GBR New Concept Energy Inc

New Concept Energy, Inc. (NYSE MKT: GBR), (the “Company” or “NCE”), a Dallas-based oil and gas company, today reported net loss for the three months ended September 30, 2016 of $164,000 or $0.08 per share, compared to a net loss of $75,000 or $0.04 per share for the three months ended September 30, 2015. Included in 2015 was income for a recovery of bad debt expense of $306,000.

For the three months ended September 30, 2016, the Company recorded oil and gas revenues, net of royalty expenses of $190,000 as compared to $232,000 for the comparable period of 2015. The decline in oil and gas revenue was principally due to the price the Company was receiving for its oil sales in 2016 as compared to 2015.

The Company recorded revenues of $653,000 for the three months ended September 30, 2016 from its retirement property compared to $772,000 for the comparable period in 2015. The decrease was primarily due to a drop in occupancy at the facility caused principally by the opening of a competing facility in the community where our facility is located.

For the three months ended September 30, 2016, the Company recorded oil and gas operating expenses of $295,000 as compared to $527,000 for the comparable period of 2015. The decrease was due to a decrease in overall operating expenses as the Company has actively been reducing costs to compensate for the reduction in revenue.

For the three months ended September 30, 2016, operating expenses at the retirement property were $396,000 as compared to $423,000 for the comparable period in 2015. The decrease in operating expenses were due to an overall decrease in non-payroll related expenses.

For the three months ended September 30, 2016, corporate general & administrative expenses were $52,000 as compared to $176,000 for the comparable periods in 2015. The decrease is primarily due to a reduction in wages and overall operating expenses.

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

September 30,2016

December 31,2015

  Assets   Current assets Cash and cash equivalents $ 530 $ 473 Accounts receivable from oil and gas sales 105 141 Other current assets   47   37 Total current assets   682   651     Oil and natural gas properties (full cost accounting method) Proved developed and undeveloped oil and gas properties, net of depletion 5,658 5,914   Property and equipment, net of depreciation Land, buildings and equipment - oil and gas operations 722 803 Other   142   134 Total property and equipment 864 937   Other assets   1,344   1,373   Total assets $ 8,548 $ 8,875           NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - CONTINUED (unaudited) (amounts in thousands, except share amounts)  

September 30,2016

December 31,2015

  Liabilities and stockholders' equity   Current liabilities Accounts payable - trade (including $580,000 and $165,000 in 2016 and 2015 due to related parties) $ 605 $ 241 Accrued expenses 148 151 Current portion of long term debt   828     831   Total current liabilities 1,581 1,223   Long-term debt Notes payable less current portion 1,119 1,211 Asset retirement obligation   2,770     2,770   Total liabilities 5,470 5,204   Stockholders' equity Preferred stock, Series B 1 1 Common stock, $.01 par value; authorized, 100,000,000 shares; issued and outstanding, 1,946,934 shares at September 30, 2016 and December 31, 2015 20 20 Additional paid-in capital 58,838 58,838 Accumulated deficit   (55,781 )   (55,188 )   3,078     3,671     Total liabilities & equity $ 8,548   $ 8,875                     NEW CONCEPT ENERGY, INC AND SUBSIDIARIES CONSOLIDATED STATEMENT OF OPERATIONS (unaudited) (amounts in thousands, except per share data)  

For the Three Monthsended September 30,

For the Nine Monthsended September 30,

2016 2015 2016 2015 Revenue Oil and gas operations, net of royalties $ 190 $ 232 $ 579 $ 663 Real estate operations   653     772     1,995     2,233     843     1,004     2,574     2,896       Operating expenses Oil and gas operations 295 527 924 1,437 Real estate operations 396 423 1,146 1,248 Lease expense 251 245 748 735 Corporate general and administrative   52     176     319     485     994     1,371     3,137     3,905   Operating earnings (loss) (151 ) (367 ) (563 ) (1,009 )     Other income (expense) Interest income 6 6 17 6 Interest expense (8 ) (12 ) (26 ) (54 ) Recovery of bad debt expense - 306 0 1,430 Other income (expense), net   (11 )   (8 )   (21 )   (24 ) Other income (expense)   (13 )   292     (30 )   1,358       Net income (loss) applicable to common shares $ (164 ) $ (75 ) $ (593 ) $ 349     Net income (loss) per common share-basic and diluted $ (0.08 ) $ (0.04 ) $ (0.30 ) $ 0.18       Weighted average common and equivalent shares outstanding - basic 1,947 1,947 1,947 1,947

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New Concept Energy Inc.Investor RelationsGene Bertcher, 800-400-6407info@newconceptenergy.com