GREENWOOD VILLAGE, Colo., May 14, 2019 /PRNewswire/ -- Tengasco, Inc. (NYSE American: TGC) announced today its financial results for the quarter ended March 31, 2019. The Company reported a net loss from continuing operations of $(96,000) or $(0.01) per share of common stock during the first quarter of 2019 compared to a net income from continuing operations of $133,000 or $0.01 per share of common stock during the first quarter of 2018. The $229,000 decrease in net income was primarily due to a $196,000 decrease in revenues, a $49,000 increase in production cost and taxes, partially offset by a $29,000 increase in gain on sale of assets.
The Company recognized $1.2 million in revenues during the first quarter of 2019 compared to $1.4 million during the first quarter of 2018. The $196,000 decrease in net revenue was primarily due to a $175,000 decrease related to an $7.48 per barrel decrease in the average oil price from $57.36 per barrel during the first three months of 2018 to $49.88 per barrel during the first three months of 2019, and a $17,000 decrease related to approximately a 300 Bbl decrease in sales volumes. The 300 Bbl decrease was primarily due to natural declines, partially offset by increased production on the Veverka D lease as a result of a polymer performed in the 2nd quarter 2018, and by increased production on the BSU #1-30 well which was completed in October 2018.
Michael J. Rugen, CEO said, "The Company has continued its plans to participate with other parties in drilling certain new wells as well as performing work on its own wells where appropriate in order to both add new production to offset natural declines in its existing wells and move its reserves from the non-producing to the producing category. The Company drilled one Kansas well so far during 2019 in a joint venture with a third party on its leased acreage with the Company taking a majority interest and acting as operator but the well was not capable of production in commercial quantities and was plugged. This work was funded by operating cash flow and the proceeds received from the sale of the methane facility assets in January of last year, and the Company has no current borrowings under its borrowing base with Prosperity Bank. The Company is continuing to evaluate other acquisitions, joint ventures, or corporate opportunities that may add shareholder value."
The statements contained in this release that are not purely historical are forward-looking statements within the meaning of applicable securities laws. The Company's actual results could differ materially from the forward-looking statements.
SOURCE Tengasco, Inc.