New Concept Energy, Inc. has reported Results of Operations for the fourth quarter and the full year ended December 31, 2019.
During the three months ended December 31, 2019 the Company reported a net loss of $17,000 compared to a net loss of $55,000 for the same period ended December 31, 2018.
For the full year ended December 31, 2019 the Company reported a net loss of $2.3 million or ($0.46) per share, compared to a net loss of $484,000 or ($0.21) per share for the same period ended December 31, 2018.
Revenues: Total revenues from the oil & gas operation was $590,000 in 2019 and $682,000 in 2018. The decrease was due to the rate the Company received for the sale of its natural gas during 2019.
Operating Expenses: Operating expenses for continuing oil & gas operations was $686,000 in 2019 and $844,000 in 2018. This decrease was principally due to a reduction of depreciation and depletion expense of $166,000.
In 2019 pursuant to the requirements of the full cost ceiling test for oil & gas companies we recorded a non- cash charge to operations of $ $2.3 million to write down its investment in West Virginia. In September 2019 the Company unsuccessfully drilled a well which resulted in dry hole. As the well did not prove up the estimated probable and possible reserves, the Company had to deem...