<SEC-DOCUMENT>0001010549-19-000256.txt : 20191122
<SEC-HEADER>0001010549-19-000256.hdr.sgml : 20191122
<ACCEPTANCE-DATETIME>20191122155838
ACCESSION NUMBER:		0001010549-19-000256
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20191205
FILED AS OF DATE:		20191122
DATE AS OF CHANGE:		20191122
EFFECTIVENESS DATE:		20191122

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			New Concept Energy, Inc.
		CENTRAL INDEX KEY:			0000105744
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				752399477
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-08187
		FILM NUMBER:		191241436

	BUSINESS ADDRESS:	
		STREET 1:		1603  LBJ  FREEWAY
		STREET 2:		SUITE 300
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
		BUSINESS PHONE:		9724078400

	MAIL ADDRESS:	
		STREET 1:		1603  LBJ  FREEWAY
		STREET 2:		SUITE 300
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CabelTel International Corp
		DATE OF NAME CHANGE:	20050211

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GREENBRIAR CORP
		DATE OF NAME CHANGE:	19960514

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MEDICAL RESOURCE COMPANIES OF AMERICA
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>def14a.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.35pt 128.25pt 0 127.15pt; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt/100% Times New Roman, Times, Serif; margin: 0.1pt 128.3pt 0 127.15pt; text-align: center">SECURITIES AND EXCHANGE
COMMISSION WASHINGTON, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 128.45pt 0 127.15pt; text-align: center"><B>SCHEDULE 14A INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.6pt; text-align: left">Proxy Statement Pursuant to Section
14(a) of the Securities Exchange of 1934 (Amendment No. __)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 5.6pt">Filed <FONT STYLE="letter-spacing: 0.15pt">by </FONT><FONT STYLE="letter-spacing: 0.1pt">the
</FONT><FONT STYLE="letter-spacing: 0.15pt">Registrant [X]</FONT></P>

<P STYLE="font: 9pt/102% Times New Roman, Times, Serif; margin: 0.25pt 295.15pt 0 5.6pt">Filed <FONT STYLE="letter-spacing: 0.15pt">by
</FONT>a <FONT STYLE="letter-spacing: 0.1pt">Party </FONT><FONT STYLE="letter-spacing: 0.15pt">other </FONT><FONT STYLE="letter-spacing: 0.1pt">than
the </FONT><FONT STYLE="letter-spacing: 0.15pt">Registrant </FONT>[ ]</P>

<P STYLE="font: 9pt/102% Times New Roman, Times, Serif; margin: 0.25pt 295.15pt 0 5.6pt"><FONT STYLE="letter-spacing: 0.2pt">Check </FONT><FONT STYLE="letter-spacing: 0.1pt">the
</FONT><FONT STYLE="letter-spacing: 0.15pt">appropriate box:</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 5.6pt">[ &nbsp;&nbsp;]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="letter-spacing: 0.15pt">Preliminary
</FONT><FONT STYLE="letter-spacing: 0.1pt">Proxy</FONT> <FONT STYLE="letter-spacing: 0.15pt">Statement.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.2pt 0 0 5.6pt">[ &nbsp;&nbsp;]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="letter-spacing: 0.15pt">Confidential,
for Use of </FONT><FONT STYLE="letter-spacing: 0.1pt">the </FONT><FONT STYLE="letter-spacing: 0.2pt">Commission </FONT><FONT STYLE="letter-spacing: 0.15pt">Only
</FONT>(as <FONT STYLE="letter-spacing: 0.1pt">permitted </FONT><FONT STYLE="letter-spacing: 0.15pt">by Rule 14a-6(e)(2)).</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.3pt 0 0 5.6pt"><FONT STYLE="letter-spacing: 0.15pt">[X]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT STYLE="letter-spacing: 0.1pt">Definitive
Proxy</FONT> <FONT STYLE="letter-spacing: 0.15pt">Statement.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.25pt 0 0 5.6pt">[ &nbsp;&nbsp;]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="letter-spacing: 0.1pt">Definitive
</FONT><FONT STYLE="letter-spacing: 0.15pt">Additional Materials.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.3pt 0 0 5.6pt">[ &nbsp;&nbsp;]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="letter-spacing: 0.15pt">Soliciting
</FONT><FONT STYLE="letter-spacing: 0.1pt">Material </FONT><FONT STYLE="letter-spacing: 0.2pt">Pursuant </FONT>to <FONT STYLE="letter-spacing: 0.15pt">Section</FONT>
<FONT STYLE="letter-spacing: 0.2pt">240.14a-12.</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 1.1pt 0 0; text-align: center"><U>&#9;<FONT STYLE="letter-spacing: 0.15pt">NEW
</FONT><FONT STYLE="letter-spacing: 0.25pt">CONCEPT </FONT><FONT STYLE="letter-spacing: 0.2pt">ENERGY,</FONT> <FONT STYLE="letter-spacing: 0.15pt">INC.&#9;</FONT></U></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0.2pt 128.25pt 0 127.15pt; text-align: center">(Name of Registrant as
Specified In Its Charter)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 128.55pt 0 127.15pt; text-align: center">(Name of Person(s) Filing
Proxy Statement if other than the Registrant)</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 5.6pt">Payment of Filing Fee (Check the appropriate box):</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.5pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.55pt"><FONT STYLE="font-size: 9pt">[X]</FONT></TD><TD><FONT STYLE="font-size: 9pt; letter-spacing: 0.15pt">No </FONT><FONT STYLE="font-size: 9pt; letter-spacing: 0.1pt">fee</FONT>
<FONT STYLE="font-size: 9pt; letter-spacing: 0.15pt">required.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif">[ &nbsp;&nbsp;]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fee computed on table
below per Exchange Act Rules 14a-6(i)(1) and 0-11.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.55pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-size: 9pt">1)</FONT></TD><TD><FONT STYLE="font-size: 9pt">Title of each class of securities
to which transaction applies:</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.55pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-top: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 3.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.55pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-size: 9pt">2)</FONT></TD><TD><FONT STYLE="font-size: 9pt">Aggregate
                                         number of securities to which transaction applies:</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.55pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-top: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/101% Times New Roman, Times, Serif; margin-top: 3.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.6pt"></TD><TD STYLE="width: 36pt"><FONT STYLE="font-size: 9pt">3)</FONT></TD><TD STYLE="padding-right: 7.25pt"><FONT STYLE="font-size: 9pt">Per
                                         unit price or other underlying value of transaction computed pursuant to Exchange Act
                                         Rule 0-11 (Set forth the amount on which the filing fee is calculated and state how it
                                         was determined):</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.55pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-top: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 3.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.55pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-size: 9pt">4)</FONT></TD><TD><FONT STYLE="font-size: 9pt">Proposed
                                         maximum aggregate value of transaction:</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.55pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-top: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 3.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.55pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-size: 9pt">5)</FONT></TD><TD><FONT STYLE="font-size: 9pt; letter-spacing: 0.1pt">Total fee paid:</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.55pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-top: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3.45pt 0 0 5.6pt; text-align: justify">[&nbsp;&nbsp; ] Fee paid previously
with preliminary materials.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3.45pt 0 0 5.6pt; text-align: justify">[&nbsp;&nbsp; ] Check box if
any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee
was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its
filing.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.1pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.55pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-size: 9pt">1)</FONT></TD><TD><FONT STYLE="font-size: 9pt">Amount
                                         Previously Paid:</FONT></TD></TR></TABLE>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.55pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-top: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 3.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.55pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-size: 9pt">2)</FONT></TD><TD><FONT STYLE="font-size: 9pt">Form,
                                         Schedule or Registration Statement No.:</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.55pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-top: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 3.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.55pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-size: 9pt">3)</FONT></TD><TD><FONT STYLE="font-size: 9pt">Filing
                                         Party:</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.55pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-top: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 3.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.55pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-size: 9pt">4)</FONT></TD><TD><FONT STYLE="font-size: 9pt">Date
                                         Filed:</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 41.55pt"></TD><TD STYLE="width: 36.05pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-top: Black 1pt solid"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="margin: 0"></P>



<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">NEW CONCEPT ENERGY, INC.</P>

<P STYLE="text-align: center; margin-top: 1.55pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">NOTICE OF ANNUAL MEETING OF STOCKHOLDERS</P>

<P STYLE="text-align: center; margin-top: 1.55pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">TO BE HELD ON DECEMBER 5, 2019</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 28.4pt; margin-bottom: 0pt; font: 12pt Times New Roman">New Concept Energy, Inc. will hold its Annual Meeting of Stockholders on Thursday, December 5, 2019, at 10:30 a.m., local Dallas,
Texas time, at 1603 LBJ Freeway, Suite 800, Dallas, Texas 75234. The purpose of the meeting is to consider and act upon:</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman">&nbsp;</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin-left: 36pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Election
of a Board of five directors to serve until the next Annual Meeting of Stockholders and until their successors are duly
elected and qualified.</FONT></P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin-left: 36pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratification of the selection
of Swalm &amp; Associates, P.C. as the independent registered public accounting firm.</FONT></P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin-left: 36pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such other matters as may
properly be presented at the Annual Meeting.</FONT></P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-bottom: 0pt; font: 12pt Times New Roman">Only Stockholders of record at the close of business on Friday, November 1, 2019, will be entitled to vote at the meeting.</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 15.1pt; margin-bottom: 0pt; font: 12pt Times New Roman">Your vote is important. Whether or not you plan to attend the meeting, please complete, sign, date and return the enclosed proxy
card in the accompanying envelope provided. Your completed proxy will not prevent you from attending the meeting and voting in
person, should you choose.</P>

<P STYLE="text-align: justify; margin-top: 15.1pt; margin-bottom: 0pt; margin-left: 36pt; font: 12pt Times New Roman">Dated: November 4, 2019</P>

<P STYLE="text-align: justify; margin: 15.1pt 56.3pt 0pt 252pt; font: 12pt Times New Roman">By order of the Board of Directors,</P>

<P STYLE="text-align: justify; margin: 10pt 90.35pt 0pt 252pt; font: 12pt Times New Roman"><IMG SRC="sig1.jpg" ALT=""><BR>
Gene S. Bertcher, President</P>

<P STYLE="text-align: center; margin-top: 15.1pt; margin-bottom: 0pt; font: 12pt Times New Roman">__________________________</P>

<P STYLE="text-align: justify; text-indent: 19.9pt; margin: 15.35pt 53.95pt 0pt 51.45pt; font: bold 12pt Times New RomanMT">This Proxy Statement is available at <U>www.newconceptenergy.com.</U></P>

<P STYLE="text-align: justify; text-indent: 19.9pt; margin: 0pt 53.95pt 0pt 51.45pt; font: bold 12pt Times New RomanMT">Among other things, the Proxy Statement contains information regarding:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="text-align: justify; margin-top: 1.55pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 72pt"></TD><TD STYLE="width: 12pt; text-align: left">&#149;</TD><TD STYLE="text-align: justify">The date, time and location of the meeting &#149; A list
of the matters being submitted to Stockholders &#149; Information concerning voting in person</TD>
</TR></TABLE>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">NEW CONCEPT ENERGY, INC.</P>

<P STYLE="text-align: center; margin-top: 15.1pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">PROXY STATEMENT</P>

<P STYLE="text-align: center; margin-top: 15.1pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">FOR THE ANNUAL MEETING OF STOCKHOLDERS</P>

<P STYLE="text-align: center; margin-top: 15.1pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">TO BE HELD DECEMBER 5, 2019</P>

<P STYLE="text-align: justify; margin-top: 14pt; margin-bottom: 0pt; font: 12pt Times New Roman">The Board of Directors of
New Concept Energy, Inc. (the "Company" or "we" or "us") is soliciting proxies to be used at the Annual Meeting of
Stockholders following the fiscal year ended December 31, 2018 (the "Annual Meeting"). Distribution of this Proxy Statement
and a Proxy Form is scheduled to begin on November 5, 2019. The mailing address of the Company's principal executive offices
is 1603 LBJ Freeway, Suite 750, Dallas, Texas 75234.</P>

<P STYLE="text-align: center; margin-top: 14pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">About the Meeting</P>

<P STYLE="text-align: justify; margin-top: 14pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">Who Can Vote</P>

<P STYLE="text-align: justify; margin-top: 14pt; margin-bottom: 0pt; font: 12pt Times New Roman">Record holders of Common Stock and Series B Preferred Stock of the Company at the close of business on Friday, November 1, 2019
(the "Record Date"), may vote at the Annual Meeting. On that date, 5,131,935 shares of Common Stock and 559 shares of Series
B Preferred Stock were outstanding. Each share is entitled to cast one vote.</P>

<P STYLE="text-align: justify; margin-top: 14pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">How Can You Vote</P>

<P STYLE="text-align: justify; margin-top: 14pt; margin-bottom: 0pt; font: 12pt Times New Roman">If you return your signed proxy before the Annual Meeting, we will vote your shares as you direct. You can specify whether your
shares should be voted for all, some or none of the nominees for director. You can also specify whether you approve, disapprove
or abstain from the other proposal to ratify the selection of auditors.</P>

<P STYLE="text-align: justify; margin-top: 14pt; margin-bottom: 0pt; font-size: 12pt"><FONT STYLE="font-family: Times New Roman">If a proxy is executed and returned but no instructions are given, the shares will
be voted according to the recommendations of the Board of Directors. The Board of Directors recommends a vote</FONT> <FONT STYLE="font-family: Times New RomanMT"><B>FOR
</B></FONT><FONT STYLE="font-family: Times New Roman">both Proposals 1 and 2.</FONT></P>

