New Concept Energy, Inc. Reports First Quarter 2019 Results

Date : 05/15/2019 @ 9:30PM
Source : Business Wire
Stock : New Concept Energy, (GBR)
Quote : 1.75  -0.02 (-1.13%) @ 12:59AM

New Concept Energy, Inc. Reports First Quarter 2019 Results

New Concept Energy, (AMEX:GBR)
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3 Months : From Apr 2019 to Jul 2019

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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 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  

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

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