<SEC-DOCUMENT>0001010549-21-000253.txt : 20211116
<SEC-HEADER>0001010549-21-000253.hdr.sgml : 20211116
<ACCEPTANCE-DATETIME>20211116131854
ACCESSION NUMBER:		0001010549-21-000253
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20211215
FILED AS OF DATE:		20211116
DATE AS OF CHANGE:		20211116

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:		211415220

	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>
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<BODY>


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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 128.45pt 0 127.15pt; text-align: center">SCHEDULE 14A INFORMATION</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>[ ] <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: 0.3pt 0 0 5.6pt">[&nbsp; ]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preliminary
Proxy Statement.</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;Confidential,
for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)).</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.3pt 0 0 5.6pt">[X]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitive
Proxy Statement.</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;Definitive
Additional Materials.</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;Soliciting
Material Pursuant to Section 240.14a-12.</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: 0.55pt 0 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 100%; vertical-align: middle">&#9;<FONT STYLE="letter-spacing: 0.15pt">NEW CONCEPT ENERGY,
    INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: middle">(Name of Registrant as
Specified In Its Charter)</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: middle">(Name of Person(s) Filing
Proxy Statement if other than the Registrant)</TD></TR>
</TABLE>

<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: 0.05pt 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" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">[X]</TD><TD STYLE="text-align: justify">No fee required.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">[ &nbsp;&nbsp;]</TD><TD STYLE="text-align: justify">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">Title of each class of securities to which transaction applies:</TD></TR>                                                                                                                                                                        <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">Aggregate number of securities to which transaction applies:</TD></TR>                                                                                                                                                                     <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">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):</TD></TR>                                                                                                            <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify">Proposed maximum aggregate value of transaction:</TD></TR>                                                                                                                                                         <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify">Total fee paid:</TD></TR>                                                                                                                        <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/150% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">[&nbsp;&nbsp;&nbsp;]</TD><TD STYLE="text-align: justify">Fee paid previously with preliminary materials.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/108% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6.75pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">[ &nbsp;&nbsp;]</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">Amount Previously Paid:</TD></TR>                                                                                                                                <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">Form, Schedule or Registration Statement No.:</TD></TR>                                                                                                                                                      <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">Filing Party:</TD></TR>                                                                                                                      <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify">Date Filed:</TD></TR>                                                                                                                    <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NEW CONCEPT ENERGY, INC.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTICE OF ANNUAL MEETING OF STOCKHOLDERS</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TO BE HELD ON DECEMBER 15, 2021</B></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">New Concept Energy, Inc. will
hold its Annual Meeting of Stockholders on Wednesday, December 15, 2021, 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="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: WP TypographicSymbols; font-size: 11pt">&#9679;</FONT><FONT STYLE="font-size: 11pt">&#9;&nbsp;&nbsp;&nbsp;&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: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: WP TypographicSymbols; font-size: 11pt">&#9679;</FONT><FONT STYLE="font-size: 11pt">&#9;&nbsp;&nbsp;&nbsp;&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: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 11pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: WP TypographicSymbols; font-size: 11pt">&#9679;</FONT><FONT STYLE="font-size: 11pt">&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Such
other matters as may properly be presented at the Annual Meeting.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Only Stockholders of record at
the close of business on Friday, November 12, 2021, will be entitled to vote at the meeting.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Dated: November 15, 2021</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 50%">By order of the Board of Directors,</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid">&nbsp;<IMG SRC="sig1.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Gene S. Bertcher, President</TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3.5in">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 4in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3.5in">&nbsp;</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">__________________________</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>This Proxy Statement is available at <U>www.newconceptenergy.com</U>.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Among other things, the Proxy Statement contains
information regarding:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: WP TypographicSymbols; font-size: 11pt">&#9679;</FONT><B>
The date, time and location of the meeting</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: WP TypographicSymbols; font-size: 11pt">&#9679;</FONT><B>
A list of the matters being submitted to Stockholders</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: WP TypographicSymbols; font-size: 11pt">&#9679;</FONT><B>
Information concerning voting in person</B></P>

