Market Overview

New Concept Energy, Inc. Reports First Quarter 2018 Results

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New Concept Energy, Inc. (NYSE:GBR), (the "Company" or "NCE")
a Dallas-based oil and gas company, today reported a net loss from
continuing operations for the three months ended March 31, 2018 of
$134,000 or ($0.07) per share, compared to net loss from continuing
operations of $172,000 or ($0.09) per share for the three months ended
March 31, 2017.

The Company reported a net loss of $134,000 for three months ended March
31, 2018, as compared to net loss of $159,000 for the similar period in
2017.

For the three months ended March 31, 2018, the Company recorded oil and
gas revenues of $204,000 as compared to $195,000 for the comparable
period of 2017.

For the three months ended March 31, 2018, the Company recorded oil and
gas operating expenses of $275,000 as compared to $256,000 for the
comparable period of 2017. The increase was due to overall increase in
general operating expenses.

For the three months ended March 31, 2018, corporate general &
administrative expenses were $75,000 as compared to $100,000 for the
comparable periods in 2016. The decrease was due to a decrease in
payroll expenses of $23,000 as well as other administrative costs.

 
 
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
       
March 31, December 31,
2018 2017
Assets
 
Current assets
Cash and cash equivalents $ 397 $ 419
Accounts receivable from oil and gas sales 58 67
Current portion note receivable   47   36
Total current assets   502   522
 
 
Oil and natural gas properties (full cost accounting method)
Proved developed and undeveloped oil and gas properties, net of
depletion
2,669 2,721
 
Property and equipment, net of depreciation
Land, buildings and equipment - oil and gas operations 647 661
 
Note Receivable   278   301
 
Total assets $ 4,096 $ 4,205
 
 
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - CONTINUED
(amounts in thousands, except share amounts)
       
 
March 31, December 31,
  2018     2017  
 
Liabilities and stockholders' equity
 
Current liabilities
Accounts payable - (including $433 and $412 due to related parties
in 2018 and 2017)
$ 464 $ 446
Accrued expenses 58 29
Current portion of long term debt   68     81  
Total current liabilities 590 556
 
Long-term debt
Notes payable less current portion 234 243
Asset retirement obligation   2,770     2,770  
Total liabilities 3,594 3,569
 
Stockholders' equity
Preferred stock, Series B 1 1
Common stock, $.01 par value; authorized, 100,000,000
shares; issued and outstanding, 2,036,935 shares
at March 31, 2018 and December 31, 2017 21 21
Additional paid-in capital 59,000 59,000
Accumulated deficit   (58,520 )   (58,386 )
 
Total shareholders' equity   502     636  
 
Total liabilities & equity $ 4,096   $ 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
March 31,
  2018     2017  
Revenue
Oil and gas operations, net of royalties $ 204   $ 195  
Total Revenues   204     195  
 
 
Operating expenses
Oil and gas operations 275 256
Corporate general and administrative   75     100  
Total Operating Expenses   350     356  
Operating earnings (loss) (146 ) (161 )
 
Other income (expense)
Interest income 7 4
Interest expense (6 ) (7 )
Other income (expense), net   11     (8 )
Expense   12     (11 )
 
Earnings (loss) from continuing operations (134 ) (172 )
 
Earnings from discontinued operations   0     13  
 
Net income (loss) applicable to common shares $ (134 ) $ (159 )
 
Net (loss) per common share from continuing operations $ (0.07 ) $ (0.09 )
 
Net income per common share from discontinued operations $ -   $ 0.01  
 
Net income (loss) per common share-basic and diluted $ (0.07 ) $ (0.08 )
 
Weighted average common and equivalent shares outstanding - basic 2,037 1,947

 

 

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