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
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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. |
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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. |
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