U.S. markets closed

New Concept Energy, Inc. Reports First Quarter 2020 Results

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 first quarter ended March 31, 2020.

During the three months ended March 31, 2020, the Company reported a net loss applicable to common shares for the three months ended March 31, 2020 of ($97,000) or $0.00 per share, compared to net income of $126,000 or ($0.02) per share for the three months ended March 31, 2019.

For the three months ended March 31, 2020, the Company recorded oil and gas revenues of $125,000 as compared to $180,000 for the comparable period of 2019. The reduction was principally due to the dollar amount per barrel for oil and MCF for gas the Company received from the sale of natural gas.

For the three months ended March 31, 2020, the Company recorded oil and gas operating expenses of $178,000 as compared to $179,000 for the comparable period of 2019.

For the three months ended March 31, 2020, corporate general & administrative expenses were $104,000 as compared to $88,000 for the comparable periods in 2019. The increase was due, for the most part, to consulting fees paid by the Company regarding oil and gas matters.

For the three months ended March 31, 2019 the Company recorded a one-time gain of $153,000 which was reflected as other income.

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.

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

March 31,
2020

 

December 31,
2019

Assets

(Unaudited)

 

(Audited)

 
Current assets
Cash and cash equivalents

$

27

$

22

Accounts receivable from oil and gas sales

 

56

 

73

Current portion note receivable (including $3,950 and $4,005 in 2020 and 2019 from related parties

 

3,990

 

4,046

Other current assets

 

38

 

-

Total current assets

 

4,111

 

4,141

 
 
Oil and natural gas properties (full cost accounting method)
Proved developed and undeveloped oil and gas properties, net of depletion

 

735

 

767

 
Property and equipment, net of depreciation
Land, buildings and equipment - oil and gas operations

 

665

 

668

 
Note Receivable

 

204

 

214

 
Total assets

$

5,715

$

5,790

 
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - CONTINUED
(dollars in thousands, except par value amount)
 

March 31,
2020

 

December 31,
2019

(Unaudited)

 

(Audited)

Liabilities and stockholders' equity
 
Current liabilities
Accounts payable - (including $243 and $180 due to related parties in 2020 and 2019)

$

367

 

$

355

 

Accrued expenses

 

55

 

 

35

 

Current portion of long term debt

 

40

 

 

44

 

Total current liabilities

 

462

 

 

434

 

 
Long-term debt
Notes payable less current portion

 

171

 

 

177

 

Asset retirement obligation

 

2,770

 

 

2,770

 

Total liabilities

 

3,403

 

 

3,381

 

 
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, 2020 and December 31, 2019

 

51

 

 

51

 

Additional paid-in capital

 

63,579

 

 

63,579

 

Accumulated deficit

 

(61,319

)

 

(61,222

)

 
Total shareholders' equity

 

2,312

 

 

2,409

 

 
Total liabilities & equity

$

5,715

 

$

5,790

 

 

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,

 

2020

 

 

 

2019

 

Revenue
Oil and gas operations, net of royalties

$

125

 

$

180

 

Total Revenues

 

125

 

 

180

 

 
 
Operating expenses
Oil and gas operations

 

178

 

 

179

 

Corporate general and administrative

 

104

 

 

88

 

Total Operating Expenses

 

282

 

 

267

 

Operating earnings (loss)

 

(157

)

 

(87

)

 
Other income (expense)
Interest income

 

64

 

 

65

 

Interest expense

 

(4

)

 

(5

)

Other income (expense), net

 

-

 

 

153

 

Expense

 

60

 

 

213

 

 
Earnings (loss) applicable to common shares

 

(97

)

 

126

 

 
Net income (loss) per common share-basic and diluted

$

0.01

 

$

0.02

 

 
Weighted average common and equivalent shares outstanding - basic

 

5,132

 

 

5,132

 

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20200513005749/en/

Contacts

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