GBR New Concept Energy Inc

New Concept Energy, Inc. (AMEX:GBR), (“the Company” or “NCE”) a Dallas-based oil and gas company, today reported a net loss for the twelve months ended December 31, 2010 of $11,000 or $(0.01) per share, compared to net loss of $2.2 million or $1.14 per share for the twelve months ended December 31, 2009. Net income for the three months ended December 31 2010 was $116,000 as compared to a net loss of $2.2 million for the three months ended December 31, 2009.

The loss in 2009 is primarily attributed to a non-cash charge to operations of $1.7 million to impairment of the Company’s oil and gas reserves.

Revenues and Operating Expenses: Total revenues for 2010 totaled $4.2 million compared to $4.1 million in 2009. The primary reason for the increase is higher occupancy in our retirement facility. Operating expenses totaled $4.3 million for 2010 compared to $6.8 million for 2009. In 2010, oil and gas operating costs totaled $1.3 million compared to $1.5 million in 2009 due to the cost reductions and efficiency in well production. Also in 2010, the Company recorded accretion of discount related to its asset retirement obligation of $123,000. Real estate operating expenses remained relatively constant. Corporate general and administrative expenses decreased from $1.2 million to $731,000, due primarily to the write-down of receivables of approximately $200,000 and the accrual of $200,000 in interest and penalties on unpaid taxes in 2009 that were one time in nature and did not reoccur in 2010.

Interest Income & Expense: Interest income decreased approximately $77,000 from 2009 to 2010 due to the reduction of the principle during 2010. Interest expense remained relatively unchanged from 2009 to 2010.

Other Income & Expense: Other income expense changed from $68,000 in income for 2009 to a $340,000 expense in 2010. The company had a write-off of $350,000 for an attempted acquisition that did not occur.

  NEW CONCEPT ENERGY ENERGY, INC. AND SUBSIDARIES CONSOLIDATED BALANCE SHEETS (amounts in thousands)   December 31,   December 31, 2010 2009   Assets   Current assets Cash and cash equivalents $ 59 $ 155 Accounts receivable from oil and gas sales 223 203 Other current assets   101   555 Total current assets   383   913   Note and interest receivable – related party 10,361 11,206   Oil and natural gas properties (full cost accounting method) Proved developed and undeveloped oil and gas properties, net of depletion 11,789 11,384   Property and equipment, net of depreciation Land, buildings and equipment - oil and gas operations 1,308 1,337 Other   156   149 Total property and equipment 1,464 1,486   Other assets   70   132   Total assets $ 24,067 $ 25,121   NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - CONTINUED (amounts in thousands, except share amounts)     December 31,   December 31, 2010   2009   Liabilities and stockholders' equity   Current liabilities Accounts payable - trade $ 83 $ 154 Accrued expenses (including $690 and $798 to related parties in 2010 and 2009)   156     1,903   Total current liabilities 239 2,057   Long-term debt Notes payable 1,308 1,198 Payable - related parties 953 808 Asset retirement obligation 2,573 2,450 Other long-term liabilities   723     326   Total liabilities 5,796 6,839   Stockholders' equity Preferred stock, Series B 1 1 Common stock, $.01 par value; authorized, 100,000,000 shares; issued and outstanding, 1,946,935 shares at December 31, 2010 and 2009 20 20 Additional paid-in capital 58,838 58,838 Accumulated deficit   (40,588 )   (40,577 )     18,271     18,282     Total liabilities & equity $ 24,067   $ 25,121     NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATION (amounts in thousands, except per share data)     Year Ended December 31, 2010   2009   2008 Revenue Oil and gas operations, net of royalties $ 1,248 $ 1,206 $ 672 Real estate operations   2,965     2,892     2,888     4,213     4,098     3,560       Operating expenses Oil and gas operations 1,292 1,498 494 Real estate operations 1,225 1,217 1,158 Lease expense 886 958 954 Corporate general and administrative 731 1,342 1,096 Accretion of asset retirement obligation 123 117 - Impariment of natural gas and oil properties   -     1,695     -     4,257     6,827     3,702   Operating earnings (loss) (44 ) (2,729 ) (142 )   Other income (expense) Interest income 497 574 785 Interest expense (124 ) (123 ) (270 ) Gain on sale of assets, net - - 16,432 Other income (expense), net   (340 )   68     464   33 519 17,411   Earnings from continuing operations (11 ) (2,210 ) 17,269 Income tax expense - - - Provision for income taxes   -     -     (1,774 )   Net income (loss) applicable to common shares $ (11 ) $ (2,210 ) $ 15,495     Net income (loss) per common share-basic and diluted $ (0.01 ) $ (1.14 ) $ 8.92     Weighted average common and equivalent shares outstanding - basic 1,947 1,947 1,737