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


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NEW CONCEPT ENERGY, INC.</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PROXY STATEMENT</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FOR THE ANNUAL MEETING OF STOCKHOLDERS</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TO BE HELD DECEMBER 15, 2021</B></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Board of Directors of New
Concept Energy, Inc. (the &ldquo;<B>Company</B>&rdquo; or &ldquo;<B>we</B>&rdquo; or &ldquo;<B>us</B>&rdquo;) is soliciting proxies to
be used at the Annual Meeting of Stockholders following the fiscal year ended December 31, 2020 (the &ldquo;<B>Annual Meeting</B>&rdquo;).
Distribution of this Proxy Statement and a Proxy Form is scheduled to begin on November 17, 2021. The mailing address of the Company<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s
principal executive offices is 1603 LBJ Freeway, Suite 800, Dallas, Texas 75234.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>About the Meeting</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Who Can Vote</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Record holders of Common Stock
and Series B Preferred Stock of the Company at the close of business on Friday, November 12, 2021 (the &ldquo;<B>Record Date</B>&rdquo;),
may vote at the Annual Meeting. On that date, 5,131,934 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="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>How You Can Vote</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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 <B>FOR</B> both Proposals 1 and 2.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Revocation of Proxies</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Vote Required</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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 12, 2021, there were 5,131,934 shares of Common Stock and 559 shares
of Series B Preferred Stock issued and outstanding. 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 &ldquo;street&rdquo; name indicates to us on a proxy card that the broker lacks</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">discretionary authority to vote your shares, we will
not consider your shares as present or entitled to vote for any purpose.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Other Matters to be Acted Upon at the Annual Meeting</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Expenses of Solicitation</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Available Information</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Our internet website address is
<FONT STYLE="color: blue"><I><U>www.newconceptenergy.com</U></I>.</FONT> 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 &ldquo;<B>SEC</B>&rdquo;).
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="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Multiple Stockholders Sharing the Same Address</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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 800, Dallas, Texas 75234 or call (800) 400-6407.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Questions</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">You may call our Investor Relations
Department at 800-400-6407 if you have any questions.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PLEASE VOTE - YOUR VOTE IS IMPORTANT</B></P>

