TGC Tengasco Inc New

Tengasco Announces Third Quarter Financial Results KNOXVILLE, Tenn., Nov. 13 /PRNewswire-FirstCall/ -- Tengasco, Inc. announced today its financial results for the third quarter ended September 30, 2003. Oil and gas revenues were up 6% and the loss per share was reduced 25% compared to the third quarter of 2002. The Company recognized $1,599,461 in oil and gas revenues from its Kansas Properties and the Swan Creek Field during the third quarter of 2003 compared to $1,507,308 in the third quarter of 2002. The increase in revenues was due to an increase in price from oil and gas sales. Oil prices to date in 2003 averaged $27.82 per barrel in 2003 as compared to $25.77 in 2002. Gas prices to date in 2003 averaged $4.71 per Mcf in 2003 as compared to $3.06 for 2002. The Swan Creek Field produced 115,683 Mcf and 162,290 Mcf in the third quarter of 2003 and 2002, respectively. This decrease was due to natural declines in production, which could not be offset, as the Company did not have the funds to develop its properties by drilling new wells, due to the ongoing dispute with its primary lender Bank One. A decrease in pipeline transportation revenues is directly related to the decrease in gas volumes. The Company realized a net loss attributable to common shareholders of $642,441 ($.05 per share of common stock) during the third quarter of 2003 compared to a net loss in the third quarter of 2002 to common shareholders of $856,074 ($.08 per share of common stock). Dr. Richard T. Williams, Tengasco's CEO, said "We are controlling costs in order to maximize net revenues from existing production in Tennessee and Kansas. Our plans to drill additional wells to develop the Company's gas and oil reserves, and to increase pipeline revenues, remain frustrated by our ongoing adversarial relationship with our primary lender, Bank One. We intend to continue working to resolve our dispute with Bank One, but we have not yet been offered terms that make good business sense to the Company. The rights offering that we announced earlier this year is in the SEC examination process, and we look forward to the effectiveness and success of the offering, although there can be no assurance of success." 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. DATASOURCE: Tengasco, Inc. CONTACT: Dr. Richard T. Williams of Tengasco, Inc., +1-865-523-1124 Web site: http://www.tengasco.com/

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