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<SEC-DOCUMENT>0000930413-03-001024.txt : 20030331
<SEC-HEADER>0000930413-03-001024.hdr.sgml : 20030331
<ACCEPTANCE-DATETIME>20030331165249
ACCESSION NUMBER:		0000930413-03-001024
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20021231
FILED AS OF DATE:		20030331

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TENGASCO INC
		CENTRAL INDEX KEY:			0001001614
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				870267438
		STATE OF INCORPORATION:			TN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15555
		FILM NUMBER:		03631602

	BUSINESS ADDRESS:	
		STREET 1:		603 MAIN AVE
		STREET 2:		SUITE 500
		CITY:			KNOXVILLE
		STATE:			TN
		ZIP:			37902
		BUSINESS PHONE:		4235231124

	MAIL ADDRESS:	
		STREET 1:		630 MAIN AVENUE
		STREET 2:		SUITE 500
		CITY:			KNOXVILLE
		STATE:			TN
		ZIP:			37902
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>c27529_10k.txt
<TEXT>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                               REPORT ON FORM 10-K

(Mark one)

     /X/ Annual Report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the fiscal year ended DECEMBER 31, 2002 or

     / / Transition Report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 for the transition period from to .

                           Commission File No. 0-20975

                                 TENGASCO, INC.
                (NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

         TENNESSEE                                               87-0267438
(STATE OR OTHER JURISDICTION OF                               (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION)                               IDENTIFICATION NO.)

                603 MAIN AVENUE, KNOXVILLE, TENNESSEE             37902
               (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)         (ZIP CODE)

     REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (865) 523-1124.

Securities registered pursuant to Section 12(b) of the Act: NONE.
Securities  registered pursuant to Section 12(g) of the Act:
                                        COMMON STOCK, $.001 PAR VALUE PER SHARE.

     Indicate by checkmark whether the registrant (1) filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or such shorter period that the registrant was required
to file such reports), and (2) has been subject to such filing requirements for
the past 90 days: Yes /X/ No / /

     Indicate by checkmark if disclosure of delinquent filers in response to
Item 405 of Regulation SK is not contained in this form and no disclosure will
be contained, to the best of the registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-K
or any amendment to this Form 10-K. [ ]

     State the aggregate market value of the voting stock held by non-affiliates
(based on the closing price on March 3, 2003 of $1.39): $8,378,799.

     Indicate by checkmark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Act): Yes / / No /X/

     State the aggregate market value of the voting and non-voting common equity
held by non-affiliates computed by reference to the price at which the common
equity was last sold, or the average bid and asked price of such common equity,
as of the last business day of the registrant's most recently completed second
quarter (based on the closing price on June 28, 2002 of $2.80): $18,994,161.

     State issuer's revenues for its most recent fiscal year: $5,700,478

     State the number of shares outstanding of the registrant's $.001 par value
common stock as of the close of business on the latest practicable date (March
3, 2003): 11,927,004

     Documents Incorporated By Reference: None.

<PAGE>

                                                 TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                               Page
PART I

<S>                 <C>                                                                                         <C>
         Item 1.     Business.....................................................................................1

         Item 2.     Description Of Property.....................................................................22

         Item 3.     Legal Proceedings...........................................................................29

         Item 4.     Submission of Matters to a Vote of Security Holders.........................................32

PART II

         Item 5.     Market for Registrant's Common Equity and Related Stockholder Matters.......................33

         Item 6.     Selected Financial Data.....................................................................34


         Item 7.     Management's Discussion and Analysis of Financial Condition and Results of
                         Operation...............................................................................35


         Item 7A.    Quantative and Qualitative Disclosures About Market Risk....................................46


         Item 8.     Financial Statements and Supplementary Data.................................................48


         Item 9.     Changes in and Disagreements with Accountants on Accounting and Financial
                         Disclosure..............................................................................48

PART III

         Item 10.   Directors and Executive Officers of the Registrant...........................................49

         Item 11.   Executive Compensation.......................................................................55

         Item 12.   Security Ownership of Certain Beneficial Owners and Management...............................58

         Item 13.   Certain Relationships and Related Transactions...............................................61

         Item 14.    Controls and Procedures.....................................................................63

PART IV

         Item 15.   Exhibits, Financial Statement Schedules, and Reports on Form 8-K.............................64

SIGNATURES.......................................................................................................71
</TABLE>


                                                         i

<PAGE>

                           FORWARD LOOKING STATEMENTS

     The information  contained in this Report, in certain  instances,  includes
forward-looking  statements.  When  used in this  document,  the  words  budget,
budgeted,  anticipate,  expects,  estimates,  believes,  goals or  projects  and
similar expressions are intended to identify forward-looking  statements.  It is
important to note that the Company's actual results could differ materially from
those projected by such forward-looking statements. Important factors that could
cause  actual  results  to  differ   materially  from  those  projected  in  the
forward-looking  statements  include,  but are not  limited  to, the  following:
production  variances from  expectations,  volatility of oil and gas prices, the
need to develop and  replace  reserves,  the  substantial  capital  expenditures
required for construction of pipelines and the drilling of wells and the related
need to fund such capital  requirements  through  commercial banks and/or public
securities  markets,  environmental  risks,  drilling and operating risks, risks
related to exploration and  development  drilling,  the uncertainty  inherent in
estimating  future oil and gas production or reserves,  uncertainty  inherent in
litigation,  competition,  government regulation, and the ability of the Company
to implement its business  strategy,  including  risks  inherent in  integrating
acquisition operations into the Company's operations.

PART I

ITEM 1.BUSINESS.

OVERVIEW

     The Company is in the business of exploring for, producing and transporting
oil and natural gas in Tennessee and Kansas.  The Company  leases  producing and
non-producing  properties  with  a  view  toward  exploration  and  development.
Emphasis is also  placed on  pipeline  and other  infrastructure  facilities  to
provide transportation  services. The Company utilizes  state-of-the-art seismic
technology to maximize the recovery of reserves.

     The Company's  activities in the oil and gas business commenced in May 1995
with  the  acquisition  of oil and  gas  leases  in  Hancock,  Claiborne,  Knox,
Jefferson and Union Counties in Tennessee.  The Company's current lease position
in these  areas in  Tennessee  is  approximately  41,088  acres.  See,  "Item 2,
Description of Properties."

     To date,  the  Company  has been  drilling  primarily  on a portion  of its
Tennessee  leases,  known as the Swan Creek  Field in Hancock  County (the "Swan
Creek Field or Leases")  focused within the Knox formation,  one of the geologic
formations in the Field. The Company  currently has 22 producing gas wells and 6
producing  oil wells in the Swan Creek which produce  approximately  1.4 MMcf of
natural gas per day and 2,200  barrels of oil per month.  Revenues from the Swan
Creek Field were approximately $200,000 per month during 2002.


                                        1

<PAGE>



     On March 8, 2001, the Company's wholly owned subsidiary,  Tengasco Pipeline
Corporation ("TPC"), completed a 65 mile intrastate pipeline from the Swan Creek
Field to Kingsport,  Tennessee at a cost of approximately  $15.3 million.  Until
the  Company's  pipeline  was  completed  in 2001,  the gas wells  that had been
drilled in the Swan Creek Field could not be placed into actual  production  and
the gas transported and sold to the Company's industrial customers in Kingsport.
The Company  initially  believed that when actual production began from the Swan
Creek  wells that the  volumes of natural gas from the Swan Creek Field would be
significantly  higher  than the rates of actual  production  that have  occurred
since  production  began.  The reasons for the  occurrence  of lower  production
volumes include initial production problems caused by naturally occurring fluids
entering the well bore,  the slower than  anticipated  rate of production of the
wells due to underground  reservoir  characteristics  that became  apparent only
when the wells were placed  into actual  production,  and the  inability  of the
Company  to drill  additional  wells due to  capital  acquisition  problems  and
difficulties with the Company's primary lender, Bank One, N.A. of Houston, Texas
("Bank One"). The Company has taken steps to minimize fluid problems in existing
wells by mechanical  means,  and to prevent them in any future wells by drilling
and completion  techniques.  However,  management  believes that the only way to
increase  production volumes of gas from this field is to drill additional wells
to most  efficiently  drain the underground  reservoirs of the large reserves of
gas, and the Company's ability to do so is dependent upon raising the additional
capital  for  drilling.  Although  no  assurances  can  be  given,  the  current
management  of the  Company  believes  that  it will  be  able  to  resolve  the
difficulties   currently  preventing  it  from  drilling  additional  wells  and
increasing production volumes of natural gas from the Swan Creek Field.

     Effective  December 31, 1997,  the Company  acquired from AFG Energy,  Inc.
("AFG"), a private company, approximately 32,000 acres of leases in the vicinity
of Hays,  Kansas (the "Kansas  Properties").  Included in the acquisition  which
closed on March 5, 1998 were 273 wells,  including 208 working  wells,  of which
149 were  producing oil wells and 59 were producing gas wells, a related 50 mile
pipeline and gathering system, 3 compressors and 11 vehicles. The total purchase
price of these assets was  approximately  $5.5  million,  which  consisted of $3
million in cash and  seller  financing  of $2.5  million.  The seller  financing
portion of the purchase  price was  refinanced by Arvest United Bank of Oklahoma
City,  Oklahoma as evidenced by a note dated  November 23, 1999 in the amount of
$1,883,650 to be paid in monthly  installments  of principal and interest over a
three year period. This obligation was subsequently  satisfied from the proceeds
of a line of  credit  received  by the  Company  from Bank  One.  See,  "Item 7,
Management's  Discussion  and  Analysis of  Financial  Condition  and Results of
Operation."

     The Kansas Properties are currently producing  approximately  800,000 cubic
feet of natural gas and 336 barrels of oil per day. Net revenues from the Kansas
Properties were approximately $275,000 per month during 2002.