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


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Corporate Governance and Board Matters</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Current members of the Board</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 44%; border-top: black 1pt solid; border-left: black 1pt solid; border-bottom: white 1pt solid; border-right: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt 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: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt 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: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt 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: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt 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-left: black 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt 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: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt 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: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt 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: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt 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-left: black 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 2.9pt">Richard W. Humphrey&#9;</P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt 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: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt 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: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt 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-left: black 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt 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: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt 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: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt WP IconicSymbolsA; margin: 0 0 2.9pt; text-align: center"><FONT STYLE="font-size: 11pt">&#10003;</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt WP IconicSymbolsA; margin: 0 0 2.9pt; text-align: center"><FONT STYLE="font-size: 11pt">&#10003;</FONT></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: white 1pt solid; border-left: black 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt 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: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt WP IconicSymbolsA; margin: 0 0 2.9pt; text-align: center"><FONT STYLE="font-size: 11pt">&#10003;</FONT></P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt WP IconicSymbolsA; margin: 0 0 2.9pt; text-align: center"><FONT STYLE="font-size: 11pt">&#10003;</FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt 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-left: black 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt 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: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt WP IconicSymbolsA; margin: 0 0 2.9pt; text-align: center"><FONT STYLE="font-size: 11pt">&#10003;</FONT></P></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: black 1pt solid; padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt 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: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt WP IconicSymbolsA; margin: 0 0 2.9pt; text-align: center"><FONT STYLE="font-size: 11pt">&#10003;</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Role of the Board&rsquo;s Committees</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Board of Directors has standing
Audit, Governance and Nominating, and Compensation Committees.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Audit Committee</I></B>.
The functions of the Audit Committee are described below under the heading &ldquo;<I>Report of the Audit Committee.</I>&rdquo; The Audit
Committee is an &ldquo;audit committee&rdquo; 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<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s
Investor Relations website (<FONT STYLE="color: blue"><I><U>www.newconceptenergy.com</U></I>).</FONT> 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&rsquo;s <I>Corporate Governance Guidelines</I>.
Mr. Locklear, a member and Chair of the Committee, is qualified as an &ldquo;audit committee financial expert&rdquo; 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 2020.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Governance and Nominating
Committee</I></B>. 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<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s
<I>Corporate Governance Guidelines</I>. 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<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s
annual review of director independence and the Board&rsquo;s performance self-evaluation. The charter of the Governance and Nominating Committee
was adopted on October 20, 2004,</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">and is available on the Company<FONT STYLE="font-family: WP TypographicSymbols; font-size: 11pt">'</FONT><FONT STYLE="font-size: 11pt">s
Investor Relations website (<FONT STYLE="color: blue"><I><U>www.newconceptenergy.com</U></I>).</FONT> 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 <I>Corporate Governance Guidelines.</I> The Governance and Nominating
Committee met two times in 2020.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B><I>Compensation Committee</I></B>.
The Compensation Committee is responsible for overseeing the policies of the Company relating to compensation to be paid by the Company
to the Company<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>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<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>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<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s Investor Relations website
(<FONT STYLE="color: blue"><I><U>www.newconceptenergy.com</U></I></FONT>). 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<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s <I>Corporate Governance Guidelines</I>. The Compensation Committee
is to be comprised of at least three directors who are independent of management and the Company. The Compensation Committee met two times
in 2020.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Presiding Director</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s annual meeting of stockholders to be held
