8-22-13 4:39 PM EDT | Email Article

KNOXVILLE, Tenn., Aug. 22, 2013 /PRNewswire/ -- Tengasco, Inc. (NYSE MKT: TGC) announced that on August 16, 2013 the Company closed the sale of its Swan Creek field in Hancock County, Tennessee, and all of its other Tennessee oil and natural gas leases and related properties together with its 67-mile natural gas pipeline system and related properties extending from the Swan Creek field to Kingsport, Tennessee, for $1.5 million pursuant to the terms of a previously announced March 1, 2013 purchase and sale agreement between the Company and Swan Creek Partners LLC and its affiliate General Gas Pipeline LLC.  The sale did not include the assets of Manufactured Methane Corporation, including the methane facility and electric generator at Carter Valley landfill in Hawkins County, Tennessee.

Closing of the sale had been contingent upon the Tennessee Regulatory Authority granting regulatory approval to General Gas Pipeline LLC for the transfer of utility status of the pipeline, and the Company receiving certain landowner approvals of assignment of pipeline easements.  The Tennessee Regulatory Authority granted transfer approval in July 2013 and the remaining conditions to closing were completed the first week of August 2013.

On closing of the sale, the Company now has no remaining oil or natural gas producing properties or lease position for oil or gas exploration in Tennessee, and no natural gas pipeline assets.  The Company has used all of the proceeds of this sale to pay down its borrowings, reducing the current balance owed under its existing credit facility with F&M Bank in Dallas, Texas, from $5.2 million to approximately $3.8 million. As a result of the Company's impairment of its pipeline asset in 2012 to a reduced value of $1.4 million, it is anticipated that this sale will have no effect upon the Company's earnings in the current reporting period.  

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 2013 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.

Add a Comment

News   More...

Start Premium Trial Register For Free

P F Fund Financial Data (13,000+ funds)
P F Stock Financial Data (7,000+ stocks)
P F Stock and Fund Screeners (basic)
P F Investing Articles and Market Commentary
P F Articles Archive (>30 days)
P F Discuss (dozens of stock, fund, bond, and general bulletin boards)
P F Portfolio Manager (basic)
P F Morningstar Investment Classroom
P F Access Your Portfolio Anytime, Anywhere via Your Mobile Device
P   Morningstar Fund Analyst Reports (full research on 1,700 funds, ETFs, and CEFs)
P   Morningstar Stock Analyst Reports (full research on more than 1,100 stocks)
P   Portfolio Manager (advanced with 10 X-Ray analyses, including recommendations)
P   Portfolio Monitor (monthly and on-demand personalized portfolio statements)
P   Morningstar Proprietary Stock Information (stock star ratings, buy/sell prices, economic moat ratings, and more)
P   Morningstar 5-Star Stock and Fund Favorites & Red Flags eNewsletters
P   Premium Stock and Fund Screeners (advanced with nearly infinite ways to find the best securities for you)
P   Discounts on Morningstar newsletters, books, seminars, and more

Sign-up to Morningstar


Basic Access

Articles and Videos
Morningstar video reports, articles, data, and tools. Dig into our lineup of e-newsletters and investing classroom courses outlining sensible strategies for maximizing your investments.
Morningstar Discuss
Follow the buzz on individual stocks or fund families. Plus, read the latest posts from Morningstar members and analysts.
Portfolio Manager
Track your investments and watch lists with our Portfolio Manager. Customize your view with our comprehensive stock, fund, and ETF data.

Access these features and more when you sign up for Free Membership.
Join Morningstar today. It's Free.

Unlimited Access

Analyst Research
Gather in-depth, actionable insight on over 3,700 stock and mutual funds covered by Morningstar analysts. View our mutual fund Analyst Reports favored by professionals, savvy experienced investors, and new investors researching options for retirement savings, college plans, or other investment needs.
Portfolio X-Ray®
Ensure your portfolio is positioned exactly how you want with Morningstar's X-Ray Interpreter and Stock Intersection tools. A Barron's "Best of the Web" award winner for five years running, X-Ray Interpreter goes under the hood of your portfolio to provide a useful allocation, sector, and geographic analysis. And you can discover how much of a stock you really own, individually and through mutual funds, with Stock Intersection.
Investment Picks
Find new 5-star stocks (greatly undervalued companies) to consider daily. Our 5-star stock rating is a proven winner, consistently beating benchmarks like the S&P 500. Plus, browse our Fund Analyst Picks and Stewardship Grades to find shareholder-friendly mutual funds that are poised for outperformance.
Portfolio Monitor
Get a clear view of your investments with personalized reports about your portfolio. Receive monthly statements and generate reports on-demand to help you stay on track to meet your investment goals.

Access these features and more when you sign up for Premium Membership.
Start your free 14-day trial today online
Your subscription may be tax deductible. Please contact your tax advisor.

Content Partners
Morningstar - - Tengasco Announces Closing of Sale of Tennessee Assets
Name |  Ticker |  Star Rating |  Market Cap |  Stock Type |  Sector |  Industry Star Rating |  Investment Style |  Total Assets |  Category |  Top Holdings |  Top Sectors |  Symbol |  Title Star Rating |  Category |  Total Assets |  Top Holdings |  Top Sectors |  Symbol |  Name Topic |  Sector |  Key Indicators |  User Interest |  Market Cap |  Industry Name |  Ticker |  Star Rating |  Market Cap |  Stock Type |  Sector |  Industry Star Rating |  Investment Style |  Total Assets |  Category |  Top Holdings |  Top Sectors |  Symbol / Ticker |  Title Star Rating |  Category |  Total Assets |  Symbol / Ticker |  Name Title |  Date |  Author |  Collection |  Popularity |  Interest Title |  Date |  Company |  Symbol |  Interest |  Popularity Title |  Date |  Company |  Symbol |  Interest |  Popularity Title |  Date |  Author |  Collection |  Interest |  Popularity

Previous: Tenet to Report Third Quarter Results on November 4, 2013  |  Next: Tengasco Announces Second Quarter 2013 Financial Results