                                       2
<PAGE>


HISTORY OF THE COMPANY

     The Company was initially  organized under the laws of the State of Utah on
April 18, 1916,  under the name "Gold  Deposit  Mining & Milling  Company."  The
Company subsequently changed its name to Onasco Companies,  Inc. The Company was
formed  for the  purpose of mining,  reducing  and  smelting  mineral  ores.  On
November 10, 1972, the Company conveyed to an unaffiliated entity  substantially
all of the Company's assets and the Company ceased all business operations. From
approximately  1983 to 1991,  the  operations  of the  Company  were  limited to
seeking out the acquisition of assets, property or businesses.

     At a special meeting of stockholders  held on April 28, 1995, the Company's
stockholders  voted: (i) to approve the execution of an agreement (the "Purchase
Agreement")  pursuant to which the  Company  would  acquire  certain oil and gas
leases,  equipment,  securities  and  vehicles  owned  by  Industrial  Resources
Corporation ("IRC")(1), a Kentucky corporation, in consideration of the issuance
of 4,000,000  post-split (as described  below)  "unregistered"  and "restricted"
shares of the Company's common stock and a $450,000,  8% promissory note payable
to IRC. The  promissory  note was converted  into 83,799 shares of the Company's
common stock in December 1995;  (ii) to amend the Articles of  Incorporation  of
the Company to effect a reverse  split of the Company's  outstanding  $0.001 par
value common stock on a basis of one share for two,  retaining  the par value at
$0.001 per share,  with  appropriate  adjustments  being made in the  additional
paid-in capital and stated capital accounts of the Company;  (iii) to change the
name of the Company from "Onasco Companies, Inc." to "Tengasco, Inc."; and, (iv)
to change the  domicile  of the  Company  from the State of Utah to the State of
Tennessee by merging the Company into Tengasco,  Inc., a Tennessee  corporation,
formed by the Company solely for this purpose.

     The Purchase  Agreement was duly executed by the Company and IRC, effective
May 2, 1995.  The  reverse  split,  name  change and change of  domicile  became
effective  on May 4, 1995,  the date on which duly  executed  Articles of Merger
effecting  these  changes were filed with the Secretary of State of the State of
Tennessee;  a  certified  copy of the  Articles  of  Merger  from  the  State of
Tennessee was filed with the  Department of Commerce of the State of Utah on May
5,  1995.   Unless   otherwise  noted,   all  subsequent   computations   herein
retroactively reflect this one for two reverse split.

     During  1996,  the  Company  formed  TPC to  manage  the  construction  and
operation of its pipeline, as well as other pipelines planned for the future.


- ----------------------
    (1) Malcolm E. Ratliff, the Company's former Chief Executive Officer, former
Chairman  of the  Board  of  Directors  and  former  Director,  is the the  sole
shareholder of IRC.


                                       3
<PAGE>

GENERAL

         1. THE SWAN CREEK FIELD

     Amoco Production Company ("AMOCO") during the late 1970's and early 1980's,
after extensive  geological and seismic studies,  acquired  approximately 50,500
acres of oil and gas leases in the Eastern  Overthrust in the Appalachian Basin,
including the area now referred to as the Swan Creek Field.

     In 1982 AMOCO  successfully  drilled two significant  natural gas discovery
wells in the Swan Creek Field to the Knox Formation at approximately  5,000 feet
of total depth.  These wells,  once completed,  had a high pressure and apparent
volume  of  deliverability  of  natural  gas;  however,   in  the  mid-1980's  a
substantial  decline in worldwide oil and gas prices  occurred and the high cost
of constructing a necessary 23 mile pipeline across three rugged mountain ranges
and crossing the  environmentally  protected Clinch River from Sneedville to the
closest market in Rogersville, Tennessee was cost prohibitive.

     In 1987,  AMOCO farmed out its leases to Eastern  American  Energy  Company
which held the leases until July 1995. The Company became aware of a law adopted
by the Tennessee  legislature  which enabled the Company to lease all of AMOCO's
prior acreage.  The Company filed for a declaratory  judgment as to its right to
lease AMOCO's prior acreage.  The Company was  ultimately  successful in winning
all  right,   title  and   interest  in  all  of  AMOCO's   prior  leases  in  a
precedent-setting Supreme Court case.

     In July 1995 after  completion  of the  Purchase  Agreement  with IRC,  the
Company  acquired the Swan Creek  Leases.  These leases  provide for a landowner
royalty of 12.5%.

     A. SWAN CREEK PIPELINE FACILITIES

     In July 1998 the  Company  completed  the first  phase  ("Phase  I") of its
pipeline in the Swan Creek Field,  a 30 mile pipeline made of 6 and 8 inch steel
pipe running  from the Swan Creek Field into the main city gate of  Rogersville,
Tennessee.  With the assistance of the Tennessee Valley Authority  ("TVA"),  the
Company was successful in utilizing TVA's right-of-way along its main power line
grid from the Swan  Creek  Field to the  Hawkins  County  Gas  Utility  District
located in  Rogersville.  The cost of  constructing  Phase I of the pipeline was
approximately $4,200,000.

     In April 2000,  TPC  commenced  construction  of Phase II of the  Company's
pipeline.  This was an  additional 35 miles of 8 and 12 inch pipe laid at a cost
of  approximately  $11.1 million  extending the Company's  pipeline from a point
near the terminus of Phase I and  connecting  to an existing  pipeline and meter
station at Eastman  Chemical  Company's  chemical plant. The pipeline system was
completed on March 8, 2001 at an overall cost of approximately $15.3 million and
extends 65 miles from the Company's Swan Creek Field to Kingsport, Tennessee.


                                       4
<PAGE>


     B. SWAN CREEK CONTRACTUAL ARRANGEMENTS

     On November 18, 1999,  the Company  entered into an agreement  with Eastman
Chemical Company  ("Eastman") which provides that the Company will deliver daily
to  Eastman's  plant in  Kingsport a minimum of the lesser of (i) 5,000  MMBtu's
(MMBtu  means one  million  British  thermal  units which is the  equivalent  of
approximately one thousand cubic feet of gas) or (ii) forty percent (40%) of the
natural gas  requirements of Eastman's plant and a maximum of 15,000 MMBtu's per
day.  Under the terms of the  agreement,  the  Company had the option to install
facilities to treat the delivered gas so that the total non-hydrocarbon  content
of the  delivered  gas is not  greater  than two percent  (2%).  This would have
allowed the gas to be used in certain  processes in the Eastman plant  requiring
low levels of non-hydrocarbons. If the Company elected to perform this option by
installing  additional  facilities,  the  minimum  daily  amount  of  gas  to be
purchased by Eastman from the Company would  increase to the lesser of (i)10,000
MMBtu's  or (ii)  eighty  percent  (80%)  of the  natural  gas  requirements  of
Eastman's chemical plant.

     On March 27,  2000,  the  Company and Eastman  signed an  amendment  to the
agreement  permitting the Company a further option with respect to the allowable
level of non-hydrocarbons in the delivered gas. This amendment gives the Company
the  further  option to tender gas  without  treatment,  at a minimum  volume of
10,000 MMBtu's per day, in consideration of which the Company agrees to accept a
price  reduction  of five cents per MMBtu for the volumes per day between  5,000
and  10,000  MMBtu's  per day under the  pricing  structure  in place  under the
original  agreement.  To date,  none of the gas sold by the  Company  to Eastman
exceeds the allowable  level of  non-hydrocarbons  permitted under the agreement
and does not require treatment.

     Under the  agreement as amended March 27, 2000,  Eastman  agreed to pay the
Company the index price plus $0.10 for all  natural gas  quantities  up to 5,000
MMBtu's  delivered  per day,  the index price plus $0.05 for all  quantities  in
excess of 5,000 MMBtu's per day and the index price for all quantities in excess
of 15,000  MMBtu's per day. The index price means the price per MMBtu  published
in  McGraw-Hill's  INSIDE F.E.R.C Gas Market Report equal to the Henry Hub price
index as shown in the table labeled Market Center Spot Gas Prices.

     The  agreement  with  Eastman  is for a term of  twenty  years  and will be
automatically  extended, if the parties agree, for successive terms of one year.
The initial term of the agreement  commenced  upon the  Company's  completion of
construction of Phase II of its pipeline and connection to Eastman's  facilities
and once  commercial  operation of that facility was approved which was in March
2001.

     On January  25,  2000,  TPC,  signed a franchise  agreement  to install and
operate  new  natural  gas  utility  services  to  residential,  commercial  and
industrial  users in Hancock  County,  Tennessee for the Powell  Valley  Utility
District.  The Powell Valley District had no existing natural gas facilities and
the system to be installed  by TPC was  intended to initially  extend to schools
and small customers, and gradually be expanded over time to


                                       5
<PAGE>

serve as many of the 6,900 residents of the County as is economically  feasible.
TPC  purchases  gas from the  Company on behalf of the  District  which is to be
resold at an  average  retail  price of about  $8.00  Mcf.  Under the  franchise
agreement,  which has an  initial  term of ten years and may be  renewed  for an
additional ten years,  TPC will receive 95% of the gross proceeds of the sale of
gas for its services under the agreement.  In June, 2000, TPC began installation
of the  necessary  facilities  to begin to  serve  up to 1,500  residential  and
industrial  consumers in the City of Sneedville,  county seat of Hancock County.
The  Company's  existing  eight inch main line from its Swan Creek Field  passes
through  the city  limits of  Sneedville.  A  one-half  mile of  interconnecting
pipeline  from the  Company's  existing  pipeline was  installed,  as well as an
additional  four miles of  pipeline  as the  initial  phase of the  distribution
system.  The  construction  was completed and delivery of initial volumes of gas
into the system from the Swan Creek field  occurred on December  27,  2000.  The
cost of  construction  of these  facilities  was  approximately  $133,000.  Upon
enactment  of initial  rate  schedules by the Powell  Valley  Utility  District,
initial sales began in January 2001 to a small number of  residential  and small
commercial  customers.  TPC  contracted  with the City of  Sneedville to conduct
billing and installation  activities in connection with the day to day operation
of this system.

