Nevada
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000-08187
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75-2399477
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(State or other
jurisdiction of incorporation)
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(Commission
File No.)
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(I.R.S. Employer
Identification No.)
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1603 LBJ Freeway, Suite 300
Dallas, Texas
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75234
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(Address of principal executive offices)
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(Zip Code)
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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(d)
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Exhibits.
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Exhibit Designation
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Description of Exhibit
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99.1*
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Press Release dated March 28, 2014.
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_____________________
*Furnished herewith.
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Dated: April 1, 2014
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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,
(800) 400-6407
info@newconceptenergy.com
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NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
|
||||||||||||
CONSOLIDATED STATEMENTS OF OPERATION
|
||||||||||||
(amounts in thousands, except per share data)
|
||||||||||||
Year Ended December 31,
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||||||||||||
2013
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2012
|
2011
|
||||||||||
Revenue
|
|
|
|
|||||||||
Oil and gas operations, net of royalties
|
$ | 1,477 | $ | 1,182 | $ | 1,020 | ||||||
Real estate operations
|
2,745 | 2,762 | 2,881 | |||||||||
|
4,222 | 3,944 | 3,901 | |||||||||
|
||||||||||||
|
||||||||||||
Operating expenses
|
||||||||||||
Oil and gas operations
|
1,867 | 1,820 | 1,430 | |||||||||
Real estate operations
|
1,555 | 1,465 | 1,290 | |||||||||
Lease expense
|
942 | 924 | 906 | |||||||||
Corporate general and administrative
|
500 | 577 | 579 | |||||||||
Accretion of asset retirement obligation
|
- | 68 | 129 | |||||||||
Impariment of natural gas and oil properties
|
200 | 912 | 1,428 | |||||||||
|
5,064 | 5,766 | 5,762 | |||||||||
Operating earnings (loss)
|
(842 | ) | (1,822 | ) | (1,861 | ) | ||||||
|
||||||||||||
Other income (expense)
|
||||||||||||
Interest income
|
9 | - | 360 | |||||||||
Interest expense
|
(114 | ) | (208 | ) | (131 | ) | ||||||
Bad debt expense (recovery) - note receivable
|
1,562 | 2,076 | (10,006 | ) | ||||||||
Other income (expense), net
|
(189 | ) | 122 | (155 | ) | |||||||
1,268 | 1,990 | (9,932 | ) | |||||||||
|
||||||||||||
Earnings from continuing operations
|
426 | 168 | (11,793 | ) | ||||||||
Net income (loss) applicable to common shares
|
$ | 426 | $ | 168 | $ | (11,793 | ) | |||||
Net income (loss) per common share-basic and diluted
|
$ | 0.22 | $ | 0.09 | $ | (6.06 | ) | |||||
Weighted average common and equivalent shares outstanding - basic
|
1,947 | 1,947 | 1,947 |
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||
(amounts in thousands)
|
||||||||
December 31
|
||||||||
2013
|
2012
|
|||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$ | 1,621 | $ | 398 | ||||
Accounts receivable from oil and gas sales
|
195 | 210 | ||||||
Other current assets
|
203 | 2 | ||||||
Total current assets
|
2,019 | 610 | ||||||
Oil and natural gas properties (full cost accounting method)
|
||||||||
Proved developed and undeveloped oil and gas properties, net of depletion
|
9,190 | 9,717 | ||||||
Property and equipment, net of depreciation
|
||||||||
Land, buildings and equipment - oil and gas operations
|
1,442 | 1,410 | ||||||
Other
|
183 | 204 | ||||||
Total property and equipment
|
1,625 | 1,614 | ||||||
Other assets (including $122,000 and $161,000 in 2013 and 2012 due from related parties)
|
474 | 543 | ||||||
$ | 13,308 | $ | 12,484 |
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED BALANCE SHEETS - CONTINUED
|
||||||||
(amounts in thousands, except share amounts)
|
||||||||
December 31
|
||||||||
2013
|
2012
|
|||||||
Liabilities and stockholders' equity
|
|
|||||||
|
||||||||
Current liabilities
|
|
|||||||
Accounts payable - trade
|
$ | 121 | $ | 38 | ||||
Accrued expenses
|
965 | 173 | ||||||
Current portion of long term debt
|
185 | 93 | ||||||
Total current liabilities
|
1,271 | 304 | ||||||
|
||||||||
Long-term debt
|
||||||||
Notes payable less current portion
|
2,195 | 2,273 | ||||||
Payable - related parties
|
- | - | ||||||
Asset retirement obligation
|
2,770 | 2,770 | ||||||
Other long-term liabilities
|
- | 491 | ||||||
Total liabilities
|
6,236 | 5,838 | ||||||
|
||||||||
Stockholders' equity
|
||||||||
Series B convertible preferred stock, $10 par value, liquidation value
|
||||||||
of $100 authorized 100 shares, issued and outstanding one share
|
1 | 1 | ||||||
Common stock, $.01 par value; authorized, 100,000,000
|
||||||||
shares; issued and outstanding, 1,946,935 shares
|
||||||||
at December 31, 2010 and 2009
|
20 | 20 | ||||||
Additional paid-in capital
|
58,838 | 58,838 | ||||||
Accumulated deficit
|
(51,787 | ) | (52,213 | ) | ||||
|
||||||||
|
7,072 | 6,646 | ||||||
|
||||||||
Total liabilities & equity
|
$ | 13,308 | $ | 12,484 |