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 June 30, 2019 of $141,000 or ($0.03) per share, compared to net loss from continuing operations of $174,000 or ($0.08) per share for the three months ended June 30, 2018.
The Company reported a net loss from continuing operations for the six months ended June 30, 2019 of $15,000 or ($0.00) per share, compared to net loss from continuing operations of $308,000 or ($0.14) per share for the six months ended June 30, 2018.
For the three months ended June 30, 2019, the Company recorded oil and gas revenues of $164,000 as compared to $173,000 for the comparable period of 2018. The decrease was principally due to a lower price received for the sale of natural gas.
For the three months ended June 30, 2019, the Company recorded oil and gas operating expenses of $231,000 as compared to $239,000 for the comparable period of 2018.
For the three months ended June 30, 2019, corporate general & administrative expenses were $134,000 as compared to $108,000 for the comparable periods in 2018. The increase was due to an increase in general operating expenses.
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES | ||||||
CONSOLIDATED BALANCE SHEETS | ||||||
(unaudited) | ||||||
(amounts in thousands) | ||||||
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| June 30, |
| December 31, | ||
Assets | ||||||
Current assets | ||||||
Cash and cash equivalents | $ | 175 | $ | 361 | ||
Accounts receivable from oil and gas sales |
| 77 |
| 72 | ||
Current portion note receivable (including $4,136 and $4,017 in 2019 and 2018 from related parties |
| 4,179 |
| 4,063 | ||
Other current assets |
| 23 |
| - | ||
Total current assets |
| 4,454 |
| 4,496 | ||
Oil and natural gas properties (full cost accounting method) | ||||||
Proved developed and undeveloped oil and gas properties, net of depletion |
| 2,492 |
| 2,517 | ||
Property and equipment, net of depreciation | ||||||
Land, buildings and equipment - oil and gas operations |
| 675 |
| 618 | ||
Note receivable |
| 231 |
| 251 | ||
Total assets | $ | 7,852 | $ | 7,882 | ||
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES | ||||||||
CONSOLIDATED BALANCE SHEETS - CONTINUED | ||||||||
(unaudited) | ||||||||
(dollars in thousands, except par value amount) | ||||||||
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| June 30, |
| December 31, | |||||
Liabilities and stockholders' equity | ||||||||
Current liabilities | ||||||||
Accounts payable - (including $59 and $37 due to related parties in 2019 and 2018) | $ | 85 |
| $ | 59 |
| ||
Accrued expenses |
| 13 |
|
| 32 |
| ||
Current portion of long term debt |
| 51 |
|
| 59 |
| ||
Total current liabilities |
| 149 |
|
| 150 |
| ||
Long-term debt | ||||||||
Notes payable less current portion |
| 187 |
|
| 201 |
| ||
Asset retirement obligation |
| 2,770 |
|
| 2,770 |
| ||
Total liabilities |
| 3,106 |
|
| 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 June 30, 2019 and December 31, 2018 |
| 51 |
|
| 51 |
| ||
Additional paid-in capital |
| 63,579 |
|
| 63,579 |
| ||
Accumulated deficit |
| (58,885 | ) |
| (58,870 | ) | ||
Total shareholder equity |
| 4,746 |
|
| 4,761 |
| ||
Total liabilities & equity | $ | 7,852 |
| $ | 7,882 |
| ||
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES | ||||||||||||||||
CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||||||||||
(unaudited) | ||||||||||||||||
(amounts in thousands, except per share data) | ||||||||||||||||
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| For the Three Months ended June 30, |
| For the Six Months ended June 30, | |||||||||||||
|
| 2019 |
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| 2018 |
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| 2019 |
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| 2018 |
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Revenue | ||||||||||||||||
Oil and gas operations, net of royalties | $ | 164 |
| $ | 173 |
| $ | 344 |
| $ | 377 |
| ||||
Operating expenses | ||||||||||||||||
Oil and gas operations |
| 231 |
|
| 239 |
|
| 410 |
|
| 514 |
| ||||
Corporate general and administrative |
| 134 |
|
| 108 |
|
| 222 |
|
| 183 |
| ||||
Total Operating Expenses |
| 365 |
|
| 347 |
|
| 632 |
|
| 697 |
| ||||
Operating earnings (loss) |
| (201 | ) |
| (174 | ) |
| (288 | ) |
| (320 | ) | ||||
Other income (expense) | ||||||||||||||||
Interest income |
| 64 |
|
| 4 |
|
| 129 |
|
| 11 |
| ||||
Interest expense |
| (4 | ) |
| (5 | ) |
| (9 | ) |
| (11 | ) | ||||
Other income (expense), net |
| - |
|
| 1 |
|
| 153 |
|
| 12 |
| ||||
Expense |
| 60 |
|
| 0 |
|
| 273 |
|
| 12 |
| ||||
Net income (loss) applicable to common shares | $ | (141 | ) | $ | (174 | ) | $ | (15 | ) | $ | (308 | ) | ||||
Net income (loss) per common share-basic and diluted | $ | (0.03 | ) | $ | (0.08 | ) | $ | (0.00 | ) | $ | (0.14 | ) | ||||
Weighted average common and equivalent shares outstanding - basic |
| 5,132 |
|
| 2,132 |
|
| 5,132 |
|
| 2,132 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20190813005752/en/
New Concept Energy, Inc.
Gene Bertcher, (800) 400-6407
info@newconceptenergy.com