Nevada
|
000-08187
|
75-2399477
|
(State or other
jurisdiction of incorporation)
|
(Commission
File No.)
|
(I.R.S. Employer
Identification No.)
|
1603 LBJ Freeway, Suite 300
Dallas, Texas
|
75234
|
|
(Address of principal executive offices)
|
(Zip Code)
|
|
¨
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
¨
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
¨
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
¨
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
|
(d)
|
Exhibits.
|
Exhibit
Designation
|
Description of Exhibit
|
99.1*
|
Press Release dated November 13, 2013.
|
_____________________
*Furnished herewith.
|
Dated: November 13, 2013
|
NEW CONCEPT ENERGY, INC. |
By: /s/ Gene S. Bertcher
|
|
Gene S. Bertcher, President and Chief | |
Financial Officer |
NEWS RELEASE
FOR IMMEDIATE RELEASE
|
Contact:
New Concept Energy Inc.
Gene Bertcher, 972-4074400 or
Investor Relations
(800) 400-6407
info@newconceptenergy.com
|
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,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
Revenue
|
|
|
|
|||||||||||||
Oil and gas operations, net of royalties
|
$ | 324 | $ | 274 | $ | 1,048 | $ | 889 | ||||||||
Real estate operations
|
694 | 702 | 2,040 | 2,039 | ||||||||||||
|
1,018 | 976 | 3,088 | 2,928 | ||||||||||||
|
||||||||||||||||
|
||||||||||||||||
Operating expenses
|
||||||||||||||||
Oil and gas operations
|
495 | 432 | 1,444 | 1,356 | ||||||||||||
Real estate operations
|
372 | 359 | 1,141 | 1,078 | ||||||||||||
Lease expense
|
235 | 231 | 707 | 693 | ||||||||||||
Corporate general and administrative
|
170 | 108 | 513 | 402 | ||||||||||||
Accretion of asset retirement obligation
|
- | - | - | 68 | ||||||||||||
Impairment of natural gas and oil properties
|
- | - | - | 912 | ||||||||||||
1,272 | 1,130 | 3,805 | 4,509 | |||||||||||||
Operating earnings (loss)
|
(254 | ) | (154 | ) | (717 | ) | (1,581 | ) | ||||||||
|
||||||||||||||||
Other income (expense)
|
||||||||||||||||
Interest income
|
1 | - | 9 | - | ||||||||||||
Interest expense
|
(24 | ) | (52 | ) | (97 | ) | (170 | ) | ||||||||
Recovery of bad debt expense
|
410 | 1,726 | 1,143 | 1,700 | ||||||||||||
Other income (expense), net
|
- | - | (36 | ) | 135 | |||||||||||
Other income (expense)
|
387 | 1,674 | 1,019 | 1,665 | ||||||||||||
|
||||||||||||||||
|
$ | 133 | $ | 1,520 | $ | 302 | $ | 84 | ||||||||
Net income (loss) applicable to common shares
|
||||||||||||||||
$ | 0.07 | $ | 0.78 | $ | 0.16 | $ | 0.04 | |||||||||
Net income (loss) per common share-basic and diluted
|
||||||||||||||||
Weighted average common and equivalent shares outstanding - basic
|
1,947 | 1,947 | 1,947 | 1,947 |
NEW CONCEPT ENERGY, INC. AND SUBSIDARIES
|
||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||
(unaudited)
|
||||||||
(amounts in thousands)
|
||||||||
September 30,
2013
|
December 31,
2012
|
|||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$ | 1,276 | $ | 398 | ||||
Accounts receivable from oil and gas sales
|
233 | 210 | ||||||
Other current assets
|
7 | 2 | ||||||
Total current assets
|
1,516 | 610 | ||||||
Oil and natural gas properties (full cost accounting method)
|
||||||||
Proved developed and undeveloped oil and gas properties, net of depletion
|
9,294 | 9,717 | ||||||
Property and equipment, net of depreciation
|
||||||||
Land, buildings and equipment - oil and gas operations
|
1,461 | 1,410 | ||||||
Other
|
193 | 204 | ||||||
Total property and equipment
|
1,654 | 1,614 | ||||||
Other assets (including $120,750 and $161,300 due from related parties
|
||||||||
in 2013 and 2012
|
590 | 543 | ||||||
Total assets
|
$ | 13,054 | $ | 12,484 |
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED BALANCE SHEETS - CONTINUED
|
||||||||
(unaudited)
|
||||||||
(amounts in thousands, except share amounts)
|
||||||||
September 30, 2013
|
December 31, 2012
|
|||||||
Liabilities and stockholders' equity
|
|
|||||||
|
||||||||
Current liabilities
|
|
|||||||
Accounts payable - trade
|
$ | 119 | $ | 38 | ||||
Accrued expenses
|
289 | 173 | ||||||
Current portion of long term debt
|
53 | 93 | ||||||
Total current liabilities
|
461 | 304 | ||||||
|
||||||||
Long-term debt
|
||||||||
Notes payable less current portion
|
2,334 | 2,273 | ||||||
Asset retirement obligation
|
2,770 | 2,770 | ||||||
Other long-term liabilities
|
541 | 491 | ||||||
Total liabilities
|
6,106 | 5,838 | ||||||
|
||||||||
Stockholders' equity
|
||||||||
Preferred stock, Series B
|
1 | 1 | ||||||
Common stock, $.01 par value; authorized, 100,000,000
|
||||||||
shares; issued and outstanding, 1,946,935 shares
|
||||||||
at June 30, 2013 and December 31, 2012
|
20 | 20 | ||||||
Additional paid-in capital
|
58,838 | 58,838 | ||||||
Accumulated deficit
|
(51,911 | ) | (52,213 | ) | ||||
|
||||||||
|
6,948 | 6,646 | ||||||
|
||||||||
Total liabilities & equity
|
$ | 13,054 | $ | 12,484 |