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Spindletop Oil & Gas Co.
0000867038
10-Q
2017-06-30
false
--12-31
No
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Smaller Reporting Company
Q2
2017
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<p style="margin: 0"></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><b>1. BASIS OF PRESENTATION AND ORGANIZATION</b></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The accompanying financial statements are presented in accordance
with the requirements of Form 10-Q and consequently do not include all of the disclosures normally required by generally accepted
accounting principles or those normally made in the Company's annual Form 10-K filing. Accordingly, the reader of this Form 10-Q
may wish to refer to the Company's Form 10-K for the year ended December 31, 2016 for further information.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">The consolidated financial statements presented herein include the
accounts of Spindletop Oil & Gas Co., a Texas corporation ("the Company") and its wholly owned subsidiaries, Prairie
Pipeline Co., a Texas corporation and Spindletop Drilling Company, a Texas corporation. All significant inter-company transactions
and accounts have been eliminated.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">In the opinion of management, the accompanying unaudited interim
financial statements contain all material adjustments, consisting only of normal recurring adjustments necessary to present fairly
the financial condition, the results of operations and changes in cash flows of the Company and its consolidated subsidiaries for
the interim periods presented. Although the Company believes that the disclosures are adequate to make the information presented
not misleading, certain information and footnote disclosures, including a description of significant accounting policies normally
included in financial statements prepared in accordance with generally accepted accounting principles generally accepted in the
United States of America, have been condensed or omitted pursuant to such rules and regulations.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><u>Subsequent Events</u></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Management has evaluated subsequent events through August 14, 2017,
the date on which the financial statements were available to be issued.</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"> </p>