News 
Market Data 
Discover
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Tengasco Announces Results of 2011 Drilling Operations; 2011 Reserves Updates; and Current Operations -
KNOXVILLE, Tenn., Feb. 22, 2012 /PRNewswire/ --
Tengasco, Inc.
(NYSE Amex: TGC) announced results of its drilling operations
for the year ended December 31, 2011.
http://www.tengasco.com/investor-info/tengasco-announces-results-of-2011-drilling-operations-2011-reserves-updates-and-current-operations/
The Company announced that as a result of its drilling 26 wells
in 2011, with 16 completed as producers and 10 dry holes,
and polymer activities primarily in Kansas, the Company
at December 31, 2011 had increased the Company's proved
oil reserves to 2.6 million barrels of oil net to the
Company's interest.
The Company also announced that during 2011 it had achieved
a record gross production volume of 246,000 gross barrels
of oil.
This resulted in the Company's ratio of reserve replacement
in 2011 being 137% of the oil the Company actually produced
in 2011.
The Company will report financial results for 2011 by filing its Form 10-K for the year ended December 31, 2011. The Company intends to file its Form 10-K for 2011 and to simultaneously issue an earnings press release, on or before March 30, 2012.
In early 2012, the Company purchased an inventory of casing,
tubing, and pump jacks for $1.7 million to be used in the
first 20 wells of a program to drill 36 or more wells
as quickly as practical in 2012.
The wells will be drilled primarily from the Company's cash
flow and some use of the borrowing base, and will not involve
any third party drilling partners.
The Company has contracted for a drilling rig to be used
exclusively drilling for the Company throughout the year,
with an option to add additional rigs.
Plans primarily include oil well drilling in Kansas, but
also include several wells in Tennessee.
Since the start of 2012, the Company has drilled and completed
in Kansas as producers the first three wells and begun
the fourth well in this program.
The Company anticipates it can secure a second rig soon
to increase the pace of our 2012 capital plan.
The Company announced that on January 25, 2012,
the Company's wholly-owned subsidiary,
Manufactured Methane Corporation ("MMC"),
commenced sales of electricity generated at
the Carter Valley site of its methane extraction facilities.
The electricity generated is sold under contract between
MMC, Holston Electric Cooperative, Inc.,
the local distributor, and Tennessee Valley Authority
through TVA's Generation Partners program.
This will offset MMC's electrical costs and provide a
second revenue stream from the methane facilities.
Methane gas sales will continue simultaneously with
electric generation.
The electric generation also reduces oxygen input to the
methane plant, which along with improvements to the
collection system in the field have together resulted in
consistently high levels in-service time since January 25.
Although a portion of the gas used for generation of
electricity will not be available for methane extraction,
the use of the gas for electricity is equivalent to sale of
the methane for almost $15 per MMBtu, more than double
the price currently received for methane sales and six
times the current natural gas spot market price.
Jeffrey R. Bailey, CEO said: "We have set an all-time annual
company production record during the year 2011,
eclipsing our 2008 total of about 238,000 barrels of gross
production with about 246,000 barrels in 2011.
This is notable since we did not set any daily, weekly,
monthly, or quarterly production record in 2011;
all those records were reached during 2008.
Our oil production has resulted in a reserve replacement
percentage of 137% as we are growing the reserves additions
faster than production declines simply from generic drilling.
Our drilling has been paid for mostly from cash flow due
to currently higher oil prices and we have increased
the reserves without the benefit of additions by acquisition.
It is very encouraging that the Company can add reserve
growth of more than 100% and now follow up with an
ambitious 2012 drilling budget.
Since we did no drilling in 2009, and were limited by
cash availability during the first half of 2010, these
record 2011 drilling results represent a comeback of which
we are very proud.
We plan to supplement this success with a more aggressive
drilling program in 2012, beginning with a 36 well
program primarily on our existing properties in Kansas
to be drilled as quickly as conditions permit, with
price-driven capital caution.
All of these wells will be Company owned wells, with no
drilling partners.
This should result in maximizing the value of the Company
particularly in view of the currently high commodity prices
for oil which continue to support high values of
producing assets, to the benefit of our shareholders.
And I believe these favorable operational results will
be reflected in our financial results that we will be
reporting in our annual report on Form 10-K."
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 2011 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.
http://www.tengasco.com/
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=72429214
Tengasco Common Stoc (TGC) fiat$1.17 UP $0.09 +8.33% 
Volume: 1,154,670 @ 7:54:26 PM ET Strong Demand
Bid Ask Day's Range
1.17 1.21 1.11 - 1.18
TGC Detailed Quote Wiki
TGC Chart TA LT Bull Breakout Run Strong
next target $1.4-1.5 resistance
TGC has long LT bull run back UP to catch UP since 10yrs ago
- the black gold bull have just started a LT bull run -
God Bless
Golden cross on the 50 day already passed... the "real" golden cross
should trigger tomorrow morning..
100 day touching the 200 day now -
Person mark # 8 to you BL0ODLESS -
for good info
TIA
God Bless
TGC Chart TA LT Bull Breakout Run Started
next target $1.4-1.5 resistance
God Bless
Pandemonium' on 'Tengasco, Inc. (TGC)'
congratulation good pick!
Golden Cross" as the chart feature that occurs when a security's
short-term moving average (such as the 50-day simple moving
average) breaks above its long-term moving average
(such as the 200-day simple moving average) or
resistance level -
Long-term indicators carry are considered to have more weight,
so crossing the longer-term average by short-term average price
line is a significant indicator of a change in momentum.
The Golden Cross indicates a bull trend may be starting and
is confirmed by higher trading volume.
The long-term moving average becomes the new support level
in the rising market after a Golden Cross -
God Bless
TGC Technical analysts define the "Golden Cross" as the chart
feature that occurs when a security's short-term moving average
(such as the 50-day simple moving average) breaks above its
long-term moving average (such as the 200-day simple moving
average) or resistance level -
Long-term indicators carry are considered to have more weight,
so crossing the longer-term average by short-term average price
line is a significant indicator of a change in momentum.
The Golden Cross indicates a bull trend may be starting and
is confirmed by higher trading volume.
The long-term moving average becomes the new support level
in the rising market after a Golden Cross -
God Bless
|
Followers
|
60
|
Posters
|
|
|
Posts (Today)
|
0
|
Posts (Total)
|
1166
|
|
Created
|
10/06/05
|
Type
|
Free
|
| Moderators | |||
AI
