Spindletop Oil & Gas Co. (OTCPK:SPND) announced that its Board of Directors has initiated a review of strategic alternatives to attempt to enhance shareholder value. Strategic alternatives may include a possible sale of all or a material portion of assets, either in one transaction or in a series of transactions, a merger of the Company or other form of business combination involving the Company and a third party, the purchase of additional assets or the outright sale of the Company or recapitalization of the Company. No definitive timeline has been established for this process and there can be no assurance that the strategic alternatives review process will result in a transaction or other strategic change or outcome. The company does not expect to discuss or disclose further developments regarding the strategic alternatives review process unless and until its Board of Directors has approved a specific course of action or the Company has otherwise determined that further disclosure is appropriate or required by law.