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
|
|
|
|
|
|
|
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