Tengasco Announces Second Quarter 2005 Financial Results
August 11 2005 - 9:43AM
Business Wire
Tengasco, Inc. (AMEX: TGC) announced today its financial results
for the quarter ended June 30, 2005. The Company realized a net
loss attributable to common shareholders of $132,540 ($0.00 per
share of common stock) during the second quarter of 2005, compared
to a net loss in the second quarter of 2004 to common shareholders
of $281,628 ($0.01 per share). The Company recognized $1,612,097 in
total revenues from its Kansas properties and the Swan Creek Field
in Tennessee during the second quarter of 2005 compared to
$1,406,660 in the second quarter of 2004. The increase was
primarily due to an increase in oil prices in 2005 that was in part
offset by the absence of any Kansas gas production revenues in the
second quarter which was the result of the sale of the gas field in
Kansas effective February 1, 2005. Oil prices in the second quarter
of 2005 averaged $50.29 per barrel compared to $36.29 per barrel in
the second quarter of 2004. Production costs and taxes in the
second quarter of 2005 of $696,361 increased slightly from $667,851
in the second quarter of 2004. Depreciation, depletion, and
amortization expense for the second quarter of 2005 was $477,846
compared to $564,984 in the second quarter of 2004 due to a
reduction in depletion and depreciation taken due to the sale of
the Kansas gas field and equipment becoming fully depreciated in
late 2004. During the second quarter of 2005, general and
administrative costs remained near 2004 levels with $315,740 for
the second quarter of 2005 versus $282,266 for the second quarter
of 2004. Interest expense for the second quarter of 2005 decreased
to $196,918 from $274,854 during the second quarter of 2004. The
substantial decrease in the second quarter of 2005 was the result
of the payoff of the Bank One loan and other secured notes, and the
exchange of preferred stock subject to mandatory redemption for
cash or for interests in a drilling program, all of which occurred
in the second or later quarters of 2004. Jeffrey R. Bailey,
President of the Company, stated, "Although our results for the
second quarter show a net loss attributable to common shareholders
of $132,540, effectively averaging $0.00 per share of common stock,
for the entire first half of 2005 we have experienced a positive
cash flow from operations. Cash flow provided by operations is
$691,747 for the six month period ended June 30, 2005, compared to
cash flow used in operations of ($648,008) for the same period in
2004. We are pleased with the direction of the Company and expect
to continue this trend in view of current market prices for oil and
gas and our drilling activities in Kansas." 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.
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