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 Results of Operations for the fourth quarter ended December 31, 2016. During the three months ended December 31, 2016 the Company reported net income of $641,000 or ($0.32) per share, compared to a net loss of $2,971,000 or ($1.53) per share for the same period ended December 31, 2015. Included in the income for 2016 was a non-cash gain of $888,000 from the prepayment of debt and included in the loss for 2015 is a $2,717,000 non-cash charge for impairment of the value of the Company’s oil and gas properties.

For the full year ended December 31, 2016 the Company reported net income of $48,000 or ($0.02) per share, compared to a net loss of $2,622,000 or ($1.35) per share for the same period ended December 31, 2015.

Revenues: Total revenues from the oil and gas operation was $764,000 in 2016 and $820,000 in 2015. Net revenue for our oil and gas operation decreased by $56,000 in 2016 as compared to 2015. Included in 2016 revenue is a onetime fee of $30,000. The drop in revenue in 2016 was principally due to a reduction in the quantity of oil and gas produced.

Operating Expenses: Operating expenses for the oil and gas operation were $1.2 million in 2016 and $1.8 million in 2015. This decrease was the result of an overall reduction in operating expenses as the Company has actively reduced expenses to compensate for a slowdown in the oil and gas operation.

Corporate Expenses were $352,000 in 2016 and $605,000 in 2015. The decrease is primarily due to a reduction in wages and general operating expenses.

Interest Income & Expense: Interest Expense was $38,000 in 2016 as compared to $62,000 in 2015. The decrease was due to a reduction in the long term debt owed to the bank as well as previous owners of the Company’s oil and gas operation in West Virginia / Ohio.

Gain on Prepayment of Debt: In 2016 the Company settled a long term debt that was generated from the purchase of the oil and gas operation in 2008. The settlement resulted in a gain of $888,000.

Other Income & (Expense): Other income & (expense) was ($110,000) for 2016 as compared to ($32,000) in 2015. The expenses in 2016 were principally the write off assets pertaining to the termination of the lease at the retirement center.

Bad Debt Expense (Recovery): In 2015 the company recorded a bad debt expense recovery of $1,430,000 with respect to a note receivable that was fully reserved in a prior year.

Discontinued Operations: The Company leased and operated Pacific Pointe Retirement Inn (“Pacific Pointe”), a retirement community in King City, Oregon. Our lease provides that should the property be sold the lease maintained by the Company would be terminated. The owners completed the sale of the building on March 30, 2017 and our lease terminated on that date. These financial statements reflect the operations of the retirement community as a discontinued operation. Net income from discontinued operations was $4,000 and $332,000 in 2016 and 2015 respectively.

About New Concept Energy, Inc.

New Concept Energy, Inc. is a Dallas-based oil and gas company which owns oil and gas wells and mineral leases in Ohio and in West Virginia. For more information, visit the Company’s website at www.newconceptenergy.com.

              NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATION (amounts in thousands, except per share data)   Year Ended December 31, 2016 2015 2014 Revenue Oil and gas operations, net of royalties $ 764   $ 820   $ 1,489     764     820     1,489     Operating expenses Oil & gas operations 1,181 1,800 1,853 Corporate general and administrative 352 605 823 Impairment of natural gas and oil properties   -     2,717     -     1,533     5,122     2,676   Operating earnings (loss) (769 ) (4,302 ) (1,187 )   Other income (expense) Interest income 23 12 5 Interest expense (38 ) (62 ) (91 ) Gain on prepayment of debt 888 Gain on sale of land 50 Bad debt expense (recovery) - note receivable - 1,430 - Other income (expense), net   (110 )   (32 )   197   813 1,348 111   Earnings (loss) from continuing operations 44 (2,954 ) (1,076 )   Earnings from discontinued operations   4       332       297     Net income (loss) applicable to common shares $ 48   $ (2,622 ) $ (779 )   Net income (loss) per common share-basic and diluted $ 0.02   $ (1.35 ) $ (0.40 )   Weighted average common and equivalent shares outstanding - basic 1,947 1,947 1,947           NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (amounts in thousands)   December 31, 2016 2015 Assets   Current assets Cash and cash equivalents $ 113 $ 473 Accounts receivable from oil and gas sales 119 141 Other current assets   206   37 Total current assets   438   651     Oil and natural gas properties (full cost accounting method) Proved developed and undeveloped oil and gas properties, net of depletion 5,608 5,914   Property and equipment, net of depreciation Land, buildings and equipment - oil and gas operations 706 803 Other   25   134 Total property and equipment 731 937   Other assets   401   1,373   Total assets $ 7,178 $ 8,875         NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - CONTINUED (amounts in thousands, except share amounts)   December 31, 2016 2015 Liabilities and stockholders' equity   Current liabilities

Accounts payable - trade (including $160 and $168 in 2016 and 2015 due to related parties)

$ 238 $ 241 Accrued expenses 59 151 Current portion of long term debt   96     831   Total current liabilities 393 1,223   Long-term debt Notes payable less current portion 296 1,211 Asset retirement obligation   2,770     2,770   Total liabilities 3,459 5,204   Stockholders' equity Series B convertible preferred stock, $10 par value, liquidation value of $100 authorized 100 shares, issued and outstanding one share 1 1 Common stock, $.01 par value; authorized, 100,000,000 shares; issued and outstanding, 1,946,935 shares at December 31, 2016 and 2015 20 20 Additional paid-in capital 58,838 58,838 Accumulated deficit   (55,140 )   (55,188 )     3,719     3,671     Total liabilities & stockholders' equity $ 7,178   $ 8,875  

View source version on businesswire.com: http://www.businesswire.com/news/home/20170403006631/en/

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