GREENWOOD VILLAGE, Colo.,
May 14, 2019 /PRNewswire/
-- Tengasco, Inc. (NYSE American: TGC) announced today its
financial results for the quarter ended March 31, 2019. The Company reported a net
loss from continuing operations of $(96,000) or $(0.01) per share of common stock during the
first quarter of 2019 compared to a net income from continuing
operations of $133,000 or
$0.01 per share of common stock
during the first quarter of 2018. The $229,000 decrease in net income was primarily due
to a $196,000 decrease in revenues, a
$49,000 increase in production cost
and taxes, partially offset by a $29,000 increase in gain on sale of assets.
The Company recognized $1.2
million in revenues during the first quarter of 2019
compared to $1.4 million during the
first quarter of 2018. The $196,000
decrease in net revenue was primarily due to a $175,000 decrease related to an $7.48 per barrel decrease in the average oil
price from $57.36 per barrel during
the first three months of 2018 to $49.88 per barrel during the first three months
of 2019, and a $17,000 decrease
related to approximately a 300 Bbl decrease in sales volumes.
The 300 Bbl decrease was primarily due to natural declines,
partially offset by increased production on the Veverka D lease as
a result of a polymer performed in the 2nd quarter 2018,
and by increased production on the BSU #1-30 well which was
completed in October 2018.
Michael J. Rugen, CEO said, "The
Company has continued its plans to participate with other parties
in drilling certain new wells as well as performing work on its own
wells where appropriate in order to both add new production to
offset natural declines in its existing wells and move its reserves
from the non-producing to the producing category. The Company
drilled one Kansas well so far
during 2019 in a joint venture with a third party on its leased
acreage with the Company taking a majority interest and acting as
operator but the well was not capable of production in commercial
quantities and was plugged. This work was funded by operating
cash flow and the proceeds received from the sale of the methane
facility assets in January of last year, and the Company has no
current borrowings under its borrowing base with Prosperity Bank.
The Company is continuing to evaluate other acquisitions,
joint ventures, or corporate opportunities that may add shareholder
value."
The statements contained in this release that are not purely
historical are forward-looking statements within the meaning of
applicable securities laws. The Company's actual results
could differ materially from the forward-looking statements.
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SOURCE Tengasco, Inc.