New Concept Energy Inc.
Investor Relations
Gene Bertcher, (800) 400-6407
info@newconceptenergy.com
New Concept Energy, Inc. Reports Second Quarter 2017 ResultsDallas (August 14, 2017) - 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 June 30, 2017 of $135,000 or ($0.07) per share, compared to a net loss of $133,000 or ($0.07) per share for the three months ended June 30, 2016.
The net loss from continuing operations was $124,000 for the three months ended June 30, 2017 compared to a net loss of $171,000 for the similar period in the prior year.
At March 30, 2017 the Company's operating lease expired at the retirement center it operated in Oregon. The operations of the retirement center are reflected as a discontinued operations.
For the three months ended June 30, 2017, the Company recorded oil and gas revenues, net of royalty expenses of
$243,000 as compared to $170,000 for the comparable period of 2016. The increase in oil and gas revenue was principally due to an increase in production in 2017 as compared to 2016.
For the three months ended June 30, 2017, the Company recorded oil and gas operating expenses of $256,000 as compared to $233,000 for the comparable period of 2016. The increase was due to general operating expenses.
For the three months ended June 30, 2017, corporate general & administrative expenses were $122,000 as compared to $101,000 for the comparable period in 2016. The increase was due to overall operating expenses.
Contact:
New Concept Energy, Inc. Gene Bertcher, (800) 400-6407 info@newconceptenergy.com
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (unaudited) (amounts in thousands) June 30,2017
December 31,2016
Cash and cash equivalents | $ 433 | $ 113 |
Accounts receivable from oil and gas sales | 143 | 119 |
Other current assets | 87 | 206 |
Total current assets | 663 | 438 |
Proved developed and undeveloped oil and gas properties, net of depletion 5,489 5,608
Property and equipment, net of depreciationLand, buildings and equipment - oil and gas operations | 689 | 706 |
Other | - | 25 |
Total property and equipment | 689 | 731 |
Other assets (including $124 due from related parties in 2015) | 298 | 401 |
Total assets | $ 7,139 | $ 7,178 |
2017
December 31,2016
Liabilities and stockholders' equity Current liabilitiesAccounts payable (includes $540 and $160 due to related parties in 2017 &2016) $ 555 $ 238
Accrued expenses 26 59
Current portion of long term debt 87 96
Total current liabilities 668 393 Long-term debtNotes payable less current portion | 276 | 296 |
Asset retirement obligation | 2,770 | 2,770 |
Total liabilities | 3,714 | 3,459 |
Stockholders' equity Preferred stock, Series B | 1 | 1 |
Common stock, $.01 par value; authorized, 100,000,000 shares; issued and outstanding, 1,946,935 shares at June 30, 2017 and December 31, 2016 | 20 | 20 |
Additional paid-in capital | 58,838 | 58,838 |
Accumulated deficit | (55,434) | (55,140) |
3,425 | 3,719 | |
Total liabilities & equity | $ 7,139 | $ 7,178 |
2017 2016 2017 2016
Oil and gas operations, net of royalties $ 243 $ 170 $ 438 $ 389
Total Revenue 243 170 438 389
Operating expenses Oil and gas operations | 256 | 233 | 512 | 629 |
Corporate general and administrative | 122 | 101 | 222 | 267 |
Total Operating Expenses | 378 | 334 | 734 | 896 |
Operating earnings (loss) | (135) | (164) | (296) | (507) |
Other income (expense) Interest income | 11 | 5 | 15 | 11 |
Interest expense | (6) | (7) | (13) | (18) |
Other income (expense) | 6 | (5) | (2) | (10) |
11 | (7) | 0 | (17) | |
Loss from continuing operations | (124) | (171) | (296) | (524) |
Earnings (loss) from discontinued operations | (11) | 38 | 2 | 95 |
Net income (loss) applicable to common shares | $ (135) | $ (133) | $ (294) | $ (429) |
Net income (loss) per common share-basic and diluted | $ (0.07) | $ (0.07) | $ (0.15) | $ (0.22) |
Weighted average common and equivalent shares outstanding - basic | 1,947 | 1,947 | 1,947 | 1,947 |
New Concept Energy Inc. published this content on 14 August 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 16 August 2017 19:11:06 UTC.
Original documenthttp://www.newconceptenergy.com/assets/nce-news-release-august-2017.pdf
Public permalinkhttp://www.publicnow.com/view/FD05B8811CF7E61B9ECD8554C3A89DDC68F92443