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 June 30,
2020 of $137,000 or ($0.03) per diluted share, compared to net loss
from continuing operations of $141,000 or ($0.03) per share for the
three months ended June 30, 2019.
The Company reported a net loss from continuing operations for
the six months ended June 30, 2020 of $234,000 or ($0.05) per
share, compared to net loss from continuing operations of $15,000
for the six months ended June 30, 2019.
For the three months ended June 30, 2019, the Company recorded
oil and gas revenues of $93,000 as compared to $164,000 for the
comparable period of 2019. The decrease was principally due to a
lower price received for the sale of natural gas.
For the three months ended June 30, 2020, the Company recorded
oil and gas operating expenses of $163,000 as compared to $231,000
for the comparable period of 2019. The decrease was principally due
to reductions in payroll, consulting fees and overall expenses.
For the three months ended June 30, 2019, corporate general
& administrative expenses were $127, 000 as compared to
$134,000 for the comparable periods in 2019.
NEW CONCEPT ENERGY, INC. AND
SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(unaudited)
(amounts in thousands)
June 30, 2020
December 31, 2019
Assets Current assets Cash and cash
equivalents
$
39
$
22
Accounts receivable from oil and gas sales
69
73
Current portion note receivable (including $3,620 and $4,136 in
2020 and 2019 from related parties
3,660
4,046
Other current assets
25
-
Total current assets
3,793
4,141
Oil and natural gas properties (full cost
accounting method) Proved developed and undeveloped oil and gas
properties, net of depletion
706
767
Property and equipment, net of depreciation Land,
buildings and equipment - oil and gas operations
662
668
Note receivable
192
214
Total assets
$
5,353
$
5,790
NEW CONCEPT ENERGY, INC. AND
SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS -
CONTINUED
(unaudited)
(dollars in thousands, except
par value amount)
June 30, 2020
December 31, 2019
Liabilities and stockholders' equity
Current liabilities Accounts payable -
(including $20 and $180 due to related parties in 2020 and 2019)
$
195
$
355
Accrued expenses
37
35
Current portion of long term debt
40
44
Total current liabilities
272
434
Long-term debt Notes payable less
current portion
161
177
Asset retirement obligation
2,745
2,770
Total liabilities
3,178
3,381
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 June 30, 2020 and December 31, 2019
51
51
Additional paid-in capital
63,579
63,579
Accumulated deficit
(61,456)
(61,222)
Total shareholder equity
2,175
2,409
Total liabilities & equity
$
5,353
$
5,790
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,
2020
2019
2020
2019
Revenue Oil and gas operations, net of royalties
$
93
$
164
$
218
$
344
Operating expenses Oil and gas
operations
163
231
341
410
Corporate general and administrative
127
134
231
222
Total Operating Expenses
290
365
572
632
Operating earnings (loss)
(197)
(201)
(354)
(288)
Other income (expense)
Interest income
63
64
127
129
Interest expense
(3)
(4)
(7)
(9)
Other income (expense), net
-
-
-
153
Expense
60
60
120
273
Net income (loss) applicable to common
shares
$
(137)
$
(141)
$
(234)
$
(15)
Net income (loss) per common share-basic and diluted
$
(0.03)
$
(0.03)
$
(0.05)
$
-
Weighted average common and equivalent
shares outstanding - basic
5,132
5,132
5,132
5,132
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version on businesswire.com: https://www.businesswire.com/news/home/20200813005673/en/
New Concept Energy Inc. Investor Relations Gene Bertcher, (800)
400-6407 info@newconceptenergy.com
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