Exhibit 99.1

 

NEWS RELEASE

 

FOR IMMEDIATE RELEASE

Contact:

 

New Concept Energy Inc.

Gene Bertcher (800) 400-6407

info@newconceptenergy.com

 

New Concept Energy, Inc. Reports Fourth Quarter and Full Year 2018 Results

 

Dallas (April 1, 2019) New Concept Energy, Inc. (NYSE American: GBR), (the “Company” or “NCE”) a Dallas-based oil and gas company, today reported Results of Operations for the fourth quarter ended December 31, 2018. During the three months ended December 31, 2018 the Company reported a net loss of $55,000 or ($0.005) per share, compared to a net loss of $2,851,000 or ($1.39) per share for the same period ended December 31, 2017

For the full year ended December 31, 2018 the Company reported a net loss of $484,000 or ($0.21) per share, compared to a net loss of $3,246,000 or ($1.59) per share for the same period ended December 31, 2017.

On December 4, 2018, the Company issued an additional 3,000,000 shares of Common Stock to a single investor for cash of $4,500,000 to increase stockholders’ equity by $4,440,000 after issuance costs. The issuance of 3,000,000 shares of Common Stock resulted in a change in control of the Company, as the investor now owns approximately 59.6% of the outstanding Common Stock. The issuance of the 3,000,000 shares of Common Stock increased the total number of shares issued and outstanding to 5,131,935 shares.

Revenues: Total revenues from the oil & gas operation was $682,000 in 2018 and $791,000 in 2017. The decrease was due to the rate the Company received for the sale of its natural gas during 2018.

Operating Expenses: Operating expenses for continuing oil & gas operations was $844,000 in 2018 and $1,027, 000 in 2017. This decrease was principally due to a reduction of depreciation and depletion expense of $73,000. The remaining decrease was the result of an overall reduction in operating expenses.

In 2017 pursuant to the requirements of the “full cost ceiling test” for oil & gas companies we recorded a non-cash charge to operations of $ $2.6 million to write down its investment in Ohio and West Virginia. This charge to earnings was caused by a revaluation of the Company’s non- producing oil and gas reserves.

Corporate Expenses were $353,000 in 2018 and $408,000 in 2017. The decrease was principally due to a reduction in payroll expenses.

Interest Expense: Interest Expense was $18,000 in 2018 as compared to $24,000 in 2017. The decrease was due to a reduction in the long term debt.

About New Concept Energy, Inc.

New Concept Energy, Inc. is a Dallas-based oil and gas company which owns oil and gas wells and mineral leases in Ohio and in West Virginia. For more information, visit the Company’s website at www.newconceptenergy.com.

 

 

Contact:

New Concept Energy, Inc. Gene Bertcher, (800) 400-6407 info@newconceptenergy.com

1 
 

INCOME OPPORTUNITY REALTY INVESTORS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

 

   For the Years Ended December 31,
   2018   2017   2016
   (dollars in thousands, except per share amounts)

Revenues:

Oil and gas operations, net of royalties  $682   $791   $764 
    682    791    764 

Operating expenses:

Oil & gas operations   844    1,027    1,181 
Corporate general and administrative   353    408    352 
Impairment of natural gas and oil properties   —      2,626    —   
   1,197    4,061    1,533 
Operating earnings (loss)   (515)   (3,270)   (769)

Other income (expenses):

Interest income (including $17 for the year ended 2018 from related parties)   37    25    23 
Interest expense   (18)   (24)   (38)
Gain on prepayment of debt   —      —      888 
Gain on sale of land   —      —      50 
Bad debt expense (recover) - note receivable   —      —      —   
Other income (expense), net   12    28    (110)
   31    29    813 
Earnings (loss) from continuing operations   (484)   (3,241)   44 
Earnings from discontinued operations   —      (5)   4 
Net income (loss) applicable to common shares  $1.97   $0.36   $0.50 
Net income (loss) per common share - basic and diluted   4,168,214   $4,168,214   $4,168,214 
Weighted average common and equivalent shares outstanding - basic               
2 
 

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(amounts in thousands) 

 

   December 31,  December 31,
   2018  2017
    
Assets   
Current Assets          
Cash and cash equivalents  $361   $419 
Accounts receivable from oil and gas sales   72    67 
Current portion note receivable (including $4,017 in 2018 from related parties)   4,063    36 
Total assets   4,496    522 
           
Oil and natural gas properties (full cost accounting method)          
Proved developed and undeveloped oil and gas properties, net of depletion   2,517    2,721 
           
Property and equipment, net of depreciation          
Land, buildings and equipment - oil and gas operations   618    661 
           
Note Receivable   251    301 
           
Total assets  $7,882   $4,205 

 

3 
 

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS - CONTINUED

(amounts in thousands, except share amounts) 

 

   December 31,  December 31,
   2018  2017
    
Liabilities and Shareholders’ Equity          
           
Current liabilities          
Accounts payable - trade (including $37 and $412 in 2018 and 2017 due to related parties)  $59   $446 
Accrued expenses   32    29 
Current portion of long term debt   59    81 
Total current liabilities   150    556 
           
Long-term debt          
Notes payable less current portion   201    243 
Asset retirement obligation   2,770    2,770 
Total liabilities   3,121    3,569 
           
Shareholders’ equity:          
Series B convertible preferred stock, $10 par value, liquidation value of $100 authorized 100 shares, issued and outstanding one share   1    1 
Common stock, $.01 par value; authorized 100,000,000 shares; issued and outstanding 5,131,934 and 2,036,935 shares at December 31, 2018 and 2017   51    21 
Additional paid-in capital   63,579    59,000 
Accumulated deficit   (58,870)   (58,386)
    4,761    636 
Total liabilities and shareholders' equity  $7,882   $4,205 

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