<P STYLE="text-align: justify; margin-top: 14pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">Revocation of Proxies</P>

<P STYLE="text-align: justify; margin-top: 14pt; margin-bottom: 0pt; font: 12pt Times New Roman">You may revoke your proxy at any time before it is exercised by (a) delivering a written notice of revocation to the Corporate
Secretary, (b) delivering another proxy that is dated later than the original proxy, or (c) casting your vote in person at the
Annual Meeting. Your last vote will be the vote that is counted.</P>

<P STYLE="text-align: justify; margin-top: 14pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">Vote Required</P>

<P STYLE="text-align: justify; margin-top: 14pt; margin-bottom: 0pt; font: 12pt Times New Roman">The holders of a majority of the shares entitled to vote who are either present in person or represented by a proxy at the Annual
Meeting will constitute a quorum for the transaction of business at the Annual Meeting. As of November 1, 2019, there were 5,131,935
shares of Common Stock and 559 shares of Series B Preferred Stock issued and outstanding.</P>

<P STYLE="text-align: justify; margin-bottom: 0pt; font: 12pt Times New Roman">&nbsp;</P>

<!-- Field: Page; Sequence: 3; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman">The presence, in person or by proxy, of stockholders entitled to cast at least 2,566,247 votes constitutes a quorum for adopting
the proposals at the Annual Meeting. If you have properly signed and returned your proxy card by mail, you will be considered
part of the quorum, and the persons named on the proxy card will vote your shares as you have instructed. If the broker holding
your shares in "street" name indicates to us on a proxy card that the broker lacks discretionary authority to vote your shares,
we will not consider your shares as present or entitled to vote for any purpose.</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 15.1pt; margin-bottom: 0pt; font: 12pt Times New Roman">A plurality of the votes cast is required for the election of directors. This means that the director nominee with the most votes
for a particular slot is elected to that slot. A proxy that has properly withheld authority with respect to the election of one
or more directors will not be voted with respect to the director or directors indicated, although it will be counted for purposes
of determining whether there is a quorum.</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 15.1pt; margin-bottom: 0pt; font: 12pt Times New Roman">For the other two proposals, the affirmative vote of the holders of a majority of the shares represented in person or by proxy
entitled to vote on the proposal will be required for approval. An abstention with respect to such proposal will not be voted,
although it will be counted for purposes of determining whether there is a quorum. Accordingly, an abstention will have the effect
of a negative vote.</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 15.1pt; margin-bottom: 0pt; font: 12pt Times New Roman">If you received multiple proxy cards, this indicates that your shares are held in more than one account, such as two brokerage
accounts, and are registered in different names. You should vote each of the proxy cards to ensure that all your shares are voted.</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-bottom: 0pt; font: 12pt Times New Roman">&nbsp;</P>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">Other Matters to be Acted Upon at the Annual Meeting</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 14.85pt; margin-bottom: 0pt; font: 12pt Times New Roman">We do not know of any other matters to be validly presented or acted upon at the Annual Meeting. Under our Bylaws, no business
besides that stated in the Annual Meeting Notice may be transacted at any meeting of stockholders. If any other matter is presented
at the Annual Meeting on which a vote may be properly taken, the shares represented by proxies will be voted in accordance with
the judgment of the person or persons voting those shares.</P>

<P STYLE="text-align: justify; margin-top: 15.35pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">Expenses of Solicitation</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 14.85pt; margin-bottom: 0pt; font: 12pt Times New Roman">The Company is making this solicitation and will pay the entire cost of preparing, assembling, printing, mailing and distributing
these proxy materials and soliciting votes. Some of our directors, officers and employees may solicit proxies personally, without
any additional compensation, by telephone or mail. Proxy materials will also be furnished without cost to brokers and other nominees
to forward to the beneficial owners of shares held in their names.</P>

<P STYLE="text-align: justify; margin-top: 15.35pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">Available Information</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 14.85pt; margin-bottom: 0pt; font-size: 12pt"><FONT STYLE="font-family: Times New Roman">Our
internet website address is </FONT><FONT STYLE="font-family: Times New RomanMT"><I><U>www.newconceptenergy.com</U></I></FONT><FONT STYLE="font-family: Times New Roman">.
We make available free of charge through our website our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q,
Current Reports on Form 8-K, and amendments to those reports as soon as reasonably practicable after we electronically file or
furnish such materials to the Securities and Exchange Commission (the "SEC").</FONT></P>

<P STYLE="text-align: center; margin-top: 20.75pt; margin-bottom: 0pt; font: 12pt Times New Roman">&nbsp;</P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman">In addition, we have posted the Charters of our Audit Committee, Compensation Committee, and Governance and Nominating Committee,
as well as our Code of Business Conduct and Ethics, Code of Ethics for Senior Financial Officers, Corporate Governance Guidelines
and Corporate Governance Guidelines on Director Independence, all under separate headings. These charters and principles are not
incorporated in this instrument by reference. We will also provide a copy of these documents free of charge to stockholders upon
written request. The Company issues Annual Reports containing audited financial statements to its common stockholders.</P>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman">&nbsp;</P>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">Multiple Stockholders Sharing the Same Address</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 14.85pt; margin-bottom: 0pt; font: 12pt Times New Roman">The SEC rules allow for the delivery of a single copy of an annual report and proxy statement to any household at which two or
more stockholders reside, if it is believed the stockholders are members of the same family. Duplicate account mailings will be
eliminated by allowing stockholders to consent to such elimination, or through implied consent if a stockholder does not request
continuation of duplicate mailings. Depending upon the practices of your broker, bank or other nominee, you may need to contact
them directly to continue duplicate mailings to your household. If you wish to revoke your consent to house holding, you must
contact your broker, bank or other nominee.</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 15.1pt; margin-bottom: 0pt; font: 12pt Times New Roman">If you hold shares of common stock in your own name as a holder of record, house holding will not apply to your shares.</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 15.1pt; margin-bottom: 0pt; font: 12pt Times New Roman">If you wish to request extra copies free of charge of any annual report, proxy statement or information statement, please send
your request to New Concept Energy, Inc., Attention: Investor Relations, 1603 LBJ Freeway, Suite 750, Dallas, Texas 75234 or call
(800) 400-6407.</P>

<P STYLE="text-align: justify; margin-top: 15.35pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">Questions</P>

<P STYLE="text-align: justify; margin-top: 14.85pt; margin-bottom: 0pt; margin-left: 36pt; font: 12pt Times New Roman">You may call our Investor Relations Department at 800-400-6407 if you have any questions.</P>

<P STYLE="text-align: center; margin-top: 15.35pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">PLEASE VOTE - YOUR VOTE IS IMPORTANT</P>

<P STYLE="text-align: center; margin-top: 15.35pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 61.65pt; margin-bottom: 0pt; font: 12pt Times New Roman">&nbsp;</P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">Corporate Governance and Board Matters</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 14.85pt; margin-bottom: 0pt; font: 12pt Times New Roman">The affairs of the Company are managed by the Board of Directors. The Directors are elected at the annual meeting of stockholders
each year or appointed by the incumbent Board of Directors and serve until the next annual meeting of stockholders or until a
successor has been elected or approved.</P>

<P STYLE="text-align: justify; margin-top: 15.35pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">Current members of the Board</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 14.85pt; margin-bottom: 0pt; font: 12pt Times New Roman">The members of the Board of Directors on the date of this proxy statement, and the committees of the Board on which they serve,
are identified below:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; margin-top: 13pt">
<TR>
    <TD STYLE="width: 44%; border-top: black 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11.5pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center"><B>Director</B></P></TD>
    <TD STYLE="width: 18%; border-top: black 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11.5pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center"><B>Audit Committee</B></P></TD>
    <TD STYLE="width: 21%; border-top: black 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11.5pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center"><B>Compensation Committee</B></P></TD>
    <TD STYLE="width: 17%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11.5pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center"><B>Governance and Nominating Committee</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11.5pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0 0 2.9pt">Gene S. Bertcher &#9;</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11.5pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center">&nbsp;</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11.5pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center">&nbsp;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11.5pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11.5pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0 0 2.9pt">Dan Locklear&#9;</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11.5pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center">Chair</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11.5pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11.5pt Wingdings; margin: 0 0 2.9pt; text-align: center">&#252;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11.5pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11.5pt Wingdings; margin: 0 0 2.9pt; text-align: center">&#252;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11.5pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0 0 2.9pt">Victor Lund &#9;</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11.5pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11.5pt Wingdings; margin: 0 0 2.9pt; text-align: center">&#252;</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11.5pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11.5pt Wingdings; margin: 0 0 2.9pt; text-align: center">&#252;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11.5pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center">Chair</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11.5pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0 0 2.9pt">Cecelia Maynard &#9;</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11.5pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center">&nbsp;</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11.5pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11.5pt Wingdings; margin: 0 0 2.9pt; text-align: center">&#252;</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11.5pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11.5pt Wingdings; margin: 0 0 2.9pt; text-align: center">&#252;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11.5pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0 0 2.9pt">Raymond D. Roberts, Sr. &#9;</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11.5pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11.5pt Wingdings; margin: 0 0 2.9pt; text-align: center">&#252;</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11.5pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center">Chair</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11.5pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 11.5pt Wingdings; margin: 0 0 2.9pt; text-align: center">&#252;</P></TD></TR>
</TABLE>


<P STYLE="text-align: justify; margin-top: 12.05pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">Role of the Board's Committees</P>

<P STYLE="text-align: justify; margin-top: 14.85pt; margin-bottom: 0pt; margin-left: 36pt; font: 12pt Times New Roman">The Board of Directors has standing Audit, Governance and Nominating, and Compensation</P>

<P STYLE="text-align: justify; margin-top: 1.55pt; margin-bottom: 0pt; font: 12pt Times New Roman">Committees.</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 15.2pt; margin-bottom: 0pt; font-size: 12pt"><FONT STYLE="font-family: Times New RomanMT"><B><I>Audit
Committee</I></B></FONT><FONT STYLE="font-family: Times New Roman">. The functions of the Audit Committee are described below
under the heading "</FONT><FONT STYLE="font-family: Times New RomanMT"><I>Report of the Audit Committee.</I></FONT><FONT STYLE="font-family: Times New Roman">"
The Audit Committee is an "audit committee" for purposes of Section 3(a)(58) of the Securities Exchange Act of 1934, as amended.
The charter of the Audit Committee was adopted on December 12, 2003, and is available on the Company's Investor Relations website
(</FONT><FONT STYLE="font-family: Times New RomanMT"><I><U>www.newconceptenergy.com</U></I></FONT><FONT STYLE="font-family: Times New Roman">).
The Audit Committee was initially formed on December 12, 2003. All of the members of the Audit Committee are independent within
the meaning of the SEC regulations, the listing standards of the NYSE American (formerly, the American Stock Exchange) and the
Company's</FONT> <FONT STYLE="font-family: Times New RomanMT"><I>Corporate Governance Guidelines</I></FONT><FONT STYLE="font-family: Times New Roman">.
Mr. Locklear, a member and Chair of the Committee, is qualified as an "audit committee financial expert" within the meaning of
SEC regulations and the Board has determined that he has accounting and related financial management expertise within the meaning
of the listing standards of the NYSE American. All of the members of the Audit Committee meet the independence and experience
requirements of the listing standards of the NYSE American. The Audit Committee met four times in 2018.</FONT></P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 15.2pt; margin-bottom: 0pt; font-size: 12pt"><FONT STYLE="font-family: Times New RomanMT"><B><I>Governance and Nominating Committee</I></B></FONT><FONT STYLE="font-family: Times New Roman">.
The Governance and Nominating Committee is responsible for developing and implementing policies and practices relating to corporate
governance, including reviewing and monitoring implementation of the Company's</FONT> <FONT STYLE="font-family: Times New RomanMT"><I>Corporate
Governance Guidelines</I></FONT><FONT STYLE="font-family: Times New Roman">.</FONT></P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman">&nbsp;</P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt"><FONT STYLE="font-family: Times New Roman">In
addition, the Committee develops and reviews background information on candidates for the Board and makes recommendations to the
Board regarding such candidates. The Committee also prepares and supervises the Board's annual review of director independence
and the Board's performance self-evaluation. The charter of the Governance and Nominating Committee was adopted on October
20, 2004, and is available on the Company's Investor Relations website (</FONT><FONT STYLE="font-family: Times New RomanMT"><I><U>www.newconceptenergy.com</U></I></FONT><U><FONT STYLE="font-family: Times New Roman">)</FONT></U><FONT STYLE="font-family: Times New Roman">.
The Governance and Nominating Committee was initially formed on October 20, 2004. All of the members of the Governance and Nominating
Committee are independent within the meaning of the listing standards of the NYSE American and the Company's</FONT> <FONT STYLE="font-family: Times New RomanMT"><I>Corporate
Governance Guidelines.</I></FONT> <FONT STYLE="font-family: Times New Roman">The Governance and Nominating Committee met two times
in 2018.</FONT></P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 15.2pt; margin-bottom: 0pt; font-size: 12pt"><FONT STYLE="font-family: Times New RomanMT"><B><I>Compensation
Committee</I></B></FONT><FONT STYLE="font-family: Times New Roman">. The Compensation Committee is responsible for overseeing
the policies of the Company relating to compensation to be paid by the Company to the Company's principal executive officer and
any other officers designated by the Board and make recommendations to the Board with respect to such policies, produce necessary
reports on executive compensation for inclusion in the Company's proxy statement in accordance with applicable rules and regulations
and to monitor the development and implementation of succession plans for the principal executive officer and other key executives
and make recommendations to the Board with respect to such plans. The charter of the Compensation Committee was adopted on October
20, 2004, and is available on the Company's Investor Relations website (</FONT><FONT STYLE="font-family: Times New RomanMT"><I><U>www.newconceptenergy.com</U></I></FONT><U><FONT STYLE="font-family: Times New Roman">)</FONT></U><FONT STYLE="font-family: Times New Roman">.
The Compensation Committee was initially formed on October 20, 2004. All of the members of the Compensation Committee are independent
within the meaning of the listing standards of the NYSE American and the Company's</FONT> <FONT STYLE="font-family: Times New RomanMT"><I>Corporate
Governance Guidelines</I></FONT><FONT STYLE="font-family: Times New Roman">. The Compensation Committee is to be comprised of
at least three directors who are independent of management and the Company. The Compensation Committee met one time in 2018.</FONT></P>

