New Concept Energy, Inc. (AMEX: GBR), (“the Company” or “NCE”), a Dallas-based oil and gas company, today reported a net loss of $57,000 and a net gain of $106,000 for the three and nine months ended September 30, 2011, as compared to a net gain of $188,000 and a net loss of $127,000 for the comparable periods of 2010.

For the three and nine months ended September 30, 2011, the Company recorded oil and gas revenues, net of royalties of $313,000 and $873,000 as compared to $349,000 and $950,000 for the comparable period of 2010. The changes in oil & gas revenue were due to changes in the price of oil and gas in the marketplace.

For the three and nine months ended September 30, 2011, the Company recorded revenues of $690,000 and $2,152,000 from its retirement property compared to $763,000 and $2,217,000 for the comparable periods in 2010. The variances between comparable periods are due to occupancy fluctuations.

For the three and nine months ended September 30, 2011, the Company recorded oil and gas operating expenses of $325,000 and $1,025,000 as compared to $320,000 and $992,000 for the comparable period of 2010. The increase was due to an increase in drilling and related expenses.

For the three and nine months ended September 30, 2011, operating expenses and lease expense at the retirement property were $632,000 and $1,727,000 as compared to $541,000 and $1,707,000 for the comparable periods in 2010.

For the three and nine months ended September 30, 2011, corporate general & administrative expenses were $101,000 and $351,000 as compared to $124,000 and $447,000 for the comparable periods in 2010. The decrease is primarily due to decreased payroll costs.

For the three and nine months ended September 30, 2011, interest income was $121,000 and $360,000 as compared to $122,000 and $375,000 for the comparable periods in 2010.