Spindletop Acquires Additional Barnett Shale Acreage

Spindletop Oil & Gas Co. has acquired a 680-acre development block located within the Newark Barnett Shale Field of Denton County, Texas. Spindletop's internal engineering estimates project that gross gas reserves could exceed 1 BCF per well. Spindletop will be the project operator and expects to spud the first well (Olex U.S. #1) in 2003.