Exhibit 99.1*

NEWS RELEASE

FOR IMMEDIATE RELEASE

Contact:

New Concept Energy Inc.

Investor Relations

Gene Bertcher, (800) 400-6407

info@newconceptenergy.com

 

New Concept Energy, Inc. Reports Third Quarter 2018 Results

 

Dallas (November 14, 2018) – 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 September 30, 2018 of $121,000 or ($0.06) per share, compared to a net loss of $101,000 or ($0.05) per share for the three months ended September 30, 2017.

The Company reported a net loss of $429,000 for nine months ended September 30, 2018, as compared to net loss of $397,000 for the similar period in 2017.

 

For the three months ended September 30, 2018, the Company recorded oil and gas revenues of $167,000 as compared to $194, 000 for the comparable period of 2017. The decrease was principally due to a decrease in the rate the Company received for the sale of its natural gas. In April 2018 a long term rate agreement expired and the price the Company received for its gas reverted to the existing market price which was less than the rate in the expired agreement.

 

For the three months ended September 30, 2018, the Company recorded oil and gas operating expenses of $186,000 as compared to $254,000 for the comparable period of 2017. The decrease was due to overall decrease in general operating expenses.

 

For the three months ended September 30, 2018, corporate general & administrative expenses were $99,000 as compared to $95,000 for the comparable periods in 2017.  

 

 

 

 

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)
     September 30,
2018
  December 31,
2017
 
            
Assets          
            
Current assets          
 Cash and cash equivalents    $              272    $            419  
 Accounts receivable from oil and gas sales                     46                    67  
 Other current assets                     56                  36  
Total current assets                    374                  522  
           
            
Oil and natural gas properties (full cost accounting method)          
 Proved developed and undeveloped oil and gas properties, net of depletion                 2,559               2,721  
            
Property and equipment, net of depreciation          
 Land, buildings and equipment - oil and gas operations                    628                  661  
           
           
Other assets                     257                  301  
             
Total assets    $           3,818    $          4,205  
           
           
The accompanying notes are an integral part of these consolidated financial statements.

 

 

 
 

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - CONTINUED
                                                   (unaudited)       
(amounts in thousands, except share amounts)
       
  September 30,
 2018
  December 31,
 2017
       
Liabilities and stockholders' equity      
        
Current liabilities      
    Accounts payable  (includes $331 and $412 due to related parties in 2018 & 2017)  $              366    $             446
    Accrued expenses                    31                    29
    Current portion of long term debt                   51                    81
Total current liabilities                 448                  556
        
Long-term debt          
    Notes payable less current portion                 222                  243
    Asset retirement obligation               2,770                2,770
Total liabilities               3,440                3,569
            
Stockholders' equity          
    Preferred stock, Series B                     1                      1
    Common stock, $.01 par value; authorized, 100,000,000          
      shares; issued and outstanding, 2,131,935 shares and 2,036,935 shares          
      at September 30, 2018 and December 31, 2017                   22                    21
    Additional paid-in capital             59,170              59,000
    Accumulated deficit            (58,815)             (58,386)
            
Total Shareholder Equity                 378                  636
            
Total liabilities & equity  $           3,818    $          4,205
        
       
The accompanying notes are an integral part of these consolidated financial statements.


 
 

NEW CONCEPT ENERGY, INC AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
                                            (unaudited)        
(amounts in thousands, except per share data)
               
  For the Three Months ended September 30,    For the Nine Months ended September 30, 
  2018   2017   2018   2017
Revenue              
Oil and gas operations, net of royalties  $          167    $              194    $   544    $          632
                
                
Operating expenses              
Oil and gas operations 186   254   700   766
Corporate general and administrative 99   95   282   317
Total Operating Expenses 285   349   982   1,083
    Operating earnings (loss)        (118)             (155)       (438)              (451)
               
                
Other income (expense)              
Interest income 5                        5   16                        20
Interest expense                (6)                       (6)             (17)                      (19)
Other income (expense)                (2)                      66              10                        51
  (3)   65   9   52
               
Loss from continuing operations (121)   (90)   (429)   (399)
               
Earnings (loss) from discontinued operations 0   (11)   0   2
                
Net income (loss) applicable to common shares  $        (121)    $             (101)    $     (429)    $              (397)
               
Net income (loss) per common share-basic and diluted  $       (0.06)    $            (0.05)    $    (0.20)    $             (0.20)
               
               
Weighted average common and equivalent shares outstanding - basic 2,132   1,947   2,132   1,947
               
               
The accompanying notes are an integral part of these consolidated financial statements.

 

 

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