Tengasco Files Annual Report With SEC: Results Show 74% Increase in Revenue

Apr 17, 2001, 01:00 ET from Tengasco, Inc.

    KNOXVILLE, Tenn., April 17 /PRNewswire/ -- Tengasco, Inc. (Amex:   TGC)
 today reports its financial results for the year ended December 31, 2000.
 Revenues for the year-end totaled $5,241,076 compared to $3,017,252 for the
 same period last year representing a 74% increase in revenue.  According to
 Tengasco chairman and CEO M. E. Ratliff, revenues for 2000 do not reflect the
 substantial revenues that are anticipated from the sale of natural gas from
 Tengasco's Swan Creek field, the 50,000-acre oil and gas field located in
 Hancock County, Tennessee.  Tengasco reports a loss per share of $.20 compared
 to a loss per share of $.34 in 1999.
     Tengasco reports that in the first quarter of 2001, it completed
 construction of the 60-mile intrastate pipeline from Swan Creek oil and gas
 field to Eastman Chemical Company  (NYSE:   EMN), one of the largest users of
 natural gas in the Southeastern U.S.  Tengasco signed a twenty-year contract
 with Eastman, which is now waiting for their engineers to make final metering
 adjustments so that natural gas service can begin by end of April 2001.  In
 addition, Tengasco has signed a twenty-year contract with British Aerospace at
 Holston Army Amunition facility in Kingsport, Tennessee, and delivery of
 natural gas service began on April 4, 2001.  It is anticipated that the
 contracts with Eastman Chemical Company and British Aerospace will produce
 over $876 million in gross revenues over the life of the contracts based upon
 year-end engineering studies and market prices.
     Commenting on the annual results, Ratliff said, "Now that our $16 million
 intrastate pipeline is completed, I expect annual oil and gas revenues to
 exceed $25 million based upon today's production and market prices.  Because
 Tengasco has one of the lowest finding costs in the entire oil and gas
 industry and the highest profit margins, we anticipate that we will be able to
 pay a dividend in year 2002."
     According to company officials, Tengasco owns 100% of its oil and gas
 leases.  Tengasco plans to expand drilling and exploration operations at both
 Swan Creek and Kansas oil and gas fields and to develop other structures in
 the East Tennessee region.
     "Accelerated drilling in Swan Creek and completion of the intrastate
 pipeline has significantly increased our reserves and positioned the company
 for increased revenues," Ratliff explains.  "I am proud to report that our
 shareholders' wait for gas revenues from Swan Creek is over."
     The 2000 year-end Ryder Scott PV10 engineering study indicates that, with
 only 15% of the Swan Creek field developed, net proven reserves are estimated
 at 54.6 billion cubic feet of natural gas and 600,000 barrels of oil.
 Tengasco's 33,000-acre oil and gas field located in the heart of the
 Mid Continent area near Hays, Kansas is only 40% developed.  The study
 indicates net proven reserves from the Kansas operation are 29.5 billion cubic
 feet of natural gas and 8.4 million barrels of oil.
     Knoxville-based Tengasco is a fully integrated energy company with
 operations in Tennessee and Kansas.  Tengasco has 15 million cubic feet
 deliverability of natural gas and more than 500 barrels of oil production
 daily.
     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.
 
     FOR MORE INFORMATION CONTACT:  M.E. Ratliff
                                    Chairman and CEO
                                    Tengasco, Inc.
                                    865-523-1124
                                    www.tengasco.com
 
     MEDIA CONTACTS TO:             Bud Brooks,
                                    The Bingham Group
                                    865/523-5999
                                    E-mail:  bud@binghamgroup.com
 
 

SOURCE Tengasco, Inc.
    KNOXVILLE, Tenn., April 17 /PRNewswire/ -- Tengasco, Inc. (Amex:   TGC)
 today reports its financial results for the year ended December 31, 2000.
 Revenues for the year-end totaled $5,241,076 compared to $3,017,252 for the
 same period last year representing a 74% increase in revenue.  According to
 Tengasco chairman and CEO M. E. Ratliff, revenues for 2000 do not reflect the
 substantial revenues that are anticipated from the sale of natural gas from
 Tengasco's Swan Creek field, the 50,000-acre oil and gas field located in
 Hancock County, Tennessee.  Tengasco reports a loss per share of $.20 compared
 to a loss per share of $.34 in 1999.
     Tengasco reports that in the first quarter of 2001, it completed
 construction of the 60-mile intrastate pipeline from Swan Creek oil and gas
 field to Eastman Chemical Company  (NYSE:   EMN), one of the largest users of
 natural gas in the Southeastern U.S.  Tengasco signed a twenty-year contract
 with Eastman, which is now waiting for their engineers to make final metering
 adjustments so that natural gas service can begin by end of April 2001.  In
 addition, Tengasco has signed a twenty-year contract with British Aerospace at
 Holston Army Amunition facility in Kingsport, Tennessee, and delivery of
 natural gas service began on April 4, 2001.  It is anticipated that the
 contracts with Eastman Chemical Company and British Aerospace will produce
 over $876 million in gross revenues over the life of the contracts based upon
 year-end engineering studies and market prices.
     Commenting on the annual results, Ratliff said, "Now that our $16 million
 intrastate pipeline is completed, I expect annual oil and gas revenues to
 exceed $25 million based upon today's production and market prices.  Because
 Tengasco has one of the lowest finding costs in the entire oil and gas
 industry and the highest profit margins, we anticipate that we will be able to
 pay a dividend in year 2002."
     According to company officials, Tengasco owns 100% of its oil and gas
 leases.  Tengasco plans to expand drilling and exploration operations at both
 Swan Creek and Kansas oil and gas fields and to develop other structures in
 the East Tennessee region.
     "Accelerated drilling in Swan Creek and completion of the intrastate
 pipeline has significantly increased our reserves and positioned the company
 for increased revenues," Ratliff explains.  "I am proud to report that our
 shareholders' wait for gas revenues from Swan Creek is over."
     The 2000 year-end Ryder Scott PV10 engineering study indicates that, with
 only 15% of the Swan Creek field developed, net proven reserves are estimated
 at 54.6 billion cubic feet of natural gas and 600,000 barrels of oil.
 Tengasco's 33,000-acre oil and gas field located in the heart of the
 Mid Continent area near Hays, Kansas is only 40% developed.  The study
 indicates net proven reserves from the Kansas operation are 29.5 billion cubic
 feet of natural gas and 8.4 million barrels of oil.
     Knoxville-based Tengasco is a fully integrated energy company with
 operations in Tennessee and Kansas.  Tengasco has 15 million cubic feet
 deliverability of natural gas and more than 500 barrels of oil production
 daily.
     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.
 
     FOR MORE INFORMATION CONTACT:  M.E. Ratliff
                                    Chairman and CEO
                                    Tengasco, Inc.
                                    865-523-1124
                                    www.tengasco.com
 
     MEDIA CONTACTS TO:             Bud Brooks,
                                    The Bingham Group
                                    865/523-5999
                                    E-mail:  bud@binghamgroup.com
 
 SOURCE  Tengasco, Inc.