New Concept Energy, Inc. - FORM 8-K - EX-99 - May 19, 2017

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8-K - New Concept Energy, Inc.nce8k051817.htm

 

 

 

 

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
 
      March 31, 2017       December 31, 2016  
Assets                
                 
Current assets                
 Cash and cash equivalents   $ 520     $ 113  
 Accounts receivable from oil and gas sales     122       119  
 Other current assets     73       206  
Total current assets     715       438  
                 
                 
Oil and natural gas properties (full cost accounting method)                
 Proved developed and undeveloped oil and gas properties, net of depletion     5,551       5,608  
                 
Property and equipment, net of depreciation                
 Land, buildings and equipment - oil and gas operations     703       706  
 Other     —         25  
Total property and equipment     703       731  
                 
Other assets     322       401  
                 
Total assets   $ 7,291     $ 7,178  

 

 

 

 

NEW CONCEPT ENERGY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - CONTINUED
(amounts in thousands, except share amounts)
 
         
      March 31, 2017       December 31, 2016  
                 
Liabilities and stockholders' equity                
                 
Current liabilities                
    Accounts payable - (including $463 and $160 due to related parties in 2017 and 2016)   $ 526     $ 238  
    Accrued expenses     53       59  
    Current portion of long term debt     89       96  
Total current liabilities     668       393  
                 
Long-term debt                
    Notes payable less current portion     293       296  
    Asset retirement obligation     2,770       2,770  
Total liabilities     3,731       3,459  
                 
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 March 31, 2017 and December 31, 2016     20       20  
    Additional paid-in capital     58,838       58,838  
    Accumulated deficit     (55,299 )     (55,140 )
                 
      Total shareholders' equity     3,560       3,719  
                 
Total liabilities & equity   $ 7,291     $ 7,178  

 

 

 

 

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,
    2017   2016
Revenue        
Oil and gas operations, net of royalties   $ 195     $ 219  
    Total Revenues     195       219  
                 
                 
Operating expenses                
Oil and gas operations     256       396  
Corporate general and administrative     100       167  
    Total Operating Expenses     356       563  
Operating earnings (loss)     (161 )     (344 )
                 
Other income (expense)                
Interest income     4       6  
Interest expense     (7 )     (11 )
Other income (expense), net     (8 )     (2 )
Expense     (11 )     (7 )
                 
Earns (loss) form continuing operations     (172 )     (351 )
                 
Earnings from discontinued operations     13       55  
                 
Net income (loss) applicable to common shares   $ (159 )   $ (296 )
                 
Net (loss) per common share from continuing operations   $ (0.09 )   $ (0.18 )
                 
Net income per common share from discontinued operations   $ 0.01     $ 0.03  
                 
Net income (loss) per common share-basic and diluted   $ (0.08 )   $ (0.15 )
                 
Weighted average common and equivalent shares outstanding - basic     1,947       1,947  

 

 

 

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