AP NEWS

New Concept Energy, Inc. Reports Third Quarter 2018 Results

November 14, 2018

DALLAS--(BUSINESS WIRE)--Nov 14, 2018--New Concept Energy, Inc. (NYSE American: GBR), ( the “Company” or “NCE”) a Dallas-based oil and gas company, today reported a net loss for the three months ended September 30, 2018 of $121,000 or ($0.06) per share, compared to a net loss of $101,000 or ($0.05) per share for the three months ended September 30, 2017.

The Company reported a net loss of $429,000 for nine months ended September 30, 2018, as compared to net loss of $397,000 for the similar period in 2017.

For the three months ended September 30, 2018, the Company recorded oil and gas revenues of $167,000 as compared to $194,000 for the comparable period of 2017. The decrease was principally due to a decrease in the rate the Company received for the sale of its natural gas. In April 2018 a long term rate agreement expired and the price the Company received for its gas reverted to the existing market price which was less than the rate in the expired agreement.

For the three months ended September 30, 2018, the Company recorded oil and gas operating expenses of $186,000 as compared to $254,000 for the comparable period of 2017. The decrease was due to overall decrease in general operating expenses.

For the three months ended September 30, 2018, corporate general & administrative expenses were $99,000 as compared to $95,000 for the comparable periods in 2017.

View source version on businesswire.com:https://www.businesswire.com/news/home/20181114005774/en/

CONTACT: New Concept Energy, Inc.

Gene Bertcher, (800) 400-6407

info@newconceptenergy.com

KEYWORD: UNITED STATES NORTH AMERICA TEXAS

INDUSTRY KEYWORD: ENERGY OIL/GAS

SOURCE: New Concept Energy, Inc.

Copyright Business Wire 2018.

PUB: 11/14/2018 04:30 PM/DISC: 11/14/2018 04:30 PM

http://www.businesswire.com/news/home/20181114005774/en

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