New Concept Energy, Inc. (AMEX: GBR), (“the Company” or “NCE”), a Dallas-based oil and gas company, today reported net losses of $84,000 and $61,000 ($.03 and $.04 per share) for the three and six months ended June 30, 2009, compared to net income of $15 million ($7.73 and $7.84 per share) for the comparable periods of 2008. The primary reason for the decrease in net income is the recognition of gain on the sale of mineral rights in the first quarter of 2008, of which there was no comparable sale in 2009.

Revenues and Operating Expenses: For the three and six months ended June 30, 2009, the Company recorded oil and gas revenues of $287,000 and $681,000. No such revenues were earned in the comparable periods in 2008, which was prior to acquisition of the oil and gas operations. During the same periods in 2009, the Company recorded revenues of $762,000 and $1.4 million from its retirement property compared to $699,000 and $1.4 million for the comparable periods in 2008.

For the three and six months ended June 30, 2009, the Company recorded oil and gas operating expenses of $371,000 and $757,000. No such operating expenses were incurred in the comparable periods in 2008, which was prior to acquisition of the oil and gas operations. During the same periods in 2009, operating expenses and lease expense at the retirement property were $621,000 and $1.2 million as compared to $550,000 and $1.1 million for the comparable periods in 2008.

For the three and six months ended June 30, 2009, corporate general & administrative expenses were $235,000 and $497,000 as compared to $264,000 and $525,000 for the comparable periods in 2008. The decrease is primarily due to increased employee-related efficiencies in the 2009 periods as compared to 2008.

Interest Income: For the three and six months ended June 30, 2009, interest income was $113,000 and $294,000 as compared to $198,000 and $250,000 for the comparable periods in 2008. The quarter to quarter decrease is primarily due to decreases in the prime lending rate from 2008 to 2009. The increase in the six month comparison is due to the increased receivable on which interest is computed over the comparable periods.

Interest Expense: The Company recorded interest expense for the three and six months ended June 30, 2009, of $31,000 and $61,000 as compared to $68,000 and $230,000 for the comparable periods in 2008. The decrease is primarily due to the payoff of interest bearing debt during the second quarter of 2008, as well as reduced interest rates on notes payable from 2008 to 2009.

Other Income: Other income was $12,000 and $43,000 for the three and six months ended June 30, 2009, as compared to $138,000 and $412,000 for the comparable periods in 2008. In 2008, the income was due to the collection of back interest from a mortgage bond receivable due to the sale of a property in August 2001. Because the mortgage bond was payable based on cash flow and profit of the property, the uncollected interest was not recorded until collected.

Certain statements in this media release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. The words “estimate,” “plan,” “intend,” “expect,” “anticipate,” “believe” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are found at various places throughout this release. New Concept Energy, Inc. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Although we believe that our expectations are based upon reasonable assumptions, we can give no assurance that our goals will be achieved. Important factors that could cause our actual results to differ from estimates or projects contained in any forward-looking statements are described under ITEM 1A. RISK FACTORS in the Company’s Form 10-K for the fiscal year ended December 31, 2008.