Tengasco Announces Second Quarter 2010 Financial Results
KNOXVILLE, Tenn., Aug. 13 /PRNewswire-FirstCall/ --Tengasco, Inc. (NYSE Amex: TGC) announced today its financial results for the quarter ended June 30, 2010. The Company realized net income attributable to common shareholders of $0.7 million or $0.01 per share of common stock during the second quarter of 2010, compared to a net loss in the second quarter of 2009 to common shareholders of $(0.1) million or $(0.00) per share of common stock.
The Company recognized $3.3 million in revenues during the second quarter of 2010 compared to $2.4 million in the second quarter of 2009. The increase in revenues was primarily due to an increase in oil prices in 2010. Kansas oil prices in the second quarter of 2010 averaged $70.78 per barrel compared to $52.52 per barrel in the second quarter of 2009. In the second quarter of 2010, the Company had income from operations of $0.6 million compared to income from operations of $0.1 million in the second quarter of 2009.
The Company recognized $6.1 million in revenues during the first six months of 2010 compared to $4.3 million in the first six months of 2009. The increase in revenues was primarily due to an increase in oil prices in 2010. Oil prices in the first six months of 2010 averaged $71.01 per barrel compared to $44.13 per barrel in the first six months of 2009. The Company realized net income attributable to common shareholders of $1.0 million or $0.02 per share of common stock during the first six months of 2010 compared to a net loss in the first six months of 2009 to common shareholders of $(0.5) million or $(0.01) per share of common stock. During the first six months of 2010, the Company had income from operations of $1.0 million compared to a loss from operations of $(0.2) million during the first six months of 2009.
Jeffrey R. Bailey, Chief Executive Officer, said "We are pleased with the financial results of the second quarter and first six months of 2010. Compared to the second quarter of last year, we have increased net income attributable to the shareholders for the quarter by about $800,000 or about $0.02 per share. We also have increased net income from operations by $500,000 above our second quarter 2009 net income from operations. Likewise, for the first six months of 2010, we have increased net income attributable to shareholders to $1 million from a loss of $500,000 in the same period in 2009, or an increase of $0.03 per share over the same period in 2009. Net income from operations increased to $1 million in the first six months of 2010, an increase of $1.2 million from the $.2 million loss experienced during the same period in 2009.We continue to drill, primarily in Kansas, with our own funds generated from cash flow. The Albers well completed in the second quarter continues to produce about 107 barrels per day and has significantly increased both our daily production and our reserves. We are also pleased with the assignment on July 30, 2010 of our senior credit facility to F&M Bank & Trust Company in Dallas, as we have previously reported. We believe the successful results in our drilling and operations played a significant role in F&M Bank increasing our borrowing base to $14 million from the $11 million borrowing base that was in place with the previous lender. F&M Bank is also a larger financial institution than our previous lender, and will be able to work with us as a knowledgeable and experienced energy partner as we progress in the future. Although our borrowing base increased, we did not immediately borrow any additional funds on the assignment of the facility to F&M Bank and our total borrowing remains at $9.9 million as it had been with the previous lender." 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. SOURCE Tengasco, Inc.
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