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 June 30, 2016 of $133,000 or ($0.07) per share, compared to net income of $110,000 or $0.06 per share for the three months ended June 30, 2015. The three months ended June 30, 2015 includes a recovery of bad debt expense of $386,000 that was reserved for in a prior year.

For the six months ended June 30, 2016 the Company reported a loss of $429,000 or ($0.22) per share, compared to net income of $424,000 or $0.22 per share for the six months ended June 30, 2015. The six months ended June 30, 2015 includes a recovery of bad debt expense of $1,124,000 that had been reserved for in a prior year.

For the three months ended June 30, 2016, the Company recorded oil and gas revenues, net of royalty expenses of $170,000 as compared to $259,000 for the comparable period of 2015. The decline in oil and gas revenue was principally due to the price the Company was receiving for its oil sales in 2016 as compared to 2015. 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 $665,000 for the three months ended June 30, 2016 from its retirement property compared to $744,000 for the comparable period in 2015. The decrease was primarily due a drop in occupancy at the facility caused principally by the opening of a competing facility in the community where our facility is located.

For the three months ended June 30, 2016, the Company recorded oil and gas operating expenses of $233,000 as compared to $440,000 for the comparable period of 2015. The decrease was due to a decrease in overall operating expenses as the Company has actively been reducing costs to compensate for the reduction in revenue.

For the three months ended June 30, 2016, operating expenses at the retirement property were $389,000 as compared to $415,000 for the comparable period in 2015. The decrease in operating expenses were due to an overall decrease in non-payroll related expenses.

For the three months ended June 30, 2016 general and administrative expense were $101,000 as compared to $155,000 for the comparable period in 2015. The decrease in operating expenses were due to an overall decrease in payroll and other operating expenses.

    NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (unaudited) (amounts in thousands)       June 30,     December 31, 2016 2015   Assets   Current assets Cash and cash equivalents $ 474 $ 473 Accounts receivable from oil and gas sales 99 141 Other current assets   44   37 Total current assets   617   651     Oil and natural gas properties (full cost accounting method) Proved developed and undeveloped oil and gas properties, net of depletion 5,732 5,914   Property and equipment, net of depreciation Land, buildings and equipment - oil and gas operations 743 803 Other   132   134 Total property and equipment 875 937   Other assets (including $124 due from related parties in 2015)   1,356   1,328   Total assets $ 8,580 $ 8,830     NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - CONTINUED (unaudited) (amounts in thousands, except share amounts)         June 30, December 31, 2016 2015   Liabilities and stockholders' equity   Current liabilities Accounts payable (includes $422 due to related parties in 2016) $ 460 $ 241 Accrued expenses 139 151 Current portion of long term debt   830     831   Total current liabilities 1,429 1,223   Long-term debt Notes payable less current portion 1,139 1,166 Asset retirement obligation   2,770     2,770   Total liabilities 5,338 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 June 30, 2016 and December 31, 2015 20 20 Additional paid-in capital 58,838 58,838 Accumulated deficit   (55,617 )   (55,188 )     3,242     3,671     Total liabilities & equity $ 8,580   $ 8,830       NEW CONCEPT ENERGY, INC AND SUBSIDIARIES CONSOLIDATED STATEMENT OF OPERATIONS (unaudited) (amounts in thousands, except per share data)                 For the Three Months For the Six Months ended June 30, ended June 30,   2016     2015     2016     2015   Revenue Oil and gas operations, net of royalties $ 170 $ 259 $ 389 $ 431 Real estate operations   665     744     1,342     1,461     835     1,003     1,731     1,892       Operating expenses Oil and gas operations 233 440 629 910 Real estate operations 389 415 750 825 Real estate lease expense 238 245 497 490 Corporate general and administrative   101     155     267     309     961     1,255     2,143     2,534   Operating earnings (loss) (126 ) (252 ) (412 ) (642 )     Other income (expense) Interest income 5 - 11 - Interest expense (7 ) (16 ) (18 ) (42 ) Recovery of bad debt expense - 386 - 1,124 Other income (expense)   (5 )   (8 )   (10 )   (16 )   (7 )   362     (17 )   1066       Net income (loss) applicable to common shares $ (133 ) $ 110   $ (429 ) $ 424     Net income (loss) per common share-basic and diluted $ (0.07 ) $ 0.06   $ (0.22 ) $ 0.22       Weighted average common and equivalent shares outstanding - basic 1,947 1,947 1,947 1,947

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