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