SPND — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-05-20

• Prices for oil and natural gas fluctuate widely due to a number of factors that are beyond our control. Declines in oil and natural gas prices significantly affect our financial condition and results of operations. Our revenues, profitability and cash flow are highly dependent upon the prices we rea…

• ·changes in regional, domestic and foreign supplies of, and consumer and industrial/commercial demand for oil and natural gas., as well as perceptions of supply of, and demand for, oil and natural gas generally;

• ·anticipated future prices of oil and natural gas, alternative fuels and other commodities;

• ·U.S. and worldwide political and economic conditions, including but not limited to, the imposition of tariffs or trade or other economic sanctions, including political instability or armed conflict and related sanctions including, but not limited to, the conflicts in the Middle East, Ukraine and Ir…

• ·technological advances affecting energy consumption and energy supply;

Text removed vs the prior filing · source: 10-Q · 2025-11-19

• Prices for oil and natural gas fluctuate widely. Among the interrelated factors that can or could cause these price fluctuations are:

• ·domestic and worldwide supplies of, and consumer and industrial/commercial demand for oil and natural gas;

• ·worldwide economic conditions, geopolitical factors and political conditions, including, but not limited to, the imposition of tariffs or trade or other economic sanctions, political instability or armed conflict in oil and gas producing regions;

• ·the availability, proximity and capacity of appropriate transportation, gathering, processing, compression, storage, and refining and export facilities;

• ·natural disasters, weather conditions and changes in weather patterns.

Text added vs the prior filing · source: 10-Q · 2026-05-20

• The Company's common stock is currently quoted and traded on the OTC Markets Pink market under the symbol "SPND".

• Effective July 1, 2025, the Company’s stock was downgraded to the OTC Markets Pink Limited market. Now when someone goes to the OTC Markets website to get a quotation on the Company’s stock, the following is under the Company’s name and trading symbol with the term “Warning!” in bold and red print

Text removed vs the prior filing · source: 10-Q · 2025-11-19

• The Company’s stock is no longer traded on OTC Markets Pink Current market, as it has been downgraded by OTC Markets to the OTC Pink Limited market. By Notice dated January 14, 2025, OTC Markets advised the Company that OTC Markets would discontinue the Pink Current market at the end of June 2025. O…

Text added vs the prior filing · source: 10-Q · 2026-05-20

• During the second quarter of 2025, the Company participated in the drilling of a new horizontal well in Major County, OK, targeting Mississippian Lime. The Reutlinger 22-27-1H well was spud on June 6, 2025, and was drilled to an approximate true vertical depth (TVD) of 9,000 ft and a measured depth …

• During the first quarter of 2026, the Company participated in the drilling of a new horizontal well in Custer County, OK targeting the Cherokee Formation. The Edward 30-31-DP #1H was spud on January 4, 2026 and was drilled to a total depth of 21,570 ft. The Company owns an estimated 0.01725466 non-o…

• Also, during the first quarter of 2026, the Company participated in the drilling of a horizontal well in Custer County, OK targeting the Des Moines Formation. The Aracari 1-12-1XH well was spud on May 2, 2026, subsequent to the end of the first quarter, and is currently in the drilling phase. The Co…

• For all the above wells, the Company cautions that the initial production rates of a newly completed well or newly recompleted well can have steep decline rates and the initial production rates reported above may not be an indicator of the ultimate oil and gas recoveries obtained from the well. Addi…

Text removed vs the prior filing · source: 10-Q · 2025-11-19

• During the first quarter of 2025, the Company participated in the drilling of a new horizontal well in Major County, OK, targeting the Mississippian Lime. The Fort 22.27-H well was spud on 2/28/2025 and was drilled to an approximate true vertical depth (TVD) of 9,250 ft and a measured depth of 14,44…

• During the second quarter of 2025, the Company participated in the drilling of a new horizontal well in Major County, OK, targeting the Mississippian Lime. The Reutlinger 22-27-1H well was spud on June 6, 2025, and was drilled to an approximate true vertical depth (TVD) of 9,000 ft and a measured de…

• During the third quarter of 2025, the Company participated in the drilling of a new horizontal well in Martin & Dawson Counties, Texas targeting the Dean Sands. The Sterling C 3H well was spud on September 3, 2025, and was drilled to an approximate true vertical depth (TVD) of 9,000 ft and a total m…

• For all the above wells, the Company cautions that the initial production rates of a newly completed well or newly recompleted well or the production rates of a well at the effective date of acquisition may not be an indicator of stabilized production rates or an indicator of the ultimate recoveries…