     On March 11, 2002, the Company began delivering gas to its first commercial
customer in a new  industrial  park in  Sneedville,  Kiefer Built,  Inc, an Iowa
based manufacturer of livestock and industrial trailers. The Company hopes to be
able to supply gas to other customers who may move into that industrial park. At
this time,  however, no gas sales agreements for large volume or base load sales
have been signed and there can be no  assurances  that such  agreements  will be
signed and if signed, it is not possible to predict when such sales may begin or
what the overall volumes of gas sold may be. Due to the small number of existing
customers and relatively high operating costs, the Company experienced a loss of
approximately  $35,000 attributable to the operation of this system in 2002. The
Company  intends to either expand the operation of this system so as to increase
revenues  or to sell  these  assets  to  neighboring  utilities  or the  City of
Sneedville. In the event of such a sale, the Company could still sell gas to the
Powell Valley Utility District.

     On March 30, 2001,  the Company  signed a contract to supply natural gas to
BAE  SYSTEMS  Ordnance  Systems  Inc.  ("BAE"),  operator  of the  Holston  Army
Ammunition Plant in Kingsport,  Tennessee for a period of twenty years.  Natural
gas is used at the Holston Army ammunition facility to fire boilers and furnaces
for steam  production  and process  operations  utilized in the  manufacture  of
explosives by BAE for the United States  military.  Under the  agreement,  BAE's
daily  purchases  of natural gas may be between 1.8 million and 5 million  cubic
feet, and volume could increase  significantly over the life of the agreement as
BAE conducts additional  operations at the Holston facility.  The contract calls
for a price based on the monthly  published index price for spot sales of gas at
the  Henry Hub plus  five  cents  per  MMBtu in the same  manner as the price is
calculated in the contract between the Company and Eastman.

     The  Company  has the only  gas  pipeline  located  on the  grounds  of the
6,000-acre  Holston  facility.  A  portion  of the  Holston  facility  is  being
developed  by BAE as the new


                                       6
<PAGE>

Holston  Business  and  Technology  Park  which  will  serve as a  location  for
additional  commercial and industrial  customers.  The Company's presence at the
Holston  Business  and  Technology  Park will  provide the  availability  of gas
service to other customers and is considered by BAE to be an important factor in
the  development  of the Park,  as well as the source of potential new customers
for the Company.


     C. SWAN CREEK PRODUCTION AND DEVELOPMENT

     The Company  began  delivering  gas through its pipeline to BAE on April 4,
2001 and to Eastman on May 24, 2001.  Daily  production in June 2001 was 4,936.2
Mcf and in July 2001 daily production  averages  increased to 5,497 Mcf per day.
However,  the  Company was unable to maintain  these  production  levels for the
remainder of 2001 and for 2002. This was due primarily to three factors: initial
fluid problems in some wells;  natural and expected production declines from the
type of reservoir that exists in the Swan Creek field;  and the inability of the
Company to offset expected  natural declines in production by drilling new wells
because of funding  difficulties  caused in large part by the  dispute  with the
Company's primary lender Bank One. See, "Item 3 Legal  Proceedings" and "Item 7,
Management's  Discussion  and  Analysis of  Financial  Condition  and Results of
Operation - Liquidity and Capital  Resources" for a more detailed  discussion of
the Bank One matter.

     As to the first of these problems,  the Company  experienced the in-flow of
substantially more fluids in the existing wells than had been expected when they
were first brought into continuous  production in 2001. These fluids entered the
wells from the boreholes.  The fluids obstructed and  significantly  reduced the
flow of gas from the  existing  wells in the Swan Creek Field and  required  the
Company to perform  substantial  additional  work and  repairs to  increase  the
production from existing  wells.  First, it was necessary to install a drip tank
system to eliminate the fluids in the pipeline. Next, the Company had to install
mechanical  devices in many of the existing wells to reduce the fluid  problems.
As a result of this repair work,  many of the existing wells had to be shut down
while the  repairs  were  made.  Gas  lifts  have  been  installed  in 15 of the
Company's  existing  wells  and act as  mechanisms  to  remove  the  fluids  and
stabilize erratic behavior,  such as large swings in individual well production.
These  devices  have had a variety of effects on  production  totals of existing
wells.  On some  individual  wells  production  has more than doubled,  while on
others,  although  production  totals have not  increased,  the monthly  average
production volume has become constant and more predictable.  The techniques used
in  addressing  these  fluid  problems  will be applied in any future  wells the
Company  drills in the Swan  Creek  Field and it is  anticipated  that this will
minimize or prevent these problems.

     Second,  the Company  experienced an expected and normal decline in initial
production from existing wells in a  newly-producing  field, such as Swan Creek,
related to natural  fracture  production and the associated  decline to steadier
flow rates from such a two-part system.  The natural storage system for the Knox
formation  in the Swan Creek Field to which the  Company's  existing  wells have
been drilled and from which gas is currently being produced has both primary and
secondary porosity  distributed  throughout the


                                       7
<PAGE>

dolomite  rock  that  makes up this  complex  formation.  All types of gas wells
experience  some type of decline as  production  takes place.  While the natural
fractures enhance production cumulative overall and contribute to longevity, the
initial  production  declines can be  significant.  These natural  declines were
expected and do not diminish either the shut in pressure or the Company's actual
reserves in the Swan Creek Field. They do, however, suggest the production rates
from some of the smaller wells will be slower,  but production  will last longer
than expected.

     Third,  the declines in production  have not been addressed and replaced by
additional  drilling  as the Company had  expected.  In order for overall  field
production to remain steady or grow in a field such as the Swan Creek field, new
wells must be brought online.  Any of the new wells drilled by the Company would
also experience the same harmonic (i.e. a relatively steep initial decline curve
followed by longer periods of relatively flat or stable  production)  decline as
does every  natural gas well in a formation  similar to the Knox  formation,  so
continuous  drilling is vital to  maintaining  or increasing  earlier  levels of
production.  Only two gas wells  were  added by the  Company  in 2002 due to the
destabilized  lending arrangements caused by the actions of Bank One and ongoing
litigation  regarding  that  matter.  The Company  anticipates  that the natural
decline of production from existing wells is now predictable in Swan Creek, that
the total volume of the Company's  reserves  remains  largely  intact,  and that
these  reserves  can be  extracted  through  existing  wells  and also by steady
additional  drilling  brought  on by  reliable  financial  arrangements  to fund
drilling.  The Company is hopeful that it will be able to obtain  additional  or
replacement  financing which will allow it to satisfy any  indebtedness  owed to
Bank One and to drill additional wells;  however, no assurances can be made that
such  financing  will be obtained.  See,  "Item 7,  Management's  Discussion and
Analysis of Financial Condition and Results of Operation - Liquidity and Capital
Resources."

     Due to natural  and  expected  declines  that  continue to occur in ongoing
production from any oil and gas well,  some additional  declines are expected to
occur in production from the Company's existing wells in Swan Creek. The Company
expects these natural declines to be less than the decline  experienced to date,
and that ongoing  production from existing wells will tend to level off, in view
of two factors:  first,  additional work,  repairs,  and recompletions have been
performed  on many of the existing  wells;  and second,  the natural  production
decline from any well is greatest during the initial  producing  periods,  which
periods as to the  Company's  existing  wells are now coming to the point  where
future production is expected to remain relatively level. Declines in production
in the Swan Creek Field  experienced  in the last  quarter of 2001 and the first
quarter of 2002 began to  stabilize in March 2002 at  approximately  2.5 million
cubic feet per day as these  factors  came into play.  During the  remainder  of
2002, the Field continued to experience natural decline in production,  although
the rate of the  decline was slower as would  normally be expected  from a field
such as the Swan Creek Field.

     Natural gas production from the Swan Creek field during 2002 averaged 2.567
million  cubic feet per day in the first  quarter;  2.553 million cubic feet per
day in the  second  quarter;  2.224  million  cubic  feet  per day in the  third
quarter; and, 1.467 million cubic


                                       8
<PAGE>

feet  per  day in  the  fourth  quarter.  This  production  history  reflects  a
combination  of natural  and  expected  decline  from  initial  production  from
existing  wells,  partially  offset  in the  second  and third  quarters  by the
addition of production  from two new gas wells.  During the fourth  quarter,  no
wells  were  added to offset  the  natural  and  expected  declines  in  initial
production from existing wells.

     The Company also  experienced  reductions  or declines in its sales volumes
during certain times in 2002 for reasons unrelated to the production  capability
of its  wells or  fields.  These  declines  were  caused  by  reductions  in the
Company's customers' usage requirements or delivery  restrictions.  For example,
during the period from June 28, 2002 through July 29, 2002, Eastman  temporarily
ceased its purchases from the Company because the Company was delivering most of
its  then  available  volumes  to  supply  BAE's  newly  increased  requirements
resulting  from  BAE  connecting   additional  gas  burning  facilities  to  its
operations.  The Company was unable to sell all volumes of gas  exceeding  BAE's
increased  requirements  to  Eastman,  although  the Company was able to produce
these volumes,  because Eastman requires a minimum for its meters that available
volumes did not exceed,  and a uniform  rate of delivery  that taking short term
volumes would interrupt. During the time Eastman was not purchasing gas from the
Company,  BAE  purchased  additional  volumes  until BAE  experienced  a partial
equipment outage on July 15, 2002 and reduced its purchased volumes. As a result
of these  occurrences,  which were not within the  control of the  Company,  the
Company's sales volume to BAE and Eastman in July 2002 declined to 42,382 Mcf or
an average of 1,367 Mcf per day.  Eastman  recommenced its purchases of gas from
the Company on July 29, 2002.  Due to the  combination  of factors  listed above
affecting  the  deliverability  of gas from the Swan Creek  Field,  the  Company
remains  capable of delivering  gas to both BAE and Eastman such  deliverability
from the Swan Creek field of approximately  1.5 million cubic feet per day as of
March 31, 2003.  In order to increase  the volumes of gas for delivery  from the
Swan Creek Field,  the Company must drill  additional  wells.  However,  even if
additional wells are drilled,  the Company  anticipates based on all information
acquired to date that deliverability from the Swan Creek Field, once stabilized,
may not exceed approximately 3 million cubic feet per day.

