GBR New Concept Energy Inc

New Concept Energy, Inc. (NYSE MKT: GBR), (the “Company” or “NCE”), a Dallas-based oil and gas company, today reported a net loss for the three months ended March 31, 2016 of $296,000 or ($0.15) per share, compared to net income of $314,000 or $0.16 per share for the three months ended March 31, 2015.

In March 2015 the Company recorded a $738,000 recovery of a note receivable which had been fully reserved in a prior year.

For the three months ended March 31, 2016, the Company recorded oil and gas revenues of $219,000 as compared to $172,000 for the comparable period of 2015. The increase in oil and gas revenue for the three months ended March 31, 2016 was $47,000. The increase is due to the production of more gas in 2016 than 2015. During 2016 the Company has reduced the production of oil from wells that were unprofitable due to the market price of oil.

The Company recorded revenues of $677,000 for the three months ended March 31, 2016 from its retirement property compared to $717,000 for the comparable period in 2014. The decrease is due to reduced occupancy at the facility.

For the three months ended March 31, 2016, the Company recorded oil and gas operating expenses of $396,000 as compared to $470,000 for the comparable period of 2015. The decrease was due to a specific effort by management to reduce operation costs. The decrease represents a $41,000 reduction in payroll costs and a reduction in general operating expenses of $38,000.

For the three months ended March 31, 2016, operating expenses at the retirement property were $348,000, as compared to $394,000 for the comparable period in 2015. The decreases were due to a reduction in general operating expenses.

          NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (amounts in thousands)  

March 31,2016

December 31,2015

(unaudited)   Assets   Current assets Cash and cash equivalents $ 547 $ 473 Accounts receivable from oil and gas sales 95 141 Other current assets   48   37 Total current assets   690   651     Oil and natural gas properties (full cost accounting method) Proved developed and undeveloped oil and gas properties, net of depletion 5,779 5,914   Property and equipment, net of depreciation Land, buildings and equipment - oil and gas operations 777 803 Other   130   134 Total property and equipment 907 937   Other assets   1,345   1,328   Total assets $ 8,721 $ 8,830           NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - CONTINUED (amounts in thousands, except share amounts)  

March 31,2016

December 31,2015

(unaudited)   Liabilities and stockholders' equity   Current liabilities Accounts payable - (including $348 and $168 due to related parties in 2016 and 2015) $ 440 $ 241 Accrued expenses 160 151

Current portion of long-term debt

  831     831   Total current liabilities 1,431 1,223   Long-term debt Notes payable less current portion 1,145 1,166 Asset retirement obligation   2,770     2,770   Total liabilities 5,346 5,159   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, 2016 and December 31, 2015 20 20 Additional paid-in capital 58,838 58,838 Accumulated deficit   (55,484 )   (55,188 )   Total shareholders' equity   3,375     3,671     Total liabilities & equity $ 8,721   $ 8,830             NEW CONCEPT ENERGY, INC AND SUBSIDIARIES CONSOLIDATED STATEMENT OF OPERATIONS (unaudited) (amounts in thousands, except per share data)  

For the Three Months endedMarch 31,

2016 2015 Revenue Oil and gas operations, net of royalties $ 219 $ 172 Real estate operations   677     717   Total Revenues   896     889       Operating expenses Oil and gas operations 396 470 Real estate operations 361 410 Real Estate - lease expense 259 245 Corporate general and administrative   166     154   Total Operating Expenses   1,182     1,279   Operating earnings (loss) (286 ) (390 )   Other income (expense) Interest income 6 0 Interest expense (11 ) (26 ) Recovery of bad debt expense - 738 Other income (expense), net   (5 )   (8 ) Expense   (10 )   704       Net income (loss) applicable to common shares $ (296 ) $ 314     Net income (loss) per common share-basic and diluted $ (0.15 ) $ 0.16     Weighted average common and equivalent shares outstanding - basic 1,947 1,947

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