New Concept Energy, Inc. Reports First Quarter 2019 Results

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New Concept Energy, Inc. (NYSE American: GBR) (the “Company” or “NCE”), a Dallas-based oil and gas company, today reported a net income applicable to common shares for the three months ended March 31, 2019 of $126,000 or $0.02 per share, compared to net loss of $134,000 or ($0.07) per share for the three months ended March 31, 2018. During the last nine months of 2018 the Company issued 3,094,000 shares of common stock increasing the number of shares outstanding while raising $4,609,000 in cash which the Company anticipates will be used for future drilling expenses, acquisitions and working capital.

For the three months ended March 31, 2019, the Company recorded oil and gas revenues of $180,000 as compared to $204,000 for the comparable period of 2018. The reduction was principally due to the dollar amount per MCF the Company received from the sale of natural gas.

For the three months ended March 31, 2019, the Company recorded oil and gas operating expenses of $179,000 as compared to $275,000 for the comparable period of 2018. The decrease was due to a decrease in depletion and depreciation, consulting fees and general operating expenses.

For the three months ended March 31, 2019, corporate general & administrative expenses were $88,000 as compared to $74,000 for the comparable period in 2018. The increase was due, for the most part, to consulting fees paid by the Company regarding oil and gas matters.

 
 
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
       

March 31,
2019

December 31,
2018

Assets (Unaudited) (Audited)
 
Current assets
Cash and cash equivalents $ 460 $ 361
Accounts receivable from oil and gas sales 93 72
Current portion note receivable (including $4,076 and $4,017 in 2019 and 2018 from related parties 4,115 4,063
Other current assets   34   -
Total current assets   4,702   4,496
 
 
Oil and natural gas properties (full cost accounting method)
Proved developed and undeveloped oil and gas properties, net of depletion 2,503 2,517
 
Property and equipment, net of depreciation
Land, buildings and equipment - oil and gas operations 610 618
 
Note Receivable   244   251
 
Total assets $ 8,059 $ 7,882
 
 
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - CONTINUED
(dollars in thousands, except par value amount)
       

March 31,
2019

December 31,
2018

(Unaudited) (Audited)
Liabilities and stockholders' equity
 
Current liabilities
Accounts payable - (including $97 and $37 due to related parties in 2019 and 2018) $ 123 $ 59
Accrued expenses 33 32
Current portion of long term debt   59     59  
Total current liabilities 215 150
 
Long-term debt
Notes payable less current portion 187 201
Asset retirement obligation   2,770     2,770  
Total liabilities 3,172 3,121
 
Stockholders' equity
Preferred stock, Series B 1 1

Common stock, $.01 par value; authorized, 100,000,000 shares; issued and outstanding, 5,131,934 and 2,036,935 shares at March 31, 2019 and December 31, 2018

51 51
Additional paid-in capital 63,579 63,579
Accumulated deficit   (58,744 )   (58,870 )
 
Total shareholders' equity   4,887     4,761  
 
Total liabilities & equity $ 8,059   $ 7,882  
 
 
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,

2019 2018
Revenue
Oil and gas operations, net of royalties $ 180   $ 204  
Total Revenues   180     204  
 
 
Operating expenses
Oil and gas operations 179 275
Corporate general and administrative   88     74  
Total Operating Expenses   267     350  
Operating earnings (loss) (87 ) (146 )
 
Other income (expense)
Interest income 65 7
Interest expense (5 ) (6 )
Other income (expense), net   153     11  
Expense   213     12  
 
Earnings (loss) applicable to common shares   126     (134 )
 
Net income (loss) per common share-basic and diluted $ 0.02   $ (0.07 )
 
Weighted average common and equivalent shares outstanding - basic 5,131 2,037
 

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Business Wire: 21:30 GMT Wednesday 15th May 2019

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