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)
|
|
|
|
|
June 30,
2019
|
|
December 31,
2018
|
|
|
|
|
|
| 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)
|
|
|
|
|
|
|
|
June 30,
2019
|
|
December 31,
2018
|
|
|
|
|
|
| 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)
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months ended June 30,
|
|
For the Six Months ended June 30,
|
|
|
|
2019
|
|
|
|
2018
|
|
|
|
2019
|
|
|
|
2018
|
|
| 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/
Copyright Business Wire 2019