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 First Quarter 2019 Results

Dallas (August 13, 2019) – New Concept Energy, Inc. (NYSE MKT: 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 June 30, 2019 of $141,000 or ($0.03) per share, compared to net loss from continuing operations of $174,000 or ($0.08) per share for the three months ended June 30, 2018.

The Company reported a net loss from continuing operations for the six months ended June 30, 2019 of $15,000 or ($0.00) per share, compared to net loss from continuing operations of $308,000 or ($0.14) per share for the six months ended June 30, 2018.

For the three months ended June 30, 2019, the Company recorded oil and gas revenues of $164,000 as compared to $173,000 for the comparable period of 2018. The decrease was principally due to a lower price received for the sale of natural gas.

 

For the three months ended June 30, 2019, the Company recorded oil and gas operating expenses of $231,000 as compared to $239,000 for the comparable period of 2018.

 

For the three months ended June 30, 2019, corporate general & administrative expenses were $134, 000 as compared to $108,000 for the comparable periods in 2018.  The increase was due to an increase in general operating expenses.

 

 

Contact: New Concept Energy, Inc.

Gene Bertcher, (800) 400-6407

info@newconceptenergy.com

 

 

4 
 

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
 
    June 30, 2019    December 31, 2018 
Assets    (Unaudited)      (Audited)  
           
Current assets          
Cash and cash equivalents  $175   $361 
Accounts receivable from oil and gas sales   77    72 
Current portion note receivable (including $4,136 and $4,017 in 2019 and 2018 from related parties)   4,179    4,063 
Other current assets   23    —   
Total current assets   4,454    4,496 
           
           
Oil and natural gas properties (full cost accounting method)          
Proved developed and undeveloped oil and gas properties, net of depletion   2,492    2,517 
           
Property and equipment, net of depreciation          
Land, buildings and equipment - oil and gas operations   675    618 
           
Note Receivable   231    251 
           
Total assets  $7,852   $7,882 
           
           
The accompanying notes are an integral part of these consolidated financial statements.

 

5 
 

 

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - CONTINUED
(dollars in thousands, except par value amount)
 
       
    June 30, 2019    December 31, 2018 
    (Unaudited)    (Audited) 
Liabilities and stockholders' equity          
           
Current liabilities          
    Accounts payable - (including $59 and $37 due to related parties in 2019 and 2018)  $85   $59 
    Accrued expenses   13    32 
    Current portion of long term debt   51    59 
Total current liabilities   149    150 
           
Long-term debt          
    Notes payable less current portion   187    201 
    Asset retirement obligation   2,770    2,770 
Total liabilities   3,106    3,121 
           
Stockholders' equity          
    Preferred stock, Series B   1    1 
    Common stock, $.01 par value; authorized, 100,000,000          
    shares; issued and outstanding, 5,131,934 and 2,036,935 shares          
    at March 31, 2019 and December 31, 2018   51    51 
    Additional paid-in capital   63,579    63,579 
    Accumulated deficit   (58,885)   (58,870)
           
      Total shareholders' equity   4,746    4,761 
           
Total liabilities & equity  $7,852   $7,882 
           
           
The accompanying notes are an integral part of these consolidated financial statements.

 

6 
 

 

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,
   2019  2018  2019  2018
Revenue            
Oil and gas operations, net of royalties  $164   $173   $344   $377 
                     
Operating expenses                    
Oil and gas operations   231    239    410    514 
Corporate general and administrative   134    108    222    183 
Total Operating Expenses   365    347    632    697 
    Operating earnings (loss)   (201)   (174)   (288)   (320)
                     
                     
Other income (expense)                    
Interest income   64    4    129    11 
Interest expense   (4)   (5)   (9)   (11)
Other income (expense), net   —      1    153    12 
Expense   60    0    273    12 
                     
                     
Net income (loss) applicable to common shares  $(141)  $(174)  $(15)  $(308)
                     
Net income (loss) per common share-basic and diluted  $(0.03)  $(0.08)  $(0.00)  $(0.14)
                     
                     
Weighted average common and equivalent shares outstanding - basic   5,132    2,132    5,132    2,132 
                     
                     
The accompanying notes are an integral part of these consolidated financial statements.

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