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Share Name | Share Symbol | Market | Type |
---|---|---|---|
New Concept Energy Inc | AMEX:GBR | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.02 | 1.56% | 1.30 | 1.36 | 1.28 | 1.35 | 15,734 | 21:39:48 |
New Concept Energy, Inc. (NYSE American: GBR), ( the “Company” or “NCE”) a Dallas-based oil and gas company, today reported a net loss for the three months ended September 30, 2019 of $2,320,000 or ($0.45) per share, compared to a net loss of $121,000 or ($0.02) per share for the three months ended September 30, 2018.
The Company reported a net loss of $2,335,000 for the nine months ended September 30, 2019, as compared to net loss of $429,000 for the similar period in 2018.
For the three months ended September 30, 2019, the Company recorded oil and gas revenues of $127,000 as compared to $167, 000 for the comparable period of 2018. The decrease was principally due to a decrease in the rate the Company received for the sale of its natural gas.
For the three months ended September 30, 2019, the Company recorded oil and gas operating expenses of $2,461,000 as compared to $186,000 for the comparable period of 2018. In September 2019, the Company unsuccessfully drilled a well which resulted in a dry hole. As the well did not prove up the estimated probable and possible reserves, the Company had to deem the applicable reserve estimates as impaired. In the third quarter, the Company booked an impairment expense of $2,285,000 which represents a reduction of both the estimated probable and possible reserves as well as the cost of drilling the failed well.
For the three months ended September 30, 2019, corporate general & administrative expenses were $92,000 as compared to $99,000 for the comparable periods in 2018.
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited)
(amounts in thousands)
September 30,2019 December 31,2018 (unaudited) (audited) Assets Current assets Cash and cash equivalents$
42
$
361
Accounts receivable from oil and gas sales
69
72
Current portion notes receivable (including $4,120 and 4,017 due to related parties in 2019 and 2018)
4,162
4,063
Other current assets
11
-
Total current assets
4,284
4,496
Oil and natural gas properties (full cost accounting method) Proved developed and undeveloped oil and gas properties, net of depletion
799
2,517
Property and equipment, net of depreciation Land, buildings and equipment - oil and gas operations
671
618
Other assets
222
251
Total assets$
5,976
$
7,882
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS - CONTINUED (unaudited) (amounts in thousands, except par value amounts) September 30,2019 December 31,2018 Liabilities and stockholders' equity Current liabilities Accounts payable (includes $117 and $37 due to related parties in 2019 and 2018)$
519
$
59
Accrued expenses
29
32
Current portion of long term debt
51
59
Total current liabilities
599
150
Long-term debt Notes payable less current portion
181
201
Asset retirement obligation
2,770
2,770
Total liabilities
3,550
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 shares at September 30, 2019 and December 31, 2018
51
51
Additional paid-in capital
63,579
63,579
Accumulated deficit
(61,205
)
(58,870
)
Total Shareholder Equity
2,426
4,761
Total liabilities & equity
$
5,976
$
7,882
NEW CONCEPT ENERGY, INC AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited)
(amounts in thousands, except per share data)
For the Three Months ended September 30,
For the Nine Months ended September 30,
2019
2018
2019
2018
Revenue Oil and gas operations, net of royalties
$
127
$
167
$
471
$
544
Operating expenses Oil and gas operations
176
186
586
700
Corporate general and administrative
92
99
314
282
Impairment of oil and natural gas properties
2,285
-
2,285
-
Total operating expenses
2,553
285
3,185
982
Operating earnings (loss)
(2,426
)
(118
)
(2,714
)
(438
)
Other income (expense) Interest income
63
5
192
16
Interest expense
(3
)
(6
)
(12
)
(17
)
Other income (expense)
46
(2
)
199
10
106
(3
)
379
9
Net (loss) applicable to common shares
(2,320
)
(121
)
(2,335
)
(429
)
Net income (loss) per common share-basic and diluted$
(0.45
)
$
(0.02
)
$
(0.45
)
$
(0.08
)
Weighted average common and equivalent shares outstanding - basic
5,132
5,132
5,132
5,132
View source version on businesswire.com: https://www.businesswire.com/news/home/20191114005724/en/
New Concept Energy, Inc. Gene Bertcher, (800) 400-6407 info@newconceptenergy.com
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