     During 2002, the Company  deepened or drilled and completed  three wells in
the Swan Creek field, the Colson No. 2, Paul Reed No. 8 and the Paul Reed No. 9,
to offset in part the normal and expected natural decline in production from the
Company's existing wells, and to thereby increase overall oil and gas production
capability and deliverability to BAE and Eastman.

     In May, 2002, The Colson No. 2,  previously an oil well with low production
levels, was deepened from approximately 3000 feet to 4,500 feet and successfully
recompleted  as a gas well.  The Colson No. 2 produced 59 million  cubic feet of
gas in 2002 and is currently producing approximately 175,000 cubic feet per day.

     On July 1, 2002,  the Paul Reed No. 8 well was  drilled to a total depth of
4,600 feet and although gas was present,  based on information  acquired  during
drilling, the


                                       9
<PAGE>

Company  determined that it was  economically  more beneficial to the Company in
view of  current  oil  prices  and  the  anticipated  levels  of  potential  gas
production,  to complete this well as an oil well in the  Murfreesboro and Stone
River  formations  at a depth of  2500-3200  feet.  The Paul Reed No. 8 well was
successfully completed as an oil well and came in producing 100 barrels per day.
This well is currently producing approximately 65 barrels per day.

     The Company drilled the Paul Reed No. 9 well to a total depth of 4,860 feet
and completed it as a gas well. The well was connected to the Company's pipeline
in early August 2002 and is currently producing approximately 200,000 cubic feet
of gas per day.

     The completion stimulation techniques used on the Paul Reed No. 8 well were
also used on two existing oil wells with moderate  success.  The Paul Reed No. 5
which  had  stopped  production  in March  2002  due to  paraffin  build-up  was
re-stimulated  with a similar  technique to enhance  flow and limit  build-up of
paraffin.  Additional production was achieved, with 828 barrels produced in July
and 1,036 barrels in August 2002, and production continues to date.  Altogether,
in September 2002, Swan Creek oil production  achieved its highest monthly total
to date of 2,423 barrels, which increased again in October 2002 to 3,012 barrels
of oil. Despite these increases, oil production in the Swan Creek Field declined
from  30,323  barrels in 2001 to 20,122  barrels in 2002.  This  decline was due
primarily to the cessation of production  from one of the Company's  wells,  the
Paul Reed No. 2 for mechanical  reasons,  although production from the Paul Reed
No. 8 largely  offset the lost  volumes from the Paul Reed No. 2. which has been
abandoned and will be plugged.  The Company is presently reviewing key areas for
drilling  of new oil  wells in the  Swan  Creek  Field.  In  addition,  chemical
treatments to enhance production from existing wells are presently being studied
and may be  undertaken  if the Company  believes the results of such  treatments
will be cost effective.

     During 2002, the Company had 30 producing gas wells and seven producing oil
wells  in the  Swan  Creek  Field.  Miller  Petroleum,  Inc.  and  others  had a
participating  interest in twelve of these wells.  See, "Item 2 - Description of
Property - Property  Location,  Facilities,  Size and Nature of  Ownership."  In
total,  the Company has completed 45 wells in the Swan Creek Field. The majority
of these gas wells were drilled prior to the  completion of the pipeline  system
so only test  data was  available  prior to full  production.  Of the  completed
wells,  twelve are shut-in or currently  not  producing  because these wells are
either not presently  producing  commercial  quantities of hydrocarbons,  or are
awaiting workover or tie-in to the Company's pipeline. However, certain of these
wells  may not be  tied-in  to the  Company's  pipeline  since  the  expense  of
connection  over rough  terrain  may not be  justified  in view of the  expected
volumes to be produced.

     The Company has not been able to drill a  substantial  number of additional
gas or oil wells at Swan Creek in 2002 because it has not had  sufficient  funds
to do so.  Although  the Company  had  expected to  commence  and  continue  its
drilling  program in 2002,  the Company has been forced to postpone  any further
drilling until  additional  funds become  available and the dispute  between the
Company and its primary lender


                                       10
<PAGE>

Bank One are  resolved.  Because  the Knox  formation  has been  defined  by the
accumulation  of data from  previously  drilled  wells  and  seismic  data,  new
locations and new wells when drilled are expected to contribute significantly to
achieving  increases to production  totals.  The Company believes that new wells
can be  strategically  located  due to the high  degree  of  information  it has
developed from its existing wells as to the shape and key producing  horizons of
the Knox  formation.  The  Company  has  obtained  approval  from the  Tennessee
regulatory  authorities  with  jurisdiction  over  spacing  of  wells  to  drill
additional  wells on smaller  spacing units in the field,  effectively  allowing
more wells to be drilled and the  reservoir  to produce more quickly but with no
decrease in the long term  efficiency  of  production  of the maximum  amount of
reserves from the reservoir.  The Company is hopeful that  production from these
new wells will be in line with its more  productive  existing  wells in the Swan
Creek Field and will have a noticeable effect on increasing the total production
from the Field.  Although no assurances can be made, the Company  believes that,
once this work is completed and the new wells are drilled,  production  from the
Swan Creek Field will increase.  However,  even if such production increase does
occur,  the  deliverability  from the Swan Creek Field will not be sufficient to
meet the Company's daily requirements under the contracts with BAE and Eastman.

     The Company also intends to commence  drilling in other  formations  in its
Swan Creek  Field.  To date,  drilling  in the Swan Creek  Field has  focused on
production of gas primarily from the Knox formation.  This is a lower Ordovician
Dolomite,  and the heart of the  anticline  structure  at Swan  Creek.  However,
immediately  adjacent to this formation and shallower over these  formations are
other formations which the Company believes have a potential for gas production.
The Stones River and Trenton  formations  hold the  possibility for both oil and
gas and have produced some gas to date. These Upper  Ordovician  formations have
not been a primary target for gas  production,  but the shallower  depths needed
for drilling and the moderate gas production  might make a potential  subsequent
source for  additional gas  production.  With the completion of only one well in
the Trenton formation which is producing approximately 50Mcf per day, the impact
of these  targets  is  proportional  both to an area and an  extent  that is yet
undefined.  However,  the Company can not proceed with such drilling  until such
time that it has the funds to so.

     D. RELATIONSHIP WITH THE UNIVERSITY OF TENNESSEE

     On March 17,  2000,  the  Company  announced  that it had  entered  into an
agreement  with the  University of  Tennessee-Knoxville  ("UTK")  related to its
hydrocarbon  exploration  activities in eastern  Tennessee.  Two UTK  geological
scientists,  Professor  Robert D. Hatcher,  Jr., a University  of  Tennessee/Oak
Ridge National Laboratory  Distinguished Scientist in structural and Appalachian
geology  who served as a Director  of the  Company in 2002,  and Dr.  Richard T.
Williams,  Ph. D.,  Associate  Professor in  geophysics,  who is  currently  the
Company's  Chief  Executive  Officer and a Director of the Company,  provide the
Company with  assistance in  interpreting  the structure of the Swan


                                       11
<PAGE>

Creek Field and geophysical  data from that field.  New seismic data will permit
better subsurface  imaging and more exact  determination of the size of the Swan
Creek Field.

     A major outgrowth of the Company's  relationship with UTK is a new graduate
fellowship, called the Tengasco Fellowship, to be awarded in UTK's Department of
Geological Sciences to an outstanding  graduate student interested in pursuing a
career in the petroleum industry. The fellowship will provide a living allowance
and  tuition  for the  student.  A number  of UTK  graduate  students  receiving
financial support from the Company have already provided computer  generated 3-D
images of the Swan Creek Field.  These images have helped outline the subsurface
shape  of the  hydrocarbon  producing  zone  to  allow  the  Company  to  better
understand where additional production might be located.

     The  Agreement  between the Company and the  University  of Tennessee  also
provides for cooperation between them in the use of vibreosis seismic equipment,
primarily a large vibrator truck,  owned by the University that is to be used in
the Company's exploration program. Under the agreement,  the Company is entitled
to use  the  equipment  in  exchange  for  performing  required  routine  expert
maintenance and upkeep on the University's equipment,  the cost of which exceeds
the University's available resources. The University-owned truck is identical to
two trucks owned by the Company and used in its seismic exploration program.

     2. THE KANSAS PROPERTIES

     The Company,  as of December 31, 1997 acquired the Kansas  Properties which
presently  includes 134  producing  oil wells and 51 producing  gas wells in the
vicinity of Hays,  Kansas and a gathering system including 50 miles of pipeline.
The Company also  acquired 37 other wells which now serve as saltwater  disposal
wells  in the  vicinity  of  Hays,  Kansas.  Saltwater  wells  are used to store
saltwater  encountered in the drilling  process that would  otherwise have to be
transported  out of the area.  These saltwater  disposal wells reduce  operating
costs by eliminating  the need for transport.  The aggregate  production for the
Kansas Properties at present is approximately 800 Mcf and 336 barrels of oil per
day. Revenue for the Kansas Properties was  approximately  $275,000 per month in
2002.

