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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b>NOTE A: BASIS OF PRESENTATION</b></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 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/normal Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 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/normal Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 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 and six month periods
ended June 30, 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/normal Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b>NOTE B: NATURE OF OPERATIONS</b></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 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, Inc. and Mountaineer State Operations, LLC.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b>NOTE C: SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES</b></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 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/normal Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b>NOTE D: OIL AND GAS RESERVES</b></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><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/normal Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><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/normal Times New Roman, Times, Serif; margin: 0 0 0pt"><font style="font-size: 8pt"></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b>NOTE E: CONTINGENCIES</b></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt/115% New times roman,serif; margin: 0"><font style="font-size: 8pt"><u>Carlton Litigation</u></font></p>
<p style="font: 10pt/115% New times roman,serif; margin: 0"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt/115% New times roman,serif; margin: 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% New times roman,serif; margin: 0"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt/115% New times roman,serif; margin: 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% New times roman,serif; margin: 0"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt/115% New times roman,serif; margin: 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/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><u>Other</u></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 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.</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"> <b> </b></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"><b>NOTE
F:  NEWLY ISSUED ACCOUNTING STANDARDS</b></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif"> </font></p>
<p style="font: 10pt/normal Calibri, Helvetica, Sans-Serif; margin: 0"><font style="font: 8pt Times New Roman, Times, Serif">We
have considered all other newly issued accounting guidance that is applicable to our operations and the preparation of our financial
statements including that which we have not yet adopted. We do not believe that any such guidance will have a material effect
on our financial position or results of operations</font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"><b>NOTE G:  SUBSEQUENT
EVENTS</b></font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt"> </font></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">The Company has evaluated subsequent
events through August 13, 2018, the date the financial statements were available to be issued, and determined that there are none
to be reported. </font></p>