Tag Archives: Mike Rugen

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.