GBR New Concept Energy Inc

New Concept Energy, Inc. (NYSE American: 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, 2018 of $134,000 or ($0.07) per share, compared to net loss from continuing operations of $172,000 or ($0.09) per share for the three months ended March 31, 2017.

The Company reported a net loss of $134,000 for three months ended March 31, 2018, as compared to net loss of $159,000 for the similar period in 2017.

For the three months ended March 31, 2018, the Company recorded oil and gas revenues of $204,000 as compared to $195,000 for the comparable period of 2017.

For the three months ended March 31, 2018, the Company recorded oil and gas operating expenses of $275,000 as compared to $256,000 for the comparable period of 2017. The increase was due to overall increase in general operating expenses.

For the three months ended March 31, 2018, corporate general & administrative expenses were $75,000 as compared to $100,000 for the comparable periods in 2016. The decrease was due to a decrease in payroll expenses of $23,000 as well as other administrative costs.

    NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (amounts in thousands)         March 31, December 31, 2018 2017 Assets   Current assets Cash and cash equivalents $ 397 $ 419 Accounts receivable from oil and gas sales 58 67 Current portion note receivable   47   36 Total current assets   502   522     Oil and natural gas properties (full cost accounting method) Proved developed and undeveloped oil and gas properties, net of depletion 2,669 2,721   Property and equipment, net of depreciation Land, buildings and equipment - oil and gas operations 647 661   Note Receivable   278   301   Total assets $ 4,096 $ 4,205     NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - CONTINUED (amounts in thousands, except share amounts)           March 31, December 31,   2018     2017     Liabilities and stockholders' equity   Current liabilities Accounts payable - (including $433 and $412 due to related parties in 2018 and 2017) $ 464 $ 446 Accrued expenses 58 29 Current portion of long term debt   68     81   Total current liabilities 590 556   Long-term debt Notes payable less current portion 234 243 Asset retirement obligation   2,770     2,770   Total liabilities 3,594 3,569   Stockholders' equity Preferred stock, Series B 1 1 Common stock, $.01 par value; authorized, 100,000,000 shares; issued and outstanding, 2,036,935 shares at March 31, 2018 and December 31, 2017 21 21 Additional paid-in capital 59,000 59,000 Accumulated deficit   (58,520 )   (58,386 )   Total shareholders' equity   502     636     Total liabilities & equity $ 4,096   $ 4,205       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,   2018     2017   Revenue Oil and gas operations, net of royalties $ 204   $ 195   Total Revenues   204     195       Operating expenses Oil and gas operations 275 256 Corporate general and administrative   75     100   Total Operating Expenses   350     356   Operating earnings (loss) (146 ) (161 )   Other income (expense) Interest income 7 4 Interest expense (6 ) (7 ) Other income (expense), net   11     (8 ) Expense   12     (11 )   Earnings (loss) from continuing operations (134 ) (172 )   Earnings from discontinued operations   0     13     Net income (loss) applicable to common shares $ (134 ) $ (159 )   Net (loss) per common share from continuing operations $ (0.07 ) $ (0.09 )   Net income per common share from discontinued operations $ -   $ 0.01     Net income (loss) per common share-basic and diluted $ (0.07 ) $ (0.08 )   Weighted average common and equivalent shares outstanding - basic 2,037 1,947

 

 

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