May 16, 2011
/PRNewswire/ -- Tengasco, Inc. (NYSE Amex: TGC) announced today its financial results for the quarter ended
March 31, 2011
. The Company realized net income attributable to common shareholders of
per share of common stock during the first quarter of 2011, compared to a net income in the first quarter of 2010 to common shareholders of
per share of common stock. In the first quarter of 2011, the Company had income from operations of
compared to income from operations of
in the first quarter of 2010. The Company recognized
in revenues during the first quarter of 2011 compared to
in the first quarter of 2010. The increase in 2011 revenues was due to a 5 MBbl increase in oil sales volumes as well as a
oil prices in the first quarter of 2011 averaged
per barrel compared to
per barrel in the first quarter of 2010.
Commenting on the Company's
Jeffrey R. Bailey
, Chief Executive Officer, said "Due to our increased drilling in late 2010, we have increased production volumes of oil in
and are benefitting from currently high commodity prices. We have continued this drilling activity during the first quarter of 2011 drilling 10 wells with 8 producers and 2 dry holes. April production was over 20,000 gross barrels of oil in
for the first time since
. We are continuing to work in
, with an active polymer and workover schedule this spring. We have plans to drill 14 additional wells beginning
through the end of the year including several exploratory wells. We are also pleased to report that most of the problems in oxygen infiltration at our methane project facility in
have been reduced or eliminated at the end of the first quarter, and we have enjoyed several days of methane production there at levels not seen since the first few days of production in April 2009."
The Company will hold a telephone conference call on
Monday, May 16, 2011
4:15 PM to 5:15 PM Eastern Daylight Time
to discuss the Company's Report on Form 10-Q for the quarter ended
March 31, 2011
AUDIO: Shareholders and other interested parties may call Toll-Free (US &
and International Dial-In (Toll):
to participate in the conference call. Participants in the call will be required to register in order to participate in the conference call. In addition, the audio presentation may also be heard by going to
. Participants will be required to register at the above address to listen to the presentation. Registration may be completed at any time prior to the beginning of the call.
VIDEO: A slideshow corresponding with the subjects of the conference call presentation will be accessible only on Tengasco's website in PDF and PowerPoint formats at the time of the call.