<P STYLE="text-align: justify; margin-top: 15.35pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">Presiding Director</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 14.85pt; margin-bottom: 0pt; font-size: 12pt"><FONT STYLE="font-family: Times New Roman">On November 8, 2011, the Board created a new position of Presiding Director, whose
primary responsibility is to preside over periodic executive sessions of the Board in which management directors and other members
of management do not participate. The Presiding Director also advises the Chairman of the Board and, as appropriate, Committee
chairs with respect to agendas and information needs relating to Board and Committee meetings, provides advice with respect to
the selection of Committee chairs and perform other duties that the Board may from time to time delegate to assist the Board in
the fulfillment of its responsibilities. The nonmanagement members of the Board designated Dan Locklear to serve in this position
until the Company's annual meeting of stockholders to be held following the fiscal year ended December 31, 2018 (</FONT> <FONT STYLE="font-family: Times New RomanMT"><I>i.e.</I></FONT><FONT STYLE="font-family: Times New Roman">,
this meeting).</FONT></P>

<P STYLE="text-align: justify; margin-top: 15.35pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">Selection of Nominees for the Board</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 14.85pt; margin-bottom: 0pt; font: 12pt Times New Roman">The Governance and Nominating Committee will consider candidates for Board membership suggested by its members and other Board
members, as well as management and stockholders. The Committee may also retain a third-party executive search firm to identify
candidates upon request of the Committee from time to time. A stockholder who wishes to recommend a prospective nominee for the
Board should notify the Company's Corporate Secretary or any member of the Governance and Nominating Committee in writing with
whatever supporting material the stockholder considers appropriate. The Governance and Nominating Committee will also consider
whether to nominate any person nominated by a stockholder pursuant to the provisions of the Company's bylaws relating to stockholder
nominations.</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman">&nbsp;</P>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt"><FONT STYLE="font-family: Times New Roman">Once the Governance and Nominating Committee has identified a prospective nominee,
the Committee will make an initial determination as to whether to conduct a full evaluation of the candidate. This initial determination
will be based on whatever information is provided to the Committee with the recommendation of the prospective candidate, as well
as the Committee's own knowledge of the prospective candidate, which may be supplemented by inquiries to the person making the
recommendation or others. The preliminary determination will be based primarily on the need for additional Board members to fill
vacancies or expand the size of the Board and the likelihood that the prospective nominee can satisfy the evaluation factors described
below. If the Committee determines, in consultation with the Chairman of the Board and other Board members as appropriate, that
additional consideration is warranted, it may request the third-party search firm to gather additional information about the prospective
nominee's background and experience and to report its findings to the Committee. The Committee will then evaluate the prospective
nominee against the standards and qualifications set out in the Company's</FONT> <FONT STYLE="font-family: Times New RomanMT"><I>Corporate
Governance Guidelines,</I></FONT> <FONT STYLE="font-family: Times New Roman">including:</FONT></P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 0pt; margin-bottom: 0pt; font-size: 12pt"><FONT STYLE="font-family: Times New Roman">&nbsp;</FONT></P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin-left: 36pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the ability of the prospective
nominee to represent the interests of the stockholders of the Company;</FONT></P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin-left: 36pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the prospective nominee's
standards of integrity, commitment and independence of thought and judgment;</FONT></P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin-left: 36pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the prospective nominee's
ability to dedicate sufficient time, energy and, attention to the diligent performance of his or her duties, including the prospective
nominee's service on other public company boards, as specifically set out in the Company's</FONT> <FONT STYLE="font-family: Times New RomanMT"><I>Corporate
Governance Guidelines</I></FONT><FONT STYLE="font-family: Times New Roman">;</FONT></P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin-left: 36pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the extent to which the prospective
nominee contributes to the range of talent, skill and expertise appropriate for the Board;</FONT></P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin-left: 36pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the extent to which the prospective
nominee helps the Board reflect the diversity of the Company's stockholders, employees, customers, guests and communities; and</FONT></P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin-left: 36pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the willingness of the prospective
nominee to meet any minimum equity interest holding guideline.</FONT></P>

<P STYLE="text-align: justify; margin-bottom: 0pt; font: 12pt Times New Roman">The Committee also considers such other relevant factors as it deems appropriate, including the current composition of the Board,
the balance of management and independent directors, the need for Audit Committee expertise and the evaluations of other prospective
nominees. In connection with this evaluation, the Committee determines whether to interview the prospective nominee, and if warranted,
one or more members of the Committee, and others as appropriate, interview prospective nominees in person or by telephone. After
completing this evaluation and interview, the Committee makes a recommendation to the full Board as to the persons who should
be nominated by the Board, and the Board determines the nominees after considering the recommendation and report of the Committee.</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 15.1pt; margin-bottom: 0pt; font: 12pt Times New Roman">The Bylaws of the Company provide that any stockholder entitled to vote in the election of directors generally may nominate one
or more persons for election as directors at a meeting only if one hundred twenty (120) days prior written notice of such stockholders'
intention to make such nomination has been delivered personally to, or has been mailed to and received by the Board of Directors
at the principal office of the Company with a copy to the President and Secretary of the Company.</P>

<P STYLE="text-align: center; margin-top: 15.4pt; margin-bottom: 0pt; font: 12pt Times New Roman">&nbsp;</P>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman">If a stockholder has a suggestion for candidates for election, the stockholder should follow this procedure. Each notice from
a stockholder must set forth (i) the name and address of the stockholder who intends to make the nomination and the name of the
person to be nominated, (ii) the class and number of shares of stock held of record, owned beneficially and represented by proxy
by such stockholder as of the record date for the meeting and as of the date of such notice, (iii) a representation that the stockholder
intends to appear in person or by proxy at the meeting to nominate the person specified in the notice, (iv) a description of all
arrangements or understandings between such stockholder and each nominee and any other person (naming those persons) pursuant
to which the nomination is to be made by such stockholder, (v) such other information regarding each nominee proposed by such
stockholder as would be required to be included in a proxy statement filed pursuant to the proxy rules, and (vi) the consent of
each nominee to serve as a director of the Company if so elected. The chairman of the Annual Meeting may refuse to acknowledge
the nomination of any person not made in compliance with this procedure.</P>

<P STYLE="text-align: justify; margin-top: 15.35pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">Determinations of Director Independence</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 14.85pt; margin-bottom: 0pt; font-size: 12pt"><FONT STYLE="font-family: Times New Roman">In
October 2004, the Board enhanced its</FONT> <FONT STYLE="font-family: Times New RomanMT"><I>Corporate Governance Guidelines.</I></FONT>
<FONT STYLE="font-family: Times New Roman">The</FONT> <FONT STYLE="font-family: Times New RomanMT"><I>Guidelines </I></FONT><FONT STYLE="font-family: Times New Roman">adopted
by the Board meet or exceed the new listing standards adopted by the NYSE American as Section 803 of the NYSE American Company
Guide. The full text of the</FONT> <FONT STYLE="font-family: Times New RomanMT"><I>Guidelines </I></FONT><FONT STYLE="font-family: Times New Roman">can
be found in the Investor Relations section of the Company's website (</FONT><FONT STYLE="font-family: Times New RomanMT"><I><U>www.newconceptenergy.com</U></I></FONT><U><FONT STYLE="font-family: Times New Roman">)</FONT></U><FONT STYLE="font-family: Times New Roman">.
A copy may also be obtained upon request from the Company's Corporate Secretary.</FONT></P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 15.1pt; margin-bottom: 0pt; font-size: 12pt"><FONT STYLE="font-family: Times New Roman">Pursuant to the</FONT> <FONT STYLE="font-family: Times New RomanMT"><I>Guidelines,</I></FONT>
<FONT STYLE="font-family: Times New Roman">the Board undertook its annual review of director independence in December 2018. During
this review, the Board considered transactions and relationships between each director or any member of his or her immediate family
and the Company and its subsidiaries and affiliates, including those reported under</FONT> <FONT STYLE="font-family: Times New RomanMT"><I>"Certain
Relationships and Related Transactions"</I></FONT> <FONT STYLE="font-family: Times New Roman">below. The Board also examined transactions
and relationships between directors or their affiliates and members of the Company's senior management or their affiliates. As
provided in the</FONT> <FONT STYLE="font-family: Times New RomanMT"><I>Guidelines</I></FONT><FONT STYLE="font-family: Times New Roman">,
the purpose of this review was to determine whether any such relationships or transactions were inconsistent with a determination
that the director is independent.</FONT></P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 15.1pt; margin-bottom: 0pt; font-size: 12pt"><FONT STYLE="font-family: Times New Roman">As a result of this review, the Board affirmatively determined that the then directors,
Messrs. Locklear, Lund and Roberts, are each independent of the Company and its management under the standards set forth in the
</FONT><FONT STYLE="font-family: Times New RomanMT"><I>Corporate Governance Guidelines</I></FONT><FONT STYLE="font-family: Times New Roman">.</FONT></P>

<P STYLE="text-align: justify; margin-top: 15.35pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">Directors' Service for Other Publicly Held Entities</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 14.85pt; margin-bottom: 0pt; font: 12pt Times New Roman">Raymond D. Roberts, Sr. serves as a member of the Audit Committee of this Company as well as three other corporations which are
part of a consolidated group for financial statement reporting purposes, all of which are involved in another industry, the common
stock of each of which is listed and available for trading on the NYSE and/or NYSE American, thus making four entities for which
Mr. Roberts serves in a similar capacity. The Board has determined, after discussion, that the fact that three of the entities
are part of a consolidated group requires Mr. Roberts to be familiar with the financial reporting requirements and standards of
each of those entities due to the fact of consolidation and does not create an additional burden upon Mr. Roberts but also confers
a benefit on each of those three entities, as it may well save on Mr. Roberts' time and responsibility.</P>

<P STYLE="text-align: center; margin-top: 30.1pt; margin-bottom: 0pt; font: 12pt Times New Roman"></P>

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman">This entity (and the other three consolidated entities) has no specific policy or prohibition upon Mr. Roberts' or any other
person's service to any other publicly held entities, but the members of this Board periodically review other relationships among
Committee and Board members with other independent entities to ensure that no conflict exists and, in fact, have confirmed that
Mr. Roberts' service to other entities in other industries benefits the expertise of Mr. Roberts and the Company.</P>

<P STYLE="text-align: justify; margin-top: 15.35pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">Board Meetings During Fiscal 2018</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 14.85pt; margin-bottom: 0pt; font-size: 12pt"><FONT STYLE="font-family: Times New Roman">The Board met six times during fiscal 2018. Each director attended 75% or more of the
meetings of the Board and Committees on which he served. Under the Company's</FONT> <FONT STYLE="font-family: Times New RomanMT"><I>Corporate
Governance Guidelines</I></FONT><FONT STYLE="font-family: Times New Roman">, each Director is expected to dedicate sufficient
time, energy an attention to ensure the diligent performance of his or her duties, including by attending meetings of the stockholders
of the Company, the Board and Committees of which he is a member. In addition, the independent directors met in executive session
four times during fiscal 2018.</FONT></P>

<P STYLE="text-align: justify; margin-top: 15.35pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">Directors' Compensation</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 14.85pt; margin-bottom: 0pt; font: 12pt Times New Roman">Each nonemployee director currently receives an annual retainer of $2,500 plus a meeting fee of $2,000 plus reimbursement for
expenses. The Company also reimburses directors for travel expenses incurred in connection with attending Board, committee and
stockholder meetings and for other Company/business related expenses. Directors who are also employees of the Company receive
no additional compensation for service as a director.</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 15.1pt; margin-bottom: 0pt; font: 12pt Times New Roman">During 2018, $31,500 was paid to the nonemployee directors in total directors' fees for all services, including the annual fee
for service during the period from January 1, 2018, through December 31, 2018. Those fees received by directors were Dan Locklear
($10,500), Victor Lund ($10,500) and Raymond D. Roberts, Sr. ($10,500).</P>

<P STYLE="text-align: justify; margin-top: 15.35pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">Stockholders' Communication with the Board</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 14.85pt; margin-bottom: 0pt; font: 12pt Times New Roman">Stockholders and other parties interested in communicating directly with the presiding director or with the nonmanagement directors
as a group may do so by writing to Dan Locklear, Director, P.O. Box 830163, Richardson, Texas 75083-0160. Effective October 20,
2004, the Governance and Nominating Committee of the Board also approved a process for handling letters received by the Company
and addressed to members of the Board but received at the Company. Under that process, the Corporate Secretary of the Company
reviews all such correspondence and regularly forwards to the Board a summary of all such correspondence and copies of all correspondence
that, in the opinion of the Corporate Secretary, deals with the functions of the Board or committees thereof or that he otherwise
determines requires their attention. Directors may at any time review a log of all correspondence received by the Company that
is addressed to members of the Board and received by the Company and request copies of any such correspondence. Concerns relating
to accounting, internal controls or auditing matters are immediately brought to the attention of the Chairman of the Audit Committee
and handled in accordance with procedures established by the Audit Committee with respect to such matters.</P>

