1. A small independent oil and gas producer, similar to a localized Occidental Petroleum, that also owns a retail shopping center like a single property from Simon Property Group.

2. A publicly traded mini-conglomerate, akin to a tiny Berkshire Hathaway, focused on Texas oil wells and a single retail property.

• Oil and Gas Production: The company operates producing oil and gas properties primarily in the Appalachian Basin.
• Non-Operating Oil and Gas Interests: It holds working interests in various oil and gas properties where it does not perform direct operational activities.
• Real Estate Ownership: The company owns residential properties and mineral deeds for land.

New Concept Energy (GBR) generates its limited revenue from two main sources: oil and gas royalty income from its mineral interests and direct operations of a motel. The company explicitly states in its SEC filings that it does not have any material long-term contracts with single customers and that the loss of any single customer would not have a material adverse effect, indicating an absence of "major customers" in the traditional sense.

While a portion of its revenue comes from oil and gas royalty payments received from various energy operating companies, its most direct customer-facing sales activity comes from its motel operations (the MCM Inn), which serve individuals. Therefore, focusing on the company's direct sales to individuals, its customer categories are:

• Business Travelers: Individuals staying for work-related purposes, including corporate meetings, business trips, or temporary assignments.
• Leisure Travelers/Tourists: Individuals or families visiting for vacation, recreational activities, or personal events in the area.
• Local/Transient Guests: Customers seeking short-term accommodation for various personal needs, such as relocating, visiting family, or during local emergencies.

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Gene S. Bertcher, Chairman, Chief Executive Officer, President, and Chief Financial Officer
Mr. Bertcher has a lengthy tenure with New Concept Energy, Inc., spanning 36 years. Prior to his current roles, he served as the Chief Financial Officer and Executive Vice President of Pillar Income Asset Management, Inc. since April 30, 2011. He also held the position of Chief Accounting Officer.

Louis J. Corna, Executive Vice President and Secretary

Gina H. Kay, Executive Vice President and Treasurer
Ms. Kay has also been noted for her role as Vice President and Treasurer of Realty Advisors Inc., a significant shareholder in New Concept Energy.

The accelerating global transition towards renewable energy sources and decarbonization initiatives poses a clear emerging threat to New Concept Energy's core business of oil and gas production. This shift is driven by rapid technological advancements in renewables, increasing governmental regulations aimed at combating climate change, and evolving investor and consumer preferences towards sustainable energy. This trend directly threatens the long-term demand for, and profitability of, fossil fuel assets, potentially leading to asset write-downs, reduced capital availability for exploration, and higher operational costs due to environmental compliance requirements.

New Concept Energy (GBR) operates in two main markets: real estate rental and oil and natural gas exploration and production.

• Real Estate Rental: The market size for commercial leasing in the U.S. is measured at approximately $265.2 billion in 2025.

• Oil and Natural Gas Exploration and Production: The addressable market size for the upstream (exploration and production) sector of the U.S. oil and gas market is estimated to be approximately $103.2 billion in 2025. This is based on the overall U.S. oil and gas market size of USD 142.81 billion in 2025, with the upstream sector accounting for 72.3% of the market in 2024.

1. Growth in Real Estate Rental Income: The company owns approximately 190 acres of land and over 53,000 square feet of building space in Parkersburg, West Virginia, which generates rental income. Future revenue growth is expected from potential increases in rental rates or higher occupancy levels within its leased property.
2. Fluctuations in Oil and Gas Prices: New Concept Energy provides advisory and management services to an independent oil and gas company, receiving a management fee that is a share of the oil and gas revenue. Therefore, an increase in oil and gas prices would directly lead to higher management fee income.
3. Expansion of Oil and Gas Consulting Services: While the company currently serves a single oil and gas client, future revenue growth could be driven by expanding its consulting management agreement with the existing client to cover more operations or by securing new consulting agreements with additional clients in the oil and gas sector.

Outbound Investments

• New Concept Energy sold its oil and gas operation in August 2020 for $85,000, which resulted in a gain of $2.1 million primarily due to being relieved of plug and abandonment obligations.
• In the second quarter of 2022, the company collected $62,000 from a previously fully reserved investment and recorded a gain of $68,000 from the sale of equipment.
• The company continues to own and operate approximately 191 acres of land with four structures in Parkersburg, West Virginia, with a business strategy that includes potentially selling this property.

Capital Expenditures

• Capital expenditures for the last 12 months (prior to November 2025) amounted to -$20,000, indicating a net inflow likely from asset sales.
• The primary focus of the company's capital allocation has been on maintaining its real estate property in West Virginia and providing advisory and management services.