     The Company  employs a full time geologist in Kansas to oversee  operations
of the  Kansas  Properties.  Recent  well  workovers  in  Kansas  have  improved
production  with an estimated  $1.80 increase in revenue for every $1.00 in work
expense.  The Company has  identified  five new locations for drilling  wells in
Ellis and Rush Counties,  Kansas on its existing  leases in response to drilling
activity in the area  establishing new areas of production.  In 2001 the Company
successfully  drilled the Dick No. 7 well in Kansas and completed the well as an
oil well.  The Company did not drill any new wells in Kansas in 2002 due to lack
of funds  available for such drilling.  The Company is also engaged in gathering
for a fee the gas produced from wells owned by


                                       12
<PAGE>

others located in Kansas  adjacent to the Company's wells and near the Company's
gathering  lines.  The  Company's  plans  for  its  Kansas  properties   include
maintaining the current productive capacity of its existing wells through normal
workovers and maintenance of the wells,  performing  gathering or sales services
for adjacent  producers,  and expanding the  Company's  own  production  through
drilling these additional  wells.  Such plans are subject to the availability of
funds to perform the work.

     In  addition,  there are  several  capital  development  projects  that are
available with respect to the Kansas  Properties  which include  recompletion of
wells and major workovers to increase  current  production.  These projects when
completed may increase production in Kansas.  Management,  however, has made the
decision not to perform this work at the present  time,  as the Company does not
presently have the funds necessary to perform these  projects.  It will however,
reconsider  its decision if such funds become  available  through the  Company's
operations or other sources of financing.

     3. OTHER AREAS OF DEVELOPMENT

     The Company is presently exploring other geological  structures in the East
Tennessee  area  that are  similar  to the Swan  Creek  structure  and which the
Company believes have a high probability of producing hydrocarbons.  The Company
has either acquired seismic data on these  structures from third-party  sources,
or is conducting its own seismic studies with its own trucks and  equipment. The
seismic  analysis is continuing and related leasing  activities have begun based
on initial analysis of seismic results. The Company plans to conduct exploration
activities  in these areas.  The first of these  locations  was in Cocke County,
Tennessee which is  approximately 40 miles southeast of the Swan Creek Field. In
2002,  the Company,  in  conjunction  with Southeast Gas & Oil Corp. of Newport,
Tennessee,  drilled an  approximately  6,000-foot  exploratory  well to the Knox
formation.   This  well  did  not  result  in  any   commercial   quantities  of
hydrocarbons.

GOVERNMENTAL REGULATIONS

     The  Company  is  subject  to  numerous  state  and  federal   regulations,
environmental and otherwise,  that may have a substantial negative effect on its
ability to operate at a profit.  For a  discussion  of the risks  involved  as a
result of such  regulations,  see, "Effect of Existing or Probable  Governmental
Regulations on Business" and "Costs and Effects of Compliance with Environmental
Laws" hereinafter in this section.

PRINCIPAL PRODUCTS OR SERVICES AND MARKETS

     The Company will conduct  exploration and production  activities to produce
crude oil and natural gas. The principal markets for these commodities are local
refining  companies,  local  utilities  and private  industry  end users,  which
purchase the crude oil, and local  utilities,  private  industry end users,  and
natural gas marketing companies, which purchase the natural gas.


                                       13
<PAGE>

     Gas production from the Swan Creek Field can presently be delivered through
the  Company's  completed  pipeline  to the Powell  Valley  Utility  District in
Hancock County,  Eastman and BAE in Sullivan County, as well as other industrial
customers  in the  Kingsport  area.  The  Company  has  acquired  all  necessary
regulatory  approvals  and 100% of  necessary  property  rights for the pipeline
system. The Company's pipeline will not only provide  transportation service for
gas produced from the Company's  wells, but will provide  transportation  of gas
for small  independent  producers in the local area as well.  Direct sales could
also be made to some local towns, industries and utility districts.

     Natural gas from the Kansas  Properties  is  delivered  to  Kansas-Nebraska
Energy, Inc. in Bushton,  Kansas. At present,  crude oil is sold to the National
Cooperative  Refining  Association  in McPherson,  Kansas,  120 miles from Hays.
National  Cooperative is solely  responsible  for  transportation  of the oil it
purchases  whether by truck or pipeline.  There is a limited  market in the area
and the only other purchaser of crude oil is EOTT Energy Operations Ltd.

DRILLING EQUIPMENT

     In addition to the drilling  equipment and vehicles  which it acquired from
IRC, on November 1, 2000, the Company  purchased an Ingersoll Rand RD20 drilling
rig and related  equipment from Ratliff Farms,  Inc., an affiliate of Malcolm E.
Ratliff, the Company's former Chief Executive Officer and former Chairman of the
Board of Directors and a former  Director of the Company.  All of this equipment
is in  satisfactory  operating  condition.  The Company also  receives  contract
drilling  services from Miller  Petroleum,  Inc. and Union  Drilling in the Swan
Creek Field.

DISTRIBUTION METHODS OF PRODUCTS OR SERVICES

     Crude oil is normally  delivered to  refineries  in Tennessee and Kansas by
tank truck and natural gas is distributed and transported via pipeline.


COMPETITIVE BUSINESS CONDITIONS, COMPETITIVE POSITION IN THE INDUSTRY
AND METHODS OF COMPETITION

     The Company's contemplated oil and gas exploration activities in the States
of  Tennessee  and  Kansas  will  be  undertaken  in a  highly  competitive  and
speculative  business  atmosphere.  In seeking  any other  suitable  oil and gas
properties for acquisition, the Company will be competing with a number of other
companies, including large oil and gas companies and other independent operators
with greater financial resources. Management does not believe that the Company's
initial competitive position in the oil and gas industry will be significant.

     Its principal  competitors  in the State of Tennessee  are Nami  Resources,


                                       14
<PAGE>

LLC,  Miller  Petroleum,   Inc.,  Knox  Energy  Development  and  Penn  Virginia
Corporation.  The  Company is in a  favorable  position in the area in which its
pipeline is located.  Within that area, the Company owns leases on approximately
41,088 acres.

     There are numerous producers in the area of the Kansas Properties. Some are
larger and some smaller than the Company.  However,  management  expects that it
will be able to sell all of the gas and oil that the Kansas Properties produce.

     Management does not foresee any difficulties in procuring  drilling rigs or
the  manpower  to run  them in the area of its  operations.  The  experience  of
management has been that in most instances, drilling rigs have only a one or two
day waiting period; however, several factors, including increased competition in
the area, may limit the availability of drilling rigs, rig operators and related
personnel and/or equipment;  such an event may have a significant adverse impact
on the profitability of the Company's operations.

     The Company  anticipates no difficulty in procuring  well drilling  permits
which are obtained from the Tennessee Oil and Gas Board. They are usually issued
within  one week of  application.  The  Company  generally  does not apply for a
permit until it is actually ready to commence drilling operations.

     The prices of the Company's products are controlled by the world oil market
and the United States natural gas market;  thus,  competitive  pricing behaviors
are considered  unlikely;  however,  competition in the oil and gas  exploration
industry exists in the form of competition to acquire the most promising acreage
blocks and obtaining the most  favorable  prices for  transporting  the product.
Management  believes that the Company is  well-positioned in these areas because
of the transmission lines that run through and adjacent to the properties leased
by the Company and because the Company holds  relatively large acreage blocks in
what management believes are promising areas.

SOURCES AND AVAILABILITY OF RAW MATERIALS
AND NAMES OF PRINCIPAL SUPPLIERS

     Excluding the development of oil and gas reserves and the production of oil
and gas, the Company's  operations  are not dependent on the  acquisition of any
raw materials.  See, "Competitive  Business Conditions,  Competitive Position in
the Industry and Methods of Competition" set forth above.

DEPENDENCE ON ONE OR A FEW MAJOR CUSTOMERS

     The Company is presently dependent upon a small number of customers for the
sale of gas from the Swan Creek  Field,  principally  Eastman and BAE, and other


                                       15
<PAGE>

industrial customers in the Kingsport area with which the Company may enter into
gas sales contracts.

     Natural gas from the Kansas  Properties  is  delivered  to  Kansas-Nebraska
Energy,  Inc.  in  Bushton,  Kansas.  At  present,  crude  oil from  the  Kansas
Properties is being trucked and  transported  through  pipelines to the National
Cooperative  Refining  Association  in McPherson,  Kansas,  120 miles from Hays,
Kansas.  National  Cooperative  is  solely  responsible  for  transportation  of
products whether by truck or pipeline. There is a limited market in the area and
the only  other  purchaser  of crude  oil is EOTT  Energy  Operations  Ltd.  The
Company,  however,  anticipates  that it will be able to sell all of the oil and
gas produced from the Kansas Properties.

PATENTS, TRADEMARKS, LICENSES, FRANCHISES, CONCESSIONS,
ROYALTY AGREEMENTS OR LABOR CONTRACTS, INCLUDING DURATION

     Royalty  agreements  relating to oil and gas production are standard in the
industry.  The amount of the  Company's  royalty  payments  varies from lease to
lease.

NEED FOR GOVERNMENTAL APPROVAL OF PRINCIPAL PRODUCTS OR SERVICES

     None of the principal products offered by the Company require  governmental
approval;  however,  permits are required  for  drilling oil or gas wells.  See,
"Effect of Existing or Probable  Governmental  Regulations on Business" below in
this section.

     The  transportation  service offered by TPC is subject to regulation by the
Tennessee  Regulatory Authority to the extent of certain  construction,  safety,
tariff rates and charges,  and  nondiscrimination  requirements under state law.
These requirements are typical of those imposed on regulated utilities.  TPC has
been granted a certificate of public  convenience  and necessity to operate as a
pipeline utility in Hancock,  Hawkins,  and Claiborne  counties,  Tennessee.  In
addition, TPC was authorized to construct and operate the portion of Phase II of
the pipeline to Eastman by  resolution  of the City of  Kingsport in May,  2000.
This resolution was approved by the Tennessee  Regulatory  Authority as required
by state law. All approvals for the Company's pipeline have been granted.

     The City of Kingsport,  Tennessee has also enacted an ordinance  dated June
6, 2000 granting to Tengasco Pipeline a franchise for twenty years to construct,
maintain and operate a gas system to import,  transport, and sell natural gas to
the City of Kingsport  and its  inhabitants,  institutions  and  businesses  for
domestic, commercial,  industrial and institutional uses. This ordinance and the
franchise  agreement  it  authorizes  also  require  approval  of the  Tennessee
Regulatory Authority under state law. The Company will not initiate the required
approval process for the ordinance and franchise  agreement until such time that
it can supply gas to the City of  Kingsport.  Although  the Company  anticipates
that  regulatory  approval will be granted,  there can be no assurances  that it
will be granted,  or that such  approval may be granted


                                       16
<PAGE>

in a timely  manner,  or that such approval may not be limited in some manner by
the Tennessee Regulatory Authority as is expressly permitted under state law.

     TPC presently has all required tariffs and approvals necessary to transport
natural  gas to all  customers  of the  Company.  See,  "Effect of  Existing  or
Probable Governmental Regulations on Business" below in this section.

EFFECT OF EXISTING OR PROBABLE GOVERNMENTAL REGULATIONS ON BUSINESS

     Exploration  and production  activities  relating to oil and gas leases are
subject to numerous environmental laws, rules and regulations. The Federal Clean
Water Act requires the Company to  construct a fresh water  containment  barrier
between the surface of each drilling site and the underlying  water table.  This
involves the  insertion of a  seven-inch  diameter  steel casing into each well,
with cement on the outside of the casing.  The Company has fully  complied  with
this environmental  regulation,  the cost of which is approximately  $10,000 per
well.

     The State of Tennessee  also  requires the posting of a bond to ensure that
the Company's wells are properly plugged when abandoned.  A separate $2,000 bond
is required  for each well  drilled.  The Company  currently  has the  requisite
amount of bonds on deposit with the State of Tennessee.

     As part of the  Company's  purchase of the Kansas  Properties it acquired a
statewide permit to drill in Kansas.  Applications under such permit are applied
for and issued within one- two weeks prior to drilling. At the present time, the
State of Kansas does not require the posting of a bond either for  permitting or
to insure that the Company's wells are properly  plugged when abandoned.  All of
the  wells  in the  Kansas  Properties  have  all  permits  required  and are in
compliance with the laws of the State of Kansas.

     The Company's operations are also subject to laws and regulations requiring
removal and cleanup of environmental damages under certain  circumstances.  Laws
and regulations  protecting the environment have generally become more stringent
in recent years,  and may in certain  circumstances  impose "strict  liability,"
rendering a  corporation  liable for  environmental  damages  without  regard to
negligence or fault on the part of such  corporation.  Such laws and regulations
may expose the Company to liability  for the conduct of operations or conditions
caused by others,  or for acts of the Company which were in compliance  with all
applicable  laws at the time such  acts  were  performed.  The  modification  of
existing laws or regulations or the adoption of new laws or regulations relating
to  environmental  matters could have a material adverse effect on the Company's
operations.  In addition,  the Company's existing and proposed  operations could
result in  liability  for fires,  blowouts,  oil spills,  discharge of hazardous
materials into surface and subsurface aquifers and other  environmental  damage,
any one of which could result in personal injury,  loss of life, property damage
or destruction or suspension of operations.

     The Company  believes it is presently  in  compliance  with all  applicable
federal,  state or local  environmental  laws,  rules or  regulations;  however,
continued  compliance (or failure


                                       17
<PAGE>

to comply) and future  legislation  may have an adverse  impact on the Company's
present and contemplated business operations.

     The  Company's   Board  of  Directors   adopted   resolutions  to  form  an
Environmental  Response Policy and Emergency  Action Response Policy Program.  A
plan was adopted  which  provides  for the erection of signs at each well and at
strategic  locations  along the  pipeline  containing  telephone  numbers of the
Company's  office and the home  telephone  numbers of key  personnel.  A list is
maintained  at the  Company's  office and at the home of key  personnel  listing
phone numbers for fire,  police,  emergency  services and Company  employees who
will be needed to deal with emergencies.

     The foregoing is only a brief summary of some of the existing environmental
laws,  rules and  regulations  to which the Company's  business  operations  are
subject,  and there are many others,  the effects of which could have an adverse
impact on the Company.  Future legislation in this area will no doubt be enacted
and revisions will be made in current laws. No assurance can be given as to what
effect these  present and future laws,  rules and  regulations  will have on the
Company's current and future operations. See, "Risk Factors", below.

RESEARCH AND DEVELOPMENT

     The  Company  has  not  expended  any  material   amount  in  research  and
development  activities  during  the last two  fiscal  years.  Research  done in
conjunction with its exploration activities will consist primarily of conducting
seismic  surveys  on the  lease  blocks.  This  work  will be  performed  by the
Company's  geology and  engineering  personnel and other  employees and will not
have a material cost of anything more than standard salaries.

COST AND EFFECTS OF COMPLIANCE WITH ENVIRONMENTAL LAWS

     See, "Effect of Existing or Probable Governmental  Regulations on Business"
set forth above in this section.

NUMBER OF TOTAL EMPLOYEES AND NUMBER OF FULL-TIME EMPLOYEES

     The Company  presently has twenty-one  full time employees and no part-time
employees.

RISK FACTORS

     In addition to the other  information  in this  document,  investors in the
Company's common stock should consider carefully the following risks:


                                       18
<PAGE>

     SIGNIFICANT  CAPITAL  REQUIREMENTS.  The  Company  must make a  substantial
amount of capital expenditures for the acquisition,  exploration and development
of  oil  and  gas  reserves.  Historically,  the  Company  has  paid  for  these
expenditures with cash from operating activities,  proceeds from debt and equity
financings and asset sales. The Company's  ability to re-work existing wells and
complete  its  drilling  program in the Swan Creek Field is  dependent  upon its
ability to fund these costs.  Although the Company anticipated that by this time
it would be able to fund the  completion  of its  drilling  program  in the Swan
Creek Field from revenues from the sales of gas, it is unable to do so. Further,
the  Company's  credit  facility  with  Bank One has been  reduced  by Bank One,
although the Company vigorously disputes the Bank's actions. As a result of Bank
One's reduction of the credit facility and the corresponding demand for payment,
combined  with the fact that the Company is still in the early stages of its oil
and gas  operating  history  during  which time it has a history of losses  from
operations and has an accumulated  deficit of $27,776,726  and a working capital
deficit of  $7,998,835  as of  December  31,  2002,  the  Company's  independent
certified  public  accountants  have  indicated in their report on the Company's
Consolidated  Financial  Statements for the year ended  December 31, 2002,  that
these  circumstances  contribute to  uncertainty  over the Company's  ability to
continue as a going concern  which depends upon its ability to obtain  long-term
debt or raise capital to satisfy its cash flow requirements. At the present time
and until the Company is able to increase its production and sales of gas and to
resolve  its  dispute  with Bank One,  it must  obtain  the  necessary  funds to
complete its drilling program from other sources such as equity investment, bank
loan or a joint  venture  with  another  company.  In  addition,  the  Company's
revenues or cash flows  could be reduced  because of lower oil and gas prices or
for some other reason. If the Company's  revenues or cash flows decrease and the
Company is unable to procure  alternative  financing,  this  would  require  the
Company to reduce  production over time and this would have an adverse impact on
the Company's ability to continue in business.  Although  management believes it
will be able to  obtain  the  long-term  debt or raise  capital  to enable it to
continue  drilling and remain in business,  there can be no  assurances  that it
will be able to obtain such funding. Where the Company is not the majority owner
or operator of an oil and gas project, it may have no control over the timing or
amount of capital  expenditures  associated with the particular  project. If the
Company cannot fund its capital expenditures, its interests in some projects may
be reduced or forfeited.

     VOLATILE  OIL AND  GAS  PRICES  CAN  MATERIALLY  AFFECT  THE  COMPANY.  The
Company's future financial  condition and results of operations will depend upon
the prices  received for the  Company's oil and natural gas  production  and the
costs of acquiring,  finding,  developing and producing reserves. Prices for oil
and natural  gas are subject to  fluctuations  in response to  relatively  minor
changes in supply,  market  uncertainty and a variety of additional factors that
are beyond the control of the Company. These factors include worldwide political
instability (especially in the Middle East and other oil-producing regions), the
foreign  supply  of oil and gas,  the  price of  foreign  imports,  the level of
drilling activity, the level of consumer product demand,  government regulations
and taxes,  the price and  availability  of  alternative  fuels and the  overall
economic  environment.  A substantial or extended  decline in oil and gas prices
would  have a  material  adverse  effect on the  Company's  financial  position,
results  of  operations,  quantities  of oil and gas  that  may be  economically
produced,  and access to capital.  Oil and natural gas prices have  historically
been and are  likely  to  continue  to be  volatile.  This  volatility  makes it
difficult  to estimate  with  precision  the value of  producing  properties  in
acquisitions and to budget and project the return on exploration and development
projects involving the Company's oil and


                                       19
<PAGE>

gas properties. In addition,  unusually volatile prices often disrupt the market
for oil and gas properties,  as buyers and sellers have more difficulty agreeing
on the purchase price of properties.

     UNCERTAINTY  IN  CALCULATING  RESERVES;  RATES OF  PRODUCTION;  DEVELOPMENT
EXPENDITURES;   CASH  FLOWS.  There  are  numerous   uncertainties  inherent  in
estimating  quantities  of oil and natural gas  reserves of any  category and in
projecting  future rates of production and timing of  development  expenditures,
which  underlie  the  reserve  estimates,  including  many  factors  beyond  the
Company's  control.  Reserve data represent  only  estimates.  In addition,  the
estimates of future net cash flows from the Company's  proved reserves and their
present value are based upon various assumptions about future production levels,
prices  and costs that may prove to be  incorrect  over  time.  Any  significant
variance  from the  assumptions  could  result  in the  actual  quantity  of the
Company's  reserves  and future net cash flows from being  materially  different
from the estimates. In addition, the Company's estimated reserves may be subject
to downward or upward revision based upon production history,  results of future
exploration  and  development,  prevailing  oil and gas  prices,  operating  and
development costs and other factors.

