Tengasco Inc (TGC, Financial) filed Amended Annual Report for the period ended 2010-12-31.
Tengasco Inc has a market cap of $51.86 million; its shares were traded at around $0.8546 with and P/S ratio of 5.33. Tengasco Inc had an annual average earning growth of 21.6% over the past 5 years.
The Company leases its principal executive offices, consisting of approximately 6,134 square feet located at 11121 Kingston Pike, Suite E, Knoxville, Tennessee at a rental of $7,284 per month and an office in Hays, Kansas at a rental of $750.00 per month. The Company has leased office space in Houston, Texas for use by Patrick McInturff, a Vice President of the Company, at a rental of approximately $4,000 per month.
Kansas accounted for 91% of the Company s revenue (i.e. $8.9 million of $9.7 million) and 92% of the Company s total production.
Historically, all drilling has primarily been funded by cash flows from operations. At price levels used in the December 31, 2008 reserve report, cash flows generated from oil and gas properties as well as availability under the Company s credit facility were insufficient to develop the Company s proved undeveloped prospects within a five year period and therefore the associated proved undeveloped reserves were not included in the Company s report at December 31, 2008. At 2009 price levels, cash flows generated from oil and gas properties were again sufficient to develop the Company s proved undeveloped prospects within a five year period and therefore the associated proved undeveloped reserves were included in the Company s report at December 31, 2009. All proved undeveloped reserves included in the Company s report related to oil prospects in Kansas. During 2008, oil price realization ranged from a high of $127.29 per barrel in June 2008 to a low of $31.69 per barrel in December 2008. Prior to the significant drop in oil prices, approximately 50 MBbl of proved undeveloped reserves from the McElhaney A#1, Veverka B#1, and Veverka B#2 were converted into proved developed reserves. During 2009, no proved undeveloped reserves were converted into proved developed reserves.
In December 2008, the SEC adopted new rules related to “Modernization of Oil and Gas Reporting” which the Company adopted for the year ended December 31, 2009. Per this rule, the Company s proved reserves as of December 31, 2009 are measured by using commodity prices based on the twelve month unweighted arithmetic average of the first day of the month price for the period January through December 2009. The Company s proved reserves as of December 31, 2008 were measured by using prices as of December 31, 2008. Under the SEC s final rule, prior period reserves were not restated. These respective prices are held constant in accordance with SEC guidelines for the life of the wells included in the reserve reports but are adjusted by lease for energy content, quality, transportation, compression and gathering fees, and regional price differentials. The oil and natural gas prices after basis adjustments used in our December 31, 2009 reserve valuation were $53.81 per Bbl and $4.61 per Mcf. The oil and natural gas prices after basis adjustments used in our December 31, 2008 reserve valuation were $33.96 per Bbl and $7.76 per Mcf. The $19.85 per Bbl increase in oil price was the primary factor in the increased 2009 reserve volumes and values as compared to 2008 levels. (Refer to Note 23, Supplemental Oil and Gas Information, Standardized Measure of Discounted Future Net Cash Flows for additional reserve information.) The prices used in calculating the estimated future net revenue attributable to proved reserves do not reflect market prices for natural gas and oil production sold subsequent to December 31, 2009. There can be no assurance that all of the estimated proved reserves will be produced and sold at the assumed prices. Accordingly, the foregoing prices should not be interpreted as a prediction of future prices.
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Tengasco Inc has a market cap of $51.86 million; its shares were traded at around $0.8546 with and P/S ratio of 5.33. Tengasco Inc had an annual average earning growth of 21.6% over the past 5 years.
Highlight of Business Operations:
The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant s most recently completed second fiscal quarter was approximately $21 million (June 30, 2009 closing price $0.56)The Company leases its principal executive offices, consisting of approximately 6,134 square feet located at 11121 Kingston Pike, Suite E, Knoxville, Tennessee at a rental of $7,284 per month and an office in Hays, Kansas at a rental of $750.00 per month. The Company has leased office space in Houston, Texas for use by Patrick McInturff, a Vice President of the Company, at a rental of approximately $4,000 per month.
Kansas accounted for 91% of the Company s revenue (i.e. $8.9 million of $9.7 million) and 92% of the Company s total production.
Historically, all drilling has primarily been funded by cash flows from operations. At price levels used in the December 31, 2008 reserve report, cash flows generated from oil and gas properties as well as availability under the Company s credit facility were insufficient to develop the Company s proved undeveloped prospects within a five year period and therefore the associated proved undeveloped reserves were not included in the Company s report at December 31, 2008. At 2009 price levels, cash flows generated from oil and gas properties were again sufficient to develop the Company s proved undeveloped prospects within a five year period and therefore the associated proved undeveloped reserves were included in the Company s report at December 31, 2009. All proved undeveloped reserves included in the Company s report related to oil prospects in Kansas. During 2008, oil price realization ranged from a high of $127.29 per barrel in June 2008 to a low of $31.69 per barrel in December 2008. Prior to the significant drop in oil prices, approximately 50 MBbl of proved undeveloped reserves from the McElhaney A#1, Veverka B#1, and Veverka B#2 were converted into proved developed reserves. During 2009, no proved undeveloped reserves were converted into proved developed reserves.
In December 2008, the SEC adopted new rules related to “Modernization of Oil and Gas Reporting” which the Company adopted for the year ended December 31, 2009. Per this rule, the Company s proved reserves as of December 31, 2009 are measured by using commodity prices based on the twelve month unweighted arithmetic average of the first day of the month price for the period January through December 2009. The Company s proved reserves as of December 31, 2008 were measured by using prices as of December 31, 2008. Under the SEC s final rule, prior period reserves were not restated. These respective prices are held constant in accordance with SEC guidelines for the life of the wells included in the reserve reports but are adjusted by lease for energy content, quality, transportation, compression and gathering fees, and regional price differentials. The oil and natural gas prices after basis adjustments used in our December 31, 2009 reserve valuation were $53.81 per Bbl and $4.61 per Mcf. The oil and natural gas prices after basis adjustments used in our December 31, 2008 reserve valuation were $33.96 per Bbl and $7.76 per Mcf. The $19.85 per Bbl increase in oil price was the primary factor in the increased 2009 reserve volumes and values as compared to 2008 levels. (Refer to Note 23, Supplemental Oil and Gas Information, Standardized Measure of Discounted Future Net Cash Flows for additional reserve information.) The prices used in calculating the estimated future net revenue attributable to proved reserves do not reflect market prices for natural gas and oil production sold subsequent to December 31, 2009. There can be no assurance that all of the estimated proved reserves will be produced and sold at the assumed prices. Accordingly, the foregoing prices should not be interpreted as a prediction of future prices.
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