Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following
provisions:
Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of
1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the
extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section
13(a) of the Exchange Act.
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the Registrant has duly caused this Current Report on Form 8-K to be signed on its behalf
by the undersigned, hereunto duly authorized.
Dated: November 15,
2019
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NEW CONCEPT ENERGY, INC.
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By:
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/s/ Gene S. Bertcher
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Gene
S. Bertcher
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Executive Vice President and
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Chief Financial Officer
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Exhibit 99.1
NEWS RELEASE
FOR IMMEDIATE RELEASE
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Contact:
New Concept Energy Inc.
Gene Bertcher (800) 400-6407
info@newconceptenergy.com
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New Concept Energy, Inc. Reports Third Quarter 2019 Results
Dallas (November 14, 2019) – New Concept Energy, Inc.
(NYSE American: GBR), ( the “Company” or “NCE”) a Dallas-based oil and gas company, today reported a net
loss for the three months ended September 30, 2019 of $2,320,000 or ($0.45) per share, compared to a net loss of $121,000 or ($0.02)
per share for the three months ended September 30, 2018.
The Company reported
a net loss of $2,335,000 for the nine months ended September 30, 2019, as compared to net loss of $429,000 for the similar period
in 2018.
For the three months ended September 30, 2019, the Company recorded oil and gas revenues of $127,000 as compared to $167,
000 for the comparable period of 2018. The decrease was principally due to a decrease in the rate the Company received for the
sale of its natural gas.
For the three months ended September 30, 2019, the Company recorded oil and gas operating expenses of
$2,461,000 as compared to $186,000 for the comparable period of 2018. In September 2019, the Company unsuccessfully drilled a well
which resulted in a dry hole. As the well did not prove up the estimated probable and possible reserves, the Company had to deem
the applicable reserve estimates as impaired. In the third quarter, the Company booked an impairment expense of $2,285,000 which
represents a reduction of both the estimated probable and possible reserves as well as the cost of drilling the failed well.
For the three months ended September 30, 2019, corporate
general & administrative expenses were $92,000 as compared to $99,000 for the comparable periods in 2018.
Contact: New Concept Energy, Inc.
Gene
Bertcher, (800) 400-6407
info@newconceptenergy.com