Attached files
| file | filename |
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| 8-K - NEW CONCEPT ENERGY - New Concept Energy, Inc. | nce8k081512.htm |
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NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
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CONSOLIDATED STATEMENTS OF OPERATION
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(unaudited)
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(amounts in thousands, except per share data)
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For the Three Months ended June 30,
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For the Six Months ended June 30,
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2012
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2011
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2012
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2011
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Revenue
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Oil and gas operations, net of royalties
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$ | 325 | $ | 280 | $ | 615 | $ | 560 | ||||||||
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Real estate operations
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663 | 733 | 1,337 | 1,462 | ||||||||||||
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988 | 1,013 | 1,952 | 2,022 | ||||||||||||
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Operating expenses
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Oil and gas operations
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453 | 365 | 924 | 700 | ||||||||||||
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Real estate operations
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353 | 321 | 719 | 711 | ||||||||||||
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Lease expense
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231 | 193 | 462 | 384 | ||||||||||||
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Corporate general and administrative
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134 | 126 | 293 | 250 | ||||||||||||
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Accretion of asset retirement obligation
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34 | 32 | 68 | 64 | ||||||||||||
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Impairment of natural gas and oil properties
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- | - | 912 | - | ||||||||||||
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1,205 | 1,037 | 3,378 | 2,109 | ||||||||||||
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Operating earnings (loss)
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(217 | ) | (24 | ) | (1,426 | ) | (87 | ) | ||||||||
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Other income (expense)
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Interest income
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- | 120 | - | 239 | ||||||||||||
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Interest expense
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(56 | ) | (31 | ) | (118 | ) | (62 | ) | ||||||||
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Other income (expense), net
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104 | 1 | 108 | 73 | ||||||||||||
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Income/(Expense)
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48 | 90 | (10 | ) | 250 | |||||||||||
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Net income (loss) applicable to common shares
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$ | (169 | ) | $ | 66 | $ | (1,436 | ) | $ | 163 | ||||||
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Net income (loss) per common share-basic and diluted
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$ | (0.09 | ) | $ | 0.03 | $ | (0.74 | ) | $ | 0.08 | ||||||
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Weighted average common and equivalent shares outstanding - basic
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1,947 | 1,947 | 1,947 | 1,947 | ||||||||||||
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NEW CONCEPT ENERGY ENERGY, INC. AND SUBSIDARIES
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CONSOLIDATED BALANCE SHEETS
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(unaudited)
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(amounts in thousands)
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June 30,
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December 31,
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2012
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2011
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Assets
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Current assets
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Cash and cash equivalents
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$ | 100 | $ | 109 | ||||
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Accounts receivable from oil and gas sales
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216 | 167 | ||||||
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Other current assets
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5 | 20 | ||||||
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Total current assets
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321 | 296 | ||||||
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Oil and natural gas properties (full cost accounting method)
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Proved developed and undeveloped oil and gas properties, net of depletion
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9,930 | 11,141 | ||||||
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Property and equipment, net of depreciation
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Land, buildings and equipment - oil and gas operations
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1,448 | 1,486 | ||||||
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Other
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158 | 150 | ||||||
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Total property and equipment
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1,606 | 1,636 | ||||||
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Other assets
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578 | 377 | ||||||
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Total assets
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12,435 | $ | 13,450 | |||||
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NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
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CONSOLIDATED BALANCE SHEETS - CONTINUED
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(unaudited)
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(amounts in thousands, except share amounts)
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June 30,
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December 31,
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2012
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2011
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Liabilities and stockholders' equity
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Current liabilities
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Accounts payable - trade
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$ | 284 | $ | 422 | ||||
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Accrued expenses
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208 | 417 | ||||||
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Total current liabilities
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492 | 839 | ||||||
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Long-term debt
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Notes payable
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2,329 | 2,249 | ||||||
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Payable - related parties
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1,312 | 691 | ||||||
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Asset retirement obligation
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2,770 | 2,702 | ||||||
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Other long-term liabilities
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490 | 491 | ||||||
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Total liabilities
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7,393 | 6,972 | ||||||
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Stockholders' equity
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Preferred stock, Series B
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1 | 1 | ||||||
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Common stock, $.01 par value; authorized, 100,000,000
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shares; issued and outstanding, 1,946,935 shares
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at March 31, 2012 and December 31, 2011
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20 | 20 | ||||||
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Additional paid-in capital
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58,838 | 58,838 | ||||||
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Accumulated deficit
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(53,817 | ) | (52,381 | ) | ||||
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5,042 | 6,478 | ||||||
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Total liabilities & equity
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$ | 12,435 | $ | 13,450 | ||||