Nevada
|
000-08187
|
75-2399477
|
(State or other
jurisdiction of incorporation)
|
(Commission
File No.)
|
(I.R.S. Employer
Identification No.)
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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 May 14, 2015
|
_____________________
*Furnished herewith.
|
Dated: May 15, 2015 | NEW CONCEPT ENERGY, INC.
By: /s/ Gene S. Bertcher
Gene S. Bertcher, President and Chief
Financial Officer
|
NEWS RELEASE
|
Contact:
|
FOR IMMEDIATE RELEASE
|
New Concept Energy Inc.
|
Gene Bertcher
|
|
(800)400-6407
|
|
info@newconceptenergy.com
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NEW CONCEPT ENERGY, INC. AND SUBSIDARIES
|
||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||
(unaudited)
|
||||||||
(amounts in thousands)
|
||||||||
March 31,
2015
|
December 31,
2014
|
|||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$ | 412 | $ | 300 | ||||
Accounts receivable from oil and gas sales
|
91 | 216 | ||||||
Other current assets
|
166 | 182 | ||||||
Total current assets
|
669 | 698 | ||||||
Oil and natural gas properties (full cost accounting method)
|
||||||||
Proved developed and undeveloped oil and gas properties, net of depletion
|
8,771 | 8,809 | ||||||
Property and equipment, net of depreciation
|
||||||||
Land, buildings and equipment - oil and gas operations
|
1,450 | 1,476 | ||||||
Other
|
162 | 162 | ||||||
Total property and equipment
|
1,612 | 1,638 | ||||||
Other assets (including $122,000 due from related parties in 2014)
|
1,008 | 1,129 | ||||||
Total assets
|
$ | 12,060 | $ | 12,274 |
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED BALANCE SHEETS - CONTINUED
|
||||||||
(unaudited)
|
||||||||
(amounts in thousands, except share amounts)
|
||||||||
March 31,
2015
|
December 31,
2014
|
|||||||
Liabilities and stockholders' equity
|
|
|||||||
|
||||||||
Current liabilities
|
|
|||||||
Accounts payable - trade
|
$ | 235 | $ | 673 | ||||
Accrued expenses
|
212 | 229 | ||||||
Current portion of long term debt
|
864 | 881 | ||||||
Total current liabilities
|
1,311 | 1,783 | ||||||
|
||||||||
Long-term debt
|
||||||||
Notes payable less current portion
|
1,372 | 1,428 | ||||||
Asset retirement obligation
|
2,770 | 2,770 | ||||||
Total liabilities
|
5,453 | 5,981 | ||||||
|
||||||||
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 March 31, 2015 and December 31, 2014
|
20 | 20 | ||||||
Additional paid-in capital
|
58,838 | 58,838 | ||||||
Accumulated deficit
|
(52,252 | ) | (52,566 | ) | ||||
|
||||||||
|
6,607 | 6,293 | ||||||
|
||||||||
Total liabilities & equity
|
$ | 12,060 | $ | 12,274 |
NEW CONCEPT ENERGY, INC AND SUBSIDIARIES
|
||||||||
CONSOLIDATED STATEMENT OF OPERATIONS
|
||||||||
(unaudited)
|
||||||||
(amounts in thousands, except per share data)
|
||||||||
For the Three Months ended
March 31,
|
||||||||
2015
|
2014
|
|||||||
Revenue
|
|
|
||||||
Oil and gas operations, net of royalties
|
$ | 172 | $ | 344 | ||||
Real estate operations
|
717 | 725 | ||||||
|
889 | 1,069 | ||||||
|
||||||||
|
||||||||
Operating expenses
|
||||||||
Oil and gas operations
|
470 | 483 | ||||||
Real estate operations
|
410 | 396 | ||||||
Real Estate - lease expense
|
245 | 240 | ||||||
Corporate general and administrative
|
154 | 192 | ||||||
|
1,279 | 1,311 | ||||||
Operating earnings (loss)
|
(390 | ) | (242 | ) | ||||
|
||||||||
Other income (expense)
|
||||||||
Interest income
|
- | 1 | ||||||
Interest expense
|
(26 | ) | (31 | ) | ||||
Recovery of bad debt expense
|
738 | - | ||||||
Other income (expense), net
|
(8 | ) | 232 | |||||
Expense
|
704 | 202 | ||||||
|
||||||||
|
||||||||
Net income (loss) applicable to common shares
|
$ | 314 | $ | (40 | ) | |||
Net income (loss) per common share-basic and diluted
|
$ | 0.16 | $ | 0.02 | ||||
Weighted average common and equivalent shares outstanding - basic
|
1,947 | 1,947 |