DALLAS--(BUSINESS WIRE)--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 |
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CONSOLIDATED BALANCE SHEETS |
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(unaudited) |
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(amounts in thousands) |
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June 30,
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December 31,
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| 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 |
|
- |
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| Total current assets |
|
4,454 |
|
4,496 |
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| Oil and natural gas properties (full cost accounting method) | ||||||
| Proved developed and undeveloped oil and gas properties, net of depletion |
|
2,492 |
|
2,517 |
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| Property and equipment, net of depreciation | ||||||
| Land, buildings and equipment - oil and gas operations |
|
675 |
|
618 |
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| Note receivable |
|
231 |
|
251 |
||
| Total assets | $ |
7,852 |
$ |
7,882 |
||
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES |
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CONSOLIDATED BALANCE SHEETS - CONTINUED |
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(unaudited) |
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(dollars in thousands, except par value amount) |
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June 30,
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December 31,
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| Liabilities and stockholders' equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable - (including $59 and $37 due to related parties in 2019 and 2018) | $ |
85 |
|
$ |
59 |
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||
| Accrued expenses |
|
13 |
|
|
32 |
|
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| Current portion of long term debt |
|
51 |
|
|
59 |
|
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| Total current liabilities |
|
149 |
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|
150 |
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| Long-term debt | ||||||||
| Notes payable less current portion |
|
187 |
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|
201 |
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| Asset retirement obligation |
|
2,770 |
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|
2,770 |
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| Total liabilities |
|
3,106 |
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|
3,121 |
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| Stockholders' equity | ||||||||
| Preferred stock, Series B |
|
1 |
|
|
1 |
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| 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 |
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|
51 |
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| Additional paid-in capital |
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63,579 |
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|
63,579 |
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| Accumulated deficit |
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(58,885 |
) |
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(58,870 |
) |
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| Total shareholder equity |
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4,746 |
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|
4,761 |
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| Total liabilities & equity | $ |
7,852 |
|
$ |
7,882 |
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NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES |
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CONSOLIDATED STATEMENT OF OPERATIONS |
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(unaudited) |
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(amounts in thousands, except per share data) |
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For the Three Months ended June 30, |
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For the Six Months ended June 30, |
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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 |
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| Operating expenses | ||||||||||||||||
| Oil and gas operations |
|
231 |
|
|
239 |
|
|
410 |
|
|
514 |
|
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| Corporate general and administrative |
|
134 |
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|
108 |
|
|
222 |
|
|
183 |
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| Total Operating Expenses |
|
365 |
|
|
347 |
|
|
632 |
|
|
697 |
|
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| Operating earnings (loss) |
|
(201 |
) |
|
(174 |
) |
|
(288 |
) |
|
(320 |
) |
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| Other income (expense) | ||||||||||||||||
| Interest income |
|
64 |
|
|
4 |
|
|
129 |
|
|
11 |
|
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| Interest expense |
|
(4 |
) |
|
(5 |
) |
|
(9 |
) |
|
(11 |
) |
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| Other income (expense), net |
|
- |
|
|
1 |
|
|
153 |
|
|
12 |
|
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| Expense |
|
60 |
|
|
0 |
|
|
273 |
|
|
12 |
|
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| Net income (loss) applicable to common shares | $ |
(141 |
) |
$ |
(174 |
) |
$ |
(15 |
) |
$ |
(308 |
) |
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| Net income (loss) per common share-basic and diluted | $ |
(0.03 |
) |
$ |
(0.08 |
) |
$ |
(0.00 |
) |
$ |
(0.14 |
) |
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| Weighted average common and equivalent shares outstanding - basic |
|
5,132 |
|
|
2,132 |
|
|
5,132 |
|
|
2,132 |
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