TGC Tengasco Inc New

Tengasco Announces Third Quarter Financial Results, Results of Drilling in Kansas, Election of Chairman of the Board, and Year-end Resignation of CEO KNOXVILLE, Tenn., Nov. 22 /PRNewswire-FirstCall/ -- Tengasco, Inc. (AMEX:TGC) announced today its financial results for the third quarter ended September 30, 2004. The Company recognized $1,536,739 in oil and gas revenues from its Kansas properties and the Swan Creek Field in Tennessee during the third quarter of 2004 compared to $1,546,453 in the third quarter of 2003. The decrease in revenues was due to a decrease in volumes of gas produced from the Swan Creek Field, which was mostly offset by increased prices for sales of oil and gas. The Company realized a net loss attributable to common shareholders of $735,819 ($0.02) per share of common stock, during the third quarter of 2004 compared to a net loss in the third quarter of 2003 to common shareholders of $376,649 ($0.03) per share of common stock. The Company announced that during September 2004, it drilled and completed the Lewis #3 well in Kansas. This well was completed as an oil well in the Arbuckle formation, and had an initial production test of 85 barrels of oil per day with no water. Because there are no offsetting locations owned by third parties that might cause drainage from the reservoir if wells were drilled there, and also due to the producing characteristics of the reservoir, the Company has elected to reduce the initial production level for ongoing production, in order to maximize the ultimate total recovery of reserves. To date, production from the Lewis #3 well has averaged approximately 60 barrels of oil per day. The Company announced that on October 21, 2004, Peter E. Salas was elected to serve as Chairman of the Board of Directors. The Company further announced that Dr. Richard T. Williams has notified the Company that effective December 31, 2004, the ending date of his current employment contract with the Company, he will resign as Chief Executive Officer of the Company. Dr. Williams will continue to serve as a director of the Company. Effective January 1, 2005, the Company intends to merge all duties of the Chief Executive Officer into the office of President, currently held by Jeffrey R. Bailey, and the office of Chief Executive Officer will be eliminated. 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: Cary Sorensen of Tengasco, Inc., +1-865-523-1124, Ext. 19 Web site: http://www.tengasco.com/

Copyright