KNOXVILLE, Tenn., April 23, 2014 /PRNewswire/ -- Tengasco, Inc. (NYSE MKT: TGC) announced today that the Board of Directors has approved the relocation of the Company's principal offices from Knoxville, Tennessee to Denver, Colorado. The relocation is expected to be completed by June 30, 2014.
Michael J. Rugen, CEO, said, "Following the sale of the Company's Tennessee oil and gas production and intrastate pipeline in the summer of 2013, there have been few business reasons to remain headquartered in Tennessee, and the Board has determined that the better course would be to relocate the Company's principal offices to a place with an established presence of companies and personnel engaged in the oil and gas exploration and production industry. Denver, Colorado is the industry center closest to our Kansas oil production, and as previously announced, the Company opened an office there in December 2013 for its technical staff. We will now move the Company's principal offices there and close the Company's Knoxville office. While we have enjoyed the time in Knoxville since the Company was founded in the mid-1990's, we believe this relocation will better position the Company for easier access to both a much larger pool of experienced oil and gas professionals and oil and gas companies presenting opportunities for joint operations or industry dealings to better grow the Company."
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 "expectations," "anticipations," "intentions," "beliefs," or "strategies" regarding the future. Forward-looking statements also include statements regarding revenue, margins, expenses, and earnings analysis for 2014 and thereafter; 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; the Company's 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.
SOURCE Tengasco, Inc.