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. DATASOURCE: Tengasco, Inc. CONTACT: Jeffrey R. Bailey, CEO, +1-865-675-1554

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