DALLAS--(BUSINESS WIRE)--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 |
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CONSOLIDATED BALANCE SHEETS |
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(unaudited) |
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(amounts in thousands) |
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June 30,
|
December 31,
|
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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 |
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CONSOLIDATED BALANCE SHEETS - CONTINUED |
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(unaudited) |
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(dollars in thousands, except par value amount) |
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June 30,
|
December 31,
|
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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 |
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CONSOLIDATED STATEMENT OF OPERATIONS |
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(unaudited) |
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(amounts in thousands, except per share data) |
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For the Three Months
|
|
For the Six Months
|
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2020 |
|
2019 |
|
2020 |
|
2019 |
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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) |
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Other income (expense), net |
|
- |
|
- |
|
- |
|
153 |
||||
Expense |
|
60 |
|
60 |
|
120 |
|
273 |
||||
Net income (loss) applicable to common shares | $ |
(137) |
$ |
(141) |
$ |
(234) |
$ |
(15) |
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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 |
Contacts
New Concept Energy Inc.
Investor Relations
Gene Bertcher, (800) 400-6407
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