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
What's the role of an IT self-service portal when you get to continuous delivery and Infrastructure as Code? This general session showed how to create the continuous delivery culture and eight accelerators for leading the change. Don Demcsak is a DevOps and Cloud Native Modernization Principal for Dell EMC based out of New Jersey. He is a former, long time, Microsoft Most Valuable Professional, specializing in building and architecting Application Delivery Pipelines for hybrid legacy, and cloud ...
SYS-CON Events announced today that Ayehu will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on October 31 - November 2, 2017 at the Santa Clara Convention Center in Santa Clara California. Ayehu provides IT Process Automation & Orchestration solutions for IT and Security professionals to identify and resolve critical incidents and enable rapid containment, eradication, and recovery from cyber security breaches. Ayehu provides customers greater control over IT infras...
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, pane...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
21st International Cloud Expo, taking place October 31 - November 2, 2017, 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. Me...
Join us at Cloud Expo June 6-8 to find out how to securely connect your cloud app to any cloud or on-premises data source – without complex firewall changes. More users are demanding access to on-premises data from their cloud applications. It’s no longer a “nice-to-have” but an important differentiator that drives competitive advantages. It’s the new “must have” in the hybrid era. Users want capabilities that give them a unified view of the data to get closer to customers and grow business. The...
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st 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 w...
The current age of digital transformation means that IT organizations must adapt their toolset to cover all digital experiences, beyond just the end users’. Today’s businesses can no longer focus solely on the digital interactions they manage with employees or customers; they must now contend with non-traditional factors. Whether it's the power of brand to make or break a company, the need to monitor across all locations 24/7, or the ability to proactively resolve issues, companies must adapt to...
In this presentation, Striim CTO and founder Steve Wilkes will discuss practical strategies for counteracting fraud and cyberattacks by leveraging real-time streaming analytics. In his session at @ThingsExpo, Steve Wilkes, Founder and Chief Technology Officer at Striim, will provide a detailed look into leveraging streaming data management to correlate events in real time, and identify potential breaches across IoT and non-IoT systems throughout the enterprise. Strategies for processing massive ...
SYS-CON Events announced today that Cloud Academy named "Bronze Sponsor" of 21st International Cloud Expo which will take place October 31 - November 2, 2017 at the Santa Clara Convention Center in Santa Clara, CA. Cloud Academy is the industry’s most innovative, vendor-neutral cloud technology training platform. Cloud Academy provides continuous learning solutions for individuals and enterprise teams for Amazon Web Services, Microsoft Azure, Google Cloud Platform, and the most popular cloud com...
In his session at Cloud Expo, Alan Winters, an entertainment executive/TV producer turned serial entrepreneur, presented a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to ma...
Cloud Expo, Inc. has announced today that Andi Mann and Aruna Ravichandran have been named Co-Chairs of @DevOpsSummit at Cloud Expo Silicon Valley which will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. "DevOps is at the intersection of technology and business-optimizing tools, organizations and processes to bring measurable improvements in productivity and profitability," said Aruna Ravichandran, vice president, DevOps product and solutions marketing...
SYS-CON Events announced today that Enzu will exhibit at SYS-CON's 21st Int\ernational Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to focus on the core of their ...
SYS-CON Events announced today that IBM has been named “Diamond Sponsor” of SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California.
We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA