NEWS RELEASE Contact: FOR IMMEDIATE RELEASE

New Concept Energy Inc.

Investor Relations

Gene Bertcher, (800) 400-6407

info@newconceptenergy.com

New Concept Energy, Inc. Reports Second Quarter 2017 Results

Dallas (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

Assets Current assets Oil and natural gas properties (full cost accounting method)

Proved developed and undeveloped oil and gas properties, net of depletion 5,489 5,608

Property and equipment, net of depreciation

Land, 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

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - CONTINUED (unaudited) (amounts in thousands, except share amounts) June 30,

2017

December 31,

2016

Liabilities and stockholders' equity Current liabilities

Accounts 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 debt

Notes 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

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, Revenue

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.

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