8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act

Date of Report (Date of earliest event reported): May 17, 2010

NEW CONCEPT ENERGY, INC.

(Exact Name of Registrant as Specified in its Charter)

Nevada	000-08187	75-2399477
(State or other	(Commission	(I.R.S. Employer
jurisdiction of incorporation)	File No.)	Identification No.)

1755 Wittington Place, Suite 340
Dallas, Texas	75234
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code 972-407-8400

     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 2 — Financial Information

Item 2.02. Results of Operations and Financial Condition

     On May 17, 2010, New Concept Energy, Inc. (“GBR” or the “Company”) announced its operational results for the quarter ended March 31, 2010. A copy of the announcement is attached as Exhibit “99.1.”

     The information furnished pursuant to Item 2.02 in this Form 8-K, including Exhibit “99.1” attached hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section, unless we specifically incorporate it by reference in a document filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. We undertake no duty or obligation to publicly-update or revise the information furnished pursuant to Item 2.02 of this Current Report on
Form 8-K.

Section 9 — Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits

     (d) Exhibits.

     The following exhibit is furnished with this Report:

Exhibit
Designation	Description of Exhibit
99.1*	Press Release dated May 17, 2010.

* Furnished herewith.

-1-

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly-caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly-authorized.

Dated: May 18, 2010	NEW CONCEPT ENERGY, INC.
	By:	/s/ Gene S. Bertcher
		Gene S. Bertcher, President and Chief
		Financial Officer

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EX-99.1

Exhibit 99.1

Page 1 of 3

New Concept Energy, Inc. Reports First Quarter 2010 Results | Business Wire

May 17, 2010 08:54 PM Eastern Daylight Time

New Concept Energy, Inc. Reports First Quarter 2010 Results

DALLAS — (BUSINESS WIRE) — New Concept Energy, Inc. (AMEX: GBR), (“the Company” or “NCE”), a Dallas-based oil and gas company, today reported results of operations for the first quarter ended March 31, 2010. NCE announced today that the Company reported a net loss applicable to common shares of $40,000 or $(0.02) per share for the three months ended March 31, 2010, as compared to net income of $23,000 or 0.01 per share for the same period ended 2009.

The Company recorded oil and gas revenues of $270,000 as compared to $394,000 for the comparable period of 2009. The decrease in oil & gas revenue was due entirely to lower prices in 2010.

The Company recorded revenues of $703,000 for the three months ended March 31, 2010 from its retirement property compared to $674,000 for the comparable periods in 2009. The principal reason for the increase was additional fees collected in 2010.

The Company recorded oil and gas operating expenses of $356,000 as compared to $386,000 for the comparable period of 2009. The decrease was due to a decrease in payroll costs.

Operating expenses and lease expense at the retirement property were $536,000 as compared to $551,000 for the comparable periods in 2009.

Corporate general & administrative expenses were $199,000 as compared to $262,000 for the comparable periods in 2009. The decrease is primarily due to decreased payroll costs.

Interest income was $139,000 as compared to $181,000. The decrease is primarily due to decreases in the prime lending rate and the decreased receivable on which interest is computed over the comparable periods. Interest expense for the three months ended March 31, 2010 was $31,000.

New Concept Energy, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands, except per share amounts)

	For the three months ended
	March 31,
	2010		2009
Revenue
Oil and gas operations, net of royalties	$	270	$	394
Real estate operations		703		674
		973		1,068
Operating expenses
Oil and gas operations		356		386
Real estate operations		325		340
Lease expense		239		239
Corporate general and administrative		199		262
Accretion of asset retirement obligation		30		—
		1,149		1,227

Page 2 of 3

New Concept Energy, Inc. Reports First Quarter 2010 Results | Business Wire

	For the three months ended
	March 31,
	2010			2009
Operating earnings (loss)		(176	)		(159	)
Other income (expense)
Interest income		139			181
Interest expense		(31	)		(30	)
Gain on sale of assets, net		10			—
Other income, net		18			31
		136			182
Net income (loss) from continuing operations		(40	)		23
Net income (loss) applicable to common shares	$	(40	)	$	23
Net income (loss) per common share — basic and diluted	$	(0.02	)	$	0.01
Weighted average common and equivalent shares outstanding — basic		1,947			1,947

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
(amounts in thousands, except share amounts)

	March 31,		December 31,
	2010		2009
Assets
Current assets:
Cash and cash equivalents	$	123	$	155
Accounts receivable from oil and gas sales		201		203
Note and interest receivable — related party		9,920		11,206
Other current assets		550		567
Total current assets		10,794		12,131
Oil and natural gas properties (full cost accounting method):
Proved developed and undeveloped oil and gas properties, net of depletion		11,350		11,372
Property and equipment, net of depreciation:
Land, buildings and equipment — oil and gas operations		1,330		1,337
Other		152		149
Total property and equipment		1,482		1,486
Other assets		162		132
Total assets	$	23,788	$	25,121

Page 3 of 3

New Concept Energy, Inc. Reports First Quarter 2010 Results | Business Wire

New Concept Energy Inc. and Subsidiaries

CONSOLIDATED BALANCE SHEETS — CONTINUED
(amounts in thousands, except share amounts)

	March 31, 2010			December 31, 2009
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable — trade	$	200		$	154
Accrued expenses (including $661 and $638 to related parties in 2010 and 2009		1,352			2,711
Total current liabilities		1,552			2,865
Long-term debt:
Notes payable		1,226			1,198
Asset retirement obligation		2,480			2,450
Other long-term liabilities		288			326
Total liabilities		5,546			6,839
Stockholders’ equity:
Preferred stock, Series B		1			1
Common stock, $.01 par value; authorized, 100,000,000 shares; issued and outstanding, 1,946,939 shares at December 31, 2009 and 2008		20			20
Additional paid-in capital		58,838			58,838
Accumulated deficit		(40,617	)		(40,577	)
		18,242			18,282
Total liabilities & equity	$	23,788		$	25,121

Contacts

New Concept Energy, Inc.
Gene Bertcher, 972-407-8400

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