New Concept Energy, Inc. (NYSE American: GBR), (the “Company” or
“NCE”) a Dallas-based oil and gas company, today reported Results
of Operations for the first quarter ended March 31, 2020.
During the three months ended March 31, 2020, the Company
reported a net loss applicable to common shares for the three
months ended March 31, 2020 of ($97,000) or $0.00 per share,
compared to net income of $126,000 or ($0.02) per share for the
three months ended March 31, 2019.
For the three months ended March 31, 2020, the Company recorded
oil and gas revenues of $125,000 as compared to $180,000 for the
comparable period of 2019. The reduction was principally due to the
dollar amount per barrel for oil and MCF for gas the Company
received from the sale of natural gas.
For the three months ended March 31, 2020, the Company recorded
oil and gas operating expenses of $178,000 as compared to $179,000
for the comparable period of 2019.
For the three months ended March 31, 2020, corporate general
& administrative expenses were $104,000 as compared to $88,000
for the comparable periods in 2019. The increase was due, for the
most part, to consulting fees paid by the Company regarding oil and
gas matters.
For the three months ended March 31, 2019 the Company recorded a
one-time gain of $153,000 which was reflected as other income.
About New Concept Energy, Inc.
New Concept Energy, Inc. is a Dallas-based oil and gas company
which owns oil and gas wells and mineral leases in Ohio and in West
Virginia. For more information, visit the Company’s website at
www.newconceptenergy.com.
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (amounts in thousands)
March 31, 2020
December 31, 2019
Assets
(Unaudited)
(Audited)
Current assets Cash and cash equivalents
$
27
$
22
Accounts receivable from oil and gas sales
56
73
Current portion note receivable (including $3,950 and $4,005 in
2020 and 2019 from related parties
3,990
4,046
Other current assets
38
-
Total current assets
4,111
4,141
Oil and natural gas properties (full cost
accounting method) Proved developed and undeveloped oil and gas
properties, net of depletion
735
767
Property and equipment, net of depreciation Land,
buildings and equipment - oil and gas operations
665
668
Note Receivable
204
214
Total assets
$
5,715
$
5,790
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - CONTINUED (dollars in
thousands, except par value amount)
March 31, 2020
December 31, 2019
(Unaudited)
(Audited)
Liabilities and stockholders' equity Current
liabilities Accounts payable - (including $243 and $180 due to
related parties in 2020 and 2019)
$
367
$
355
Accrued expenses
55
35
Current portion of long term debt
40
44
Total current liabilities
462
434
Long-term debt Notes payable less current portion
171
177
Asset retirement obligation
2,770
2,770
Total liabilities
3,403
3,381
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,
2020 and December 31, 2019
51
51
Additional paid-in capital
63,579
63,579
Accumulated deficit
(61,319
)
(61,222
)
Total shareholders' equity
2,312
2,409
Total liabilities & equity
$
5,715
$
5,790
NEW CONCEPT ENERGY, INC AND
SUBSIDIARIES
CONSOLIDATED STATEMENT OF
OPERATIONS
(unaudited)
(amounts in thousands, except
per share data)
For the Three Months ended
March 31,
2020
2019
Revenue Oil and gas operations, net of royalties
$
125
$
180
Total Revenues
125
180
Operating expenses Oil and gas operations
178
179
Corporate general and administrative
104
88
Total Operating Expenses
282
267
Operating earnings (loss)
(157
)
(87
)
Other income (expense) Interest income
64
65
Interest expense
(4
)
(5
)
Other income (expense), net
-
153
Expense
60
213
Earnings (loss) applicable to common shares
(97
)
126
Net income (loss) per common share-basic and diluted
$
0.01
$
0.02
Weighted average common and equivalent shares outstanding -
basic
5,132
5,132
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version on businesswire.com: https://www.businesswire.com/news/home/20200513005749/en/
New Concept Energy Inc. Investor Relations Gene Bertcher, (800)
400-6407 info@newconceptenergy.com
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