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 10, 2014.
|
_____________________
*Furnished herewith.
|
Dated: November 10, 2014 |
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.
Investor Relations
Gene Bertcher, (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,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Revenue
|
|
|
|
|||||||||||||
Oil and gas operations, net of royalties
|
$ | 410 | $ | 324 | $ | 1,239 | $ | 1,048 | ||||||||
Real estate operations
|
721 | 694 | 2,174 | 2,040 | ||||||||||||
|
1,131 | 1,018 | 3,413 | 3,088 | ||||||||||||
|
||||||||||||||||
|
||||||||||||||||
Operating expenses
|
||||||||||||||||
Oil and gas operations
|
447 | 495 | 1,355 | 1,444 | ||||||||||||
Real estate operations
|
400 | 372 | 1,183 | 1,141 | ||||||||||||
Lease expense
|
240 | 235 | 721 | 707 | ||||||||||||
Corporate general and administrative
|
208 | 170 | 605 | 513 | ||||||||||||
1,295 | 1,272 | 3,864 | 3,805 | |||||||||||||
Operating earnings (loss)
|
(164 | ) | (254 | ) | (451 | ) | (717 | ) | ||||||||
|
||||||||||||||||
Other income (expense)
|
||||||||||||||||
Interest income
|
1 | 1 | 3 | 9 | ||||||||||||
Interest expense
|
(22 | ) | (24 | ) | (75 | ) | (97 | ) | ||||||||
Recovery of bad debt expense
|
- | 410 | - | 1,143 | ||||||||||||
Other income (expense), net
|
(19 | ) | - | 180 | (36 | ) | ||||||||||
Other income (expense)
|
(40 | ) | 387 | 108 | 1,019 | |||||||||||
|
||||||||||||||||
Net income (loss) applicable to common shares
|
$ | (204 | ) | $ | 133 | $ | (343 | ) | $ | 302 | ||||||
Net income (loss) per common share-basic and diluted
|
$ | (0.10 | ) | $ | 0.07 | $ | (0.18 | ) | $ | 0.16 | ||||||
Weighted average common and equivalent shares outstanding - basic
|
1,947 | 1,947 | 1,947 | 1,947 |
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||
(unaudited)
|
||||||||
(amounts in thousands)
|
||||||||
September 30,
2014
|
December 31,
2013
|
|||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$ | 311 | $ | 1,621 | ||||
Accounts receivable from oil and gas sales
|
232 | 195 | ||||||
Other current assets
|
176 | 203 | ||||||
Total current assets
|
719 | 2,019 | ||||||
Oil and natural gas properties (full cost accounting method)
|
||||||||
Proved developed and undeveloped oil and gas properties, net of depletion
|
8,913 | 9,190 | ||||||
Property and equipment, net of depreciation
|
||||||||
Land, buildings and equipment - oil and gas operations
|
1,501 | 1,442 | ||||||
Other
|
172 | 183 | ||||||
Total property and equipment
|
1,673 | 1,625 | ||||||
Other assets (including $125 and $161 due from related parties
|
||||||||
in 2014 and 2013)
|
1,218 | 474 | ||||||
Total assets
|
$ | 12,523 | $ | 13,308 |
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED BALANCE SHEETS - CONTINUED
|
||||||||
(unaudited)
|
||||||||
(amounts in thousands, except share amounts)
|
||||||||
September 30,
2014
|
December 31,
2013
|
|||||||
Liabilities and stockholders' equity
|
|
|||||||
|
||||||||
Current liabilities
|
|
|||||||
Accounts payable - trade
|
$ | 362 | $ | 121 | ||||
Accrued expenses
|
321 | 965 | ||||||
Current portion of long term debt
|
215 | 185 | ||||||
Total current liabilities
|
898 | 1,271 | ||||||
|
||||||||
Long-term debt
|
||||||||
Notes payable less current portion
|
2,126 | 2,195 | ||||||
Asset retirement obligation
|
2,770 | 2,770 | ||||||
Total liabilities
|
5,794 | 6,236 | ||||||
|
||||||||
Stockholders' equity
|
||||||||
Preferred stock, Series B
|
1 | 1 | ||||||
Common stock, $.01 par value; authorized, 100,000,000
|
||||||||
shares; issued and outstanding, 1,946,934 shares
|
||||||||
at June 30, 2014 and December 31, 2013
|
20 | 20 | ||||||
Additional paid-in capital
|
58,838 | 58,838 | ||||||
Accumulated deficit
|
(52,130 | ) | (51,787 | ) | ||||
|
||||||||
|
6,729 | 7,072 | ||||||
|
||||||||
Total liabilities & equity
|
$ | 12,523 | $ | 13,308 |