New Concept Energy, Inc. Reports Second Quarter 2018 Results

Date : 08/13/2018 @ 8:30PM
Source : Business Wire
Stock : New Concept Energy Inc (GBR)
Quote : 1.43  0.03 (2.14%) @ 7:46PM

New Concept Energy, Inc. Reports Second Quarter 2018 Results

New Concept Energy (AMEX:GBR)
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New Concept Energy, Inc. (NYSE American: 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 June 30, 2018 of $174,000 or ($0.07) per share, compared to net loss from continuing operations of $124,000 or ($0.06) per share for the three months ended June 30, 2017.

For the three months ended June 30, 2018, the Company recorded oil and gas revenues of $173,000 as compared to $243,000 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 June 30, 2018, the Company recorded oil and gas operating expenses of $239,000 as compared to $256,000 for the comparable period of 2017. The decrease was due to overall decrease in general operating expenses.

For the three months ended June 30, 2018, corporate general & administrative expenses were $108,000 as compared to $122,000 for the comparable periods in 2017. The decrease was due to a decrease in payroll expenses as well as other administrative costs.

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

June 30, 2018

December 31,2017

  Assets   Current assets Cash and cash equivalents $ 278 $ 419 Accounts receivable from oil and gas sales 45 67 Other current assets   47   36 Total current assets   370   522     Oil and natural gas properties (full cost accounting method) Proved developed and undeveloped oil and gas properties, net of depletion 2,620 2,721   Property and equipment, net of depreciation Land, buildings and equipment - oil and gas operations   636   661 Total property and equipment 636 661   Other assets (including $124 due from related parties in 2015)   268   301   Total assets $ 3,894 $ 4,205     NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - CONTINUED (unaudited) (amounts in thousands, except share amounts)          

June 30,2018

December 31,2017

  Liabilities and stockholders' equity   Current liabilities Accounts payable (includes $277 and $412 due to related parties in 2018 & 2017) $ 306 $ 446 Accrued expenses 32 29 Current portion of long term debt   58     81   Total current liabilities 396 556   Long-term debt Notes payable less current portion 229 243 Asset retirement obligation   2,770     2,770   Total liabilities 3,395 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 at June 30, 2018 and December 31, 2017 22 21 Additional paid-in capital 59,170 59,000 Accumulated deficit   (58,694 )   (58,386 )   Total Shareholder Equity   499     636     Total liabilities & equity $ 3,894   $ 4,205       NEW CONCEPT ENERGY, INC AND SUBSIDIARIES CONSOLIDATED STATEMENT OF OPERATIONS (unaudited) (amounts in thousands, except per share data)                  

For the ThreeMonths ended June 30,

For the Six Monthsended June 30,

2018 2017 2018 2017 Revenue Oil and gas operations, net of royalties $ 173 $ 243 $ 377 $ 438     Operating expenses Oil and gas operations 239 256 514 512 Corporate general and administrative   108     122     183     222   Total Operating Expenses   347     378     697     734   Operating earnings (loss) (174 ) (135 ) (320 ) (296 )     Other income (expense) Interest income 4 11 11 15 Interest expense (5 ) (6 ) (11 ) (13 ) Other income (expense)   1     6     12     (2 )   0     11     12     0     Loss from continuing operations (174 ) (124 ) (308 ) (296 )   Earnings (loss) from discontinued operations   0     (11 )   0     2     Net income (loss) applicable to common shares $ (174 ) $ (135 ) $ (308 ) $ (294 )   Net income (loss) per common share-basic and diluted $ (0.08 ) $ (0.07 ) $ (0.14 ) $ (0.15 )     Weighted average common and equivalent shares outstanding - basic 2,132 1,947 2,132 1,947  

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

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