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 Second Quarter 2012 Financial Results

KNOXVILLE, Tenn., Aug. 14, 2012 /PRNewswire/ -- Tengasco, Inc. (NYSE MKT: TGC) announced today its financial results for the quarter ended June 30, 2012. The Company realized net income attributable to common shareholders of $1.1 million or $0.02 per share of common stock during the second quarter of 2012, compared to a net income in the second quarter of 2011 to common shareholders of $1.0 million or $0.02 per share of common stock.  

The Company recognized $5.23 million in revenues during the second quarter of 2012 compared to $4.79 million in the second quarter of 2011. The increase in 2012 revenues was primarily due to a $0.9 million increase related to a 9,400 barrel increase in sales volumes partially offset by a $(0.55) million decrease related to a $(9.56) per barrel decrease in average Kansas oil prices. Kansas oil prices in the second quarter of 2012 averaged $85.90 per barrel compared to $95.46 per barrel in the second quarter of 2011. In addition, MMC revenues increased $0.14 million from $0.06 million in the second quarter 2011 to $0.2 million in the second quarter 2012.  The Company also received a cash payment of $999,540 in lieu of tax credits during the second quarter related to the methane facilities.  The payment was made under Section 1603 of Division B of the American Recovery and Reinvestment Act of 2009 for the Company's generation of electricity from a landfill gas fuel source.   However, due to the tax-related nature of the payment, Company revenues in the second quarter 2012 did not include any portion of this payment other than its related tax effects.

The Company recognized $10.2 million in revenues during the first six months of 2012 compared to $8.4 million in the first six months of 2011, an increase of 21%.  The increase in revenues was primarily due to a $1.6 million increase related to an 18,000 barrel increase in oil sales volumes during the first six months of 2012, partially offset by a $(0.1) million decrease related to a $(1.00) per barrel decrease in average oil prices from $91.57 during the first six months of 2011 to $90.57 during the first six months of 2012.  In addition, MMC revenues increased $0.3 million, from $0.1 million during the first six months for 2011 to $0.4 million during the first six months of 2012, an increase of 324%. Electric revenues contributed $0.24 million of this increase as a result of installation of an electric generator in January 2012 at the methane facilities.  The Company realized net income attributable to common shareholders of $2.0 million or $0.03 per share of common stock during the first six months of 2012 compared to a net income in the first six months of 2011 to common shareholders of $1.3 million, an increase of 47%, or $0.02 per share of common stock.  During the first six months of 2012, the Company had income from operations of $3.4 million compared to income from operations of $2.8 million during the first six months of 2011, an increase of 23%.  The increase in net income attributable to common shareholders and the increase in income from operations were primarily due to the increase in Kansas sales volumes and MMC revenues, partially offset by a $1.1 million increase in costs and expenses. 

Jeffrey R. Bailey, the Company's Chief Executive Officer, said, "As a result of the drilling and polymers in the first half of 2012, we are now seeing a spike in production that has resulted in back-to-back monthly production records for the Company's production of oil.  In June 2012 we broke our gross monthly oil production record previously recorded in November of 2008, with a production total of approximately 27,400 barrels.  That June 2012 record was then surpassed in July with a gross monthly oil production total of approximately 30,500 barrels.  These results reflected the increased drilling from the first 5 months of 2012 and the follow-on polymer jobs performed in the last 7 months.  Due to oil pricing pressures that we have seen from lower oil prices in May and June, we have not drilled any new wells in the last 2 months. I would expect a natural decline of production from the newer wells and the flush polymer production to occur in the next few months. We will continue to do some polymer jobs during that time while we monitor oil prices, politics, and industry conditions."

The Company will hold a telephone conference call on Tuesday, August 14, 2012 at 4:15 PM Eastern Daylight Time to discuss the Company's Report on Form 10-Q for the quarter ended June 30, 2012 as follows:   

AUDIO: Shareholders and other interested parties may call Toll-Free (US & Canada): (888) 669-0684 and International Dial-In (Toll): (201) 604-0469 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=89009.

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.  

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
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 16,943.81 +28.74 0.17%
S&P 500 1,967.57 +2.89 0.15%
NASDAQ 4,415.49 +19.2860 0.44%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

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