<P STYLE="text-align: center; margin-top: 50.8pt; margin-bottom: 0pt; font: 12pt Times New Roman">&nbsp;</P>

<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">Code of Ethics</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 14.85pt; margin-bottom: 0pt; font-size: 12pt"><FONT STYLE="font-family: Times New Roman">The
Company has adopted a Code of Business Conduct and Ethics, which applies to all directors, officers and employees (including those
of the contractual advisor). In addition, on October 20, 2004, the Company adopted a code of ethics entitled "Code of Ethics for
Senior Financial Officers" that applies to the principal executive officer, president, principal financial officer, chief financial
officer, the principal accounting officer and controller. The text of both documents is available on the Company's Investor Relations
website (<I><U>www.newconceptenergy.com</U></I>).
The Company intends to post amendments to or waivers from its Code of Ethics for Senior Financial Officers (to the extent applicable
to the Company's chief executive officer, principal financial officer or principal accounting officer) at this location on its
website.</FONT></P>

<P STYLE="text-align: justify; margin-top: 15.35pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">Compliance With Section 16(a) of Reporting Requirements</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 14.85pt; margin-bottom: 0pt; font: 12pt Times New Roman">Section 16(a) under the Securities Exchange Act of 1934 requires the Company's directors, executive officers and any persons
holding 10% or more of the Company's shares of Common Stock are required to report their ownership of the Company's shares of
Common Stock and any changes in that ownership to the SEC on specified report forms. Specific due dates for these reports have
been established, and the Company is required to report any failure to file by these dates during each fiscal year. All of these
filing requirements were satisfied by the Company's directors and executive officers and holders of more than 10% of the Company's
Common Stock during the fiscal year ended December 31, 2017. In making these statements, the Company has relied upon the written
representations of its directors and executive officers and the holders of 10% or more of the Company's Common Stock and copies
of the reports that each has filed with the SEC.</P>

<P STYLE="text-align: justify; margin: 15.35pt 67.45pt 0pt 67.15pt; font: bold 12pt Times New RomanMT">Security Ownership of Certain Beneficial Owners and Management</P>

<P STYLE="text-align: justify; margin-top: 15.1pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">Security Ownership of Certain Beneficial Owners</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 14.85pt; margin-bottom: 0pt; font: 12pt Times New Roman">The following table sets forth the ownership of the Company's Common Stock, both beneficially and of record, both individually
and in the aggregate, for those persons or entities known by the Company to be the beneficial owners of more than 5% of its outstanding
Common Stock as of the close of business on November 1, 2019.</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-bottom: 0pt; font: 12pt Times New Roman">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR>
    <TD STYLE="text-align: center; text-indent: 0pt; width: 30%; vertical-align: middle"><FONT STYLE="font: 12pt Times New RomanMT"><B>Name and Address of</B></FONT></TD>
    <TD STYLE="text-align: center; width: 44%; vertical-align: middle"><FONT STYLE="font: 12pt Times New RomanMT"><B>Amount and Nature of</B></FONT></TD>
    <TD STYLE="text-align: center; width: 26%; vertical-align: middle"><FONT STYLE="font: 12pt Times New RomanMT"><B>Approximate</B></FONT></TD></TR>
<TR>
    <TD STYLE="text-align: center; text-indent: 0pt; vertical-align: middle"><FONT STYLE="font: 12pt Times New RomanMT"><B>Beneficial Owner</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font: 12pt Times New RomanMT"><B>Beneficial Ownership</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font: 12pt Times New RomanMT"><B>Percent of Class</B></FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 12pt Times New Roman">Realty Advisors, Inc.</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font: 12pt Times New Roman">3,060,000 shares</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: middle"><FONT STYLE="font: 12pt Times New Roman">58.63%</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 12pt Times New Roman">1603 LBJ Freeway,
    Suite 800</FONT></TD>
    <TD STYLE="text-align: right">&#160;</TD>
    <TD STYLE="text-align: right">&#160;</TD></TR>
<TR>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 12pt Times New Roman">Dallas, Texas 75234</FONT></TD>
    <TD STYLE="text-align: right">&#160;</TD>
    <TD STYLE="text-align: right">&#160;</TD></TR>
</TABLE>


<P STYLE="text-align: justify; margin-top: 18.2pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">Security Ownership of Management</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 14.85pt; margin-bottom: 0pt; font: 12pt Times New Roman">The following table sets forth the ownership of the Company's Common Stock, both beneficially and of record, both individually
and in the aggregate, for the directors and executive officers of the Company as of the close of business on November 1, 2019.</P>

<P STYLE="text-align: center; margin-top: 30pt; margin-bottom: 0pt; font: 12pt Times New Roman">&nbsp;</P>

<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR>
    <TD COLSPAN="5" STYLE="text-align: left; text-indent: 0pt"><B>Name and Address of Beneficial Owner</B></TD>
    <TD STYLE="text-align: center"><B>Amount and Nature of Beneficial Ownership*</B></TD>
    <TD STYLE="text-align: center"><B>Approximate Percent of Class**</B></TD></TR>
<TR>
    <TD COLSPAN="5" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 12pt Times New Roman">Gene S. Bertcher</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 12pt Times New Roman">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 12pt Times New Roman">0%</FONT></TD></TR>
<TR>
    <TD COLSPAN="5" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 12pt Times New Roman">Dan Locklear</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 12pt Times New Roman">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 12pt Times New Roman">0%</FONT></TD></TR>
<TR>
    <TD COLSPAN="5" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 12pt Times New Roman">Victor L. Lund</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 12pt Times New Roman">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 12pt Times New Roman">0%</FONT></TD></TR>
<TR>
    <TD COLSPAN="5" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 12pt Times New Roman">Cecelia Maynard</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 12pt Times New Roman">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 12pt Times New Roman">0%</FONT></TD></TR>
<TR>
    <TD COLSPAN="5" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 12pt Times New Roman">Raymond D. Roberts, Sr.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 12pt Times New Roman">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 12pt Times New Roman">0%</FONT></TD></TR>
<TR>
    <TD COLSPAN="5" STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 12pt Times New Roman">All directors and executive </FONT> <FONT STYLE="font: 12pt Times New Roman"></FONT> <FONT STYLE="font: 12pt Times New Roman"></FONT> <FONT STYLE="font: 12pt Times New Roman"></FONT> <FONT STYLE="font: 12pt Times New Roman"></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 12pt Times New Roman">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 12pt Times New Roman">0%</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; text-indent: 0pt; width: 27%">officers as a group <FONT STYLE="font: 12pt Times New Roman">(4
    people)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>



    <TD STYLE="text-align: center; width: 25%">&#160;</TD>
    <TD STYLE="text-align: center; width: 22%">&#160;</TD></TR>
</TABLE>


<P STYLE="text-align: justify; margin-top: 10.4pt; margin-bottom: 0pt; font: 12pt Times New Roman">_____________________________</P>

<P STYLE="text-align: justify; text-indent: 25.2pt; margin-top: 15.1pt; margin-bottom: 0pt; font: 12pt Times New Roman">* "Beneficial Ownership" means the sole or shared power to vote, or to direct the voting of, a security or investment power
with respect to a security, or any combination thereof.</P>

<P STYLE="text-align: justify; margin-top: 15.1pt; margin-bottom: 0pt; margin-left: 26.6pt; font: 12pt Times New Roman">** Percentages are based upon 5,131,935 shares of Common Stock outstanding at November 1,</P>

<P STYLE="text-align: justify; margin-top: 1.55pt; margin-bottom: 0pt; font: 12pt Times New Roman">2019.</P>

<P STYLE="text-align: center; margin-top: 18.2pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">PROPOSAL 1</P>

<P STYLE="text-align: center; margin-top: 15.1pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">ELECTION OF DIRECTORS</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 14.85pt; margin-bottom: 0pt; font: 12pt Times New Roman">Four directors are to be elected at the Annual Meeting. Each director elected will hold office until the Annual Meeting following
the fiscal year ending December 31, 2019. All of the nominees for director are now serving as directors. Each of the nominees
has consented to being named in this proxy statement as a nominee and has agreed to serve as a director if elected. The persons
named on the proxy card will vote for all of the nominees for director listed unless you withhold authority to vote for one or
more of the nominees. The nominees receiving a plurality of votes cast at the Annual Meeting will be elected as directors. Abstentions
and broker non-votes will not be treated as a vote for or against any particular nominee and will not affect the outcome of the
election of directors. Cumulative voting for the election of directors is not permitted. If any director is unable to stand for
reelection, the Board will designate a substitute. If a substitute nominee is named, the persons named on the proxy card will
vote for the election of the substitute director.</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 15.1pt; margin-bottom: 0pt; font: 12pt Times New Roman">James E. Huffstickler, 74, a director of the Company since December 2003, resigned, effective October 20, 2017. He is retired
and previously served as the Chief Financial Officer of Sunchase American, Ltd., a multistate property management firm, for more
than 22 years. He has been a certified public accountant since 1976. Following Mr. Huffstickler's resignation, the committees
of the Board of Directors were restructured. Cecelia Maynard was elected as a director by the Board of Directors on January 18,
2019.</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 15.1pt; margin-bottom: 0pt; font: 12pt Times New Roman">The nominees for election as directors at the Annual Meeting are listed below, together with their ages, terms of service, all
positions and offices with the Company, other principal occupations, business experience and directorships with other companies
during the last five years or more.</P>

<P STYLE="text-align: center; margin-top: 25.6pt; margin-bottom: 0pt; font: 12pt Times New Roman">&nbsp;</P>

<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: justify; margin-top: 14pt; margin-bottom: 0pt; font: 12pt Times New Roman">No family relationship exists among any of the directors or executive officers of the Company. The designation "affiliated"
when used below with respect to a director means that the director is an officer, director or employee of the Company.</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 14pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">Gene S. Bertcher, age 70, (Affiliated) Director since November 1989 to September 1996 and since June 1999</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 14pt; margin-bottom: 0pt; font: 12pt Times New Roman">Mr. Bertcher was elected President and Chief Financial Officer effective November 1, 2004. He was elected Chairman and Chief Executive
Officer in December 2006. He relinquished the position of President in September 2008 and was reelected President in April 2009.
From January 3, 2003 until that date he was also Chief Executive Officer. Mr. Bertcher was Executive Vice President, Chief Financial
Officer and Treasurer of the Company (November 1989 to November 2004). He has been a certified public accountant since 1973. Mr.
Bertcher is also Executive Vice president (since February 2008) and Chief Financial Officer (since November 2, 2009) of Income
Opportunity Realty Investors, Inc., a Nevada corporation ("IOR"), which has its common stock listed and traded on the NYSE American.
Also, he was Executive Vice President (February 2008 to July 2019) and Chief Financial Officer (May 2008 to July 2019) of American
Realty Investors, Inc., a Nevada corporation ("ARL"), which has its common stock listed and traded on the New York Stock Exchange
("NYSE"), Transcontinental Realty Investors, Inc., a Nevada corporation ("TCI"), which also has its common stock listed and
traded on the NYSE. All of ARL, TCI and IOR are Dallas, Texas based real estate entities; prior to May 2008 and from February
2008 to April 2008, he was also Interim Chief Financial Officer of ARL, TCI and IOR. Until November 1989, Mr. Bertcher was a partner
in Grant Thornton, LLP having served as Chairman of its National Real Estate and Construction Committee.</P>

<P STYLE="text-align: justify; margin: 14pt 104.4pt 0pt 36pt; font: bold 12pt Times New RomanMT">Dan Locklear, age 65, (Independent) Director since December 2003</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 14pt; margin-bottom: 0pt; font: 12pt Times New Roman">Mr. Locklear has been Chief Financial Officer of Sunridge Management Group, a real estate management company, for more than five
years. Mr. Locklear was formerly employed by Johnstown Management Company, Inc. and Trammel Crow Company. Mr. Locklear has been
a certified public accountant since 1981 and a licensed real estate broker in the State of Texas since 1978.</P>

<P STYLE="text-align: justify; margin: 14pt 114pt 0pt 36pt; font: bold 12pt Times New RomanMT">Victor L. Lund, age 89, (Independent) Director since March 1996</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 1pt; margin-bottom: 0pt; font: 12pt Times New Roman">Mr. Lund founded Wedgwood Retirement Inns, Inc. in 1977, which became a wholly owned subsidiary of the Company in 1996. For most
of Wedgwood's existence, Mr. Lund was Chairman of the Board, President and Chief Executive Officer, positions he held until Wedgwood
was acquired by the Company. Mr. Lund is President and Chief Executive Officer of Wedgwood Services, Inc., a construction services
company not affiliated with the Company.</P>

<P STYLE="text-align: justify; margin-top: 14pt; margin-bottom: 0pt; margin-left: 36pt; font: bold 12pt Times New RomanMT">Cecelia Maynard, age 67, Director since January 2019</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 14pt; margin-bottom: 0pt; font: 12pt Times New Roman">Ms. Maynard was originally elected on January 18, 2019 by the Board to fill a vacancy created by expansion of the Board from four
to five members. Ms. Maynard has been employed in various administrative capacities by Pillar Income Asset Management, Inc. ("Pillar")
from January 2011 until December 31, 2018. Pillar is a Nevada corporation which provides management services to other entities
and is owned by Realty Advisors, Inc. ("RAI"). Based on her prior employment with an affiliate of RAI, Ms. Maynard is not initially
deemed to be "independent."</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman">&nbsp;</P>

<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman">Ms. Maynard was also added to the Compensation Committee and the Nominating and Governance Committee of the Board. Ms. Maynard's
election was not the result of any arrangement or understanding between Ms. Maynard and any other persons. Ms. Maynard has also
(since May 31, 2018) been a director, Vice President and Secretary of First Equity Properties, Inc., a Nevada corporation, the
common stock of which is registered under Section 12(g) of the Securities Exchange Act of 1934 and is available for trading in
the over-the-counter market.</P>

<P STYLE="text-align: justify; margin: 14pt 72.05pt 0pt 36pt; font: bold 12pt Times New RomanMT">Raymond D. Roberts, Sr., age 87, (Independent) Director since June 2015</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 14pt; margin-bottom: 0pt; font: 12pt Times New Roman">Mr. Roberts was originally elected a director on June 17, 2015, by the Board to fill a vacancy; he was elected at the last Annual
Meeting. He is retired. For more than five years prior to December 31, 2014, he was Director of Aviation of Steller Aviation,
Inc., a privately held Nevada corporation, engaged in the business of aircraft and logistical management. Mr. Roberts has been
(since June 2, 2016) a member of the Board of Directors of each of ARL, TCI and IOR.</P>

<P STYLE="text-align: center; margin-top: 14pt; font: bold 12pt Times New RomanMT; margin-bottom: 0pt">The Board of Directors unanimously recommends a vote FOR the</P>

<P STYLE="text-align: center; font: bold 12pt Times New RomanMT; margin-bottom: 0pt">election of all of the Nominees named above.</P>

<P STYLE="text-align: center; margin-top: 14pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">PROPOSAL 2</P>

<P STYLE="text-align: center; margin-top: 14pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">RATIFICATION OF APPOINTMENT OF</P>

<P STYLE="text-align: justify; margin: 1.55pt 71.8pt 0pt 71.75pt; font: bold 12pt Times New RomanMT">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 14pt; margin-bottom: 0pt; font: 12pt Times New Roman">The
Audit Committee has appointed Swalm &amp; Associates, P.C. as the independent registered public accounting firm for
New Concept Energy, Inc. for the 2019 fiscal year and to conduct quarterly reviews through September 30, 2019. The
Company's Bylaws do not require that stockholders ratify the appointment of Swalm &amp; Associates, P.C. as the
Company's independent registered public accounting firm. Swalm &amp; Associates, P.C. has served as the Company's
independent registered public accounting firm for each of the fiscal years ended December 31, 2008 through 2018. The Audit
Committee will consider the outcome of this vote in its decision to appoint an independent registered public accounting firm
next year; however, it is not bound by the stockholders' decision. Even if the selection is ratified, the Audit
Committee, in its sole discretion, may change the appointment at any time during the year if it determines that such a change
would be in the best interest of the Company and its stockholders.</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 14pt; margin-bottom: 0pt; font: 12pt Times New Roman">A
representative of Swalm &amp; Associates, P.C. will attend the Annual Meeting. The representative will have an opportunity to
make a statement if he or she desires to do so and will be available to respond to appropriate questions from the
stockholders.</P>

<P STYLE="text-align: center; margin-top: 14pt; font: bold 12pt Times New RomanMT; margin-bottom: 0pt">The Board of Directors
unanimously recommends a vote FOR the ratification of the</P>

<P STYLE="text-align: center; font: bold 12pt Times New RomanMT; margin-bottom: 0pt">appointment of Swalm &amp; Associates, P.C. as
the Company's</P>

<P STYLE="text-align: center; margin-top: 0pt; font: bold 12pt Times New RomanMT; margin-bottom: 0pt">independent registered public accounting firm.</P>

<P STYLE="text-align: center; margin-top: 14pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">Fiscal Years 2018 and 2017 Audit Firm Fee Summary</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 14pt; margin-bottom: 0pt; font: 12pt Times New Roman">The following table sets forth the aggregate fees for professional services rendered to the Company for the years 2018 and 2017
by the Company's principal accounting firm, Swalm &amp; Associates, P.C.:</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman">&nbsp;</P>

<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 59%; border: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11.5pt Times New Roman, Times, Serif; text-align: center"><B>Type of Fees</B></P></TD>
    <TD STYLE="width: 19%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11.5pt/6pt Times New Roman, Times, Serif; margin: 13pt 0 0">&nbsp;</P>
        <P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 13pt 0 2.9pt; text-align: center"><B>2018</B></P></TD>
    <TD STYLE="width: 22%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
        <P STYLE="font: 11.5pt/6pt Times New Roman, Times, Serif; margin: 13pt 0 0">&nbsp;</P>
        <P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 13pt 0 2.9pt; text-align: center"><B>2017</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 11.5pt">Audit Fees..............................................................................</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 11.5pt">$67,000</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 11.5pt">$67,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 59%; border: white 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 11.5pt">Audit-Related Fees.................................................................</FONT></TD>
    <TD STYLE="width: 19%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 11.5pt">-</FONT></TD>
    <TD STYLE="width: 22%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: white 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 11.5pt">-</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 11.5pt">Tax Fees................................................................................</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 11.5pt">12,000</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 11.5pt">12,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt"><FONT STYLE="font-size: 11.5pt">All Other Fees........................................................................</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 11.5pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 11.5pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 1in"><FONT STYLE="font-size: 11.5pt">Total Fees:.......................................................</FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 11.5pt"><FONT STYLE="text-underline-style: double"><U>$79,000</U></FONT></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 6pt; padding-left: 6pt; text-align: center; vertical-align: middle"><FONT STYLE="font-size: 11.5pt"><FONT STYLE="text-underline-style: double"><U>$79,000</U></FONT></FONT></TD></TR>
</TABLE>

<P STYLE="text-align: justify; margin-top: 5pt; margin-bottom: 0pt; font: 12pt Times New Roman">____________________________</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 5pt; margin-bottom: 0pt; font: 12pt Times New Roman">All services rendered by the principal auditors are permissible under applicable laws and regulations and were pre-approved by
either the Board of Directors or the Audit Committee, as required by law. The fees paid the principal auditors for services as
described in the above table fall under the categories listed below:</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 14pt; margin-bottom: 0pt; margin-left: 36pt; font-size: 12pt"><FONT STYLE="font-family: Times New RomanMT"><I>Audit Fees</I></FONT><FONT STYLE="font-family: Times New Roman">. These are fees
for professional services performed by the principal auditor for the audit of the Company's annual financial statements and review
of financial statements included in the Company's 10-Q filings and services that are normally provided in connection with statutory
and regulatory filing or engagements.</FONT></P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 14pt; margin-bottom: 0pt; margin-left: 36pt; font-size: 12pt"><FONT STYLE="font-family: Times New RomanMT"><I>Audit-Related Fees</I></FONT><FONT STYLE="font-family: Times New Roman">. These
are fees for assurance and related services performed by the principal auditor that are reasonably related to the performance
of the audit or review of the Company's financial statements. These services include attestations by the principal auditor that
are not required by statute or regulation and consulting on financial accounting/reporting standards.</FONT></P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 14pt; margin-bottom: 0pt; margin-left: 36pt; font-size: 12pt"><FONT STYLE="font-family: Times New RomanMT"><I>Tax Fees</I></FONT><FONT STYLE="font-family: Times New Roman">. These are fees
for professional services performed by the principal auditor with respect to tax compliance, tax planning, tax consultation, returns
preparation and review of returns. The review of tax returns includes the Company and its consolidated subsidiaries.</FONT></P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 14pt; margin-bottom: 0pt; margin-left: 36pt; font-size: 12pt"><FONT STYLE="font-family: Times New RomanMT"><I>All Other Fees</I></FONT><FONT STYLE="font-family: Times New Roman">. These are
fees for other permissible work performed by the principal auditor that do not meet the above category descriptions.</FONT></P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 14pt; margin-bottom: 0pt; font: 12pt Times New Roman">These services are actively monitored (as to both spending level and work content) by the Audit Committee to maintain the appropriate
objectivity and independence in the principal auditor's core work, which is the audit of the Company's consolidated financial
statements.</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 14pt; margin-bottom: 0pt; font: 12pt Times New Roman">Swalm
&amp; Associates PC did not render professional services to the Company in 2016 involving any financial information
systems design and implementation.</P>

<P STYLE="text-align: center; margin-top: 14pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">Report of the Audit Committee</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">of the Board of Directors</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 14pt; margin-bottom: 0pt; font: 12pt Times New Roman">The Audit Committee of the Board of Directors is composed of three directors, each of whom satisfies the requirements of independence,
experience and financial literacy under the requirements of the NYSE American and the SEC. The Audit Committee has directed the
preparation of this report and has approved its content and submission to the stockholders.</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman">&nbsp;</P>

<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: justify; margin: 0pt 152.7pt 0pt 36pt; font: 12pt Times New Roman">The Audit Committee is responsible for, among other things:</P>

<P STYLE="text-align: justify; margin: 0pt 152.7pt 0pt 36pt; font: 12pt Times New Roman">&nbsp;</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin-left: 36pt; text-align: justify; text-indent: 0.5in; margin-top: 0pt"><FONT STYLE="font-size: 12pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;retaining and overseeing the
independent registered public accounting firm that serves as our independent auditor and evaluating their performance and independence;</FONT></P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin-left: 36pt; text-align: justify; text-indent: 0.5in; margin-top: 0pt"><FONT STYLE="font-size: 12pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reviewing the annual audit
plan with management and the independent registered public accounting firm;</FONT></P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin-left: 36pt; text-align: justify; text-indent: 0.5in; margin-top: 0pt"><FONT STYLE="font-size: 12pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pre-approving any permitted
non-audit services provided by our independent registered public accounting firm;</FONT></P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin-left: 36pt; text-align: justify; text-indent: 0.5in; margin-top: 0pt"><FONT STYLE="font-size: 12pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;approving the fees to be paid
to our independent registered public accounting firm;</FONT></P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin-left: 36pt; text-align: justify; text-indent: 0.5in; margin-top: 0pt"><FONT STYLE="font-size: 12pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reviewing the adequacy and
effectiveness of our internal controls with management, internal auditors and the independent registered public accounting firm;</FONT></P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin-left: 36pt; text-align: justify; text-indent: 0.5in; margin-top: 0pt"><FONT STYLE="font-size: 12pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reviewing and discussing the
annual audited financial statements and the interim unaudited financial statements with management and the registered public accounting
firm; and</FONT></P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin-left: 36pt; text-align: justify; text-indent: 0.5in; margin-top: 0pt"><FONT STYLE="font-size: 12pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;approving our internal audit
plan and reviewing reports of our internal auditors.</FONT></P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-bottom: 0pt; font-size: 12pt"><FONT STYLE="font-family: Times New Roman">The Audit Committee operates under a written charter adopted by the Board of Directors.
The Committee's responsibilities are set forth in this charter which is available on our website at</FONT> <FONT STYLE="font-family: Times New RomanMT"><I>www.newconceptenergy.com</I></FONT><FONT STYLE="font-family: Times New Roman">.</FONT></P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 15.1pt; margin-bottom: 0pt; font: 12pt Times New Roman">The Audit Committee assists the Board in fulfilling its responsibilities for general oversight of the integrity of the Company's
financial statements, the adequacy of the Company's system of internal controls, the Company's risk management, the Company's
compliance with legal and regulatory requirements, the independent auditors' qualifications and independence, and the performance
of the Company's independent auditors. The Committee has sole authority over the selection of the Company's independent auditors
and manages the Company's relationship with its independent auditors. The Committee has the authority to obtain advice and assistance
from outside legal, accounting or other advisors as the Committee deems necessary to carry out its duties and receive appropriate
funding, as determined by the Committee, from the Company for such advice and assistance.</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 15.1pt; margin-bottom: 0pt; font: 12pt Times New Roman">The Committee met four times during 2018. The Committee schedules its meetings with a view to ensuring that it devotes appropriate
attention to all of its tasks. The Committee's meetings include private sessions with the Company's independent auditors without
the presence of the Company's management, as well as executive sessions consisting of only Committee members. The Committee also
meets senior management from time to time.</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 15.1pt; margin-bottom: 0pt; font: 12pt Times New Roman">Management has the primary responsibility for the Company's financial reporting process, including its system of internal control
over financial reporting and for the preparation of consolidated financial statements in accordance with accounting principles
generally accepted in the United States of America.</P>

<P STYLE="text-align: center; margin-top: 30.2pt; margin-bottom: 0pt; font: 12pt Times New Roman">&nbsp;</P>