     OIL AND GAS OPERATIONS INVOLVE SUBSTANTIAL COSTS AND ARE SUBJECT TO VARIOUS
ECONOMIC  RISKS.  The oil and gas  operations  of the Company are subject to the
economic risks typically associated with exploration, development and production
activities,  including the necessity of significant  expenditures  to locate and
acquire  producing  properties  and to drill  exploratory  wells.  In conducting
exploration and development  activities,  the presence of unanticipated pressure
or  irregularities  in  formations,  miscalculations  or accidents may cause the
Company's exploration, development and production activities to be unsuccessful.
This could result in a total loss of the Company's investment.  In addition, the
cost and timing of drilling, completing and operating wells is often uncertain.

     COSTS  INCURRED  TO CONFORM  TO  GOVERNMENT  REGULATION  OF THE OIL AND GAS
INDUSTRY.  The Company's  exploration,  production and marketing  operations are
regulated  extensively at the federal,  state and local levels.  The Company has
made and will continue to make large  expenditures in its efforts to comply with
the requirements of environmental and other  regulations.  Further,  the oil and
gas  regulatory  environment  could  change  in ways  that  might  substantially
increase  these  costs.   Hydrocarbon-producing   states  regulate  conservation
practices and the protection of correlative rights. These regulations affect the
Company's  operations  and limit the  quantity of  hydrocarbons  the Company may
produce and sell. In addition,  at the U.S.  federal  level,  the Federal Energy
Regulatory  Commission regulates interstate  transportation of natural gas under
the  Natural  Gas Act.  Other  regulated  matters  include  marketing,  pricing,
transportation and valuation of royalty payments.

     COSTS INCURRED RELATED TO ENVIRONMENTAL  MATTERS.  The Company, as an owner
or lessee and operator of oil and gas properties, is subject to various federal,
state and local laws and  regulations  relating to discharge of materials  into,
and protection of, the environment.  These laws and regulations may, among other
things,  impose  liability on the lessee under an oil and gas lease for the cost
of pollution clean-up resulting from operations, subject the lessee to liability
for  pollution  damages,  and require  suspension  or cessation of operations in
affected areas.

     The Company maintains insurance coverage, which it believes is


                                       20
<PAGE>

customary  in  the  industry,  although  it is not  fully  insured  against  all
environmental  risks.  The  Company  is not  aware of any  environmental  claims
existing as of December  31, 2002,  which would have a material  impact upon the
Company's financial position or results of operations.

     The Company has made and will continue to make  expenditures in its efforts
to comply with these  requirements,  which it believes  are  necessary  business
costs in the oil and gas  industry.  The Company has  established  policies  for
continuing  compliance  with  environmental  laws  and  regulations.  The  costs
incurred by these policies and procedures are  inextricably  connected to normal
operating  expenses  such that the  Company is unable to separate  the  expenses
related to environmental matters; however, the Company does not believe any such
additional  expenses  are  material  to its  financial  position  or  results of
operations.

     The Company does not believe that compliance  with federal,  state or local
provisions  regulating  the  discharge of  materials  into the  environment,  or
otherwise  relating to the protection of the  environment,  will have a material
adverse effect upon the capital  expenditures,  earnings or competitive position
of the Company or its subsidiaries;  however, there is no assurance that changes
in or  additions  to  laws  or  regulations  regarding  the  protection  of  the
environment will not have such an impact.

     INSURANCE DOES NOT COVER ALL RISKS.  Exploration  for and production of oil
and natural  gas can be  hazardous,  involving  unforeseen  occurrences  such as
blowouts,  cratering, fires and loss of well control, which can result in damage
to or destruction of wells or production facilities,  injury to persons, loss of
life, or damage to property or the environment.  The Company maintains insurance
against certain losses or liabilities  arising from its operations in accordance
with customary industry practices and in amounts that management  believes to be
prudent;  however,  insurance  is not  available  to  the  Company  against  all
operational risks.

     HEDGING  MAY  PREVENT  THE  COMPANY  FROM  FULLY   BENEFITTING  FROM  PRICE
INCREASES.  The Company does not presently have any hedging  agreements or plans
to enter into any hedging  activities.  However,  to the extent that the Company
does  enter  into  such  agreements  or  undertake  such  activities,  it may be
prevented from realizing the benefits of price increases above the levels of the
hedges.  In  addition,  the  Company is subject to basis risk when it engages in
hedging transactions, particularly where transportation constraints restrict the
Company's  ability to deliver oil and gas volumes at the delivery point to which
the hedging transaction is indexed.

     GENERAL ECONOMIC CONDITIONS.  Virtually all of the Company's operations are
subject to the risks and  uncertainties  of adverse changes in general  economic
conditions,  the  outcome  of  pending  and/or  potential  legal  or  regulatory
proceedings, changes in environmental, tax, labor and other laws and regulations
to which the  Company is  subject,  and the  condition  of the  capital  markets
utilized by the Company to finance its operations.


                                       21
<PAGE>

ITEM 2. DESCRIPTION OF PROPERTY

PROPERTY LOCATION, FACILITIES, SIZE AND NATURE OF OWNERSHIP

     The  Company's  Swan Creek  Leases  are on  approximately  41,088  acres in
Hancock, Claiborne, Knox, Jefferson, Morgan and Union Counties in Tennessee. The
initial  terms of these  leases vary from one to five  years.  Some of them will
terminate unless the Company has commenced drilling.  However,  the Company does
not anticipate any difficulty in continuing the Swan Creek Leases.  In 2002, the
Company reduced the acreage  comprising the Swan Creek Field from  approximately
50,500 acres to the present 41,088 acres. This reduction in acreage was a result
of the Company having a better  understanding  of the geological and geophysical
makeup of the Swan Creek Field.  Management believes the acreage eliminated from
the Field does not have the potential to produce commercial quantities of oil or
gas.  The  reduction  of this  acreage  does not affect the reserves of the Swan
Creek Field or diminish its potential.  Further,  the  elimination of the leases
for this acreage will result in beneficial cost savings to the Company.

     Morita Properties,  Inc., an affiliate of Shigemi Morita, a former Director
of the Company,  currently  has a 25% working  interest in nine of the Company's
existing wells, and a 50% working interest and 6% working interest in two of the
Company's other existing wells. All of these wells are located in the Swan Creek
Field and all but two are  presently  producing  wells.  In  addition,  to those
interests,  Morita Properties,  Inc.  previously owned a 25% working interest in
three of the  Company's  other  existing  wells and 12.5%  working  interest  in
another of the Company's wells which it subsequently sold.

     An individual who is not an affiliate of the Company  purchased 25% working
interests  in two other  wells,  the Stephen  Lawson No. 1 and the Patton No. 1.
Both of these  wells are  located  in the Swan  Creek  Field  and are  presently
producing wells.

     Another  individual has a 29% revenue interest in the Laura Jean Lawson No.
3 well by virtue of having contributed her unleased acreage to the drilling unit
and  paying  her  proportionate  share of the  drilling  costs of the well.  The
Company was obligated to allow that  individual to  participate on that basis in
accordance  with both customary  industry  practice and the  requirements of the
procedures of the Tennessee Oil and Gas Board in a forced pooling action brought
by the  Company to require  the  acreage to be  included in the unit so that the
well could be  drilled.  The  forced  pooling  procedure  was  concluded  by her
contribution  of acreage and  agreement to pay  proportionate  share of drilling
costs.  This well is also  located  in the Swan Creek  Field and is a  presently
producing well.

     The Company also entered into a farmout  agreement  with Miller  Petroleum,
Inc.  ("Miller")  for ten wells to be drilled  in the Swan Creek  Field with the
Company  having an option to award up to an  additional  ten future  wells.  All
locations  were to be mutually  agreed  upon.  Net  revenues are to be 81.25% to
Miller and the Company's subsidiary TPC will transport Miller's gas. The Company
reserved all offset locations to wells drilled under the farmout agreement.  All
ten wells have been drilled under the farmout  agreement.  The Company  acquired
back from Miller a 50% working  interest  from Miller in nine of those ten wells
in addition to its rights under the farmout agreement.  In addition, the Company
and Miller have  drilled two  additional  wells on


                                       22
<PAGE>

a 50-50  basis,  although  the Company  declined  to  exercise  its option for a
ten-well extension of the farmout  agreement.  Of the wells in which Miller owns
an interest, six are presently producing.

     Other than the working interests described or referred to in this Item, the
Company retains all other working interests in wells drilled or to be drilled in
the Swan Creek Field.

     Working  interest  owners in oil and gas wells are entitled to market their
respective  shares of production to purchasers  other than  purchasers with whom
the Company has contracted.  Absent such contractual  arrangements being made by
the working  interest  owners,  the Company is authorized but is not required to
provide  a  market  for oil or gas  attributable  to  working  interest  owners'
production.  At this  time,  the  Company  has not  agreed to market gas for any
working interest owner to customers other than customers of the Company.  If the
Company does agree to market gas for working  interest  owners to the  Company's
customers,  the Company will have to agree,  at that time,  to the terms of such
marketing arrangements and it is possible that as a result of such arrangements,
the Company's  revenues from such customers may be correspondingly  reduced.  If
the working  interest owners make their own arrangements to market their natural
gas to other  end users  along  the  pipeline  which  have  been  served by East
Tennessee  Natural Gas, an interstate  pipeline,  such gas would be  transported
through the Company's wholly owned subsidiary TPC at published tariff rates. The
current  published tariff rate is for firm  transportation at a demand charge of
five cents per MMBtu per day plus a commodity  charge of $0.80 per MMBtu. If the
working interest owners do not market their production,  either independently or
through the Company, then their interest will be treated as not yet produced and
will be balanced  either when  marketing  arrangements  are made by such working
interest  owners or when the well ceases to produce in accordance with customary
industry practice.

