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CabelTel International Corp. Reports Operating Results (10-Q)

November 14, 2011 | About:

CabelTel International Corp. (GBR) filed Quarterly Report for the period ended 2011-09-30.

New Concept Energy Inc has a market cap of $4.48 million; its shares were traded at around $2.3 with a P/E ratio of 17.69 and P/S ratio of 1.06.

Highlight of Business Operations:

The full cost method requires the Company to calculate quarterly, by cost center, a “ceiling,” or limitation on the amount of properties that can be capitalized on the balance sheet. To the extent capitalized costs of oil and natural gas properties, less accumulated depletion and related deferred taxes exceed the sum of the discounted future net revenues of proved oil and natural gas reserves, the lower of cost or estimated fair value of unproved properties subject to amortization, the cost of properties not being amortized, and the related tax amounts, such excess capitalized costs are charged to expense. Beginning December 31, 2009, full cost companies use the unweighted arithmetic average first day of the month price for oil and natural gas for the 12-month period preceding the calculation date to calculate the future net revenues of proved reserves. Prior to December 31, 2009, companies used the price in effect at the calculation date and had the option, under certain circumstances, to elect to use subsequent commodity prices if they increased after the calculation date.

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 was due 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 is due to occupancy fluctuations.

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