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New Concept Energy, Inc. Reports 3rd Quarter 2010 Results

For the three and nine months ended September 30, 2010, interest expense for the three and nine months ended was $31,000 and $93,000 as compared to $31,000 and $92,000 for the comparable periods in 2009.

The Company recorded other expense of $350,000 for the nine months ended September 30, 2010. In 2009, the Company was considering an association with an oil and gas company in South Texas that was operating under Chapter 11 of the bankruptcy code. During 2009, we invested $350,000 in the South Texas company through both a loan and other costs. In 2010, the bankruptcy court converted the bankruptcy filing to Chapter 7 and ordered the liquidation of the South Texas company. It is unlikely our company will recover any of its investment.

 
 
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(amounts in thousands, except per share data)
       

For the Three Months

For the Nine Months

ended September 30,

ended September 30,

2010 2009 2010 2009
Revenue
Oil and gas operations, net of royalties $ 349 $ 285 $ 950 $ 966
Real estate operations   763     685     2,217     2,121  
  1,112     970     3,167     3,087  
 
 
Operating expenses
Oil and gas operations 320 329 992 1,086
Real estate operations 330 293 1,023 1,016
Lease expense 211 242 684 719
Corporate general and administrative 124 169 447 666
Accretion of asset retirement obligation   30     -     90     -  
  1,015     1,033     3,236     3,487  
Operating earnings (loss) 97 (63 ) (69 ) (400 )
 
Other income (expense)
Interest income 122 138 375 432
Interest expense (31 ) (31 ) (93 ) (92 )
Gain on sale of assets, net - - 10 -
Other income (expense), net   -     5     (350 )   48  
Income/(Expense)   91     112     (58 )   388  
 
 
Net income (loss) applicable to common shares $ 188   $ 49   $ (127 ) $ (12 )
 

Net income (loss) per common share - basic and diluted

$ 0.10   $ 0.03   $ (0.07 ) $ (0.01 )
 
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
(amounts in thousands)
 

September 30, 2010

  December 31, 2009
 
Assets
 
Current assets
Cash and cash equivalents $ 134 $ 155
Accounts receivable from oil and gas sales 244 203
Note and interest receivable – related party 10,217 11,206
Other current assets   88   567
Total current assets   10,683   12,131
 
 
Oil and natural gas properties (full cost accounting method)
Proved developed and undeveloped oil and gas properties, net of depletion 11,353 11,372
 
Property and equipment, net of depreciation
Land, buildings and equipment - oil and gas operations 1,316 1,337
Other   152   149
Total property and equipment 1,468 1,486
 
Other assets   173   132
 
Total assets $ 23,677 $ 25,121
 
 
NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - CONTINUED
(amounts in thousands, except share amounts)
   

September 30, 2010

December 31, 2009

 
Liabilities and stockholders' equity
 
Current liabilities
Accounts payable - trade $ 176 $ 154
Accrued expenses   1,283     2,711  
Total current liabilities 1,459 2,865
 
Long-term debt
Notes payable 1,281 1,198
Asset retirement obligation 2,540 2,450
Other long-term liabilities   243     326  
Total liabilities 5,523 6,839
 

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 December 31, 2009 and 2008

20 20
Additional paid-in capital 58,838 58,838
Accumulated deficit   (40,705 )   (40,577 )
 
  18,154     18,282  
 
Total liabilities & equity $ 23,677   $ 25,121  




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