KNOXVILLE, Tenn., 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 $0.354 million or $0.01 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 $0.268 million or $0.00 per share of common stock. In the first quarter of 2011, the Company had income from operations of $1.0 million compared to income from operations of $0.4 million in the first quarter of 2010. The Company recognized $3.7 million in revenues during the first quarter of 2011 compared to $2.9 million 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 $15.69 increase in Kansas oil price. Kansas oil prices in the first quarter of 2011 averaged $86.93 per barrel compared to $71.24 per barrel in the first quarter of 2010.
Commenting on the Company's Kansas operations, Jeffrey R. Bailey, Chief Executive Officer, said "Due to our increased drilling in late 2010, we have increased production volumes of oil in Kansas 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 Kansas for the first time since January 2009. We are continuing to work in Kansas, with an active polymer and workover schedule this spring. We have plans to drill 14 additional wells beginning June 1st 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 Tennessee 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 at 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 as follows:
AUDIO: Shareholders and other interested parties may call Toll-Free (US & Canada): (888) 669-0687 and International Dial-In (Toll): (201) 604-0475 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 http://www.visualwebcaster.com/event.asp?id=79810. 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.
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