Tag Archives: Jeffrey Bailey

Tengasco 3Q net income drops

Oil and national gas company Tengasco Inc. said Thursday its third-quarter net income from continuing operations dropped 58 percent to $535,000, or 1 cent per share, down from $1.28 million, or 2 cents per share, a year ago.
Revenues for the quarter ended Sept. 30 were $4 million, down from $5.8 million the prior year period.
The Knoxville-based company attributed the drop in revenue to a 26 million barrel decrease in volume of oil sales from its Kansas fields.
The revenue decrease was partially offset by a $426,000 decrease in general and administrative cost and other expense reductions, according to a news release.
Oil production in the coming months could benefit from new wells. The company said it drilled two test wells in the third quarter and has to additional locations permitted with drilling expected this month.
Interim CEO Mike Rugen said in a statement that the company will “to continue to focus on its Kansas assets while expanding its operations personnel, which would increase the company’s ability to evaluate and pursue new opportunities to increase production, revenues, profitability, and reserve value.”
Former CEO Jeffrey Bailey resigned in June to pursue other interests.
Tengasco previously announced that in the third quarter it closed the sale of its Swan Creek field in Hancock County, all of its other Tennessee oil and natural gas leases and natural gas pipeline system for $1.5 million to Swan Creek Partners LLC and its affiliate General Gas Pipeline LLC.

Tough 1Q produces opposite results for Knox energy companies

Oil and gas

A pair of Knoxville based energy companies this week both reported
decreased sales in the first quarter, but one still scratched out a profit
while the other swung to a loss.

Oil company Tengasco reported a profit of $978,000, or 2
cents per share, while coal producer Xinergy said it lost $1.9 million, or 3
cents per share.

Tengasco’s earnings for the first three months of 2012 were a
slight improvement from a profit of $954,000, or 2 cents per share in the same
period a year ago.

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Tennessee oil biz small, but at least it’s not BP

Tengasco Inc. told shareholders on Monday that its Albers B #1 well completed in Kansas on June 1 has increased the company’s daily oil production in Kansas by 20 percent “from about 600 barrels per day to over 700 barrels per day.”

Also, the well “expands the potential size of our Trego County Albers discovery field to the east, and adds significant additional reserves to the Company’s totals,” CEO Jeffrey Bailey said in a statement.

The announcement was made at the annual shareholders meeting in Knoxville.

Unlike global oil giant BP, Tennessee oil companies are off to a good start in the first half of 2010.

In addition to Tengasco’s Kansas success, Huntsville, Tenn.-based Miller Petroleum has seen 200 percent year-over growth and recently acquired $300 million worth of assets in Alaska’s Cook Inlet. Miller expects its new Alaska assets to produce 1,100 barrels a day by the end of the year.

Tennessee’s oil companies may be tiny players in the world market, but at least they aren’t responsible for the worst environmental disaster in the history of the universe.

Things are so bad at BP, CEO Tony Hayward might even trade places with his Tennessee counterparts, even if it would mean a $4 million paycut and no more yacht racing.

Then again, probably not. He wants his life back, after all.