following the fiscal year ended December 31, 2020 (<I>i.e.</I>, this meeting).</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Selection of Nominees for the Board</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 <I>Corporate Governance Guidelines, </I>including:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: WP TypographicSymbols; font-size: 11pt">&#9679;</FONT>&#9;the
ability of the prospective nominee to represent the interests of the stockholders of the Company;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: WP TypographicSymbols; font-size: 11pt">&#9679;</FONT>&#9;the
prospective nominee's standards of integrity, commitment and independence of thought and judgment;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: WP TypographicSymbols; font-size: 11pt">&#9679;</FONT>&#9;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 <I>Corporate Governance Guidelines</I>;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: WP TypographicSymbols; font-size: 11pt">&#9679;</FONT>&#9;the
extent to which the prospective nominee contributes to the range of talent, skill and expertise appropriate for the Board;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: WP TypographicSymbols; font-size: 11pt">&#9679;</FONT>&#9;the
extent to which the prospective nominee helps the Board reflect the diversity of the Company's stockholders, employees, customers, guests
and communities; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: WP TypographicSymbols; font-size: 11pt">&#9679;</FONT>&#9;the
willingness of the prospective nominee to meet any minimum equity interest holding guideline.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>
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. 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)&nbsp;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)&nbsp;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="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Determinations of Director Independence</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In October 2004, the Board enhanced
its <I>Corporate Governance Guidelines. </I>The <I>Guidelines </I>adopted by the Board meet or exceed the new listing standards adopted
during the year by the American Stock Exchange. The full text of the <I>Guidelines </I>can be found in the Investor Relations section
of the Company's website (<FONT STYLE="color: blue"><I><U>www.newconceptenergy.com</U></I>).</FONT> A copy may also be obtained upon request
from the Company's Corporate Secretary.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pursuant to the <I>Guidelines,
</I>the Board undertook its annual review of director independence in December 2019. 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 <I>&ldquo;Certain Relationships and Related Transactions&rdquo; </I>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 <I>Guidelines</I>, the purpose of this review was to determine whether any such relationships or transactions were inconsistent
with a determination that the director is independent.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As a result of this review, the
Board affirmatively determined that the then directors, Messrs. Locklear, Lund and Roberts and Ms. Maynard, are each independent of the
Company and its management under the standards set forth in the <I>Corporate Governance Guidelines</I>. Mr. Richard W. Humphrey was selected
as a director, effective October 9, 2020.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Directors<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>
Service for Other Publicly Held Entities</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>
time and responsibility. This entity (and the other three consolidated entities) has no specific policy or prohibition upon Mr. Roberts<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>
or any other person<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>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<FONT STYLE="font-family: WP TypographicSymbols">'</FONT> service to other
entities in other industries benefits the expertise of Mr. Roberts and the Company.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Board Meetings During Fiscal 2020</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Board met six times during
fiscal 2020. Each director attended 75% or more of the meetings of the Board and Committees on which he served. Under the Company<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s
<I>Corporate Governance Guidelines</I>, 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 2020.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Directors<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>
Compensation</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">During 2020, $41,000 was paid
to the nonemployee directors in total directors<FONT STYLE="font-family: WP TypographicSymbols">'</FONT> fees for all services, including
the annual fee for service during the period from January 1, 2020, through December 31, 2020. Those fees received by directors were Dan
Locklear ($10,500), Victor Lund, a longtime director, who resigned July 26, 2020 ($5,500), Cecelia Maynard ($10,500), Richard W. Humphrey
($4,000) and Raymond D. Roberts, Sr. ($10,500).</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Stockholders<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>
Communication with the Board</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Code of Ethics</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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 &ldquo;Code of Ethics for Senior Financial Officers&rdquo;
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 (<FONT STYLE="color: blue"><I><U>www.newconceptenergy.com</U></I>).</FONT>
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.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Compliance with Section 16(a) of Reporting Requirements</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Section 16(a) under the Securities
Exchange Act of 1934 requires the Company<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s directors, executive officers and
any persons holding 10% or more of the Company<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s shares of Common Stock are required
to report their ownership of the Company<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>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<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s directors and executive officers and holders of more than 10% of the
Company<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s Common Stock during the fiscal year ended December 31, 2020. 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<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s Common Stock and copies of the reports that each has
filed with the SEC.</P>

