New Concept Energy, Inc., through its subsidiaries, owns and operates oil and gas wells, and mineral leases primarily in the United States. The company operates through two segments, Oil and Gas Operations, and Retirement Facilities. Its oil and gas wells, and mineral leases are located in Athens and Meigs counties in Ohio; and Calhoun, Jackson, and Roane counties in West Virginia. As of December 31, 2015, the company had 153 producing gas wells; 31 non-producing wells and related equipment; and mineral leases covering approximately 20,000 acres. It also leases and operates Pacific Pointe Retirement Inn, a retirement center located in King City, Oregon that offers community living with basic services, including meals, housekeeping, laundry, 24/7 staffing, transportation, and social and recreational activities. The company was formerly known as CabelTel International Corporation and changed its name to New Concept Energy, Inc. in May 2008. New Concept Energy, Inc. was founded in 1978 and is headquartered in Dallas, Texas.
InsiderMonkey - Although there is no fundamental news concerning the company, technical traders are likely buying nano-cap New Concept Energy, Inc. (NYSEMKT:GBR) for its momentum. Shares of the company have surged 63% on the day on no news and the price action is likely causing a short squeeze. Almost a quarter of the float is short, and the company only has a share float of 0.78 million according to FINVIZ. As with all low float nano-caps, traders buying and selling should do due-diligence. None of the funds tracked by us held shares of New Concept Energy, Inc. (NYSEMKT:GBR), according to the latest round of 13F filings.
$GBR up 59% on Friday. I think we are seeing a technical breakout, continuation, and 15% shorts covering.
