Replies to post #320 on New Concept Energy, Inc. (GBR)

[wickerman]

$GBR and today a nice steady dump

It's amazing how traders still haven't figured out all of their oil & gas assets were sold 10 months ago.

On August 31, 2020 the Company sold its entire oil and gas operation for $85,000 to an independent third party. In prior years the Company has accrued a liability of $2,745,000 to plug and abandon the existing wells. This obligation was assumed by the buyer. Upon the sale of the wells the Company recorded a gain of $2,138,000.

In September 2019 the Company wrote down the accounting value of its oil and gas reserves by $2,285,000.

https://www.sec.gov/Archives/edgar/data/0000105744/000101054920000250/newconcept8k.htm