TGC Tengasco Inc New

Tengasco Announces Oversubscription of Rights Offering and the Close of the Offering KNOXVILLE, Tenn., March 19 /PRNewswire-FirstCall/ -- Tengasco, Inc. announced today that its rights offering to shareholders of record on February 27, 2004 ended on March 18, 2004. A total of 36.3 million shares were offered, and all offered shares were subscribed. As a result, a total of approximately $9.1 million was raised. The rights offering, as described in an amended Registration Statement on Form S-1 deemed effective by the SEC on February 13, 2004 and Prospectus, granted to the holders of the Company's approximately 12.1 million outstanding shares of common stock a basic privilege to purchase three shares of common stock at a price of twenty five cents ($0.25) per share for each share held on the record date. An over subscription privilege whereby shareholders who fully exercised their basic subscription rights could additionally subscribe for shares that were offered to but not purchased by other shareholders, also at $0.25 per share. The rights offering ended pursuant to its terms as of 5:00 PM New York City time on Thursday, March 18, 2004. The total number of shares subscribed for exceeded the 36.3 million shares available for issuance under the offering. Consequently, pursuant to the Prospectus, all shares subscribed under the basic privilege will be issued. The number shares issued under the over subscription privilege will be proportionately reduced to equal the number of remaining shares available in the offering. It is anticipated that Mellon Investor Services, the Company's subscription agent, will complete the allocation and issuance of shares to shareholders on or about March 26, 2004. The subscription agent will return payments for those oversubsubcribed shares that are not available. 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 includestatements 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 productdevelopment; 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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