Tengasco Announces Third Quarter 2009 Financial Results

KNOXVILLE, Tenn., Nov. 9 /PRNewswire-FirstCall/ -- Tengasco, Inc. (NYSE Amex:
TGC) announced today its financial results for the quarter ended September 30,
2009. The Company realized net loss attributable to common shareholders of
$(0.4 million) or $(0.01) per share of common stock during the third quarter
of 2009, compared to a net income in the third quarter of 2008 to common
shareholders of $1.6 million or $0.03 per share of common stock.

The Company recognized $2.6 million in revenues during the third quarter of
2009 compared to $5.1 million in the third quarter of 2008. The decrease in
revenues was due to a sharp decrease in oil prices in 2009. Oil prices in the
third quarter of 2009 averaged $60.96 per barrel compared to $110.85 per
barrel in the third quarter of 2008. The Company recorded a non-cash
unrealized hedging loss of $(0.6) million in the third quarter of 2009. The
Company had recorded non-cash income tax expense of $0.8 million for the third
quarter 2008 net income.

The Company recognized $6.8 million in revenues during the first nine months
of 2009 compared to $13.0 million in the first nine months of 2008. The
decrease in revenues was due to a decrease in oil prices in 2009. Oil prices
in the first nine months of 2009 averaged $49.74 per barrel compared to
$106.53 per barrel in the first nine months of 2008. The Company realized a
net loss attributable to common shareholders of $(0.9 million) or $(0.02) per
share of common stock during the first nine months of 2009, compared to a net
income in the first nine months of 2008 to common shareholders of $8.8 million
or $0.15 per share of common stock. Approximately $3.4 million [38%] of this
income was attributable to the net effects of recognizing the Company's
deferred tax assets in 2008. The Company recorded the remaining net operating
loss carry forwards of $5.2 million in the first nine months of 2008 and
recorded non-cash income tax expense of $1.8 million for the first nine months
net income.

Jeffrey R. Bailey, CEO, said, "We have had modest operating income in the
third quarter having seen a recovery in oil prices to about $60 per barrel in
the third quarter from about $34 in January 2009. We plan to continue to
rebuild revenues through the drill bit and workovers from our own cash flow
while the oil price recovery continues. We believe the Company has weathered
the storm of lower prices better than many other micro-cap oil and gas
companies that have faced leverage issues and capital shortfalls. We expect to
use the current higher prices to fund workovers and drill one more well late
in the fourth quarter. Despite the lower oil prices than last year's levels,
we have increased our gross oil sales in Kansas during the first nine months
of 2009 to 175,948 barrels compared to 165,782 barrels during for the same
period in 2008."

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