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): May 14, 2015

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 May 14, 2015, New Concept Energy, Inc. (“GBR” or the “Company”) announced its operational results for the quarter ended March 31, 2015. 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 May 14, 2015
_____________________ *Furnished herewith.

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: May 15, 2015

NEW CONCEPT ENERGY, INC.

By: /s/ Gene S. Bertcher

Gene S. Bertcher, President and Chief

Financial Officer

EXHIBIT "99.1"

NEWS RELEASE	Contact:
FOR IMMEDIATE RELEASE	New Concept Energy Inc.
	Gene Bertcher
	(800)400-6407
	info@newconceptenergy.com

New Concept Energy, Inc. Reports First Quarter 2015 Results

Dallas (May 14, 2015) — New Concept Energy, Inc. (NYSE MKT: GBR), ( the "Company" or "NCE") a Dallas-based oil and gas company, today reported net income for the three months ended March 31, 2015 of $314,000 or $0.16 per share, compared to a net loss of $40,000 or $(0.02) per share for the three months ended March 31, 2014.

For the three months ended March 31, 2015, the Company recorded oil and gas revenues of $172,000 as compared to $344,000 for the comparable period of 2014. The decrease in oil & gas revenue for the three months ended March 31, 2015 was $172,000. The average price was $46 per barrel during the first quarter of 2015 as compared to $93 per barrel in 2014. The company estimates that approximately $100,000 of the decrease was due to the price of oil. During the first quarter of 2015 there was unusual harsh weather in the areas where the Company maintains its wells. The weather severely hampered the Company's ability to repair and maintain well equipment as well as limited the pickups of oil from wells that were located in areas that were impossible to reach. The Company believes that the shortfall in revenue beyond the drop in price of oil were weather related.

The Company recorded revenues of $717,000 for the three months ended March 31, 2015 from its retirement property compared to $725,000 for the comparable period in 2014.

For the three months ended March 31, 2015, the Company recorded operating expenses of $1,279,000 as compared to $1,311,000 for the comparable period in 2014.

In 2011 the Company had a $10.3 million note receivable and determined that the financial condition of the debtor had deteriorated and there could be no assurance that the amount owed would or could be collected. At that time the company recorded a loss and established a reserve of $10.3 million. In 2013 and 2012 the Company recorded a gain from the partial recovery of the previously reserved note receivable of $1.6 million and $2.1 million respectively. For the three months ended March 31, 2015 the company recorded an additional recovery of $738,000.

Contact:

New Concept Energy, Inc. Gene Bertcher, (800) 400-6407 info@,newconceptenergy.com

NEW CONCEPT ENERGY, INC. AND SUBSIDARIES
CONSOLIDATED BALANCE SHEETS
(unaudited)
(amounts in thousands)
	March 31, 2015		December 31, 2014

Assets

Current assets
Cash and cash equivalents	$	412	$	300
Accounts receivable from oil and gas sales		91		216
Other current assets		166		182
Total current assets		669		698


Oil and natural gas properties (full cost accounting method)
Proved developed and undeveloped oil and gas properties, net of depletion		8,771		8,809

Property and equipment, net of depreciation
Land, buildings and equipment - oil and gas operations		1,450		1,476
Other		162		162
Total property and equipment		1,612		1,638

Other assets (including $122,000 due from related parties in 2014)		1,008		1,129

Total assets	$	12,060	$	12,274

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

	March 31, 2015			December 31, 2014

Liabilities and stockholders' equity

Current liabilities
Accounts payable - trade	$	235		$	673
Accrued expenses		212			229
Current portion of long term debt		864			881
Total current liabilities		1,311			1,783

Long-term debt
Notes payable less current portion		1,372			1,428
Asset retirement obligation		2,770			2,770
Total liabilities		5,453			5,981

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, 2015 and December 31, 2014		20			20
Additional paid-in capital		58,838			58,838
Accumulated deficit		(52,252	)		(52,566	)

		6,607			6,293

Total liabilities & equity	$	12,060		$	12,274

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,
	2015			2014
Revenue
Oil and gas operations, net of royalties	$	172		$	344
Real estate operations		717			725
		889			1,069


Operating expenses
Oil and gas operations		470			483
Real estate operations		410			396
Real Estate - lease expense		245			240
Corporate general and administrative		154			192
		1,279			1,311
Operating earnings (loss)		(390	)		(242	)

Other income (expense)
Interest income		-			1
Interest expense		(26	)		(31	)
Recovery of bad debt expense		738			-
Other income (expense), net		(8	)		232
Expense		704			202


Net income (loss) applicable to common shares	$	314		$	(40	)

Net income (loss) per common share-basic and diluted	$	0.16		$	0.02

Weighted average common and equivalent shares outstanding - basic		1,947			1,947