spindletop. Williams has no material relationship with either
Spindletop or Giant other than in respect of the Amended Agreement.
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Current Report on Form 8-K to be signed on
its behalf by the undersigned thereunto duly authorized.
SPINDLETOP OIL & GAS CO.
(Registrant)
Date: September 25, 2008 By: /s/ Chris G. Mazzini
Chris G. Mazzini
President, Principal
Executive Officer
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