<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman">The Company's independent auditors are responsible for auditing those financial statements in accordance with professional standards
and expressing an opinion as to their material conformity with U.S. generally accepted accounting principles and for auditing
management's assessment of, and the effective operation of, internal control over financial reporting. The Committee's responsibility
is to monitor and review the Company's financial reporting process and discuss management's report on the Company's internal
control over financial reporting. It is not the Committee's duty or responsibility to conduct audits or accounting reviews or
procedures. The Committee has relied, without independent verification, on management's representation that the financial statements
have been prepared with integrity and objectivity and in conformity with accounting principles generally accepted in the United
States of America and on the opinion of the independent registered public accountants included in their report on the Committee's
financial statements.</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 15.1pt; margin-bottom: 0pt; font-size: 12pt"><FONT STYLE="font-family: Times New Roman">As
part of its oversight of the Company's financial statements, the Committee reviews and discusses with both
management and the Company's independent registered public accountants all annual and quarterly financial statements
prior to their issuance. During 2018, management advised the Committee that each set of financial statements reviewed had
been prepared in accordance with accounting principles generally accepted in the United States of America, and reviewed
significant accounting and disclosure issues with the Committee. These reviews include discussions with the independent
accountants of the matters required to be discussed pursuant to</FONT> <FONT STYLE="font-family: Times New RomanMT"><I>Statement
on Auditing Standards No. 61 (Codification of Statements on Auditing Standards),</I></FONT> <FONT STYLE="font-family: Times New Roman">including
the quality (not merely the acceptability) of the Company's accounting principles, the reasonableness of
significant judgments, the clarity of disclosures in the financial statements and disclosures related to critical accounting
practices. The Committee has also discussed with Swalm &amp; Associates, P.C. matters relating to its independence, including
a review of audit and non-audit fees, and written disclosures from Swalm &amp; Associates, P.C. to the Company pursuant
to</FONT> <FONT STYLE="font-family: Times New RomanMT"><I>Independence Standards Board Standard No. 1 (Independence
Discussions with Audit Committees)</I></FONT><FONT STYLE="font-family: Times New Roman">. The Committee also considered
whether non-audit services, provided by the independent accountants are compatible with the independent accountant's
independence. The Company also received regular updates on the amount of fees and scope of audit, audit related, and tax
services provided.</FONT></P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 15.1pt; margin-bottom: 0pt; font: 12pt Times New Roman">In addition, the Committee reviewed key initiatives and programs aimed at strengthening the effectiveness of the Company's internal
and disclosure control structure. As part of this process, the Committee continued to monitor the scope and adequacy of the Company's
internal controls, reviewed staffing levels and steps taken to implement recommended improvements in any internal procedures and
controls.</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 15.1pt; margin-bottom: 0pt; font: 12pt Times New Roman">Based
on the Committee's discussion with management and the independent accountants and the Committee's review of the
representation of management and the report of the independent accountants to the Board of Directors, the Audit Committee
recommended to the Board of Directors, and the Board of Directors has approved, that the audited consolidated financial
statements be included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018, filed with the
SEC. The Audit Committee and the Board of Directors have also selected Swalm &amp; Associates, P.C. as the Company's
independent registered public accountants and auditors for the fiscal year ending December 31, 2019.</P>

<P STYLE="text-align: center; margin-top: 1.55pt; margin-bottom: 0pt; font: 12pt Times New Roman">&nbsp;</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; text-align: center">AUDIT COMMITTEE</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11.5pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%; text-align: center; vertical-align: middle">Raymond D. Roberts, Sr.</TD>
    <TD STYLE="width: 34%; text-align: center; vertical-align: middle">Dan Locklear</TD>
    <TD STYLE="width: 33%; text-align: center; vertical-align: middle">Victor Lund</TD></TR>
</TABLE>

<P STYLE="text-align: center; margin-top: 34.65pt; margin-bottom: 0pt; font: 12pt Times New Roman">&nbsp;</P>

<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">Pre-Approval Policy for Audit and Non-Audit Services</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 14.85pt; margin-bottom: 0pt; font: 12pt Times New Roman">Under the Sarbanes-Oxley Act of 2002 (the "SO Act"), and the rules of the SEC, the Audit Committee of the Board of Directors
is responsible for the appointment, compensation and oversight of the work of the independent auditor. The purpose of the provisions
of the SO Act and the SEC rules for the Audit Committee role in retaining the independent auditor is twofold. First, the authority
and responsibility for the appointment, compensation and oversight of the auditors should be with directors who are independent
of management. Second, any non-audit work performed by the auditors should be reviewed and approved by these same independent
directors to ensure that any non-audit services performed by the auditor do not impair the independence of the independent auditor.
To implement the provisions of the SO Act, the SEC issued rules specifying the types of services that an independent auditor may
not provide to its audit client, and governing the Audit Committee's administration of the engagement of the independent auditor.
As part of this responsibility, the Audit Committee is required to pre-approve the audit and non-audit services performed by the
independent auditor in order to assure that they do not impair the auditor's independence. Accordingly, the Audit Committee adopted
on March 22, 2004 a written pre-approval policy of audit and non-audit services (the "Policy"), which sets forth the procedures
and conditions pursuant to which services to be performed by the independent auditor are to be pre-approved. Consistent with the
SEC rules establishing two different approaches to approving non-prohibited services, the policy of the Audit Committee covers
pre-approval of audit services, audit related services, international administration tax services, non-U.S. income tax compliance
services, pension and benefit plan consulting and compliance services, and U.S. tax compliance and planning. At the beginning
of each fiscal year, the Audit Committee will evaluate other known potential engagements of the independent auditor, including
the scope of work proposed to be performed and the proposed fees, and approve or reject each service, taking into account whether
services are permissible under applicable law and the possible impact of each non-audit service on the independent auditor's
independence from management. Typically, in addition to the generally pre-approved services, other services would include due
diligence for an acquisition that may or may not have been known at the beginning of the year. The Audit Committee has also delegated
to any member of the Audit Committee designated by the Board or the financial expert member of the Audit Committee responsibilities
to pre-approve services to be performed by the independent auditor not exceeding $25,000 in value or cost per engagement of audit
and non-audit services, and such authority may only be exercised when the Audit Committee is not in session.</P>

<P STYLE="text-align: center; margin-top: 15.35pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">EXECUTIVE COMPENSATION</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 14.85pt; margin-bottom: 0pt; font: 12pt Times New Roman">The Company has few employees, and no payroll or benefit plans and pays compensation to only one executive officer. The following
tables set forth the compensation in all categories paid by the Company for services rendered during the fiscal years ended December
31, 2018, 2017, and 2016, by the Principal Executive Officer of the Company and to the other executive officers and Directors
of the Company, whose total annual salaries in 2018 exceeded $100,000, the number of options granted to any of such persons during
2018 and the value of the unexercised options held by any of such persons on December 31, 2018.</P>

<P STYLE="text-align: center; margin-top: 102.45pt; margin-bottom: 0pt; font: 12pt Times New Roman">&nbsp;</P>

<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">SUMMARY COMPENSATION TABLE</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">&nbsp;</P>

<TABLE WIDTH="100%" CELLPADDING="0" CELLSPACING="0">
<TR>
    <TD STYLE="text-align: left; width: 19%; vertical-align: middle"><FONT STYLE="font: 9.9pt Times New RomanMT"><B>Name and</B></FONT></TD>
    <TD STYLE="text-align: center; width: 6%"><FONT STYLE="font: 9.9pt Times New RomanMT"><B>Year</B></FONT></TD>
    <TD STYLE="text-align: center; width: 7%"><FONT STYLE="font: 9.9pt Times New RomanMT"><B>Salary</B></FONT></TD>
    <TD STYLE="text-align: center; width: 6%"><FONT STYLE="font: 9.9pt Times New RomanMT"><B>Bonus</B></FONT></TD>
    <TD STYLE="text-align: center; width: 7%"><FONT STYLE="font: 9.9pt Times New RomanMT"><B>Stock</B></FONT></TD>
    <TD STYLE="text-align: center; width: 7%"><FONT STYLE="font: 9.9pt Times New RomanMT"><B>Option</B></FONT></TD>
    <TD STYLE="text-align: center; width: 12%"><FONT STYLE="font: 9.9pt Times New RomanMT"><B>Non-Equity</B></FONT></TD>
    <TD STYLE="text-align: center; width: 20%"><FONT STYLE="font: 9.9pt Times New RomanMT"><B>Change in</B></FONT></TD>
    <TD STYLE="text-align: center; width: 11%"><FONT STYLE="font: 9.9pt Times New RomanMT"><B>All Other</B></FONT></TD>
    <TD STYLE="text-align: center; width: 5%"><FONT STYLE="font: 9.9pt Times New RomanMT"><B>Total</B></FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: middle"><FONT STYLE="font: 9.9pt Times New RomanMT"><B>Principal Position</B></FONT></TD>
    <TD STYLE="text-align: center">&#160;</TD>
    <TD STYLE="text-align: center">&#160;</TD>
    <TD STYLE="text-align: center">&#160;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9.9pt Times New RomanMT"><B>Awards</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9.9pt Times New RomanMT"><B>Awards</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9.9pt Times New RomanMT"><B>Incentive Plan</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9.9pt Times New RomanMT"><B>Pension Value</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9.9pt Times New RomanMT"><B>Compensation</B></FONT></TD>
    <TD STYLE="text-align: center">&#160;</TD></TR>
<TR>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9.9pt Times New RomanMT"><B>Compensation and
    Non-qualified Deferred Compensation Earnings and Non-qualified</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; text-indent: 0pt; width: 18%"><FONT STYLE="font: 9.9pt Times New Roman">Gene S. Bertcher</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9.9pt Times New Roman">2018</FONT></TD>
    <TD STYLE="text-align: center; width: 9%"><FONT STYLE="font: 9.9pt Times New Roman">$56,500</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9.9pt Times New Roman">&ndash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9.9pt Times New Roman">&ndash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9.9pt Times New Roman">&ndash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9.9pt Times New Roman">&ndash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9.9pt Times New Roman">&ndash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9.9pt Times New Roman">&ndash;</FONT></TD>
    <TD STYLE="text-align: center; width: 9%"><FONT STYLE="font: 9.9pt Times New Roman">$56,500</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 9.9pt Times New Roman">(1), Chairman,</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9.9pt Times New Roman">2017</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9.9pt Times New Roman">$56,500</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9.9pt Times New Roman">&ndash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9.9pt Times New Roman">&ndash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9.9pt Times New Roman">&ndash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9.9pt Times New Roman">&ndash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9.9pt Times New Roman">&ndash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9.9pt Times New Roman">&ndash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9.9pt Times New Roman">$56,500</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 9.9pt Times New Roman">President &amp;
    Chief</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9.9pt Times New Roman">2016</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9.9pt Times New Roman">$53,650</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9.9pt Times New Roman">&ndash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9.9pt Times New Roman">&ndash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9.9pt Times New Roman">&ndash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9.9pt Times New Roman">&ndash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9.9pt Times New Roman">&ndash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9.9pt Times New Roman">&ndash;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9.9pt Times New Roman">$53,650</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 9.9pt Times New Roman">Financial Officer</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>

<P STYLE="text-align: justify; margin: 10pt 40pt 0pt 50pt; font: 12pt Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commencing
in February 2008, on a then interim basis, three other publicly held entities(IOR, TCI, and ARL, each of which now has the
same contractual advisor, Pillar) arranged with the Company for accounting and administrative services of the Company,
specifically Gene S. Bertcher, who is a certified public accountant and had a long history in the industry in which such
entities were engaged. At the time, the Company, through Bertcher, was also providing accounting and administrative services
to other entities on a fee based arrangement to assist those entities when the Company had excess capacity and personnel to
provide accounting services. Commencing February 2008, Mr. Bertcher was elected as Officer and Chief Financial Officer of
each of IOR, TCI, and ARL. As a compensation arrangement evolved over time, the three entities agreed to reimburse the
Company for one half of the gross compensation and related expenses of Bertcher at the Company and, from and after December
31, 2010, arranged to provide office space for Mr. Bertcher and certain other Company personnel rather than requiring
operating out of two separate locations. Beginning January 1, 2011, the Company's accounting department moved into
offices maintained by the contractual advisor of the three entities, and the Company was then allowed the use of certain
administrative services, such as space on the contractual advisor's computer server, use of copiers, telephone services,
and other related items. The Company has not been charged for the use of such office space, computer services, telephone
service, or other day-to-day cost of operating an office. Each of the three entities effectively split the cost, generally,
one third each. ARL (together with subsidiaries) owns in excess of 80% of the Common Stock of TCI, and TCI, in turn, owns in
excess of 80% of the Common Stock of IOR. The arrangement renews on an annual basis and is terminable on sixty (60) days
written notice. For purposes of the table set forth above, the net cost to the Company is 25% to 50% of the salary amount for
each year. The amount reflected in the table above is one quarter (2016, 2017 and 2018) to one half (2015) of the total
compensation for Mr. Bertcher, attributable to the Company. Mr. Bertcher resigned as an officer of ARL and TCI on July 1,
2019; he continues as an officer and Chief Financial Officer of IOR.</P>

<P STYLE="text-align: center; margin-top: 14pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">GRANTS OF PLAN BASED AWARDS</P>

<P STYLE="text-align: center; margin-top: 14pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">None</P>

<P STYLE="text-align: center; margin-top: 14pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">OUTSTANDING EQUITY AWARDS AT FISCAL YEAR END</P>

<P STYLE="text-align: center; margin-top: 14pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">None</P>

<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">OPTION EXERCISES AND STOCK VESTED</P>

<P STYLE="text-align: center; margin-top: 14pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">None</P>

<P STYLE="text-align: center; margin-top: 14pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">PENSION BENEFITS</P>

<P STYLE="text-align: center; margin-top: 14pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">None</P>

<P STYLE="text-align: center; margin-top: 14pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">NON-QUALIFIED DEFERRED COMPENSATION</P>

<P STYLE="text-align: center; margin-top: 14pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">None</P>

