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 27, 2015
|
_____________________
*Furnished herewith
|
April , 2015 |
NEW CONCEPT ENERGY, INC.
By: /s/ Gene S. Bertcher
Gene S. Bertcher, President and Chief
Financial Officer
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NEWS RELEASE
|
Contact:
|
FOR IMMEDIATE RELEASE
|
New Concept Energy Inc.
|
Gene Bertcher
|
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(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,
|
||||||||||||
2014
|
2013
|
2012
|
||||||||||
Revenue
|
|
|
|
|||||||||
Oil and gas operations, net of royalties
|
$ | 1,489 | $ | 1,477 | $ | 1,182 | ||||||
Real estate operations
|
2,874 | 2,745 | 2,762 | |||||||||
|
4,363 | 4,222 | 3,944 | |||||||||
|
||||||||||||
Operating expenses
|
||||||||||||
Oil and gas operations
|
1,853 | 1,867 | 1,820 | |||||||||
Real estate operations
|
1,616 | 1,555 | 1,465 | |||||||||
Lease expense
|
961 | 942 | 924 | |||||||||
Corporate general and administrative
|
823 | 500 | 577 | |||||||||
Accretion of asset retirement obligation
|
- | - | 68 | |||||||||
Impairment of natural gas and oil properties
|
- | 200 | 912 | |||||||||
5,253 | 5,064 | 5,766 | ||||||||||
Operating earnings (loss)
|
(890 | ) | (842 | ) | (1,822 | ) | ||||||
|
||||||||||||
Other income (expense)
|
||||||||||||
Interest income
|
5 | 9 | - | |||||||||
Interest expense
|
(91 | ) | (114 | ) | (208 | ) | ||||||
Bad debt expense (recovery) - note receivable
|
- | 1,562 | 2,076 | |||||||||
Other income (expense), net
|
197 | (189 | ) | 122 | ||||||||
111 | 1,268 | 1,990 | ||||||||||
|
||||||||||||
Earnings (loss) from continuing operations
|
(779 | ) | 426 | 168 | ||||||||
Net income (loss) applicable to common shares
|
$ | (779 | ) | $ | 426 | $ | 168 | |||||
Net income (loss) per common share-basic and diluted
|
$ | (0.40 | ) | $ | 0.22 | $ | 0.09 | |||||
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
|
||||||||
2014
|
2013
|
|||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$ | 300 | $ | 1,621 | ||||
Accounts receivable from oil and gas sales
|
216 | 195 | ||||||
Other current assets
|
182 | 203 | ||||||
Total current assets
|
698 | 2,019 | ||||||
Oil and natural gas properties (full cost accounting method)
|
||||||||
Proved developed and undeveloped oil and gas properties, net of depletion
|
8,809 | 9,190 | ||||||
Property and equipment, net of depreciation
|
||||||||
Land, buildings and equipment - oil and gas operations
|
1,476 | 1,442 | ||||||
Other
|
162 | 183 | ||||||
Total property and equipment
|
1,638 | 1,625 | ||||||
Other assets (including $126,000 and $122,000 in 2014 and 2013 due from related parties)
|
1,129 | 474 | ||||||
Total assets
|
$ | 12,274 | $ | 13,308 |
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED BALANCE SHEETS - CONTINUED
|
||||||||
(amounts in thousands, except share amounts)
|
||||||||
December 31
|
||||||||
2014
|
2013
|
|||||||
Liabilities and stockholders' equity
|
|
|||||||
|
||||||||
Current liabilities
|
|
|||||||
Accounts payable - trade (including $494 in 2014 due to related parties)
|
$ | 673 | $ | 121 | ||||
Accrued expenses
|
229 | 965 | ||||||
Current portion of long term debt
|
881 | 185 | ||||||
Total current liabilities
|
1,783 | 1,271 | ||||||
|
||||||||
Long-term debt
|
||||||||
Notes payable less current portion
|
1,428 | 2,195 | ||||||
Asset retirement obligation
|
2,770 | 2,770 | ||||||
Total liabilities
|
5,981 | 6,236 | ||||||
|
||||||||
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, 2014 and 2013
|
20 | 20 | ||||||
Additional paid-in capital
|
58,838 | 58,838 | ||||||
Accumulated deficit
|
(52,566 | ) | (51,787 | ) | ||||
|
||||||||
|
6,293 | 7,072 | ||||||
|
||||||||
Total liabilities & stockholders' equity
|
$ | 12,274 | $ | 13,308 |