New Concept Energy, Inc. Reports Second Quarter 2019 Results

Date : 08/13/2019 @ 9:23PM
Source : Business Wire
Stock : New Concept Energy Inc (GBR)
Quote : 1.47  0.01 (0.68%) @ 9:40PM

New Concept Energy, Inc. Reports Second Quarter 2019 Results

New Concept Energy (AMEX:GBR)
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3 Months : From Aug 2019 to Nov 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 loss from continuing operations for the three months ended June 30, 2019 of $141,000 or ($0.03) per share, compared to net loss from continuing operations of $174,000 or ($0.08) per share for the three months ended June 30, 2018.

The Company reported a net loss from continuing operations for the six months ended June 30, 2019 of $15,000 or ($0.00) per share, compared to net loss from continuing operations of $308,000 or ($0.14) per share for the six months ended June 30, 2018.

For the three months ended June 30, 2019, the Company recorded oil and gas revenues of $164,000 as compared to $173,000 for the comparable period of 2018. The decrease was principally due to a lower price received for the sale of natural gas.

For the three months ended June 30, 2019, the Company recorded oil and gas operating expenses of $231,000 as compared to $239,000 for the comparable period of 2018.

For the three months ended June 30, 2019, corporate general & administrative expenses were $134,000 as compared to $108,000 for the comparable periods in 2018. The increase was due to an increase in general operating expenses.

 

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(unaudited)

(amounts in thousands)

 

 

 

 

June 30, 2019

 

December 31, 2018

  Assets   Current assets Cash and cash equivalents

$

175

$

361

Accounts receivable from oil and gas sales

 

77

 

72

Current portion note receivable (including $4,136 and $4,017 in 2019 and 2018 from related parties

 

4,179

 

4,063

Other current assets

 

23

 

-

Total current assets

 

4,454

 

4,496

    Oil and natural gas properties (full cost accounting method) Proved developed and undeveloped oil and gas properties, net of depletion

 

2,492

 

2,517

  Property and equipment, net of depreciation Land, buildings and equipment - oil and gas operations

 

675

 

618

  Note receivable

 

231

 

251

  Total assets

$

7,852

$

7,882

 

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS - CONTINUED

(unaudited)

(dollars in thousands, except par value amount)

 

 

 

 

 

June 30, 2019

 

December 31, 2018

  Liabilities and stockholders' equity   Current liabilities Accounts payable - (including $59 and $37 due to related parties in 2019 and 2018)

$

85

 

$

59

 

Accrued expenses

 

13

 

 

32

 

Current portion of long term debt

 

51

 

 

59

 

Total current liabilities

 

149

 

 

150

 

  Long-term debt Notes payable less current portion

 

187

 

 

201

 

Asset retirement obligation

 

2,770

 

 

2,770

 

Total liabilities

 

3,106

 

 

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 June 30, 2019 and December 31, 2018

 

51

 

 

51

 

Additional paid-in capital

 

63,579

 

 

63,579

 

Accumulated deficit

 

(58,885

)

 

(58,870

)

  Total shareholder equity

 

4,746

 

 

4,761

 

  Total liabilities & equity

$

7,852

 

$

7,882

 

 

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS

(unaudited)

(amounts in thousands, except per share data)

 

 

 

 

 

 

 

 

 

For the Three Months ended June 30,

 

For the Six Months ended June 30,

 

 

2019

 

 

 

2018

 

 

 

2019

 

 

 

2018

 

Revenue Oil and gas operations, net of royalties

$

164

 

$

173

 

$

344

 

$

377

 

  Operating expenses Oil and gas operations

 

231

 

 

239

 

 

410

 

 

514

 

Corporate general and administrative

 

134

 

 

108

 

 

222

 

 

183

 

Total Operating Expenses

 

365

 

 

347

 

 

632

 

 

697

 

Operating earnings (loss)

 

(201

)

 

(174

)

 

(288

)

 

(320

)

    Other income (expense) Interest income

 

64

 

 

4

 

 

129

 

 

11

 

Interest expense

 

(4

)

 

(5

)

 

(9

)

 

(11

)

Other income (expense), net

 

-

 

 

1

 

 

153

 

 

12

 

Expense

 

60

 

 

0

 

 

273

 

 

12

 

    Net income (loss) applicable to common shares

$

(141

)

$

(174

)

$

(15

)

$

(308

)

  Net income (loss) per common share-basic and diluted

$

(0.03

)

$

(0.08

)

$

(0.00

)

$

(0.14

)

    Weighted average common and equivalent shares outstanding - basic

 

5,132

 

 

2,132

 

 

5,132

 

 

2,132

 

 

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

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