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I have made money on this one before. Nice candle today. What are expected earnings?
Posts: 539 | From: BIG D | Registered: Apr 2005
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Earnings: Tengasco Announces Profit for Third Quarter and Nine Months ending September 30, 2005 Business Wire - November 10, 2005 12:16
KNOXVILLE, Tenn., Nov 10, 2005 (BUSINESS WIRE) -- Tengasco, Inc. (AMEX: TGC) announced today its financial results for the third quarter ended September 30, 2005. The Company recognized $1,853,885 in oil and gas revenues from its Kansas Properties and the Swan Creek Field in Tennessee during the third quarter of 2005 compared to $1,536,739 in the third quarter of 2004. The increase in revenues was due to an increase in oil prices and increases in production from completion and drilling activities in 2005.
The Company realized a net income attributable to common shareholders of $661,781 or $0.01 per share of common stock during the third quarter of 2005 compared to a net loss in the third quarter of 2004 to common shareholders of ($735,819) or ($0.02) per share of common stock.
The Company realized a net income attributable to common shareholders of $100,890 or $0.00 per share of common stock during the first nine months of 2005 compared to a net loss to common shareholders in the first nine months of 2004 of ($2,233,752) or ($0.06) per share of common stock.
The Company's President Jeffrey R. Bailey said, "We are pleased to report these dramatic financial and significant balance sheet improvements showing positive results for shareholders not only for the third quarter of 2005 but the first nine months of 2005 as well. Our net income from operations excluding loss/gains on debt and equipment in the third quarter increased $712,434 over the same quarter last year, and in the first nine months of 2005 net income increased $1.9 million over the same period last year. Our cash flow from operations for the nine months ending September 30, 2005 increased about $1.6 million from the same period in 2004. These outstanding results are due to the significant reduction of debt and increased production volumes of oil in Kansas combined with favorable pricing of oil and gas. We are extremely proud of the Company's ability in the past year to virtually eliminate the Company's debt. In the third quarter of this year we concluded the exchange of the Company's remaining two series of preferred stock, and then in October 2005 transformed almost all of the Company's remaining debt into a second drilling program on the Company's properties in Kansas. As a result, the Company has reduced its liabilities in notes or preferred stock from about $10.2 million as of September 30, 2004 to only $370,000 as of November 11, 2005. This 96% reduction of these liabilities was accomplished in about one year with no additional borrowings. We have now drilled six wells of our eight well drilling program in Kansas with five of them being successful oil producers, and will drill the final two wells in the first quarter of 2006. We have already drilled two of the twelve wells in the second Kansas drilling program signed in October 2005. All of these wells were drilled with funds from cash flow. We anticipate that the remaining wells in the drilling program will also be drilled with our own funds from operations. Our gross production of oil in Kansas has increased to 348 barrels per day as of September 30, 2005. We have engaged a new geologist based in Kansas, and plan additional drilling of development wells on leases we currently own as well as newly acquired leases located near our current properties in Kansas. We eagerly look forward to the future development of our Company and continuing these positive results for our shareholders. We intend to move ahead vigorously to explore and develop oil production in Kansas and to maximize the value of our Tennessee producing and pipeline assets as well."
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.
Tengasco, Inc., Knoxville Jeffrey R. Bailey, 865-675-1554
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