Tengasco Announces First Quarter 2013 Financial Results
KNOXVILLE, Tenn., May 14, 2013 /PRNewswire/ -- Tengasco, Inc. (NYSE MKT: TGC) announced today its financial results for the quarter ended March 31, 2013. The Company reported net income from continuing operations of $978,000 or $0.02 per share of common stock during the first three months of 2013 compared to net income from continuing operations of $954,000 or $0.02 per share of common stock during the first three months of 2012.
During the first three months of 2013, the Company sold 59 MBbl of oil from its Kansas wells of which 46 MBbl were net to the Company's interest. This represents a 3MBbl decrease compared to sales of 49 MBbl net to the Company's interest during the first three months of 2012. In addition, the Company recognized revenues of $4.3 million in the first three months of 2013 compared to $5.0 million for the first three months of 2012. This decrease in revenues was due primarily to a $270,000 decrease related to a 3MBl decrease in sales volumes and a $390,000 decrease related to an $8.55 per barrel decrease in the average Kansas oil price from $96.08 per barrel in 2012 to $87.53 per barrel in 2013. This decrease in revenues was partially offset by a $297,000 decrease in operating cost, a $246,000 decrease in general and administrative cost and a $121,000 decrease in loss on derivatives.
During the first three months of 2013, the Company utilized approximately $1.9 million of cash flow from operations to reduce the amount owed under its credit facility from $10.1 million at December 31, 2012 to $8.2 million at March 31, 2013.
Jeffrey R. Bailey, CEO, said, "We continue to streamline Tengasco's operations and reduce our debt through the sale of the pipeline assets and Tennessee producing properties. As we complete these activities, we expect to sharpen our focus on our own Kansas assets and other Midcontinent properties as targets for future Company growth."
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.