8-K 1 newconcept8k.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act

 

 

Date of Report (Date of earliest event reported): May 15, 2019                                                               

 

 

NEW CONCEPT ENERGY, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Nevada

 

000-08187

 

75-2399477

(State or other

jurisdiction of incorporation)

(Commission

File No.)

(I.R.S. Employer

Identification No.)

     
   

1603 LBJ Freeway, Suite 800

Dallas, Texas

 75234
(Address of principal executive offices) (Zip Code)
       

 

Registrant’s telephone number, including area code 972-407-8400                                                                   

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

 

¨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))

 

 

 

 

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Section 2 - Financial Information

 

Item 2.02Results of Operations and Financial Condition.

 

On May 15, 2019, New Concept Energy, Inc. (“GBR” or the “Company”) announced its operational results for the quarter ended March 31, 2019. A copy of the announcement is attached as Exhibit “99.1.”

 

The information furnished pursuant to Item 2.02 in this Form 8-K, including Exhibit “99.1” attached hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section, unless we specifically incorporate it by reference in a document filed under the Securities Act of 1933 or the Securities Exchange Act of 1934. We undertake no duty or obligation to publicly update or revise the information furnished pursuant to Item 2.02 of this Current Report on Form 8-K.

 

Section 9 – Financial Statements and Exhibits

 

Item 9.01Financial Statement and Exhibits.

 

(d)       Exhibits.

 

The following exhibit is furnished with this Report:

 

                    Exhibit No. Description

 

99.1*       Press release dated May 15, 2019 

 

_________________________

* Furnished herewith

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SIGNATURES

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned, hereunto duly authorized.

 

Dated: May 16, 2019

 

 

 

      NEW CONCEPT ENERGY, INC.
       
       
By: /s/ Gene S. Bertcher
    Gene S. Bertcher
    Executive Vice President and
    Chief Financial Officer

 

 

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Exhibit 99.1

 

NEWS RELEASE

 

FOR IMMEDIATE RELEASE

Contact:

 

New Concept Energy Inc.

Gene Bertcher (800) 400-6407

info@newconceptenergy.com

 

New Concept Energy, Inc. Reports First Quarter 2019 Results

Dallas (May 15, 2019) – New Concept Energy, Inc. (NYSE American: GBR), (the “Company” or “NCE”) a Dallas-based oil and gas company, today reported a net income applicable to common shares for the three months ended March 31, 2019 of $126,000 or $0.02 per share, compared to net loss of $134,000 or ($0.07) per share for the three months ended March 31, 2018. During the last nine months of 2018 the Company issued 3,094,000 shares of common stock increasing the number of shares outstanding while raising $4,609,000 in cash which the Company anticipates will be used for future drilling expenses, acquisitions and working capital.

For the three months ended March 31, 2019, the Company recorded oil and gas revenues of $180,000 as compared to $204,000 for the comparable period of 2018. The reduction was principally due to the dollar amount per MCF the Company received from the sale of natural gas.

 

For the three months ended March 31, 2019, the Company recorded oil and gas operating expenses of $179,000 as compared to $275,000 for the comparable period of 2018. The decrease was due to a decrease in depletion and depreciation, consulting fees and general operating expenses.

 

For the three months ended March 31, 2019, corporate general & administrative expenses were $88,000 as compared to $74,000 for the comparable period in 2018.  The increase was due, for the most part, to consulting fees paid by the Company regarding oil and gas matters.

 

 

Contact: New Concept Energy, Inc.

Gene Bertcher, (800) 400-6407

info@newconceptenergy.com

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NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
 
    March 31, 2019    December 31, 2018 
Assets    (Unaudited)      (Audited)  
           
Current assets          
Cash and cash equivalents  $460   $361 
Accounts receivable from oil and gas sales   93    72 
Current portion note receivable (including $4,076 and $4,017 in 2019 and 2018 from related parties   4,115    4,063 
Other current assets   34    —   
Total current assets   4,702    4,496 
           
           
Oil and natural gas properties (full cost accounting method)          
Proved developed and undeveloped oil and gas properties, net of depletion   2,503    2,517 
           
Property and equipment, net of depreciation          
Land, buildings and equipment - oil and gas operations   610    618 
           
Note Receivable   244    251 
           
Total assets  $8,059   $7,882 
           
           
The accompanying notes are an integral part of these consolidated financial statements.

 

 

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NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - CONTINUED
(dollars in thousands, except par value amount)
 
       
    March 31, 2019    December 31, 2018 
    (Unaudited)    (Audited) 
Liabilities and stockholders' equity          
           
Current liabilities          
    Accounts payable - (including $97 and $37 due to related parties in 2019 and 2018)  $123   $59 
    Accrued expenses   33    32 
    Current portion of long term debt   59    59 
Total current liabilities   215    150 
           
Long-term debt          
    Notes payable less current portion   187    201 
    Asset retirement obligation   2,770    2,770 
Total liabilities   3,172    3,121 
           
Stockholders' equity          
    Preferred stock, Series B   1    1 
    Common stock, $.01 par value; authorized, 100,000,000          
    shares; issued and outstanding,  5,131,934 and 2,036,935 shares          
    at March 31, 2019 and December 31, 2018   51    51 
    Additional paid-in capital   63,579    63,579 
    Accumulated deficit   (58,744)   (58,870)
           
      Total shareholders' equity   4,887    4,761 
           
Total liabilities & equity  $8,059   $7,882 
           
           
The accompanying notes are an integral part of these consolidated financial statements.

 

 

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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,
   2019  2018
Revenue      
Oil and gas operations, net of royalties  $180   $204 
     Total Revenues   180    204 
           
           
Operating expenses          
Oil and gas operations   179    275 
Corporate general and administrative   88    74 
     Total Operating Expenses   267    350 
Operating earnings (loss)   (87)   (146)
           
Other income (expense)          
Interest income   65    7 
Interest expense   (5)   (6)
Other income (expense), net   153    11 
Expense   213    12 
           
Earnings (loss) applicable to common shares   126    (134)
           
Net income (loss) per common share-basic and diluted  $0.02   $(0.07)
           
Weighted average common and equivalent shares outstanding - basic   5,131    2,037 
           
           
The accompanying notes are an integral part of these consolidated financial statements.