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New Concept Energy, Inc. Reports First Quarter 2020 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 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