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

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


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Security Ownership of Certain Beneficial Owners
and Management</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Security Ownership of Certain Beneficial Owners</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following table sets forth
the ownership of the Company<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>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 12, 2021.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36%; padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Name and Address of </B></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: justify"><B>Beneficial Owner</B></P></TD>
    <TD STYLE="width: 32%; padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><B>&#9;Amount and Nature of</B></P>
    <P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2.9pt"><B>&#9;Beneficial Ownership</B></P></TD>
    <TD STYLE="width: 32%; padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><B>&#9;Approximate</B></P>
    <P STYLE="text-align: center; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2.9pt"><B>&#9;Percent of Class</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Realty Advisors, Inc.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">1603 LBJ Freeway, Suite 800</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: justify">Dallas, Texas 75234</P></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center">1,503,147 shares</P></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center">29.29%</P></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Security Ownership of Management</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following table sets forth
the ownership of the Company<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>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
12, 2021.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 47%; padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 2.9pt"><B>Name and Address of Beneficial Owner</B></P></TD>
    <TD STYLE="width: 28%; padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center"><B>Amount and Nature of Beneficial Ownership*</B></P></TD>
    <TD STYLE="width: 25%; padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center"><B>Approximate Percent of Class*</B>*</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 2.9pt">Gene S. Bertcher</P></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center">-</P></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center">0%</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 2.9pt">Richard W. Humphrey</P></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center">-</P></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center">0%</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 2.9pt">Dan Locklear</P></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center">-</P></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center">0%</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 2.9pt">Cecelia Maynard</P></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center">-</P></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center">0%</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 2.9pt">Raymond D. Roberts, Sr.</P></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center">-</P></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center">0%</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 2.9pt">All directors and executive officers as a group (5 people)</P></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center">-</P></TD>
    <TD STYLE="padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">0%</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 2.9pt">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-right: white 1pt solid; border-bottom: white 1pt solid; border-left: white 1pt solid; padding-right: 6pt; padding-left: 6pt">
    <P STYLE="font: 11pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">_____________________________</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.35in">* &ldquo;Beneficial Ownership&rdquo;
    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="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.35in">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: justify; text-indent: 0.35in">** Percentages are based
    upon 5,131,934 shares of Common Stock outstanding at November 12, 2021.</P></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PROPOSAL 1</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ELECTION OF DIRECTORS</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Five 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, 2021.
All of the nominees for director are now serving as directors. Each of the nominees has consented to being named in this proxy statement</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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. All of the nominees
are currently serving as directors of the Company, and four were elected at the Annual Meeting of Stockholders held on December 16, 2020.
No family relationship exists among any of the directors or executive officers of the Company. The designation &ldquo;affiliated,&rdquo;
when used below with respect to a director, means that the director is an officer, director or employee of the Company or one of its affiliated
entities.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>Gene S. Bertcher, age 72, (Affiliated)
Director since November 1989 to September 1996 and since June 1999</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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 (&ldquo;<B>IOR</B>&rdquo;),
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 (&ldquo;<B>ARL</B>&rdquo;),
which has its common stock listed and traded on the New York Stock Exchange (&ldquo;<B>NYSE</B>&rdquo;), Transcontinental Realty Investors,
Inc., a Nevada corporation (&ldquo;<B>TCI</B>&rdquo;), 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="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>Richard W. Humphrey, age 74,
(Affiliated) Director since October 9, 2020</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Mr. Humphrey has been, for more
than the past five years, broker at Regis Realty Prime, LLC, involved in sales and acquisitions of real estate properties. Mr. Humphrey
received from Southern Methodist University Cox School of Business both a Bachelors of Business Administration and Masters of Business
Administration degree with emphasis in real estate. From 1976 to 1979, he was also a part-time faculty member at Southern Methodist University
Cox School of Business in Dallas, teaching real estate classes in undergraduate and graduate school. Regis Realty Prime, LLC and its predecessors
are affiliated with Realty Advisors, Inc. (&ldquo;<B>RAI</B>&rdquo;).</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>Dan Locklear, age 69, (Independent)
Director since December 2003</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>Cecelia Maynard, age 70, (Independent)
Director from January 2019 to July 10, 2020 and since August 20, 2020</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Ms. Maynard was employed by Pillar
Income Asset Management, Inc. (&ldquo;<B>Pillar</B>&rdquo;) from January 2011 through December 31, 2018. Pillar is a Nevada corporation
which provides management services to other entities. Cecelia Maynard was first elected as a director by the Board of Directors on January
18, 2019. Ms. Maynard resigned as a director on July 10, 2020. Victor Lund, age 89, a director since March 1996, resigned on July 26,
2020, and on August 20, 2020, Cecelia Maynard was reelected as a director to fill the vacancy created by the resignation of Victor Lund.
Ms. Maynard was also (from May 2018 to April 2021) 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.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>Raymond D. Roberts, Sr., age
89, (Independent) Director since June 2015</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>The Board of Directors unanimously recommends a
vote FOR </B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>the election of all of the Nominees named above.</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PROPOSAL 2</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>RATIFICATION OF APPOINTMENT OF</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Audit Committee has appointed
Swalm &amp; Associates, P.C. as the independent registered public accounting firm for New Concept Energy, Inc. for the 2021 fiscal year
and to conduct quarterly reviews through September 30, 2022. The Company<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s Bylaws
do not require that stockholders ratify the appointment of Swalm &amp; Associates, P.C. as the Company<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s
independent registered public accounting firm. Swalm &amp; Associates, P.C. has served as the Company<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s
independent registered public accounting firm for each of the fiscal years ended December 31, 2008 through 2020. 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<FONT STYLE="font-family: WP TypographicSymbols">'</FONT> 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="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>The Board of Directors unanimously recommends a
vote FOR the ratification of the</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>appointment of Swalm &amp; Associates, P.C. as the
Company<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>independent registered public accounting firm.</B></P>

