Check the appropriate box
below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following
provisions:
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the Registrant has duly caused this Current Report on Form 8-K to be signed on its behalf
by the undersigned, hereunto duly authorized.
Dated: April 2,
2019
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NEW CONCEPT ENERGY, INC.
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By:
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/s/ Gene S. Bertcher
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Gene
S. Bertcher
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Executive Vice President and
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Chief Financial Officer
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Exhibit 99.1
NEWS RELEASE
FOR IMMEDIATE RELEASE
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Contact:
New Concept Energy Inc.
Gene Bertcher (800) 400-6407
info@newconceptenergy.com
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New Concept Energy, Inc. Reports Fourth Quarter and
Full Year 2018 Results
Dallas (April 1, 2019) New Concept Energy,
Inc. (NYSE American: GBR), (the “Company” or “NCE”) a Dallas-based oil and gas company, today reported
Results of Operations for the fourth quarter ended December 31, 2018. During the three months ended December 31, 2018 the Company
reported a net loss of $55,000 or ($0.005) per share, compared to a net loss of $2,851,000 or ($1.39) per share for the same period
ended December 31, 2017
For the full year ended
December 31, 2018 the Company reported a net loss of $484,000 or ($0.21) per share, compared to a net loss of $3,246,000 or ($1.59)
per share for the same period ended December 31, 2017.
On December 4, 2018, the
Company issued an additional 3,000,000 shares of Common Stock to a single investor for cash of $4,500,000 to increase stockholders’
equity by $4,440,000 after issuance costs. The issuance of 3,000,000 shares of Common Stock resulted in a change in control of
the Company, as the investor now owns approximately 59.6% of the outstanding Common Stock. The issuance of the 3,000,000 shares
of Common Stock increased the total number of shares issued and outstanding to 5,131,935 shares.
Revenues:
Total revenues from the
oil & gas operation was $682,000 in 2018 and $791,000 in 2017. The decrease was due to the rate the Company received for the
sale of its natural gas during 2018.
Operating Expenses
:
Operating expenses for continuing oil & gas operations was $844,000 in 2018 and $1,027, 000 in 2017. This decrease was principally
due to a reduction of depreciation and depletion expense of $73,000. The remaining decrease was the result of an overall reduction
in operating expenses.
In 2017 pursuant to the requirements
of the “full cost ceiling test” for oil & gas companies we recorded a non-cash charge to operations of $ $2.6 million
to write down its investment in Ohio and West Virginia. This charge to earnings was caused by a revaluation of the Company’s
non- producing oil and gas reserves.
Corporate Expenses
were $353,000 in 2018
and $408,000 in 2017. The decrease was principally due to a reduction in payroll expenses.
Interest Expense
: Interest Expense was $18,000
in 2018 as compared to $24,000 in 2017. The decrease was due to a reduction in the long term debt.
About New Concept Energy, Inc.
New Concept Energy, Inc. is a Dallas-based oil and
gas company which owns oil and gas wells and mineral leases in Ohio and in West Virginia. For more information, visit the Company’s
website at www.newconceptenergy.com.
Contact:
New Concept Energy, Inc. Gene Bertcher, (800) 400-6407
info@newconceptenergy.com