TGC Tengasco Inc New

Tengasco Announces Filing of Amended Rights Offering KNOXVILLE, Tenn., Dec. 29 /PRNewswire-FirstCall/ -- Tengasco, Inc. announced today that it has filed an amended registration statement with the Securities and Exchange Commission with respect to a proposed rights offering to existing shareholders. The rights offering, as described in the amended registration statement, provides that the holders of the Company's approximately 12 million outstanding shares of common stock may purchase three shares of common stock at a price of twenty five cents ($.25) per share, for each share held on the record date. The initial filing contemplated a right to purchase two shares of common stock at an unstated price for each share held on the record date. The record date for the proposed offering has not yet been finalized, however, the record date will be a date following the date the registration statement, as amended, is deemed effective by the SEC. The amended offering continues to include an over-subscription privilege whereby participating shareholders may purchase shares that were offered but not purchased by other shareholders. The rights offering is being made in order to reduce debt and increase shareholder equity. The proceeds from the offering will be used to reduce the Company's non-bank indebtedness, to reduce the Company's indebtedness to its bank lender, and/or for working capital purposes. When the Securities and Exchange Commission declares the registration statement as amended to be effective, the prospectus and related documents will be mailed to shareholders of record and will also be made available, as applicable, for distribution to beneficial owners of the Company's common stock. None of the Company, its board of directors or any committee of its board of directors is making any recommendation to shareholders as to whether to exercise their subscription rights. The Company anticipates that the offering may commence within 30 days. This press release is for informational purposes only and is not an offer to purchase or a solicitation of an offer to sell shares of common stock. Shareholders should carefully read the prospectus and related materials when they are available because they contain important information. Shareholders may obtain a free copy (when available) of the prospectus and other documents relating to the offer at the Securities and Exchange Commission's web site as http://www.sec.gov/. The statements contained in this release that are not purely historical are forward-looking statements within the meaning of applicable securities laws. Forward-looking statements include statements regarding our "expectations," "anticipations," "intentions," "beliefs," or "strategies" regarding the future. Forward-looking statements also include statements regarding revenue, margins, expenses, and earnings analysis for 2003 and thereafter; our going concern qualification; oil and gas prices; reserve calculation and valuation; exploration activities; development expenditures; costs of regulatory compliance; environmental matters; technological developments; future products or product development; our products and distribution development strategies; potential acquisitions or strategic alliances; and liquidity and anticipated cash needs and availability. The Company's actual results could differ materially from the forward-looking statements. DATASOURCE: Tengasco, Inc. CONTACT: Dr. Richard T. Williams, +1-865-523-1124, for Tengasco, Inc. Web site: http://www.tengasco.com/

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