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


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Fiscal Years 2018 and 2019 Audit Firm Fee Summary</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The following table sets forth
the aggregate fees for professional services rendered to the Company for the years 2020 and 2019 by the Company<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s
principal accounting firm, Swalm &amp; Associates, P.C.:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Type of Fees</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left; padding-bottom: 1pt; padding-left: 6pt">Audit Fees&#9;</TD><TD STYLE="width: 8%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">70,250</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">67,000</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 6pt">Audit-Related Fees&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; padding-left: 6pt">Tax Fees&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,550</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 6pt">All Other Fees&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 1in">Total Fees:&#9;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">80,800</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">79,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">____________________________</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><I>Audit Fees</I>. These
are fees for professional services performed by the principal auditor for the audit of the Company<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s
annual financial statements and review of financial statements included in the Company<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s
10-Q filings and services that are normally provided in connection with statutory and regulatory filing or engagements.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><I>Audit-Related Fees</I>.
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<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>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.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><I>Tax Fees</I>. 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.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><I>All Other Fees</I>.
These are fees for other permissible work performed by the principal auditor that do not meet the above category descriptions.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s core work, which is the audit of the Company<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s
consolidated financial statements.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Swalm &amp; Associates PC did
not render professional services to the Company in 2019 involving any financial information systems design and implementation.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Report of the Audit Committee</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>of the Board of Directors</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Audit Committee is responsible
for, among other things:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: WP TypographicSymbols; font-size: 11pt">&#9679;</FONT>&#9;retaining
and overseeing the independent registered public accounting firm that serves as our independent auditor and evaluating their performance
and independence;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: WP TypographicSymbols; font-size: 11pt">&#9679;</FONT>&#9;reviewing
the annual audit plan with management and the independent registered public accounting firm;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: WP TypographicSymbols; font-size: 11pt">&#9679;</FONT>&#9;preapproving
any permitted non-audit services provided by our independent registered public accounting firm;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: WP TypographicSymbols; font-size: 11pt">&#9679;</FONT>&#9;approving
the fees to be paid to our independent registered public accounting firm;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: WP TypographicSymbols; font-size: 11pt">&#9679;</FONT>&#9;reviewing
the adequacy and effectiveness of our internal controls with management, internal auditors and the independent registered public accounting
firm;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: WP TypographicSymbols; font-size: 11pt">&#9679;</FONT>&#9;reviewing
and discussing the annual audited financial statements and the interim unaudited financial statements with management and the registered
public accounting firm; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: WP TypographicSymbols; font-size: 11pt">&#9679;</FONT>&#9;approving
our internal audit plan and reviewing reports of our internal auditors.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Audit Committee operates under
a written charter adopted by the Board of Directors. The Committee<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s responsibilities
are set forth in this charter which is available on our website at <FONT STYLE="color: blue"><I><U>www.newconceptenergy.com</U></I></FONT>.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Audit Committee assists the
Board in fulfilling its responsibilities for general oversight of the integrity of the Company<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s
financial statements, the adequacy of the Company<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s system of internal controls,
the Company<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s risk management, the Company<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s
compliance with legal and regulatory requirements, the independent auditors<FONT STYLE="font-family: WP TypographicSymbols">'</FONT> qualifications
and independence, and the performance of the Company<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s independent auditors. The
Committee has sole authority over the selection of the Company<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s independent auditors
and manages the Company<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>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="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Committee met four times during
2020. The Committee schedules its meetings with a view to ensuring that it devotes appropriate attention to all of its tasks. The Committee<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s
meetings include private sessions with the Company<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s independent auditors without
the presence of the Company<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>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="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Management has the primary responsibility
for the Company<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>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. The Company<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>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<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s
assessment of, and the effective</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">operation of, internal control over financial reporting.
The Committee<FONT STYLE="font-family: WP TypographicSymbols; font-size: 11pt">'</FONT><FONT STYLE="font-size: 11pt">s responsibility
is to monitor and review the Company<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s financial reporting process and discuss
management<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s report on the Company<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s
internal control over financial reporting. It is not the Committee<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s duty or responsibility
to conduct audits or accounting reviews or procedures. The Committee has relied, without independent verification, on management<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>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<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s financial statements.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">As part of its oversight of the
Company<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s financial statements, the Committee reviews and discusses with both
management and the Company<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s independent registered public accountants all annual
and quarterly financial statements prior to their issuance. During 2020, 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 <I>Statement on Auditing Standards No. 61 (Codification of Statements on Auditing Standards), </I>including
the quality (not merely the acceptability) of the Company<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>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 <I>Independence
Standards Board Standard No. 1 (Independence Discussions with Audit Committees)</I>. The Committee also considered whether non-audit services,
provided by the independent accountants are compatible with the independent accountant<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s
independence. The Company also received regular updates on the amount of fees and scope of audit, audit related, and tax services provided.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In addition, the Committee reviewed
