Tengasco Announces First Quarter 2009 Financial Results

KNOXVILLE, Tenn., May 11 /PRNewswire-FirstCall/ -- Tengasco, Inc. (NYSE Amex
LLC: TGC) announced today its financial results for the quarter ended March
31, 2009. The Company realized a net loss attributable to common shareholders
of $(401,030) or $(0.01) per share of common stock during the first quarter of
2009, compared to a net income in the first quarter of 2008 to common
shareholders of $5,812,011 or $0.10 per share of common stock. The Company
recognized $1,899,701 in revenues from its Kansas Properties and the Swan
Creek field during the first quarter of 2009 compared to $3,305,720 in the
first quarter of 2008. The decrease in revenues was due to a decrease in oil
prices in 2009 that was partially offset by a 13,071 net barrel increase in
oil sales. Oil prices in the first quarter of 2009 averaged $35.74 per barrel
compared to $91.36 per barrel in the first quarter of 2008.

In the first quarter of 2009, the Company had an operating loss of ($401,630)
compared to operating income of $885,011 in the first quarter of 2008. In the
first quarter of 2009 the Company realized a net loss of $(0.01) per share
compared to net income per share of $.10 in the first quarter of 2008.
However, in the first quarter of 2008, the Company recorded net operating loss
carry forwards of $5,227,000, resulting in $.08 of the total of $0.10 per
share net income being attributable to the recordation of the carry-forwards,
and only the remaining $0.02 being attributable to operations.

Jeffrey R. Bailey, Chief Executive Officer, said, "In the first quarter of
2009 we continued to weather the economic storm of depressed commodity prices
for our crude oil production. In the first quarter of 2009, our prices for
crude were about $36 per barrel, or only about one third of what we received
last year during the first quarter. Even though prices were so much lower, we
produced about 13,000 barrels more in the first quarter this year than the
first quarter last year. This was due to both increased drilling and
acquisitions. Nevertheless, because of the very low prices, we were unable to
perform some workovers and polymer treatments on other wells that are good
candidates for further production increases."

Mr. Bailey continued: "Our next borrowing base review by the lender occurs in
June 2009 and it is encouraging that we have seen some price improvement in
crude oil so far in the second quarter of 2009. The borrowing base will be
determined in June by the bank based on the bank's own choices or 'deck' of
commodity prices. Not knowing what price deck the bank may use, we will of
necessity in this market keep cutting our costs and postponing expenditures
but attempting to otherwise maximize our production levels as much as possible
until prices improve. We are also continuing to look for reasonable
opportunities in this market to acquire existing production or otherwise grow
the Company, but even though bargains or opportunities might become available,
it may prove too difficult in these economic times to find funds to take
advantage of them."

Forward-looking statements made in this release are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
Investors are cautioned that all forward-looking statements involve risk and
uncertainties which may cause actual results to differ from anticipated
results, including risks associated with the timing and development of the
Company's reserves and projects as well as risks of downturns in economic
conditions generally, and other risks detailed from time to time in the
Company's filings with the Securities and Exchange Commission.

SOURCE Tengasco, Inc.

Jeffrey R. Bailey, CEO, +1-865-675-1554