TGC Tengasco Inc New

Tengasco Announces Effectiveness of Registration Statement, and Record Date and Closing Date for Rights Offering KNOXVILLE, Tenn., Feb. 17 /PRNewswire-FirstCall/ -- The rights offering by Tengasco, Inc. was deemed effective by the Securities and Exchange Commission on February 13, 2004. The rights offering, as described in the amended registration statement deemed effective by the SEC, 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 Company has set the record date at the close of trading of the Company's stock on the American Stock Exchange on Friday, February 27, 2004. The rights offering includes an oversubscription privilege whereby shareholders exercising their basic subscription rights may purchase shares that were offered to but not purchased by other shareholders. All basic and oversubscription rights under the offering are nontransferable. All basic and oversubscription rights will expire if not exercised by 5:00 PM New York City time on March 18, 2004, unless the Company determines to extend the offering. 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. The prospectus and related documents will be mailed to shareholders of record on the record date 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. 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 because they contain important information. Shareholders may obtain a free copy (when available) of the prospectus and other documents relating tothe offer at the Securities and Exchange Commission's web site at 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, Tengasco, Inc., +1-865-523-1124 Web site: http://www.tengasco.com/

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