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New Concept Energy, Inc. Reports First Quarter 2018 Results

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,
20182017
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,
20182017
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 502636
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,
20182017
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

Contacts:

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

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