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Tengasco Announces Third Quarter 2012 Financial Results

Wednesday, November 14, 2012 8:30 AM


KNOXVILLE, Tenn., Nov. 14, 2012 /PRNewswire/ -- Tengasco, Inc. (NYSE MKT: TGC) announced today its financial results for the quarter ended September 30, 2012.  The Company also filed today with the SEC its report on Form 10-Q for the quarter ended September 30, 2012. The Company realized net income attributable to common shareholders of $1.2 million or $0.02 per share of common stock during the third quarter of 2012, compared to a net income to common shareholders of $1.2 million or $0.02 per share of common stock in the third quarter of 2011.

The Company recognized $5.81 million in revenues during the third quarter of 2012 compared to $4.36 million in the third quarter of 2011. The increase in 2012 revenues was primarily due to a $1.1 million increase related to a 13 MBbl increase in Kansas oil sales volumes and a $0.2 million increase related to a $2.81 per barrel increase in average Kansas oil prices. Kansas oil prices in the third quarter of 2012 averaged $85.30 per barrel compared to $82.49 per barrel in the third quarter of 2011. In addition, MMC revenues increased $0.055 million from $0.09 million in the third quarter 2011 to $0.145 million in the third quarter 2012.  The Company realized net income attributable to common shareholders of $1.2 million or $0.02 per share of common stock during the third quarters of both 2012 and 2011. In the third quarter of 2012, the Company had income from operations of $2.13 million, compared to $1.65 million during the third quarter of 2011.  Although revenues increased $1.46 million, this increase was partially offset by increases in operating costs, depreciation, depletion, and amortization, and general and administrative costs.

The Company recognized $16.0 million in revenues during the first nine months of 2012 compared to $12.8 million in the first nine months of 2011.  The increase in revenues was primarily due to a $2.7 million increase related to a 31 MBbl increase in Kansas oil sales volumes during the first nine months of 2012 and a $0.06 million increase related to a $0.36 per barrel increase in average Kansas oil prices from $88.22 during the first nine months of 2011 to $88.58 during the first nine months of 2012. In addition MMC revenues increased $0.3 million from $0.2 million during the first nine months for 2011 to $0.5 million during the first nine months of 2012. Electric revenues contributed $0.345 million of this increase as a result of installation of an electric generator in January 2012 at the methane facilities.  The Company realized net income attributable to common shareholders of $3.2 million or $0.05 per share of common stock during the first nine months of 2012 compared to a net income in the first nine months of 2011 to common shareholders of $2.5 million or $0.04 per share of common stock.  During the first nine months of 2012, the Company had income from operations of $5.5 million compared to income from operations of $4.4 million during the first nine months of 2011.  The increase in net income attributable to common shareholders and the increase in income from operations were primarily due to the increase in Kansas sales volumes and MMC revenues, partially offset by a $2.1 million increase in costs and expenses. 

The Company will hold a telephone conference call on Wednesday, November 14, 2012 at 4:15 PM  Eastern Standard Time to discuss the Company's Report on Form 10-Q for the quarter year ended September 30, 2012 as follows:   

AUDIO: Shareholders and other interested parties may call Toll-Free (US & Canada): (888) 669-0684 and International Dial-In (Toll): (201) 604-0469 to listen to the conference call. In addition, the audio presentation may also be heard by going to http://www.visualwebcaster.com/event.asp?id=90894.  Participants will be required to register at the above address to listen the presentation. Registration may be completed at any time prior to the beginning of the call.  

VIDEO:  A slideshow corresponding with the subjects of the conference call presentation will be accessible on Tengasco's website in PDF and PowerPoint formats at the time of the call.

QUESTIONS: Questions may be made in writing by submission through a link located on the first page of Tengasco's website prior to and during the presentation. Unlike previous conference calls, there will be no questions accepted via telephone.

A transcript of the conference call will be prepared 24 hours following the conference and will be available on the Company's website, which can be accessed at http://www.tengasco.com.   

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.

SOURCE Tengasco, Inc.

(Source: PR Newswire )
(Source: Quotemedia)

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