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
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190813005752/en/
New Concept Energy, Inc. Gene Bertcher, (800) 400-6407
info@newconceptenergy.com
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