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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"><b>NOTE A: BASIS OF PRESENTATION</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt">The accompanying unaudited
consolidated financial statements include the accounts of New Concept Energy, Inc. and its majority-owned subsidiaries
(collectively, “NCE” or the “Company”). All significant intercompany transactions and accounts have
been eliminated.  Certain reclassifications have been made to the prior year revenue and operating expense amounts
in the statement of operations to conform to the current year presentation.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt">The unaudited financial statements
included herein have been prepared by the Company without audit, pursuant to the rules and regulations of the Securities and Exchange
Commission. The financial statements reflect all adjustments that are, in the opinion of management, necessary to fairly present
such information. All such adjustments are of a normal recurring nature. Although the Company believes that the disclosures
are adequate to make the information presented not misleading, certain information and footnote disclosures, including a description
of significant accounting policies normally included in financial statements prepared in accordance with accounting principles
generally accepted in the United States of America, have been condensed or omitted pursuant to such rules and regulations.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt">These financial statements should
be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report
on Form 10-K for the fiscal year ending December 31, 2017. Operating results for the three month period ended March 31, 2018 are
not necessarily indicative of the results that may be expected for any subsequent quarter or for the fiscal year ending December
31, 2018.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"><b>NOTE B: NATURE OF OPERATIONS</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt">The Company operates oil and gas
wells and mineral leases in Athens and Meigs Counties in Ohio and in Calhoun, Jackson and Roane Counties in West Virginia through
its wholly owned subsidiaries Mountaineer State Energy, LLC and Mountaineer State Operations, LLC.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"><b>NOTE C: SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt">We consider accounting policies
related to our estimates of depreciation amortization and depletion, segments, oil and gas properties, oil and gas reserves, gas
gathering assets, office and field equipment, revenue recognition and gas imbalances, leases, revenue recognition for real estate
operations, impairment, and sales of real estate as significant accounting policies. The policies include significant estimates
made by management using information available at the time the estimates are made. However, these estimates could change materially
if different information or assumptions were used. These policies are summarized in our Annual Report on Form 10-K for the year
ended December 31, 2017.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"><b>NOTE D: OIL AND GAS RESERVES</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font-size: 8pt">The Company
uses the full cost method of accounting for its investment in oil and natural gas properties. Under this method of accounting,
all costs of acquisition, exploration and development of oil and natural gas properties (including such costs as leasehold acquisition
costs, geological expenditures, dry hole costs, tangible and intangible development costs and direct internal costs) are capitalized
as the cost of oil and natural gas properties when incurred.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font-size: 8pt">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.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"><b>NOTE E: CONTINGENCIES</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"><u>Carlton Litigation</u></font></p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt">Since December 2006, Carlton
Energy Group, LLC (“Carlton”), an individual, Eurenergy Resources Corporation (“Eurenergy”) and several
other entities, including New Concept Energy, Inc., which was then known as CabelTel International Corporation (the “Company”),
have been involved in contentious litigation alleging tortuous conduct, breach of contract and other matters and, as to the Company,
that it was the alter ego of Eurenergy. The Carlton claims were based upon an alleged tortuous interference with a contract by
the individual and Eurenergy related to the right to explore a coal bed methane concession in Bulgaria which had never (and has
not to this day) produced any hydrocarbons. At no time during the pendency of this project or since did the Company or any of
its officers or directors have any interest whatsoever in the success or failure of the so-called “Bulgaria Project.”
However, in the litigation Carlton alleged that the Company was the alter ego of certain of the other defendants, including Eurenergy.</font></p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt">Following a jury trial in
2009, the Trial Court (295<sup>th</sup> District Court of Harris County, Texas) cross appeals were filed by Carlton, the individual
and Eurenergy to the Court of Appeals for the First District of Texas (the “Court of Appeals”), which, in February
2012, rendered an opinion. The Company and the other defendants filed a Petition for Review of the Court of Appeals’ Opinion
with the Supreme Court of the State of Texas. On May 8, 2015, the Supreme Court of Texas affirmed, in part, and reversed, in part,
the Court of Appeals’ judgment, remanding the case to the Court of Appeals for further proceedings. On remand, the Court
of Appeals reinstated a verdict on damages in the amount of $31.16 million against the individual and Eurenergy.</font></p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt">During August 2017, the parties
to the litigation reached an arrangement, the final terms of which will not be determined until the outcome of another appeal
to the Supreme Court. Under the terms of the arrangement, the Company should have no financial responsibility to Carlton, nor
should any potential final outcome materially adversely affect the Company, in management’s opinion.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"><u>Other</u></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The Company
has been named as a defendant in other lawsuits in the ordinary course of business. Management is of the opinion that these lawsuits
will not have a material effect on the financial condition, results of operations or cash flows of the Company.<b> </b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"><b></b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"><b>NOTE F:  NEWLY ISSUED
ACCOUNTING STANDARDS</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font-size: 8pt">In February
2016, Accounting Standards Update No. 2016-02 (“ASU 2016-02”), Leases was issued. This new guidance establishes a
new model for accounting for leases and provides for enhanced disclosures. ASU 2016-02 is effective for reporting periods beginning
after December 15, 2018. The Company is currently evaluating the impact the adoption of this guidance, if any, on its financial
position and results of operations. </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"><b>NOTE G:  SUBSEQUENT
EVENTS</b></font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font-size: 8pt">The Company has evaluated subsequent
events through May 11, 2018, the date the financial statements were available to be issued, and determined that there are none
to be reported.</font></p>
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