New Concept Energy, Inc. Reports Second Quarter 2018 Results
August 13 2018 - 4:30PM
Business Wire
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 June 30,
2018 of $174,000 or ($0.07) per share, compared to net loss from
continuing operations of $124,000 or ($0.06) per share for the
three months ended June 30, 2017.
For the three months ended June 30, 2018, the Company recorded
oil and gas revenues of $173,000 as compared to $243,000 for the
comparable period of 2017. The decrease was principally due to
a decrease in the rate the Company received for the sale of its
natural gas. In April 2018 a long term rate agreement expired and
the price the Company received for its gas reverted to the existing
market price which was less than the rate in the expired
agreement.
For the three months ended June 30, 2018, the Company recorded
oil and gas operating expenses of $239,000 as compared to $256,000
for the comparable period of 2017. The decrease was due to overall
decrease in general operating expenses.
For the three months ended June 30, 2018, corporate general
& administrative expenses were $108,000 as compared to $122,000
for the comparable periods in 2017. The decrease was due to a
decrease in payroll expenses as well as other administrative
costs.
NEW CONCEPT ENERGY, INC. AND
SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
(unaudited) (amounts in thousands)
June 30, 2018
December 31,2017
Assets Current assets Cash and cash
equivalents $ 278 $ 419 Accounts receivable from oil and gas sales
45 67 Other current assets 47 36
Total current
assets 370 522
Oil and natural
gas properties (full cost accounting method) Proved developed
and undeveloped oil and gas properties, net of depletion 2,620
2,721
Property and equipment, net of depreciation
Land, buildings and equipment - oil and gas operations 636
661
Total property and equipment 636 661
Other assets (including $124 due from related parties in
2015) 268 301
Total assets $ 3,894 $
4,205
NEW CONCEPT ENERGY, INC. AND
SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - CONTINUED
(unaudited) (amounts in thousands, except share
amounts)
June 30,2018
December 31,2017
Liabilities and stockholders' equity
Current liabilities Accounts payable (includes $277 and $412
due to related parties in 2018 & 2017) $ 306 $ 446 Accrued
expenses 32 29 Current portion of long term debt 58
81
Total current liabilities 396 556
Long-term debt Notes payable less current portion 229 243
Asset retirement obligation 2,770 2,770
Total liabilities 3,395 3,569
Stockholders'
equity Preferred stock, Series B 1 1 Common stock, $.01 par
value; authorized, 100,000,000 shares; issued and outstanding,
2,131,935 shares at June 30, 2018 and December 31, 2017 22 21
Additional paid-in capital 59,170 59,000 Accumulated deficit
(58,694 ) (58,386
) Total Shareholder Equity
499 636
Total liabilities & equity $ 3,894 $ 4,205
NEW CONCEPT ENERGY, INC AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS (unaudited)
(amounts in thousands, except per share data)
For the ThreeMonths ended June
30,
For the Six Monthsended June
30,
2018 2017 2018 2017 Revenue Oil
and gas operations, net of royalties $ 173 $ 243 $ 377 $ 438
Operating expenses Oil and gas operations 239 256 514
512 Corporate general and administrative 108
122 183 222 Total Operating
Expenses 347 378 697
734 Operating earnings (loss) (174 ) (135 ) (320 )
(296 )
Other income (expense) Interest income
4 11 11 15 Interest expense (5 ) (6 ) (11 ) (13 ) Other income
(expense) 1 6 12
(2 ) 0 11 12 0
Loss from continuing operations (174 ) (124 ) (308 )
(296 ) Earnings (loss) from discontinued operations 0
(11 ) 0 2 Net
income (loss) applicable to common shares $ (174 ) $ (135 ) $ (308
) $ (294 ) Net income (loss) per common share-basic and
diluted $ (0.08 ) $ (0.07 ) $ (0.14 ) $ (0.15 )
Weighted average common and equivalent shares outstanding - basic
2,132 1,947 2,132 1,947
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version on businesswire.com: https://www.businesswire.com/news/home/20180813005629/en/
New Concept Energy, Inc.Gene Bertcher,
800-400-6407info@newconceptenergy.com
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