Thanks to five new Barnett shale wells, Spindletop Oil & Gas Co., Dallas, (OTCBB: SPND) reports gas volumes for the first half of the year were 679 million cubic feet, compared with 349 million cubic feet during the first half of 2007, an increase of 330 million cubic feet, or 95%.  Average natural gas prices received were $8.84 per thousand cubic feet in the first half of the year as compared with $6.55 per thousand cubic feet in the first half of 2007, an increase of 35%.

The company reported net income of $2.1 million on gross revenues of $6.96 million for the first half of the year compared with net income of $730,000 on gross revenues of $3.57 million for the first six months of 2007.

Oil sales for the first six months of the year were $1.2 million compared with $692,000 in the first six months of 2007, an increase of $500,000 or 72%. Oil volumes for the first half of the year were 13,000 barrels compared to 12,000 barrels during the first half of 2007, an increase of 1,000 barrels, or 8%. Average oil prices received were $96.55 per barrel in the first half compared with $56.68 per barrel in the first half of 2007, an increase of 70%.

Spindletop operates oil and gas properties throughout Texas, Alabama, Arkansas, Louisiana, Oklahoma and New Mexico. Approximately 87% of the company's reserves are gas and 13% oil and condensate. JAS