New Concept Energy, Inc. Reports Third Quarter 2018 Results

Date : 11/14/2018 @ 9:30PM
Source : Business Wire
Stock : New Concept Energy, (GBR)
Quote : 1.8191  0.0191 (1.06%) @ 12:59AM

New Concept Energy, Inc. Reports Third 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 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  

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

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