New Concept Energy, Inc. (AMEX: GBR), (“the Company” or “NCE”),
a Dallas-based oil and gas company, today reported a net loss of
$57,000 and a net gain of $106,000 for the three and nine months
ended September 30, 2011, as compared to a net gain of $188,000 and
a net loss of $127,000 for the comparable periods of 2010.
For the three and nine months ended September 30, 2011, the
Company recorded oil and gas revenues, net of royalties of $313,000
and $873,000 as compared to $349,000 and $950,000 for the
comparable period of 2010. The changes in oil & gas revenue
were due to changes in the price of oil and gas in the
marketplace.
For the three and nine months ended September 30, 2011, the
Company recorded revenues of $690,000 and $2,152,000 from its
retirement property compared to $763,000 and $2,217,000 for the
comparable periods in 2010. The variances between comparable
periods are due to occupancy fluctuations.
For the three and nine months ended September 30, 2011, the
Company recorded oil and gas operating expenses of $325,000 and
$1,025,000 as compared to $320,000 and $992,000 for the comparable
period of 2010. The increase was due to an increase in drilling and
related expenses.
For the three and nine months ended September 30, 2011,
operating expenses and lease expense at the retirement property
were $632,000 and $1,727,000 as compared to $541,000 and $1,707,000
for the comparable periods in 2010.
For the three and nine months ended September 30, 2011,
corporate general & administrative expenses were $101,000 and
$351,000 as compared to $124,000 and $447,000 for the comparable
periods in 2010. The decrease is primarily due to decreased payroll
costs.
For the three and nine months ended September 30, 2011, interest
income was $121,000 and $360,000 as compared to $122,000 and
$375,000 for the comparable periods in 2010.
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED
STATEMENTS OF OPERATION (unaudited) (amounts in
thousands, except per share data)
For the Three Months ended September
30, For the Nine Months ended September 30, 2011
2010 2011 2010 Revenue Oil and gas
operations, net of royalties $ 313 $ 349 $ 873 $ 950 Real estate
operations 690 763 2,152
2,217 1,003 1,112
3,025 3,167
Operating
expenses Oil and gas operations 325 320 1,025 992 Real estate
operations 440 330 1,151 1,023 Lease expense 192 211 576 684
Corporate general and administrative 101 124 351 447 Accretion of
asset retirement obligation 32 30
96 90 1,090 1,015
3,199 3,236 Operating earnings
(loss) (87 ) 97 (174 ) (69 )
Other income (expense)
Interest income 121 122 360 375 Interest expense (31 ) (31 ) (93 )
(93 ) Gain on sale of assets, net - - - 10 Other income (expense),
net (60 ) - 13 (350 )
Income/(Expense) 30 91 280
(58 ) Net income (loss) applicable to
common shares $ (57 ) $ 188 $ 106 $ (127 ) Net
income (loss) per common share-basic and diluted $ (0.03 ) $ 0.10
$ 0.05 $ (0.07 )
Weighted average common and equivalent
shares outstanding - basic
1,947 1,947 1,947 1,947
NEW CONCEPT ENERGY, INC. AND
SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (unaudited) (amounts
in thousands) September 30,
December 31, 2011 2010 Assets
Current assets Cash and cash equivalents $ 2 $ 59 Accounts
receivable from oil and gas sales 221 223 Other current assets
15 14
Total current assets 238
296
Note and interest receivable – related party
10,007 10,361
Oil and natural gas properties (full cost
accounting method) Proved developed and undeveloped oil and gas
properties, net of depletion 11,913 11,789
Property and
equipment, net of depreciation Land, buildings and equipment -
oil and gas operations 1,373 1,395 Other 151 156
Total property and equipment 1,524 1,551
Other
assets 520 70
Total assets
$ 24,202 $ 24,067
NEW CONCEPT ENERGY, INC. AND
SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - CONTINUED
(unaudited) (amounts in thousands, except share
amounts) September 30, December
31, 2011 2010 Liabilities and
stockholders' equity Current liabilities Accounts
payable - trade $ 340 $ 83 Accrued expenses 135
156
Total current liabilities 475 239
Long-term debt Notes payable 1,390 1,308 Payable - related
parties 611 953 Asset retirement obligation 2,669 2,573 Other
long-term liabilities 680 723
Total
liabilities 5,825 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 June 30, 2011 and December 31, 2010 20 20 Additional
paid-in capital 58,838 58,838 Accumulated deficit (40,482 )
(40,588 ) 18,377 18,271
Total liabilities & equity $ 24,202 $
24,067
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