New Concept Energy, Inc. Reports Third Quarter 2018 Results
November 14 2018 - 4:30PM
Business Wire
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.
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 Monthsended
September 30,
For the Nine Monthsended
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
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version on businesswire.com: https://www.businesswire.com/news/home/20181114005774/en/
New Concept Energy, Inc.Gene Bertcher, (800)
400-6407info@newconceptenergy.com
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