Current Report Filing (8-k)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act

Date of Report (Date of earliest event reported): August 13, 2014

NEW CONCEPT ENERGY, INC.

(Exact Name of Registrant as Specified in its Charter)

Nevada	000-08187	75-2399477
(State or other jurisdiction of incorporation)	(Commission File No.)	(I.R.S. Employer Identification No.)


1603 LBJ Freeway, Suite 300 Dallas, Texas		75234
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code 972-407-8400

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:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 2 – Financial Information

Item 2.02. Results of Operations and Financial Condition

On August 13, 2014, New Concept Energy, Inc. (“GBR” or the “Company”) announced its operational results for the quarter ended June 30, 2014. A copy of the announcement is attached as Exhibit “99.1.”

The information furnished pursuant to Item 2.02 in this Form 8-K, including Exhibit “99.1,” attached hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section, unless we specifically incorporate it by reference in a document filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. We undertake no duty or obligation to publicly update or revise the information furnished pursuant to Item 2.02 of this Current Report on Form 8-K.

Section 9 – Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits

(d)

Exhibits.

The following exhibit is furnished with this Report:

Exhibit Designation	Description of Exhibit
99.1*	Press Release dated August 13, 2014.
_____________________ *Furnished herewith.

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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: August 14, 2014

NEW CONCEPT ENERGY, INC.

By: /s/ Gene S. Bertcher

Gene S. Bertcher, President and Chief

Financial Officer

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EXHIBIT "99.1"

FOR IMMEDIATE RELEASE

Contact:

New Concept Energy Inc.

Investor Relations

Gene Bertcher, (800) 400-6407

info@newconceptenergy.com

New Concept Energy, Inc. Reports Second Quarter 2014 Results

Dallas (August 13, 2014)—New Concept Energy, Inc. (NYSE MKT: GBR), ( the "Company" or "NCE") a Dallas-based oil and gas company, today reported net loss for the three months ended June 30, 2014 of $99,000 or $0.05 per share, compared to a net income of $138,000 or $0.07 per share for the three months ended June 30, 2013. Included in 2013 was income for a recovery of bad debt expense of $394,000.

Operating expenses included non-cash depletion, depreciation and amortization of $338,000 and $431,000 in 2014 and 2013 respectively.

For the three months ended June 30, 2014, the Company recorded oil and gas revenues, net of royalty expenses of $485,000 as compared to $384,000 for the comparable period of 2013. The changes in oil and gas revenues were due to new oil wells that were drilled in late 2013.

The Company recorded revenues of $728,000 for the three months ended June 30, 2014 from its retirement property compared to $666,000 for the comparable period in 2013. The increase was primarily due to rate increases.

For the three months ended June 30, 2014, the Company recorded oil and gas operating expenses of $425,000 as compared to $493,000 for the comparable period of 2013. The decrease was primarily due to a decrease in depletion expense of $55,000.

For the three months ended June 30, 2014, operating expenses at the retirement property were $628,000 as compared to $619,000 for the comparable period in 2013. The increases in operating expenses were due to an overall increase in non-payroll related expenses.

For the three months ended June 30, 2014, corporate general & administrative expenses were $205,000 as compared to $170,000 for the comparable periods in 2013. The increase is primarily due to $36,000 of consulting fees paid to assist the Company in its operations and to identify new oil and gas opportunities.

Contact:

New Concept Energy, Inc.

Gene Bertcher, (800) 400-6407

info@newconceptenergy.com

NEW CONCEPT ENERGY, INC AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited)
(amounts in thousands, except per share data)

	For the Three Months ended June 30,						For the Six Months ended June 30,
	2014			2013			2014			2013
Revenue
Oil and gas operations, net of royalties	$	485		$	384		$	829		$	724
Real estate operations		728			666			1,453			1,346
		1,213			1,050			2,282			2,070


Operating expenses
Oil and gas operations		425			493			908			949
Real estate operations		387			383			783			769
Lease expense		241			236			481			472
Corporate general and administrative		205			170			397			343
		1,258			1,282			2,569			2,533
Operating earnings (loss)		(45	)		(232	)		(287	)		(463	)


Other income (expense)
Interest income		1			2			2			8
Interest expense		(22	)		(24	)		(53	)		(73	)
Recovery of bad debt expense		-			394			-			733
Other income (expense), net		(33	)		(2	)		199			(36	)
Other income (expense)		(54	)		370			148			632


	$	(99	)	$	138		$	(139	)	$	169
Net income (loss) applicable to common shares
	$	(0.05	)	$	0.07		$	(0.07	)	$	0.09
Net income (loss) per common share-basic and diluted

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)
	June 30, 2014		December 31, 2013

Assets

Current assets
Cash and cash equivalents	$	301	$	1,621
Accounts receivable from oil and gas sales		228		195
Other current assets		203		203
Total current assets		732		2,019


Oil and natural gas properties (full cost accounting method)
Proved developed and undeveloped oil and gas properties, net of depletion		8,975		9,190

Property and equipment, net of depreciation
Land, buildings and equipment - oil and gas operations		1,527		1,442
Other		182		183
Total property and equipment		1,709		1,625

Other assets (including $124 and $161 due from related parties in 2014 and 2013)
		1,169		474

Total assets	$	12,585	$	13,308

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - CONTINUED
(unaudited)
(amounts in thousands, except share amounts)

	June 30, 2014			December 31, 2013

Liabilities and stockholders' equity

Current liabilities
Accounts payable - trade	$	239		$	121
Accrued expenses		248			965
Current portion of long term debt		207			185
Total current liabilities		694			1,271

Long-term debt
Notes payable less current portion		2,188			2,195
Asset retirement obligation		2,770			2,770
Total liabilities		5,652			6,236

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, 2014 and December 31, 2013		20			20
Additional paid-in capital		58,838			58,838
Accumulated deficit		(51,926	)		(51,787	)

		6,933			7,072

Total liabilities & equity	$	12,585		$	13,308