206 0 Kommentare New Concept Energy, Inc. Reports Third Quarter 2018 Results

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.


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


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


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