key initiatives and programs aimed at strengthening the effectiveness of the Company<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s
internal and disclosure control structure. As part of this process, the Committee continued to monitor the scope and adequacy of the Company<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s
internal controls, reviewed staffing levels and steps taken to implement recommended improvements in any internal procedures and controls.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Based on the Committee<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s
discussion with management and the independent accountants and the Committee<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>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<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s Annual Report on Form 10-K for the year ended December
31, 2020, filed with the SEC. The Audit Committee and the Board of Directors have also selected Swalm &amp; Associates, P.C. as the Company<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s
independent registered public accountants and auditors for the fiscal year ending December 31, 2021.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">AUDIT COMMITTEE</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%">Raymond
D. Roberts, Sr.</TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: middle">Dan Locklear</TD>
    <TD STYLE="text-align: right; width: 33%; vertical-align: middle">Cecelia Maynard</TD></TR>
</TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Pre-Approval Policy for Audit and Non-Audit Services</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Under the Sarbanes-Oxley Act of
2002 (the &ldquo;<B>SO Act</B>&rdquo;), 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</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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<FONT STYLE="font-family: WP TypographicSymbols; font-size: 11pt">'</FONT><FONT STYLE="font-size: 11pt">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<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>s
independence. Accordingly, the Audit Committee adopted on March 22, 2004 a written pre-approval policy of audit and non-audit services
(the &ldquo;<B>Policy</B>&rdquo;), 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<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>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.</FONT></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXECUTIVE COMPENSATION</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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, 2020, 2019, and 2018, by the Principal
Executive Officer of the Company and to the other executive officers and Directors of the Company, whose total annual salaries in 2020
exceeded $100,000, the number of options granted to any of such persons during 2020 and the value of the unexercised options held by any
of such persons on December 31, 2020.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SUMMARY COMPENSATION TABLE</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 9%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 6pt"><P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Name and</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Principal</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt"><B>Position</B></P></TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 7%; text-align: right"><P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center"><B>Year</B></P></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 6%; text-align: right"><P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center"><B>Salary</B></P></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 8%; font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 6pt">&nbsp;Bonus</TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 8%; font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 6pt">&nbsp;Stock Awards</TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 8%; font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 6pt">&nbsp;Option Awards</TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 8%; font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 6pt">&nbsp;Non-Equity Incentive Plan Compensation</TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 8%; font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 6pt">&nbsp;Change in Pension Value and Non-qualified Deferred Compensation Earnings</TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 8%; font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 6pt">&nbsp;All Other Compensation</TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 6%; text-align: right"><P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center"><B>Total</B></P></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 6pt">&nbsp;Gene S. Bertcher (1) <BR>Chairman, President <BR>&amp; Chief Financial Officer</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">2020</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">2019</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center">2018</P></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">$56,500</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">$56,500</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center">$53,650</P></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt; padding-left: 6pt"><P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt WP TypographicSymbols; margin: 0; text-align: center">-</P> <P STYLE="font: 10pt WP TypographicSymbols; margin: 0; text-align: center">-</P> <P STYLE="font: 10pt WP TypographicSymbols; margin: 0 0 2.9pt; text-align: center">-</P></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt; padding-left: 6pt"><P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt WP TypographicSymbols; margin: 0; text-align: center">-</P> <P STYLE="font: 10pt WP TypographicSymbols; margin: 0; text-align: center">-</P> <P STYLE="font: 10pt WP TypographicSymbols; margin: 0 0 2.9pt; text-align: center">-</P></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt; padding-left: 6pt"><P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt WP TypographicSymbols; margin: 0; text-align: center">-</P> <P STYLE="font: 10pt WP TypographicSymbols; margin: 0; text-align: center">-</P> <P STYLE="font: 10pt WP TypographicSymbols; margin: 0 0 2.9pt; text-align: center">-</P></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt; padding-left: 6pt"><P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt WP TypographicSymbols; margin: 0; text-align: center">-</P> <P STYLE="font: 10pt WP TypographicSymbols; margin: 0; text-align: center">-</P> <P STYLE="font: 10pt WP TypographicSymbols; margin: 0 0 2.9pt; text-align: center">-</P></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt; padding-left: 6pt"><P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt WP TypographicSymbols; margin: 0; text-align: center">-</P> <P STYLE="font: 10pt WP TypographicSymbols; margin: 0; text-align: center">-</P> <P STYLE="font: 10pt WP TypographicSymbols; margin: 0 0 2.9pt; text-align: center">-</P></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 1pt; padding-left: 6pt"><P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt WP TypographicSymbols; margin: 0; text-align: center">-</P> <P STYLE="font: 10pt WP TypographicSymbols; margin: 0; text-align: center">-</P> <P STYLE="font: 10pt WP TypographicSymbols; margin: 0 0 2.9pt; text-align: center">-</P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">$56,500</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">$56,500</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center">$53,650</P></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commencing
in February 2008, on a then interim basis, three other publicly held entities (Income Opportunity Realty Investors, Inc., Transcontinental
Realty Investors, Inc., and American Realty Investors, Inc., each of which have the same contractual advisor, now Pillar Income Asset
Management, Inc. [&ldquo;<B>Pillar</B>&rdquo;]) 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<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>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<FONT STYLE="font-family: WP TypographicSymbols">'</FONT>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 (2020, 2019 and 2018) of the total compensation for Mr. Bertcher, attributable to the Company.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>GRANTS OF PLAN BASED AWARDS</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>None</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>OUTSTANDING EQUITY AWARDS AT FISCAL YEAR END</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>None</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>OPTION EXERCISES AND STOCK VESTED</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>None</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PENSION BENEFITS</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>None</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NON-QUALIFIED DEFERRED COMPENSATION</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>None</B></P>