<P STYLE="text-align: center; margin-top: 14pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">DIRECTOR COMPENSATION</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR>
    <TD STYLE="text-align: left; vertical-align: middle; width: 18%"><FONT STYLE="font: 9.9pt Times New RomanMT"><B>Name</B></FONT></TD>
    <TD STYLE="text-align: center; width: 11%; vertical-align: middle"><FONT STYLE="font: 9.9pt Times New RomanMT"><B>Fees Earned or
    Paid in Cash</B></FONT></TD>
    <TD STYLE="text-align: center; width: 12%"><FONT STYLE="font: 9.9pt Times New RomanMT"><B>Stock Awards</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9.9pt Times New RomanMT"><B>Option Awards</B></FONT></TD>
    <TD STYLE="text-align: center; width: 8%"><FONT STYLE="font: 9.9pt Times New RomanMT"><B>Non-Equity
    Incentive Plan Compensation</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9.9pt Times New RomanMT"><B>Change in Pension Value and
    Non-qualified Deferred Compensation Earnings</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 9.9pt Times New RomanMT"><B>All Other Compensation</B></FONT></TD>
    <TD STYLE="text-align: center; width: 13%; vertical-align: middle"><FONT STYLE="font: 9.9pt Times New RomanMT"><B>Total</B></FONT></TD>
    </TR>
<TR>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10.9pt Times New Roman">Gene S. Bertcher</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 10pt; vertical-align: middle"><FONT STYLE="font: 10.9pt Times New Roman">$</FONT> <FONT STYLE="font: 10.9pt Times New RomanMT"><B>&ndash;</B></FONT></TD>
    <TD STYLE="text-align: left; text-indent: 189.1pt"><FONT STYLE="font: 10.9pt Times New Roman">&nbsp;</FONT> <FONT STYLE="font: 10.9pt Times New RomanMT"><B></B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: middle">$ &ndash;</TD></TR>
<TR>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10.9pt Times New Roman">Dan Locklear</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 10pt; vertical-align: middle"><FONT STYLE="font: 10.9pt Times New Roman">$ 10,500</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 189.1pt"><FONT STYLE="font: 10.9pt Times New Roman">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: middle">$ 10,500</TD></TR>
<TR>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10.9pt Times New Roman">Victor L. Lund</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 10pt; vertical-align: middle"><FONT STYLE="font: 10.9pt Times New Roman">$
    10,500</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 189.1pt"><FONT STYLE="font: 10.9pt Times New Roman">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: middle">$ 10,500</TD></TR>
<TR>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10.9pt Times New Roman">Cecelia Maynard</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 10pt; vertical-align: middle"><FONT STYLE="font: 10.9pt Times New Roman">$ 10,500</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 189.1pt"><FONT STYLE="font: 10.9pt Times New Roman">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: middle">$ 10,500</TD></TR>
<TR>
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10.9pt Times New Roman">Raymond D.
    Roberts, Sr.</FONT></TD>
    <TD STYLE="text-align: center; text-indent: 10pt; vertical-align: middle"><FONT STYLE="font: 10.9pt Times New Roman">$ 10,500</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: middle">$ 10,500</TD></TR>
</TABLE>

<P STYLE="text-align: justify; text-indent: 36pt; margin: 14pt 46.3pt 0pt 52.55pt; font-size: 12pt"><FONT STYLE="font-family: Times New Roman">The Company pays each nonemployee director a fee of $2,500 per annum plus a meeting
fee of $2,000 for each Board meeting attended</FONT><FONT STYLE="font-family: Times New RomanMT"><B>.</B></FONT> <FONT STYLE="font-family: Times New Roman">Directors
who are also employees of the Company serve without additional compensation.</FONT></P>

<P STYLE="text-align: center; margin-top: 14pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">MANAGEMENT AND CERTAIN SECURITY HOLDERS</P>

<P STYLE="text-align: center; margin-top: 14pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">None</P>

<P STYLE="text-align: center; margin-top: 14pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">Compensation Committee Report</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin: 14pt 46.15pt 0pt 52.55pt; font: 12pt Times New Roman">The Compensation Committee of the Board of Directors is comprised of at least two directors who are independent of management
and the Company. Each member of the Compensation Committee must be determined to be independent by the Board under the Corporate
Governance Guidelines on Director Independence adopted by the Board and under the NYSE American standards for nonemployee directors
and Rule 16b-3(b)(3)(i) of the rules and regulations promulgated under the Securities Exchange Act of 1934 and the requirements
for "outside directors" set forth in Treasury Regulations, Section 27(e)(3). Each member of the Committee is to be free of any
relationship that in the judgment of the Board from time to time may interfere with the exercise of his or her independent judgment.</P>

<P STYLE="text-align: center; margin-top: 20pt; margin-bottom: 0pt; font: 12pt Times New Roman">&nbsp;</P>

<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman">Each Committee member is appointed annually subject to removal at any time by the Board and serves until his or her Committee
appointment is terminated by the Board. The Compensation Committee is composed of three directors, each of whom meets the standards
described above.</P>

<P STYLE="text-align: justify; margin-top: 15.1pt; margin-bottom: 0pt; font: 12pt Times New Roman">The purposes of the Compensation Committee are to oversee the policies of the Company relating to compensation to be paid by the
Company to the Company's principal executive officer ("CEO") and any other officers designated by the Board and make recommendations
to the Board with respect to such policies, produce necessary reports and executive compensation for inclusion in the Company's
proxy statement, in accordance with applicable rules and regulations, and monitor the development and implementation of succession
plans for the CEO and other key executives and make recommendations to the Board with respect to such plans.</P>

<P STYLE="text-align: justify; margin-top: 15.1pt; margin-bottom: 0pt; font: 12pt Times New Roman">The Board of Directors determined that the primary forms of executive compensation should be the incentive system discussed above.
The Company's performance is a key consideration (to the extent that such performance can be fairly attributed or related to
an executive's performance) and each executive's responsibilities and capabilities are key considerations. The independent directors
strive to keep executive compensation competitive for comparable positions in other corporations where possible. In addition,
the Compensation Committee believes in equity compensation wherein executives will be additionally rewarded based on increasing
the Company's stockholder value. Base salaries are predicated on a number of factors, including:</P>

<P STYLE="text-align: justify; margin-bottom: 0pt; font: 12pt Times New Roman">&nbsp;</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin-left: 36pt; text-align: justify; text-indent: 0.5in; margin-top: 0pt"><FONT STYLE="font-size: 12pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;recommendation of the CEO;</FONT></P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin-left: 36pt; text-align: justify; text-indent: 0.5in; margin-top: 0"><FONT STYLE="font-size: 12pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;knowledge of similarly situated
executives at other companies;</FONT></P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin-left: 36pt; text-align: justify; text-indent: 0.5in; margin-top: 0"><FONT STYLE="font-size: 12pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the executive's position
and responsibilities within the Company;</FONT></P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin-left: 36pt; text-align: justify; text-indent: 0.5in; margin-top: 0"><FONT STYLE="font-size: 12pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Board of Directors' subjective
evaluation of the executive's contribution to the Company's performance;</FONT></P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin-left: 36pt; text-align: justify; text-indent: 0.5in; margin-top: 0"><FONT STYLE="font-size: 12pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the executive's experience;
and</FONT></P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin-left: 36pt; text-align: justify; text-indent: 0.5in; margin-top: 0"><FONT STYLE="font-size: 12pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the term of the executive's
tenure with the Company.</FONT></P>

<P STYLE="text-align: justify; margin-bottom: 0pt; font: 12pt Times New Roman">The charter of the Compensation Committee was adopted on October 2, 2004, and the members of the Compensation Committee, all of
whom are independent within the meaning of the listing standards of the NYSE American and the Company's Corporate Governance
Guidelines, are listed below. Since its formation, the Compensation Committee has annually reviewed its existing charter and regularly
performed the tasks described above.</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">COMPENSATION COMMITTEE</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11.5pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 25%; text-align: center; vertical-align: middle">Victor S. Lund</TD>
    <TD STYLE="width: 25%; text-align: center; vertical-align: middle">Raymond D. Roberts, Sr.</TD>
    <TD STYLE="width: 25%; text-align: center; vertical-align: middle">Dan Locklear</TD>
    <TD STYLE="width: 25%; text-align: center; vertical-align: middle">Cecelia Maynard</TD></TR>

<P STYLE="text-align: center; margin-top: 88.9pt; margin-bottom: 0pt; font: 12pt Times New Roman">19</P>


<DIV STYLE="page-break-before: always"></DIV>


<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">&nbsp;</P>

<P STYLE="text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">Compensation Committee Interlocks and Insider Participation</P>

<P STYLE="text-align: justify; margin-top: 14.85pt; margin-bottom: 0pt; font: 12pt Times New Roman">The Company's Compensation Committee is made up of nonemployee directors who have never served as officers of, or been employed
by the Company. None of the Company's executive officers serve on a board of directors of any entity that has a director or officer
serving on this Committee.</P>

<P STYLE="text-align: justify; margin-top: 15.35pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">Executive Officers</P>

<P STYLE="text-align: justify; margin-top: 14.85pt; margin-bottom: 0pt; font-size: 12pt"><FONT STYLE="font-family: Times New Roman">The only executive officer of the Company is Gene S. Bertcher, Chairman of the Board,
President, Chief Executive and Financial Officer. His age, term of service and all positions and offices with the Company and
other information is described above under "</FONT><FONT STYLE="font-family: Times New RomanMT"><B>PROPOSAL 1 - ELECTION OF DIRECTORS</B></FONT><FONT STYLE="font-family: Times New Roman">."</FONT></P>

<P STYLE="text-align: center; margin-top: 15.35pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">Certain Relationships and Related Transactions</P>

<P STYLE="text-align: justify; margin-top: 14.85pt; margin-bottom: 0pt; font: 12pt Times New Roman">Historically, the Company has engaged in and may continue to engage in business transactions, including real estate partnerships,
with related parties. Management believes that all of the related party transactions represented the best investments available
at the time and were at least as advantageous to the Company as could have been obtained from unrelated third parties.</P>

<P STYLE="text-align: justify; margin-top: 15.1pt; margin-bottom: 0pt; font: 12pt Times New Roman">Beginning in 2011, Pillar became the contractual advisor to the three other publically traded entities. In addition to the relationship
with Mr. Bertcher, the Company conducts business with Pillar, whereby Pillar provides the Company with services, including processing
payroll, acquiring insurance and other administrative matters. The Company believes that, by purchasing these services through
certain large entities, it can get lower costs and better service. Pillar does not charge the Company a fee for providing theses
services. Pillar is a wholly owned subsidiary of RAI, which is the holder of 58.63% of the outstanding common stock of the Company.</P>

<P STYLE="text-align: justify; margin-top: 15.1pt; margin-bottom: 0pt; font: 12pt Times New Roman">It is the policy of the Company that all transactions between the Company and any officer or director, or any of their affiliates,
must be approved by nonmanagement members of the Board of Directors of the Company. All of the transactions described above were
so approved.</P>

<P STYLE="text-align: center; margin-top: 15.35pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">OTHER MATTERS</P>

<P STYLE="text-align: justify; margin-top: 14.85pt; margin-bottom: 0pt; font: 12pt Times New Roman">The Board of Directors knows of no other matters that may be properly or should be brought before the Annual Meeting. However,
if any other matters are properly brought before the Annual Meeting, the persons named in the enclosed proxy or their substitutes
will vote in accordance with their best judgment on such matters.</P>

<P STYLE="text-align: center; margin-top: 15.35pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">FINANCIAL STATEMENTS</P>

<P STYLE="text-align: justify; margin-top: 14.85pt; margin-bottom: 0pt; font: 12pt Times New Roman">The audited financial statements of the Company, in comparative form, for the years ended December 31, 2018 and 2017, are contained
in the 2018 Annual Report to Stockholders, which was mailed to stockholders in April 2019. Such report and the financial statements
contained therein are not to be considered part of this solicitation.</P>

<P STYLE="text-align: center; margin-top: 61.3pt; margin-bottom: 0pt; font: 12pt Times New Roman">&nbsp;</P></TABLE>

<P STYLE="text-align: center; margin-top: 40pt; margin-bottom: 0pt; font: 12pt Times New Roman">&nbsp;</P>

<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">SOLICITATION OF PROXIES</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 15.1pt; margin-bottom: 0pt; font-size: 12pt"><FONT STYLE="font-family: Times New RomanMT"><B>THIS PROXY STATEMENT IS FURNISHED TO STOCKHOLDERS TO SOLICIT PROXIES ON BEHALF
OF THE BOARD OF DIRECTORS OF NEW CONCEPT ENERGY, INC.</B></FONT> <FONT STYLE="font-family: Times New Roman">The cost of soliciting
proxies will be born by the Company. Directors and officers of the Company may, without additional compensation, solicit by mail,
in person or by telecommunication.</FONT></P>

<P STYLE="text-align: center; margin-top: 15.35pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">FUTURE PROPOSALS OF STOCKHOLDERS</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 14.85pt; margin-bottom: 0pt; font: 12pt Times New Roman">Stockholder proposals for our Annual Meeting to be held in 2020 must be received by us by December 31, 2019, and must otherwise
comply with the rules promulgated by the Securities and Exchange Commission to be considered for inclusion in our proxy statement
for that year. Any stockholder proposal, whether or not to be included in our proxy materials, must be sent to our Corporate Secretary
at 1603 LBJ Freeway, Suite 750, Dallas, Texas 75234.</P>

