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 from continuing operations for the three months ended March 31, 2017 of $172,000 or ($0.09) per share, compared to net loss from continuing operations of $351,000 or ($0.18) per share for the three months ended March 31, 2016.

On March 30, 2017 the owners sold the property which triggered the termination of the Company’s lease to operate the 114 unit retirement center located in King City, Oregon. The operations of the retirement center, which is reflected as discontinued operations resulted in net earnings of $13,000 ($0.01 per share) and $55,000 ($0.03 per share) for the periods ended March 31, 2017 and 2016, respectively.

For the three months ended March 31, 2017, the Company recorded oil and gas revenues of $195,000 as compared to $219,000 for the comparable period of 2016. The decrease in oil & gas revenue for the three months ended March 31, 2017 was principally due to the production and price the Company received for oil.

For the three months ended March 31, 2017, the Company recorded oil and gas operating expenses of $256,000 as compared to $396,000 for the comparable period of 2016. The decrease was due to a specific effort by management to reduce operation costs. The decrease represents a $28,000 reduction in payroll costs and a reduction in general operating expenses of $38,000.

For the three months ended March 31, 2017, corporate general and administrative expenses were $100,000, as compared to $169,000 for the comparable period in 2016. The decreases was principally due to a decrease in corporate payroll.

          NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (amounts in thousands)   March 31, 2017 December 31, 2016 Assets   Current assets Cash and cash equivalents $ 520 $ 113 Accounts receivable from oil and gas sales 122 119 Other current assets   73   206 Total current assets   715   438     Oil and natural gas properties (full cost accounting method) Proved developed and undeveloped oil and gas properties, net of depletion 5,551 5,608   Property and equipment, net of depreciation Land, buildings and equipment - oil and gas operations 703 706 Other   -   25 Total property and equipment 703 731   Other assets   322   401   Total assets $ 7,291 $ 7,178             NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - CONTINUED (amounts in thousands, except share amounts)     March 31, 2017 December 31, 2016   Liabilities and stockholders' equity   Current liabilities Accounts payable - (including $463 and $160 due to related parties in 2017 and 2016) $ 526 $ 238 Accrued expenses 53 59 Current portion of long term debt   89     96   Total current liabilities 668 393   Long-term debt Notes payable less current portion 293 296 Asset retirement obligation   2,770     2,770   Total liabilities 3,731 3,459   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, 2017 and December 31, 2016 20 20 Additional paid-in capital 58,838 58,838 Accumulated deficit   (55,299 )   (55,140 )   Total shareholders' equity   3,560     3,719     Total liabilities & equity $ 7,291   $ 7,178               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, 2017 2016 Revenue Oil and gas operations, net of royalties $ 195   $ 219   Total Revenues   195     219       Operating expenses Oil and gas operations 256 396 Corporate general and administrative   100     167   Total Operating Expenses   356     563   Operating earnings (loss) (161 ) (344 )   Other income (expense) Interest income 4 6 Interest expense (7 ) (11 ) Other income (expense), net   (8 )   (2 ) Expense   (11 )   (7 )  

Earnings (loss) from continuing operations

(172 ) (351 )   Earnings from discontinued operations   13     55     Net income (loss) applicable to common shares $ (159 ) $ (296 )   Net (loss) per common share from continuing operations $ (0.09 ) $ (0.18 )   Net income per common share from discontinued operations $ 0.01   $ 0.03     Net income (loss) per common share-basic and diluted $ (0.08 ) $ (0.15 )   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