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.
A transcript of the conference call will be prepared 24 hours
following the conference and will be available on the Company's
website, which can be accessed at http://www.tengasco.com.
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.
SOURCE Tengasco, Inc.