Welcome!

News Feed Item

Tengasco Announces Second Quarter 2014 Financial Results

GREENWOOD VILLAGE, Colo., Aug. 14, 2014 /PRNewswire/ -- Tengasco, Inc. (NYSE MKT: TGC) announced today its financial results for the quarter ended June 30, 2014. The Company reported net income from continuing operations of $377,000 or $0.01 per share of common stock during the second quarter of 2014 compared to net income from continuing operations of $805,000 or $0.01 per share of common stock during the second quarter of 2013.  The Company also recognized $4.0 million in revenues during the second quarter of 2014 compared to $3.9 million during the second quarter of 2013.

The $428,000 decrease in net income from continuing operations was primarily due to a $715,000 increase in production cost and taxes which includes a one-time charge for $386,000 related to the previously disclosed BSEE civil penalty that is more fully disclosed in the Company's 10-Q for the quarter ended June 30, 2014, a $209,000 increase in general and administrative expense, a $63,000 decrease in gain on sale of assets, partially offset by a $114,000 increase in revenues, an $80,000 decrease in interest expense, and a $378,000 decrease in associated income tax expense.  The $114,000 increase in revenues was primarily due to a $346,000 increase related to a $8.78 increase in the average Kansas oil price from an average price of $87.32 per barrel during second quarter of 2013 compared to an average price of $96.10 per barrel during the second quarter of 2014, an $85,000 increase in methane facility revenues due to increased facility run time, partially offset by a $173,000 decrease related to a 2 MBbl decrease in Kansas sales volumes, and a $144,000 decrease in Swan Creek revenues as these properties were sold in August 2013.

The Company reported net income from continuing operations of $802,000, or $0.01 per share of common stock during the first six months of 2014 compared to net income from continuing operations of $1.8 million or $0.03 per share of common stock during the first six months of 2013.  The Company also recognized $7.5 million in revenues during the first six months of 2014 compared to $8.2 million of revenues recognized during the first six months of 2013.

The $982,000 decrease in net income from continuing operations was primarily due to a $696,000 decrease in revenues, a $744,000 increase in production cost and taxes which includes the one-time charge for $386,000 related to the BSEE civil penalty, a $389,000 increase in general and administrative expense, partially offset by a $181,000 decrease in interest expense, and a $632,000 decrease in associated income tax expense.  The $696,000 decrease in revenues was due primarily to a $944,000 decrease related to the 11 MBbl decrease in Kansas sales volumes, a $287,000 reduction in Swan Creek revenues due to the sale of Swan Creek in August 2013, partially offset by a $518,000 increase related to a $6.79 per barrel increase in the average Kansas oil price from $87.43 per barrel during the first six months of 2013 to $94.22 per barrel during the first six months of 2014.                   

Michael J. Rugen, CEO said "The Company has drilled two additional wells since the last press release, one of these wells was dry and the other is in the process of being completed.  Since the re-start of the drilling program in September 2013, the Company has drilled 10 wells, 6 of these wells were completed as producing wells, 3 of these wells were dry, and 1 is in the process of being completed.  The completed wells contributed 6.3 MBbl of net production during the first six months of 2014.  In the next 3 months, we expect to drill 3 additional wells and perform 2 polymers.  The Company has completed its relocation of its principal office to the Denver area and has closed its Knoxville office. Since our relocation, the Company continues to hold discussions with other oil and gas companies located in or near the Denver area regarding potential joint ventures or other growth opportunities in Kansas and surrounding states,  This opportunity to conveniently engage other industry participants was not presented from our Knoxville location.  The only employee of the Company now in Tennessee is our operator of the electric generator at the Carter Valley methane plant site.  Since the beginning of March 2014, the electric generator has experienced an average uptime of 80% with 2 of these months above 90% uptime."  

Forward-looking statements made in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risk and uncertainties which may cause actual results to differ from anticipated results, including risks associated with the timing and development of the Company's reserves and projects as well as risks of downturns in economic conditions generally, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.

Contact:
Cary V. Sorensen, V.P.
(720) 420-4460
Tengasco, Inc.
6021 S. Syracuse Way, Suite 117       
Greenwood Village, CO 80111

SOURCE Tengasco, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...
19th Cloud Expo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterpri...
Enterprises have forever faced challenges surrounding the sharing of their intellectual property. Emerging cloud adoption has made it more compelling for enterprises to digitize their content, making them available over a wide variety of devices across the Internet. In his session at 19th Cloud Expo, Santosh Ahuja, Director of Architecture at Impiger Technologies, will introduce various mechanisms provided by cloud service providers today to manage and share digital content in a secure manner....
SYS-CON Events announced today that Hitrons Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
With so much going on in this space you could be forgiven for thinking you were always working with yesterday’s technologies. So much change, so quickly. What do you do if you have to build a solution from the ground up that is expected to live in the field for at least 5-10 years? This is the challenge we faced when we looked to refresh our existing 10-year-old custom hardware stack to measure the fullness of trash cans and compactors.