New Concept Energy, Inc. Reports Fourth Quarter and Full Year 2018 Results

Date : 04/01/2019 @ 9:30PM
Source : Business Wire
Stock : New Concept Energy Inc (GBR)
Quote : 1.74  0.0 (0.00%) @ 1:00AM

New Concept Energy, Inc. Reports Fourth Quarter and Full Year 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 Results of Operations for the fourth quarter ended December 31, 2018. During the three months ended December 31, 2018 the Company reported a net loss of $55,000 or ($0.005) per share, compared to a net loss of $2,851,000 or ($1.39) per share for the same period ended December 31, 2017

For the full year ended December 31, 2018 the Company reported a net loss of $484,000 or ($0.21) per share, compared to a net loss of $3,246,000 or ($1.59) per share for the same period ended December 31, 2017.

On December 4, 2018, the Company issued an additional 3,000,000 shares of Common Stock to a single investor for cash of $4,500,000 to increase stockholders’ equity by $4,440,000 after issuance costs. The issuance of 3,000,000 shares of Common Stock resulted in a change in control of the Company, as the investor now owns approximately 59.6% of the outstanding Common Stock. The issuance of the 3,000,000 shares of Common Stock increased the total number of shares issued and outstanding to 5,131,935 shares.

Revenues: Total revenues from the oil & gas operation was $682,000 in 2018 and $791,000 in 2017. The decrease was due to the rate the Company received for the sale of its natural gas during 2018.

Operating Expenses: Operating expenses for continuing oil & gas operations was $844,000 in 2018 and $1,027, 000 in 2017. This decrease was principally due to a reduction of depreciation and depletion expense of $73,000. The remaining decrease was the result of an overall reduction in operating expenses.

In 2017 pursuant to the requirements of the “full cost ceiling test” for oil & gas companies we recorded a non-cash charge to operations of $2.6 million to write down its investment in Ohio and West Virginia. This charge to earnings was caused by a revaluation of the Company’s non-producing oil and gas reserves.

Corporate Expenses were $353,000 in 2018 and $408,000 in 2017. The decrease was principally due to a reduction in payroll expenses.

Interest Expense: Interest Expense was $18,000 in 2018 as compared to $24,000 in 2017. The decrease was due to a reduction in the long-term debt.

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 OPERATIONS (amounts in thousands, except per share data)   Year Ended December 31,   2018     2017     2016   Revenue Oil and gas operations, net of royalties $ 682   $ 791   $ 764     682     791     764     Operating expenses Oil & gas operations 844 1,027 1,181 Corporate general and administrative 353 408 352 Impairment of natural gas and oil properties   -     2,626     -     1,197     4,061     1,533   Operating earnings (loss) (515 ) (3,270 ) (769 )   Other income (expense) Interest income (including $17 for the year ended 2018 from related parties) 37 25 23 Interest expense (18 ) (24 ) (38 ) Gain on prepayment of debt - - 888 Gain on sale of land - - 50 Bad debt expense (recovery) - note receivable - - - Other income (expense), net   12     28     (110 ) 31 29 813   Earnings (loss) from continuing operations (484 ) (3,241 ) 44   Earnings from discontinued operations   -       (5 )     4     Net income (loss) applicable to common shares $ (484 ) $ (3,246 ) $ 48     Net income (loss) per common share-basic and diluted $ (0.21 ) $ (1.59 ) $ 0.02     Weighted average common and equivalent shares outstanding - basic 2,358 1,947 1,947     NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (amounts in thousands) December 31,   2018   2017 Assets   Current assets Cash and cash equivalents $ 361 $ 419 Accounts receivable from oil and gas sales 72 67 Current portion note receivable (including $4,017 in 2018 from related parties)   4,063   36 Total current assets   4,496   522     Oil and natural gas properties (full cost accounting method) Proved developed and undeveloped oil and gas properties, net of depletion 2,517 2,721   Property and equipment, net of depreciation Land, buildings and equipment - oil and gas operations 618 661   Note Receivable   251   301   Total assets $ 7,882 $ 4,205     NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - CONTINUED (amounts in thousands, except share amounts)   December 31,   2018     2017   Liabilities and stockholders' equity   Current liabilities Accounts payable - trade (including $37 and $412 in 2018 and 2017 due to related parties) $ 59 $ 446 Accrued expenses 32 29 Current portion of long term debt   59     81   Total current liabilities 150 556   Long-term debt Notes payable less current portion 201 243 Asset retirement obligation   2,770     2,770   Total liabilities 3,121 3,569   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, 5,131,934 and 2,036,935 shares at December 31, 2018 and 2017 51 21 Additional paid-in capital 63,579 59,000 Accumulated deficit   (58,870 )   (58,386 )   4,761     636     Total liabilities & stockholders' equity $ 7,882   $ 4,205  

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

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