This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Tengasco Announces First Quarter 2011 Financial Results And Results Of Operations

Stocks in this article: TGC

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  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.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs