SPINDLETOP OIL & GAS CO

Years Ended December 31,

Gas and Oil Properties, net (1)

Proved developed gas reserves-Mcf (2)

Proved developed producing · 2,415,000 · 1,664,000 · 1,648,000

Proved developed non-producing · — · — · —

Proved undeveloped gas reserves-Mcf (3) · — · — · —

Total proved gas reserves-Mcf · 2,415,000 · 1,664,000 · 1,648,000

Proved Developed Crude Oil and

Condensate reserves-Bbls (2)

Proved developed producing · 121,000 · 129,000 · 140,000

Proved developed non-producing · — · — · —

Proved Undeveloped crude oil and · — · — · —

Condensate reserves-Bbls (3) · — · — · —

121,000 · 129,000 · 140,000

(1) The estimate of the net proved oil and natural gas reserves, future net revenues, and the present value of future net revenues.

(2) "Proved Developed Oil and Natural gas Reserves" are reserves that can be expected to be recovered through existing wells with existing equipment and operating methods.

(3) "Proved Undeveloped Reserves" are reserves that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion. See the footnote to the Financial Statements, Supplemental Reserve Information (Unaudited), for further explanation of the changes for 2023 through 2025.

(4) Reserve amounts are rounded to the nearest thousand.

Producing Wells, Shut-In and Temporarily Abandoned Wells

The following table sets forth our domestic producing wells, shut-in and temporarily abandoned wells, and includes both operated and non-operated wells at December 31, 2025.

Producing · Producing

Gas Wells · Oil Wells · SI and TA Wells · Total Wells

Gross · Net · Gross · Net · Gross · Net · Gross · Net

107 · 30.54 · 87 · 13.77 · 103 · 62.74 · 297 · 107.05

Acreage

The following table sets forth our undeveloped and developed gross and net leasehold acreage for our operated and non-operated wells at December 31, 2025. Undeveloped acreage includes leased acres on which wells have not been drilled or completed to a point that would permit the production of commercial quantities of oil and gas, regardless of whether such acreage contains proved reserves. Undeveloped acreage should not be confused with undrilled acreage Held By Production under the terms of a lease. Undrilled acreage Held By Production under the terms of an oil and gas lease is included in the Developed Acreage category total shown below.

Developed Acreage · Undeveloped Acreage · Total Acreage

Gross · Net · Gross · Net · Gross · Net

50,633 · 10,211 · - · - · 50,633 · 10,211

All the leases for the undeveloped acreage summarized in the preceding table will expire at the end of their respective primary terms unless prior to that date, the existing leases are renewed or production has been obtained from the acreage subject to the lease, in which event the lease will remain in effect until the cessation of production. As is customary in the industry, we generally acquire oil and gas acreage without any warranty of title except as to claims made by, through or under the transferor. Therefore, the Company’s oil and gas properties and associated acreage are subject to customary risks associated with title defects and lease maintenance. Accordingly, there may be defects in title, competing claims, or other issues that could adversely affect the Company’s ownership interests in certain properties. In addition, a significant portion of our acreage is held by leases that are beyond their primary term and are maintained by production or other lease-saving provisions. These leases require ongoing compliance with specific terms and conditions, including the maintenance of production in paying quantities or satisfaction of continuous development or other contractual obligations. If production ceases or if we fail to meet these requirements, such leases may terminate, and we could lose the associated acreage. Further, certain provisions in our leases, including depth severances, retained acreage clauses, and continuous development requirements, may limit the extent of acreage that is held by production. These provisions may have already reduced, and may in the future further reduce, the amount of acreage we control. As a result, our effective acreage position may be smaller than our gross leasehold position, and additional acreage may expire over time if not properly maintained. Any loss of leasehold interests due to title defects, failure to comply with lease terms, or the operation of contractual provisions could have a material adverse effect on our business, financial condition, and results of operations.

Wells Drilled and Completed

The Company's working interests in both operated and outside operated exploration and development wells completed during the years indicated were as follows:

Gross · Net · Gross · Net · Gross · Net

Exploratory Wells (1):

Productive · — · — · — · — · 4.000 · 0.278

Total · — · — · — · — · 4.000 · 0.278

Developed Wells (2):

Productive · 3.000 · 0.125 · — · — · — · —

Total · 3.000 · 0.125 · — · — · — · —

Total Exploration & Development Wells:

Productive · 3.000 · 0.125 · — · — · 4.000 · 0.278

Total · 3.000 · 0.125 · — · — · 4.000 · 0.278

(1) An exploratory well is a well drilled to find and produce oil or natural gas in an unproved area, to find a new reservoir in a field previously found to be productive of oil or natural gas in another reservoir, or to extend a known reservoir.

(2) A development well is a well drilled within the proved area of an oil or natural gas reservoir to the depth of a stratigraphic horizon known to be productive.

• The costs of providing health care benefits to our employees may increase substantially.
• Certain of our affiliates control a majority of our outstanding common stock, which may affect your vote as a shareholder.
• Certain of our affiliates have engaged in business transactions with the Company, which may result in conflicts of interest.
• Warning! Limited Information
• The Pink Limited Market is for broker-dealers to publicly quote securities with limited to no issuer involvement. Pink Limited companies do not certify their compliance with established reporting standards, have limited availability of disclosure or financial information and may not support their U.S. market. These securities are identified with a yield sign to warn investors to proceed with caution.
• We do not intend to declare dividends in the foreseeable future.
• We are subject to certain title risks.
• We have substantial capital requirements necessary for undeveloped properties for which we may not be able to obtain adequate financing.
• Oil and natural gas prices fluctuate widely, and low prices could have a material adverse impact on our business and financial results.
• Gathering and transporting natural gas involve risks that may result in accidents and additional operating costs.
• We will be responsible for additional costs in connection with the abandonment of properties.
• We are subject to various governmental regulations which may cause us to incur substantial costs.
• We may not have enough insurance to cover all the risks we face, which could result in significant financial exposure.
• Future new technologies could make the products we sell obsolete.
• Cyber-attacks, cybersecurity breaches, or acts of cyber-terrorism could disrupt our business operations and information technology systems or result in the loss or exposure of confidential or sensitive customer, employee or Company information.
• Natural disasters, terrorist activities, or other significant events could adversely affect our operations or financial results.
• Our insurance coverage may not be adequate to cover office costs associated with certain activities and events, and there can be no assurance that insurance coverage will continue to be available in the future on terms that we can afford or that can justify its purchase.
• The operations and financial results of the Company could be adversely impacted because of climate changes or related additional legislation or regulation in the future.
• We are subject to various environmental risks which may cause us to incur substantial costs.