|By PR Newswire||
|August 14, 2014 08:38 AM EDT||
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.
Cary V. Sorensen, V.P.
6021 S. Syracuse Way, Suite 117
Greenwood Village, CO 80111
SOURCE Tengasco, Inc.
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