<P STYLE="text-align: justify; text-indent: 36pt; margin-top: 29.75pt; margin-bottom: 0pt; font: bold 12pt Times New RomanMT">COPIES OF NEW CONCEPT ENERGY, INC.'S ANNUAL REPORT FOR THE FISCAL YEAR ENDED DECEMBER 31, 2018, TO THE SECURITIES AND EXCHANGE
COMMISSION ON FORM 10-K AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION (WITHOUT EXHIBITS) ARE AVAILABLE TO STOCKHOLDERS
WITHOUT CHARGE THROUGH OUR WEBSITE AT <I><U>WWW.NEWCONCEPTENERGY.COM</U></I> OR UPON WRITTEN REQUEST TO NEW CONCEPT ENERGY, INC.,
1603 LBJ FREEWAY, SUITE 750, DALLAS, TEXAS 75234, ATTN: DIRECTOR OF INVESTOR RELATIONS.</P>

<P STYLE="text-align: justify; margin-top: 15.1pt; margin-bottom: 0pt; margin-left: 36pt; font: 12pt Times New Roman">Dated: November 4, 2019</P>

<P STYLE="text-align: justify; margin: 15.1pt 56.3pt 0pt 252pt; font: 12pt Times New Roman">By order of the Board of Directors,</P>

<P STYLE="text-align: justify; margin: 10pt 90.35pt 0pt 252pt; font: 12pt Times New Roman"><IMG SRC="sig1.jpg" ALT=""><BR>
Gene S. Bertcher, President</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt; font: 12pt Times New Roman"></P>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 12"></FONT></P>

<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"></P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2.3pt 129.85pt 0 129.95pt; text-align: center"><B>New Concept Energy,
Inc.</B></P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 2.3pt 129.85pt 0 129.95pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 9pt Times New Roman, Times, Serif; text-align: center"><U>NOTICE OF INTERNET
AVAILABILITY OF PROXY MATERIAL</U></P>

<P STYLE="font: 9pt/108% Times New Roman, Times, Serif; text-align: center"><B>The Notice of
Meeting, Proxy Statement and Proxy Card</B></P>

<P STYLE="font: 9pt/108% Times New Roman, Times, Serif; text-align: center"><B>are available at <U>www.newconceptenergy.com</U>.</B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.35pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 130.5pt 0 129.8pt; text-align: center"><B>This Proxy is Solicited
on Behalf of the Board of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/107% Times New Roman, Times, Serif; margin: 0.05pt 5.85pt 0 5pt; text-align: justify">The undersigned acknowledges
receipt of the notice of annual meeting of stockholders of New Concept Energy, Inc. (the &#8220;Company&#8221;), to be held at
1603 LBJ Freeway, Suite 800, Dallas, Texas 75234, on December 5, 2019, beginning at 10:30 AM, Dallas Time, and the proxy statement
in connection therewith and appoints Gene S. Bertcher the undersigned&#8217;s proxy with full power of substitution for and in
the name, place and stead of the undersigned, to vote upon and act with respect to all of the shares of Common Stock and Series
B Preferred Stock of the Company standing in the name of the undersigned, or with respect to which the undersigned is entitled
to vote and act, at the meeting and at any adjournment thereof.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 41pt">The undersigned directs that the undersigned&#8217;s proxy
be voted as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 37pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt">1.&nbsp;</FONT></P></TD><TD STYLE="font-size: 9pt"><P STYLE="margin-top: 0; margin-bottom: 0">ELECTION OF DIRECTORS [ ] For all nominees (except as marked to the contrary below)</P>
                                                                                                                                                   <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0; padding-left: 30pt">[ ] Withhold authority to vote for all nominees listed below</P></TD></TR></TABLE>

<P STYLE="font: bold 9pt Times New Roman, Times, Serif; margin: 0.15pt 0 0 41pt; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>



<P STYLE="font: bold 9pt Times New Roman, Times, Serif; margin: 0.15pt 0 0 41pt; text-align: left"><FONT STYLE="font-weight: normal">Nominees:
</FONT>Gene S. Bertcher, Dan Locklear, Victor L. Lund, Cecelia Maynard, Raymond D. Roberts, Sr.</P>

<P STYLE="font: 9pt/215% Times New Roman, Times, Serif; margin: 0.8pt 44pt 0 5pt; text-indent: 57pt">_____________________________________________________________________________________
(Instruction: To withhold authority to vote any individual nominee, write that nominee&#8217;s name on the line provided above.)</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-size: 9pt">2.</FONT></TD><TD STYLE="padding-right: 5.55pt"><FONT STYLE="font-size: 9pt">RATIFICATION
                                         OF THE SELECTION OF SWALM AND ASSOCIATES AS THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING
                                         FIRM FOR 2018 AND ANY INTERIM PERIOD.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/10.3pt Times New Roman, Times, Serif; margin: 0 0 0 48.1pt">[ ] FOR&#9;[ ] <FONT STYLE="letter-spacing: 0.2pt">AGAINST&#9;</FONT>[
] <FONT STYLE="letter-spacing: 0.15pt">ABSTAIN</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/107% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"><FONT STYLE="font-size: 9pt">3.</FONT></TD><TD STYLE="padding-right: 5.5pt"><FONT STYLE="font-size: 9pt">IN
                                         THE DISCRETION OF THE PROXIES, ON ANY OTHER MATTER WHICH MAY PROPERLY COME BEFORE THE
                                         MEETING.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt/10.3pt Times New Roman, Times, Serif; margin: 0 0 0 48.1pt">[ ] FOR&#9;[ ] <FONT STYLE="letter-spacing: 0.2pt">AGAINST&#9;</FONT>[
] <FONT STYLE="letter-spacing: 0.15pt">ABSTAIN</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/110% Times New Roman, Times, Serif; margin: 0 6pt 0 5pt; text-align: justify">This proxy will be voted as specified
above. <B>If no specification is made, this proxy will be voted FOR the election of the director nominees in 1 above and/or the
ratification of the selection of Swalm and Associates.</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.5pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/107% Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-indent: 0.5in">The undersigned hereby revokes any
proxy heretofore given to vote or act with respect to the Common Stock or Series B Preferred Stock of the Company and hereby ratifies
and confirms all that the proxies, their substitutes, or any of them may lawfully do by virtue hereof.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-indent: 0.5in">If more than one of the proxies
named shall be present in person or by substitute at the meeting or at any adjournment thereof, the majority of the proxies so
present and voting, either in person or by substitute, shall exercise all of the powers hereby given.</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif">Please date, sign and mail this proxy in the
enclosed envelope. No postage is required.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 4%">Date</TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 43%">, 2019</TD>
    <TD STYLE="width: 33%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Signature of Stockholder</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Signature of Stockholder</TD></TR>
</TABLE>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt/107% Times New Roman, Times, Serif; margin: 0 5.8pt 0 5pt; text-align: justify">Please date this proxy and
sign your name exactly as it appears hereon. Where there is more than one owner, each should sign. When signing as an attorney,
administrator, executor, guardian or trustee, please add your title as such. If executed by a corporation, the proxy should be
signed by a duly authorized officer.</P>

<P STYLE="font: 9pt/107% Times New Roman, Times, Serif; margin: 0 5.8pt 0 5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 9pt/107% Times New Roman, Times, Serif; margin: 0 5.8pt 0 5pt; text-align: justify"></P>

<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->




<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="3" STYLE="width: 23%">&nbsp;</TD>
    <TD STYLE="width: 55%; padding-right: 34.35pt; padding-left: 29.75pt; text-align: center"><FONT STYLE="font-size: 16pt">METZGER &amp; MCDONALD PLLC</FONT></TD>
    <TD ROWSPAN="3" STYLE="width: 22%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 34pt; padding-left: 29.75pt; text-align: center"><FONT STYLE="font-size: 6pt">A PROFESSIONAL LIMITED LIABILITY COMPANY</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 34.05pt; padding-left: 29.75pt; text-align: center"><FONT STYLE="font-size: 6pt">ATTORNEYS, MEDIATORS &amp; COUNSELORS</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 11pt/9.15pt Times New Roman, Times, Serif; margin: 4.6pt 0 0 2.5pt"><FONT STYLE="font-size: 8pt">STEVEN
        </FONT><FONT STYLE="font-size: 8pt">C. METZGER</FONT></P>
        <P STYLE="font: 8pt/8.8pt Times New Roman, Times, Serif; margin: 0 0 0 2.5pt">DIRECT DIAL 214-740-5030</P></TD>
    <TD STYLE="padding-top: 4.8pt; padding-right: 64.15pt; padding-left: 92.05pt; text-indent: -9.4pt"><FONT STYLE="font-size: 9pt">3626 N. H</FONT><FONT STYLE="font-size: 7pt">ALL </FONT><FONT STYLE="font-size: 9pt">S</FONT><FONT STYLE="font-size: 7pt">TREET</FONT><FONT STYLE="font-size: 9pt">, S</FONT><FONT STYLE="font-size: 7pt">UITE </FONT><FONT STYLE="font-size: 9pt">800 D</FONT><FONT STYLE="font-size: 7pt">ALLAS</FONT><FONT STYLE="font-size: 9pt">, T</FONT><FONT STYLE="font-size: 7pt">EXAS </FONT><FONT STYLE="font-size: 9pt">75219-5133</FONT></TD>
    <TD>
        <P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0.5pt 0 0">&nbsp;</P>
        <P STYLE="font: 8pt/8.85pt Times New Roman, Times, Serif; margin: 0 2.5pt 0 0; text-align: right">FACSIMILE 214-224-7555</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2.5pt"><FONT STYLE="font-size: 6pt">SMETZGER@PMKLAW.COM</FONT></TD>
    <TD STYLE="padding-right: 33.45pt; padding-left: 29.75pt; text-align: center"><FONT STYLE="font-size: 9pt">214-969-7600</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 8pt">214-523-3838</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 34.25pt; padding-left: 29.75pt; text-align: center"><FONT STYLE="font-size: 7pt">WWW</FONT><FONT STYLE="font-size: 9pt">.</FONT><FONT STYLE="font-size: 7pt">PMKLAW</FONT><FONT STYLE="font-size: 9pt">.</FONT><FONT STYLE="font-size: 7pt">COM</FONT></TD>
    <TD STYLE="padding-right: 2.45pt; text-align: right"><FONT STYLE="font-size: 8pt">214-969-7635</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center">November 4, 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 14.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/101% Times New Roman, Times, Serif; margin: 3.1pt 280pt 0 44pt">Securities and Exchange Commission 100 F Street,
N.E.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.15pt 0 0 44pt">Washington, D.C. 20549</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/101% Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.95pt"></TD><TD STYLE="width: 39.95pt"><FONT STYLE="letter-spacing: 0.3pt">Re:</FONT></TD><TD STYLE="padding-right: 44.3pt"><FONT STYLE="letter-spacing: 0.3pt">New Concept
Energy, Inc., Commission File No. 000-08187; CIK No. 0000105744 - Definitive Proxy Material</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 44pt">Ladies and Gentlemen:</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/101% Times New Roman, Times, Serif; margin: 0 44.8pt 0 44pt; text-align: justify; text-indent: 0.5in">Pursuant
to the requirements of Rule 14a-6(b) under the Securities Exchange Act of 1934 (the &#8220;<U>Exchange Act</U>&#8221;), on behalf
of New Concept Energy, Inc. (&#8220;<U>GBR</U>&#8221;), enclosed are the requisite number of definitive copies of a Notice of
Annual Meeting, Proxy Statement, and form of Proxy Card, for use at GBR&#8217;s Annual Meeting of Stockholders to be held on December
5, 2019, in the same form as materials sent to security holders, which is being filed with the Commission on the date first sent
or given to security holders. As the only matters to be acted upon at the Annual Meeting of Stockholders are the election of directors
and the ratification of the selection of the independent registered public accounting firm, only the definitive material is required
to be filed pursuant to Rule 14a-6 under the Exchange Act.</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt/101% Times New Roman, Times, Serif; margin: 0 44.85pt 0 44pt; text-align: justify; text-indent: 0.5in">Should
you have any questions in connection with this filing, please do not hesitate to contact the undersigned at any time at 214-740-5030
direct.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 332pt">Very truly yours,</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11.5pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid">/s/ Steven C. Metzger</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Steven C. Metzger</TD></TR>
</TABLE>

<P STYLE="font: 11.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt MingLiU-ExtB,serif; margin: 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">SCM/bds</FONT></P>

<P STYLE="font: 12pt MingLiU-ExtB,serif; margin: 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Enclosures</FONT></P>

<P STYLE="font: 9.5pt MingLiU-ExtB,serif; margin: 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 12pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: right; vertical-align: middle; width: 10%">cc:</TD>
    <TD STYLE="width: 36%">New Concept Energy, Inc.</TD>
    <TD STYLE="width: 54%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>1603 LBJ Freeway, Suite 750</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Dallas, Texas 75234</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Attn: Gene S. Bertcher, President</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>NYSE AMERICAN</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>11 Wall Street</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>New York, New York 10005</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Attn: Ms. Ryan Cooke</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>sig1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 sig1.jpg
M_]C_X  02D9)1@ ! 0   0 !  #__@!01FEL92!W<FET=&5N('=I=&@@0V]M
M<'50:6,H4BD@+2!0:&]T;V1E>"!#;W)P;W)A=&EO;B H:'1T<#HO+W=W=RYP
M:&]T;V1E>"YC;VTI_]L A  ! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0'_P  1"  U )L# 1$  A$! Q$!_\0 >    00" P$
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M6UUY14$/.(3XV#?5C+<8Q543,S4&DE8-9D@58OTH4YGE8-T-89$Y&9X%HQR
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M<1$1$1[[X&? . < X!P#@' . <!._P!!_P!O_/ 7@((]?G_(.^ O[^7 . <
,X!P#@' . < X /_9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
