New Concept Energy Inc. (GBR) stock gained by 22.14% at the last trading close whereas the GBR stock price declines by 5.15% in the pre-market trading session. New Concept Energy has reported its results for operations on March 31, 2021, for the fourth quarter and full year 2020 ended on December 31. New Concept Energy (NCE) is a fully integrated oil and gas producer that and has been focusing on energy resource production since 2003. New Concept Energy works on oil and gas drilling and mining ventures in North America. The Appalachian and Utica Basins have the largest concentration of New Concept Energy current properties.
Result for Discontinued Operations
GBR announced a net loss of $170,000 from discontinued operations for the full year ended December 31, 2020, compared with a net loss of $2.4 million for the same period in the previous year. Accumulated depreciation of $2.3 million was included in the loss in 2019, as GBR reduced the recorded value of its oil and gas business.
In the context of above mentioned results, it is important to mention that GBR sold its oil and gas business in August 2020, resulting in a $2.1 million profit. While the sale price was $85,000, GBR had set aside a $2 million fund for plug and abandonment costs. GBR stock was relieved of all plug and termination responsibilities as a result of the deal.
Results for Running Operations
For the fourth quarter 2020, GBR calculated its net loss from the running operations as $32,000 whereas the net loss for the fourth quarter 2019 was $17,000. On the other hand, the net loss reported by GBR stock for the full year 2020 was $52,000 compared to net income of $60,000 for the full year 2019.
- The complete revenue generated from the rent for the leased property was $101,000 compared to $98,000 for the previous year.
- The General and administrative expenses were $396,000 while the G&A expense for 2019 was $418,000.
- New Concept Energy’s operating expenses for the real estate property was $72,000 in 2020 and $61,000 in 2019.
- GBR’s interest income was $242,000 in the year 2020 compared to $257,000 for the previous year. The interest income reduced because of the decrease in principal balance outstanding due to payments received.