New Concept Energy, Inc. Reports First Quarter 2018 Results
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 March 31, 2018 of $134,000 or ($0.07) per share, compared to net loss from continuing operations of $172,000 or ($0.09) per share for the three months ended March 31, 2017.
The Company reported a net loss of $134,000 for three months ended March 31, 2018, as compared to net loss of $159,000 for the similar period in 2017.
For the three months ended March 31, 2018, the Company recorded oil and gas revenues of $204,000 as compared to $195,000 for the comparable period of 2017.
For the three months ended March 31, 2018, the Company recorded oil and gas operating expenses of $275,000 as compared to $256,000 for the comparable period of 2017. The increase was due to overall increase in general operating expenses.
For the three months ended March 31, 2018, corporate general & administrative expenses were $75,000 as compared to $100,000 for the comparable periods in 2016. The decrease was due to a decrease in payroll expenses of $23,000 as well as other administrative costs.
| NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES | ||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||
| (amounts in thousands) | ||||||||
| March 31, | December 31, | |||||||
| 2018 | 2017 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 397 | $ | 419 | ||||
| Accounts receivable from oil and gas sales | 58 | 67 | ||||||
| Current portion note receivable | 47 | 36 | ||||||
| Total current assets | 502 | 522 | ||||||
| Oil and natural gas properties (full cost accounting method) | ||||||||
| Proved developed and undeveloped oil and gas properties, net of depletion | 2,669 | 2,721 | ||||||
| Property and equipment, net of depreciation | ||||||||
| Land, buildings and equipment - oil and gas operations | 647 | 661 | ||||||
| Note Receivable | 278 | 301 | ||||||
| Total assets | $ | 4,096 | $ | 4,205 | ||||
| NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES | ||||||||||
| CONSOLIDATED BALANCE SHEETS - CONTINUED | ||||||||||
| (amounts in thousands, except share amounts) | ||||||||||
| March 31, | December 31, | |||||||||
| 2018 | 2017 | |||||||||
| Liabilities and stockholders' equity | ||||||||||
| Current liabilities | ||||||||||
| Accounts payable - (including $433 and $412 due to related parties in 2018 and 2017) | $ | 464 | $ | 446 | ||||||
| Accrued expenses | 58 | 29 | ||||||||
| Current portion of long term debt | 68 | 81 | ||||||||
| Total current liabilities | 590 | 556 | ||||||||
| Long-term debt | ||||||||||
| Notes payable less current portion | 234 | 243 | ||||||||
| Asset retirement obligation | 2,770 | 2,770 | ||||||||
| Total liabilities | 3,594 | 3,569 | ||||||||
| Stockholders' equity | ||||||||||
| Preferred stock, Series B | 1 | 1 | ||||||||
| Common stock, $.01 par value; authorized, 100,000,000 | ||||||||||
| shares; issued and outstanding, 2,036,935 shares | ||||||||||
| at March 31, 2018 and December 31, 2017 | 21 | 21 | ||||||||
| Additional paid-in capital | 59,000 | 59,000 | ||||||||
| Accumulated deficit | (58,520 | ) | (58,386 | ) | ||||||
| Total shareholders' equity | 502 | 636 | ||||||||
| Total liabilities & equity | $ | 4,096 | $ | 4,205 | ||||||
| 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, | ||||||||||
| 2018 | 2017 | |||||||||
| Revenue | ||||||||||
| Oil and gas operations, net of royalties | $ | 204 | $ | 195 | ||||||
| Total Revenues | 204 | 195 | ||||||||
| Operating expenses | ||||||||||
| Oil and gas operations | 275 | 256 | ||||||||
| Corporate general and administrative | 75 | 100 | ||||||||
| Total Operating Expenses | 350 | 356 | ||||||||
| Operating earnings (loss) | (146 | ) | (161 | ) | ||||||
| Other income (expense) | ||||||||||
| Interest income | 7 | 4 | ||||||||
| Interest expense | (6 | ) | (7 | ) | ||||||
| Other income (expense), net | 11 | (8 | ) | |||||||
| Expense | 12 | (11 | ) | |||||||
| Earnings (loss) from continuing operations | (134 | ) | (172 | ) | ||||||
| Earnings from discontinued operations | 0 | 13 | ||||||||
| Net income (loss) applicable to common shares | $ | (134 | ) | $ | (159 | ) | ||||
| Net (loss) per common share from continuing operations | $ | (0.07 | ) | $ | (0.09 | ) | ||||
| Net income per common share from discontinued operations | $ | - | $ | 0.01 | ||||||
| Net income (loss) per common share-basic and diluted | $ | (0.07 | ) | $ | (0.08 | ) | ||||
| Weighted average common and equivalent shares outstanding - basic | 2,037 | 1,947 | ||||||||
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