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

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

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

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

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

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


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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DIRECTOR COMPENSATION</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 6pt"><P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt"><FONT STYLE="font-size: 11pt"><B>Name</B></FONT></P></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 6pt"><P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>Fees Earned or Paid in Cash</B></FONT></P></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 6pt"><P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>Stock Awards</B></FONT></P></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 6pt"><P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>Option Awards</B></FONT></P></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 6pt"><P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>Non-Equity Incentive Plan Compensation</B></FONT></P></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 6pt"><P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>Change in Pension Value and Non-qualified Deferred Compensation Earnings</B></FONT></P></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 6pt"><P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 11pt"><B>All</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>Other Compensation</B></FONT></P></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>Total</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 6pt; width: 11%"><P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">Gene S. Bertcher</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt"></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt"><FONT STYLE="font-size: 11pt"></FONT></P></TD><TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt; padding-left: 6pt; width: 1%"><P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">$</FONT></P></TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt; padding-left: 6pt; width: 10%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">
&mdash;&nbsp;&nbsp;<FONT STYLE="font-family: WP TypographicSymbols"></FONT></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center"><FONT STYLE="font-size: 11pt"></FONT></P></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 6pt; width: 11%"><P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></P></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 6pt; width: 11%"><P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></P></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 6pt; width: 11%"><P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></P></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 6pt; width: 11%"><P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></P></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 6pt; width: 10%"><P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt; text-align: center"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 4%"><P STYLE="font: 10pt/6pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt"><B>&nbsp;</B></FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">$</FONT></P></TD>
                                            <TD STYLE="text-align: right; width: 4%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 11pt">&mdash;&nbsp;&nbsp;</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 2.9pt"><FONT STYLE="font-size: 11pt"></FONT></P></TD><TD STYLE="padding-bottom: 1pt; text-align: left; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 6pt">Dan Locklear</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt; padding-left: 6pt">$</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt; padding-left: 6pt">10,500</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 6pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 6pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 6pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 6pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 6pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">$</TD>
                                            <TD STYLE="text-align: right">10,500</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 6pt">Victor L. Lund</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt; padding-left: 6pt">$</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt; padding-left: 6pt">5,500</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 6pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 6pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 6pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 6pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 6pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">$</TD>
                                            <TD STYLE="text-align: right">5,500</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 6pt">Cecelia Maynard</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt; padding-left: 6pt">$</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt; padding-left: 6pt">10,500</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 6pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 6pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 6pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 6pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 6pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">$</TD>
                                            <TD STYLE="text-align: right">10,500</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 6pt">Raymond D. Roberts, Sr.</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt; padding-left: 6pt">$</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt; padding-left: 6pt">10,500</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 6pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 6pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 6pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 6pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 6pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">$</TD>
                                            <TD STYLE="text-align: right">10,500</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 6pt">Richard W. Humphrey</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt; padding-left: 6pt">$</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt; padding-left: 6pt">4,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 6pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 6pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 6pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 6pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt; padding-left: 6pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">$</TD>
                                            <TD STYLE="text-align: right">4,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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<B>. </B>Directors who are also employees
of the Company serve without additional compensation.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>MANAGEMENT AND CERTAIN SECURITY HOLDERS</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>None</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Compensation Committee Report</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#9;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 &ldquo;outside directors&rdquo; 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. 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="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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&rsquo;s principal
executive officer (&ldquo;CEO&rdquo;) 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&rsquo;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="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors determined that the primary forms of executive compensation should be the incentive system discussed above. The Company&rsquo;s
performance is a key consideration (to the extent that such performance can be fairly attributed or related to an executive&rsquo;s performance)
and each executive&rsquo;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&rsquo;s stockholder value. Base
salaries are predicated on a number of factors, including:</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&#9679;&#9;recommendation
of the CEO;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&#9679;&#9;knowledge
of similarly situated executives at other companies;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&#9679;&#9;the executive&rsquo;s
position and responsibilities within the Company;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&#9679;&#9;the Board
of Directors&rsquo; subjective evaluation of the executive&rsquo;s contribution to the Company&rsquo;s performance;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&#9679;&#9;the executive&rsquo;s
experience; and</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in">&#9679;&#9;the term
of the executive&rsquo;s tenure with the Company.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#9;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&rsquo;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: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">COMPENSATION COMMITTEE</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%">Cecelia
Maynard</TD>
    <TD STYLE="text-align: center; width: 34%; vertical-align: middle">Raymond D. Roberts, Sr.</TD>
    <TD STYLE="text-align: right; width: 33%; vertical-align: middle">Dan
Locklear</TD></TR>
</TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><B>Compensation Committee Interlocks and Insider Participation</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The Company&rsquo;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&rsquo;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="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Executive Officers</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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 &ldquo;PROPOSAL 1 - ELECTION OF DIRECTORS.&rdquo;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Certain Relationships and Related Transactions</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 these services. Pillar is a wholly owned
subsidiary of Realty Advisors, Inc., which is the holder of 29.29% of the outstanding Common Stock of the Company.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>OTHER MATTERS</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">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="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FINANCIAL STATEMENTS</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">The audited financial statements
of the Company, in comparative form, for the years ended December 31, 2020 and 2019, are contained in the 2020 Annual Report to Stockholders,
which was mailed to stockholders in April 2021. Such report and the financial statements contained therein are not to be considered part
of this solicitation.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SOLICITATION OF PROXIES</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>THIS PROXY STATEMENT IS FURNISHED
TO STOCKHOLDERS TO SOLICIT PROXIES ON BEHALF OF THE BOARD OF DIRECTORS OF NEW CONCEPT ENERGY, INC. </B>The cost of soliciting proxies
will be borne by the Company. Directors and officers of the Company may, without additional compensation, solicit by mail, in person or
by telecommunication.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FUTURE PROPOSALS OF STOCKHOLDERS</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Stockholder proposals for our
Annual Meeting to be held in 2022 must be received by us by December 31, 2021, 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 800, Dallas,
Texas 75234.</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><IMG SRC="image_001.jpg" ALT="" STYLE="width: 2px; height: 2px"></P>

<P STYLE="margin: 0"><IMG SRC="image_002.jpg" ALT="" STYLE="width: 194px; height: 2px"></P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><B>COPIES OF NEW CONCEPT ENERGY,
INC.&rsquo;S ANNUAL REPORT FOR THE FISCAL YEAR ENDED DECEMBER 31, 2019, 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 </B>WWW.NEWCONCEPTENERGY.COM
<B>OR UPON WRITTEN REQUEST TO NEW CONCEPT ENERGY, INC., 1603 LBJ FREEWAY, SUITE 300, DALLAS, TEXAS 75234, ATTN: DIRECTOR OF INVESTOR RELATIONS.</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&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 -->20<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; 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="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Dated: November 15, 2021</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%">&nbsp;</TD>
  <TD STYLE="width: 50%">By order of the Board of Directors,</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD STYLE="border-bottom: Black 1pt solid">&nbsp;<IMG SRC="sig1.jpg" ALT=""></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>Gene S. Bertcher, President</TD></TR>
</TABLE>


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