GBR New Concept Energy Inc

New Concept Energy, Inc. (AMEX:GBR), (“the Company” or “NCE”) a Dallas-based oil and gas company, today reported net income for the three months ended March 31, 2011 of $97,000 or $(0.05) per share, compared to net loss of $40,000 or $0.02 per share for the three months ended March 31, 2010.

For the three months ended March 31, 2011, the Company recorded oil and gas revenues of $280,000 as compared to $270,000 for the comparable period of 2010. The changes in oil & gas revenue was due to changes in the price of oil and gas in the marketplace.

During the same periods in 2011, the Company recorded revenues of $729,000 for the three months ended March 31, 2011 from its retirement property compared to $703,000 for the comparable period in 2010. The increase was a rise in the occupancy rate of the properties from prior periods.

For the three months ended March 31, 2011, the Company recorded oil and gas operating expenses of $335,000 as compared to $356,000 for the comparable period of 2010. The decrease was due to a decrease in overall administrative expenses during the year.

For the three months ended March 31, 2011, operating expenses and lease expense at the retirement property were $581,000 as compared to $564,000 for the comparable period in 2010. The increase was a rise in the occupancy rate of the properties from prior periods.

For the three months ended March 31, 2011, corporate general & administrative expenses were $124,000 as compared to $199,000 for the comparable periods in 2010. The decrease is primarily due to payroll costs and administrative overhead.

For the three months ended March 31, 2011, interest income was $119,000 as compared to $139,000 for the comparable period in 2010. The decrease is due to a reduction in the receivable on which interest is computed over the comparable periods.

NEW CONCEPT ENERGY ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (unaudited) (amounts in thousands)   March 31,   December 31, 2011 2010 Assets   Current assets Cash and cash equivalents $ 68 $ 59 Accounts receivable from oil and gas sales 209 223 Other current assets   106   101 Total current assets   383   383   Note and interest receivable – related party 9,771 10,361   Oil and natural gas properties (full cost accounting method) Proved developed and undeveloped oil and gas properties, net of depletion 11,776 11,789   Property and equipment, net of depreciation Land, buildings and equipment - oil and gas operations 1,301 1,308 Other   154   156 Total property and equipment 1,455 1,464   Other assets   430   70   Total assets $ 23,815 $ 24,067     The accompanying notes are an integral part of these consolidated financial statements. NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - CONTINUED (unaudited) (amounts in thousands, except share amounts)   March 31,   December 31,   2011     2010     Liabilities and stockholders' equity   Current liabilities Accounts payable - trade $ 194 $ 83 Accrued expenses   67     156   Total current liabilities 261 239   Long-term debt Notes payable 1,336 1,308 Payable - related parties 486 953 Asset retirement obligation 2,605 2,573 Other long-term liabilities   760     723   Total liabilities 5,448 5,796   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 March 31, 2011 and December 31, 2010

20 20 Additional paid-in capital 58,838 58,838 Accumulated deficit   (40,492 )   (40,588 )     18,367     18,271     Total liabilities & equity $ 23,815   $ 24,067       The accompanying notes are an integral part of these consolidated financial statements. NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATION (unaudited) (amounts in thousands, except per share data)     For the Three Months ended March 31,   2011     2010   Revenue Oil and gas operations, net of royalties $ 280 $ 270 Real estate operations   729     703     1,009     973       Operating expenses Oil and gas operations 335 356 Real estate operations 390 325 Lease expense 191 239 Corporate general and administrative 124 199 Accretion of asset retirement obligation   32     30     1,072     1,149   Operating earnings (loss) (63 ) (176 )   Other income (expense) Interest income 119 139 Interest expense (31 ) (31 ) Gain on sale of assets, net - 10 Other income (expense), net   72     18   Income/(Expense)   160     136       Net income (loss) applicable to common shares $ 97   $ (40 )   Net income (loss) per common share-basic and diluted $ 0.05   $ (0.02 )   Weighted average common and equivalent shares outstanding - basic 1,947 1,947     The accompanying notes are an integral part of these consolidated financial statements.