New Concept Energy, Inc. Reports First Quarter 2019 Results
May 15 2019 - 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
income applicable to common shares for the three months ended March
31, 2019 of $126,000 or $0.02 per share, compared to net loss of
$134,000 or ($0.07) per share for the three months ended March 31,
2018. During the last nine months of 2018 the Company issued
3,094,000 shares of common stock increasing the number of shares
outstanding while raising $4,609,000 in cash which the Company
anticipates will be used for future drilling expenses, acquisitions
and working capital.
For the three months ended March 31, 2019, the Company recorded
oil and gas revenues of $180,000 as compared to $204,000 for the
comparable period of 2018. The reduction was principally due
to the dollar amount per MCF the Company received from the sale of
natural gas.
For the three months ended March 31, 2019, the Company recorded
oil and gas operating expenses of $179,000 as compared to $275,000
for the comparable period of 2018. The decrease was due to a
decrease in depletion and depreciation, consulting fees and general
operating expenses.
For the three months ended March 31, 2019, corporate general
& administrative expenses were $88,000 as compared to $74,000
for the comparable period in 2018. The increase was due, for the
most part, to consulting fees paid by the Company regarding oil and
gas matters.
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (amounts in thousands)
March 31,2019
December 31,2018
Assets (Unaudited) (Audited) Current
assets Cash and cash equivalents $ 460 $ 361 Accounts
receivable from oil and gas sales 93 72 Current portion note
receivable (including $4,076 and $4,017 in 2019 and 2018 from
related parties 4,115 4,063 Other current assets 34 -
Total current assets 4,702 4,496
Oil and natural gas properties (full cost accounting method)
Proved developed and undeveloped oil and gas properties, net of
depletion 2,503 2,517
Property and equipment, net of
depreciation Land, buildings and equipment - oil and gas
operations 610 618
Note Receivable 244
251
Total assets $ 8,059 $ 7,882
NEW
CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE
SHEETS - CONTINUED (dollars in thousands, except par value
amount)
March 31,2019
December 31,2018
(Unaudited) (Audited) Liabilities and
stockholders' equity Current liabilities Accounts
payable - (including $97 and $37 due to related parties in 2019 and
2018) $ 123 $ 59 Accrued expenses 33 32 Current portion of long
term debt 59 59
Total current
liabilities 215 150
Long-term debt Notes payable
less current portion 187 201 Asset retirement obligation
2,770 2,770
Total liabilities 3,172
3,121
Stockholders' equity Preferred stock, Series B
1 1
Common stock, $.01 par value; authorized,
100,000,000 shares; issued and outstanding, 5,131,934 and 2,036,935
shares at March 31, 2019 and December 31, 2018
51 51 Additional paid-in capital 63,579 63,579 Accumulated deficit
(58,744 )
(58,870 ) Total shareholders'
equity
4,887 4,761
Total liabilities & equity $ 8,059
$ 7,882
NEW CONCEPT ENERGY, INC AND
SUBSIDIARIES CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited) (amounts in thousands, except per share
data)
For the Three Months endedMarch
31,
2019 2018 Revenue Oil and gas operations, net
of royalties $ 180 $ 204 Total Revenues 180
204
Operating expenses
Oil and gas operations 179 275 Corporate general and administrative
88 74 Total Operating Expenses
267 350 Operating earnings (loss) (87 ) (146 )
Other income (expense) Interest income 65 7 Interest
expense (5 ) (6 ) Other income (expense), net 153
11 Expense 213 12
Earnings (loss) applicable to common shares 126
(134 ) Net income (loss) per common share-basic and
diluted $ 0.02 $ (0.07 ) Weighted average common and
equivalent shares outstanding - basic 5,131 2,037
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New Concept Energy, Inc.Gene Bertcher, (800)
400-6407info@newconceptenergy.com
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