Attached files
| file | filename |
|---|---|
| 8-K - New Concept Energy, Inc. | nce8k111518.htm |
Exhibit 99.1*
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NEWS RELEASE FOR IMMEDIATE RELEASE |
Contact: New Concept Energy Inc. Investor Relations Gene Bertcher, (800) 400-6407 info@newconceptenergy.com
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New Concept Energy, Inc. Reports Third Quarter 2018 Results
Dallas (November 14, 2018) – New Concept Energy, Inc. (NYSE American: GBR), ( the “Company” or “NCE”) a Dallas-based oil and gas company, today reported a net loss for the three months ended September 30, 2018 of $121,000 or ($0.06) per share, compared to a net loss of $101,000 or ($0.05) per share for the three months ended September 30, 2017.
The Company reported a net loss of $429,000 for nine months ended September 30, 2018, as compared to net loss of $397,000 for the similar period in 2017.
For the three months ended September 30, 2018, the Company recorded oil and gas revenues of $167,000 as compared to $194, 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 September 30, 2018, the Company recorded oil and gas operating expenses of $186,000 as compared to $254,000 for the comparable period of 2017. The decrease was due to overall decrease in general operating expenses.
For the three months ended September 30, 2018, corporate general & administrative expenses were $99,000 as compared to $95,000 for the comparable periods in 2017.
Contact:
New Concept Energy, Inc.
Gene Bertcher, (800) 400-6407
info@newconceptenergy.com
| NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES | |||||
| CONSOLIDATED BALANCE SHEETS | |||||
| (unaudited) | |||||
| (amounts in thousands) | |||||
| September
30, 2018 |
December
31, 2017 |
||||
| Assets | |||||
| Current assets | |||||
| Cash and cash equivalents | $ 272 | $ 419 | |||
| Accounts receivable from oil and gas sales | 46 | 67 | |||
| Other current assets | 56 | 36 | |||
| Total current assets | 374 | 522 | |||
| Oil and natural gas properties (full cost accounting method) | |||||
| Proved developed and undeveloped oil and gas properties, net of depletion | 2,559 | 2,721 | |||
| Property and equipment, net of depreciation | |||||
| Land, buildings and equipment - oil and gas operations | 628 | 661 | |||
| Other assets | 257 | 301 | |||
| Total assets | $ 3,818 | $ 4,205 | |||
| The accompanying notes are an integral part of these consolidated financial statements. | |||||
| NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES | |||
| CONSOLIDATED BALANCE SHEETS - CONTINUED | |||
| (unaudited) | |||
| (amounts in thousands, except share amounts) | |||
| September
30, 2018 |
December
31, 2017 | ||
| Liabilities and stockholders' equity | |||
| Current liabilities | |||
| Accounts payable (includes $331 and $412 due to related parties in 2018 & 2017) | $ 366 | $ 446 | |
| Accrued expenses | 31 | 29 | |
| Current portion of long term debt | 51 | 81 | |
| Total current liabilities | 448 | 556 | |
| Long-term debt | |||
| Notes payable less current portion | 222 | 243 | |
| Asset retirement obligation | 2,770 | 2,770 | |
| Total liabilities | 3,440 | 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 and 2,036,935 shares | |||
| at September 30, 2018 and December 31, 2017 | 22 | 21 | |
| Additional paid-in capital | 59,170 | 59,000 | |
| Accumulated deficit | (58,815) | (58,386) | |
| Total Shareholder Equity | 378 | 636 | |
| Total liabilities & equity | $ 3,818 | $ 4,205 | |
| The accompanying notes are an integral part of these consolidated financial statements. | |||
| NEW CONCEPT ENERGY, INC AND SUBSIDIARIES | |||||||
| CONSOLIDATED STATEMENT OF OPERATIONS | |||||||
| (unaudited) | |||||||
| (amounts in thousands, except per share data) | |||||||
| For the Three Months ended September 30, | For the Nine Months ended September 30, | ||||||
| 2018 | 2017 | 2018 | 2017 | ||||
| Revenue | |||||||
| Oil and gas operations, net of royalties | $ 167 | $ 194 | $ 544 | $ 632 | |||
| Operating expenses | |||||||
| Oil and gas operations | 186 | 254 | 700 | 766 | |||
| Corporate general and administrative | 99 | 95 | 282 | 317 | |||
| Total Operating Expenses | 285 | 349 | 982 | 1,083 | |||
| Operating earnings (loss) | (118) | (155) | (438) | (451) | |||
| Other income (expense) | |||||||
| Interest income | 5 | 5 | 16 | 20 | |||
| Interest expense | (6) | (6) | (17) | (19) | |||
| Other income (expense) | (2) | 66 | 10 | 51 | |||
| (3) | 65 | 9 | 52 | ||||
| Loss from continuing operations | (121) | (90) | (429) | (399) | |||
| Earnings (loss) from discontinued operations | 0 | (11) | 0 | 2 | |||
| Net income (loss) applicable to common shares | $ (121) | $ (101) | $ (429) | $ (397) | |||
| Net income (loss) per common share-basic and diluted | $ (0.06) | $ (0.05) | $ (0.20) | $ (0.20) | |||
| Weighted average common and equivalent shares outstanding - basic | 2,132 | 1,947 | 2,132 | 1,947 | |||
| The accompanying notes are an integral part of these consolidated financial statements. | |||||||