EXHIBIT 99.1

NEWS RELEASE   FOR IMMEDIATE RELEASE   Contact:   New Concept Energy Inc. Investor Relations Gene Bertcher, (800) 400-6407 info@newconceptenergy.com  

New Concept Energy, Inc. Reports First Quarter 2024 Results

Dallas (May 9, 2024) – New Concept Energy, Inc. (NYSE American: GBR), (the “Company” or “NCE”) a Dallas-based company, today reported Results of Operations for the first quarter ended March 31, 2024.

During the three months ended March 31, 2024, the Company reported net income applicable to common shares of $2,000, compared to net income of $17,000 for the three months ended March 31, 2023.

For the three months ended March 31,2024 the Company had revenue of $36,000 including $25,000 for rental income and $11,000 in management fees. Revenue for the three months ended March 31,2023 was $45,000.

For the three months ended March 31, 2024, corporate general & administrative expenses were $78,000 as compared to $68,000 for the comparable periods in 2023. 

For the three months ended March 31, 2024 and 2023 interest income was $57,000 and $52,000.

About New Concept Energy, Inc.

New Concept Energy, Inc. is a Dallas-based company which owns real estate in West Virginia and provides management services for a third party oil and gas company. For more information, visit the Company’s website at www.newconceptenergy.com.

Contact: New Concept Energy, Inc.

Gene Bertcher, (800) 400-6407

info@newconceptenergy.com

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(amounts in thousands)

	March 31, 2024		December 31, 2023
Assets	(Unaudited)		(Audited)
Current assets
Cash and cash equivalents	$	395	$	447
Other current assets		61		12
Total current assets		456		459
Property and equipment, net of depreciation
Land, buildings and equipment		626		629
Note Receivable - Related Party		3,542		3,542
Total assets	$	4,624	$	4,630

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS - CONTINUED

(dollars in thousands, except par value amount)

	March 31, 2024			December 31, 2023
	(Unaudited)			(Audited)
Liabilities and stockholders' equity
Current liabilities
Accounts payable - (including $8 due to related parties in 2024 and 2023)	$	25		$	36
Accrued expenses		42			39
Total current liabilities		67			75
Stockholders' equity
Preferred stock, Series B, $10 par value; authorized 100,000 shares, 1 issued and outstanding at March 31, 2024 and December 31, 2023		1			1
Common stock, $.01 par value; authorized, 100,000,000 shares; issued and outstanding, 5,131,934 shares at March 31, 2024 and December 31, 2023		51			51
Additional paid-in capital		63,579			63,579
Accumulated deficit		(59,074	)		(59,076	)
Total shareholders' equity		4,557			4,555
Total liabilities & equity	$	4,624		$	4,630

NEW CONCEPT ENERGY, INC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(amounts in thousands, except per share data)

	For the Three Months ended March 31,
	2024			2023
Revenue
Rent	$	25		$	25
Management fees		11			20
Total Revenues		36			45
Operating Expenses
Operating expenses		13			12
Corporate general and administrative		78			68
Total Operating Expenses		91			80
Operating  loss		(55	)		(35	)
Other Income
Interest income  from related parties		57			52
Total Other Income		57			52
Net Income applicable to common shares	$	2		$	17
Net income per common share-basic and diluted	$	0.01		$	0.01
Weighted average common and equivalent shares outstanding - basic and diluted		5,132			5,132