New Concept Energy, Inc. Reports Third Quarter 2018 Results

New Concept Energy, Inc. (NYSE American: GBR), ( the Company or NCE) a Dallas-based oil and gas company, today reported a net loss for the three months ended September 30, 2018 of $121,000 or ($0.06) per share, compared to a net loss of $101,000 or ($0.05) per share for the three months ended September 30, 2017.

The Company reported a net loss of $429,000 for nine months ended September 30, 2018, as compared to net loss of $397,000 for the similar period in 2017.

For the three months ended September 30, 2018, the Company recorded oil and gas revenues of $167,000 as compared to $194,000 for the comparable period of 2017. The decrease was principally due to a decrease in the rate the Company received for the sale of its natural gas. In April 2018 a long term rate agreement expired and the price the Company received for its gas reverted to the existing market price which was less than the rate in the expired agreement.

For the three months ended September 30, 2018, the Company recorded oil and gas operating expenses of $186,000 as compared to $254,000 for the comparable period of 2017. The decrease was due to overall decrease in general operating expenses.

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For the three months ended September 30, 2018, corporate general & administrative expenses were $99,000 as compared to $95,000 for the comparable periods in 2017.

 
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited)
(amounts in thousands)
     

September 30, 2018

   

December 31, 2017

 
Assets
 
Current assets
Cash and cash equivalents $ 272 $ 419
Accounts receivable from oil and gas sales 46 67
Other current assets   56   36
Total current assets   374   522
 
 
Oil and natural gas properties (full cost accounting method)
Proved developed and undeveloped oil and gas properties, net of depletion 2,559 2,721
 
Property and equipment, net of depreciation
Land, buildings and equipment – oil and gas operations   628   661
 
 
Other assets   257   301
 
Total assets $ 3,818 $ 4,205
 
 
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS – CONTINUED
(unaudited)
(amounts in thousands, except share amounts)
         

September 30, 2018

December 31, 2017

 
Liabilities and stockholders’ equity
 
Current liabilities
Accounts payable (includes $331 and $412 due to related parties in 2018 & 2017) $ 366 $ 446
Accrued expenses 31 29
Current portion of long term debt   51     81  
Total current liabilities 448 556
 
Long-term debt
Notes payable less current portion 222 243
Asset retirement obligation   2,770     2,770  
Total liabilities 3,440 3,569
 
Stockholders’ equity
Preferred stock, Series B 1 1
Common stock, $.01 par value; authorized, 100,000,000
shares; issued and outstanding, 2,131,935 shares and 2,036,935 shares
at September 30, 2018 and December 31, 2017 22 21
Additional paid-in capital 59,170 59,000
Accumulated deficit   (58,815 )   (58,386 )
 
Total Shareholder Equity   378     636  
 
Total liabilities & equity $ 3,818   $ 4,205  
 
 
NEW CONCEPT ENERGY, INC AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited)
(amounts in thousands, except per share data)
                 

For the Three Months ended September 30,

For the Nine Months ended September 30,

2018 2017 2018 2017
Revenue
Oil and gas operations, net of royalties $ 167 $ 194 $ 544 $ 632
 
 
Operating expenses
Oil and gas operations 186 254 700 766
Corporate general and administrative   99     95     282     317  
Total Operating Expenses   285     349     982     1,083  
Operating earnings (loss) (118 ) (155 ) (438 ) (451 )
 
 
Other income (expense)
Interest income 5 5 16 20
Interest expense (6 ) (6 ) (17 ) (19 )
Other income (expense)   (2 )   66     10     51  
  (3 )   65     9     52  
 
Loss from continuing operations (121 ) (90 ) (429 ) (399 )
 
Earnings (loss) from discontinued operations   0     (11 )   0     2  
 
Net income (loss) applicable to common shares $ (121 ) $ (101 ) $ (429 ) $ (397 )
 
Net income (loss) per common share-basic and diluted $ (0.06 ) $ (0.05 ) $ (0.20 ) $ (0.20 )
 
 
Weighted average common and equivalent shares outstanding – basic 2,132 1,947 2,132 1,947
 

New Concept Energy, Inc.
Gene Bertcher, (800) 400-6407
[email protected]

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