     The Kansas  Properties  contain  138 leases  totaling  32,158  acres in the
vicinity of Hays,  Kansas.  The  original  term on these leases was from 1 to 10
years and in most cases has  expired,  however,  most leases are still in effect
because they are being held by production.  The Company maintains a 100% working
interest in most  wells.  The leases  provide for a landowner  royalty of 12.5%.
Some wells are subject to an overriding royalty interest from 0.5% to 9%.

     The Company pays ad valorem taxes on its Kansas Properties. It does not pay
any taxes on its Swan Creek Leases. The Company has general liability  insurance
for the Kansas Properties and the Swan Creek Field.

     The  Company  leases  its  principal   executive  offices,   consisting  of
approximately  5,647  square  feet  located  at  603  Main  Avenue,  Suite  500,
Knoxville,  Tennessee  and an  office  in Hays,  Kansas  at a rental of $500 per
month.  During 2002 and the first  quarter of 2003,  the Company  closed a field
office in Sneedville, Tennessee and an office in New York City it had previously
leased at an aggregate rental of $3,100 per month.

RESERVE ANALYSES

     Ryder Scott Company,  L.P. of Houston,  Texas ("Ryder Scott") has performed
reserve  analyses of all the Company's  productive  leases.  Ryder Scott and its
employees and its registered petroleum engineers have no interest in the Company
or IRC, and performed  these services at their standard  rates.  The net reserve
values used  hereafter  were obtained from a


                                       23
<PAGE>

reserve report dated February 10, 2003 (the "Report") prepared by Ryder Scott as
of December 31, 2002.  In  substance,  the Report used  estimates of oil and gas
reserves  based  upon  standard  petroleum  engineering  methods  which  include
production  data,  decline curve  analysis,  volumetric  calculations,  pressure
history,  analogy, various correlations and technical judgment.  Information for
this purpose was obtained from owners of interests in the areas involved,  state
regulatory agencies,  commercial services,  outside operators and files of Ryder
Scott.  The net reserve  values in the Report were adjusted to take into account
the working interests that have been sold by the Company in various wells in the
Swan Creek Field.  The Report provides that the net proved reserves for wells in
the Swan Creek Field are 30,360 MMcf of natural gas and 226,456  barrels of oil.
According to the Report, the value of the future gross revenues of the Company's
interest in the Swan Creek Field as of December 31, 2002 is $103,667,886  before
production  taxes and $100,557,852  after  production  taxes. The Report further
provides  that as of December 31, 2002 the value of the future net income before
income taxes of the  Company's  interest in the Swan Creek Field is  $80,798,842
and,  discounting  the future net  income by 10%  results in a present  value of
$36,230,728.

     The Report  reflects that the amount of proved  natural gas reserves in the
Swan Creek Field of 30,360MMcf remained  essentially  unchanged from reserves of
30,366 MMcf  reported in the Ryder Scott  report dated March  28,2002  reporting
values as of  December  31,  2001.  The Report  also  reflects a decrease in the
amount of proved oil reserves to 224,456  barrels in 2002 from  319,650  barrels
reported in the earlier  Ryder Scott  report for values as of December 31, 2001.
This  decrease was  primarily  due to estimates for the Colson #1 well which was
included in the earlier Ryder Scott report as of December 31, 2001,  but was not
included in the current Report as that well was subsequently  taken off-line and
reclassified  as unproved.  The Report reflects an increase from the Ryder Scott
Report for the year ended  December  31,  2001 in the value of the future  gross
revenues of the Company's  interest in the Swan Creek Field from  $57,832,005 to
$103,667,886  before  production taxes and $56,097,044 after production taxes to
$100,557,852.  The Report also  indicates an increase in the  discounted (at 10%
per annum  compounded  monthly)  present value of the reserves of the Swan Creek
Field from $19,302,590 as of December 31, 2001 to $36,230,728 as of December 31,
2002. These increases in values reported by Ryder Scott in the Report are due to
an  increase  in oil and gas  prices  for 2002  making a larger  portion  of the
Field's undeveloped reserves more economical for future development.  Gas prices
for the year-end  2001 Ryder Scott  report  utilized gas prices of $2.35 per Mcf
and oil  prices of $16.25  per  barrel as opposed to the $4.22 per Mcf price and
$26.90  per  barrel  price  utilized  in the  current  Report for the year ended
December  31,  2002.  In addition,  the Company  drilled two wells in 2002,  the
Colson  #2 and the Paul  Reed #9,  which  added  936 MMcf to the  Company's  gas
reserves in the Swan Creek Field.

     Ryder Scott also performed a reserve analysis of the Kansas Properties. The
Report  provides  that as of December  31, 2002 the net proved  reserves for the
Kansas  Properties  are 4,005 MMcf of natural gas and 1,586,258  barrels of oil.
According to the Report, the value of the future gross revenues of the Company's
interest in the Kansas Properties as of December 31, 2002 is $48,511,771  before
production  taxes and $48,066,045  after  production  taxes.  The Report further
provides  that as of December 31, 2002 the value of the future net income before
income taxes of the Company's  interest in the Kansas  Properties is $18,163,162
and,  discounting  the future net  income by 10%  results in a present  value of
$10,417,292.

     The current  Report  reflects a  substantial  increase from the Ryder Scott
Report


                                       24
<PAGE>

analyzing  the reserves of the Kansas  Properties as of December 31, 2001 in (i)
the number of barrels of oil  attributed  to the  Company's  net interest in the
Kansas  Properties  from 831,930  barrels to 1,308,467 and (ii) the value of the
future gross revenues of the Company's  interest in the Kansas  Properties  from
$20,463,797  to  $48,511,771  before  production  taxes  and  $19,586,607  after
production  taxes to $48,066,045.  The current Report also indicates an increase
in the discounted (at 10% per annum compounded monthly) net present value of the
Company's oil and gas reserves in the Kansas  Properties  from  $2,431,317 as of
December 31, 2001 to  $10,417,292 as of December 31, 2002.  These  increases are
due primarily to two factors.  First, the increased price and future speculative
market for energy  prices have driven both oil and gas prices  higher.  The 2001
Ryder Scott Report used a gas price of $2.13 per Mcf in determining the value of
reserves in  contrast to the $4.13 per Mcf price used in the current  Report and
an oil price of $17.24  per barrel in 2001  contrasted  to the $27.29 per barrel
price used in 2002.  Second,  an  increase  in the  number of  barrels  occurred
because the current  Report for December 31, 2002  included the  production  and
reserves  from  approximately  thirty  producing  oil  wells  that  had not been
included in the prior Ryder Scott Report for  December 31, 2001.  At the time of
the earlier Report, the calculated  operating expenses for those producing wells
matched or exceeded the oil price utilized in that Report and  therefore,  those
wells were not  considered  commercially  viable for  purposes  of that  earlier
Report.  As a result  of the  increase  in the  price of oil,  those  wells  and
associated  reserves are included in the current Report. The Company anticipates
that future  reports of the net present  value of the Kansas  Properties  should
remain  stable,  and  may  even  increase  and  will  continue  to  include  the
consideration of reserves  attributable to all of the Company's wells in Kansas,
which are still producing in accordance with their extended  production history,
provided that the market price of oil and gas remains constant or increases.

     The Company  believes that the reserve  analysis  reports prepared by Ryder
Scott for the Company for the Swan Creek Field and Kansas Properties  provide an
essential  basis  for  review  and  consideration  of  the  Company's  producing
properties by all  potential  industry  partners and all financial  institutions
across the country.  It is standard in the industry for reserve analyses such as
these to be used as a basis for financing of drilling costs.  Reserve  analyses,
however, are at best speculative, especially when based upon limited production;
no assurance can be given that the reserves  attributed to these leases exist or
will  be  economically  recoverable.  The  result  of any  reserve  analysis  is
dependent upon the forecast of product prices utilized in the analysis which may
be more or less  than the  actual  price  received  during  the  period in which
production occurs.

     The Company has not filed the reserve  analysis  reports  prepared by Ryder
Scott or any other  reserve  reports with any Federal  authority or agency other
than the Securities and Exchange Commission. The Company, however, has filed the
information in the Report of the Company's  reserves with the Energy Information
Service of the Department of Energy in compliance  with that agency's  statutory
function of surveying oil and gas reserves nationwide.


                                       25
<PAGE>

PRODUCTION

     The following  tables summarize for the past three fiscal years the volumes
of oil and gas produced to the  Company's  interests,  the  Company's  operating
costs  and  the  Company's  average  sales  prices  for its  oil  and  gas.  The
information  does not include  volumes  produced to royalty  interests  or other
working interests.

<TABLE>
<CAPTION>
TENNESSEE
- --------------------------------------------------------------------------------------------------------------
        YEAR                 PRODUCTION               COST OF                    AVERAGE SALES PRICE
       ENDED                                         PRODUCTION
      DECEMBER                                      (PER BOE)(2)
         31
- --------------------------------------------------------------------------------------------------------------
                      OIL                GAS                                     OIL               GAS
                     (BBL)              (MCF)                                   (BBL)           (PER MCF)
- --------------------------------------------------------------------------------------------------------------
<S>                <C>               <C>                <C>                     <C>               <C>
2002               15,111.54         521,834.35          $4.10(3)               $21.85            $3.22
- --------------------------------------------------------------------------------------------------------------
2001               22,776.21         703,073.56          $0.31                  $16.05            $2.55
- --------------------------------------------------------------------------------------------------------------
2000               37,210.67           2,411.00          $0.69                  $20.32            $2.86
- --------------------------------------------------------------------------------------------------------------
</TABLE>

Gas  volumes and prices for 2000  reflect  only the  nominal  purchases  made by
Hawkins  County Gas  Utility  District  upon  completion  of Phase I of Tengasco
Pipeline Company's pipeline system.


- ---------------------------
     (2) A "BOE"  is a  barrel  of oil  equivalent.  A  barrel  of oil  contains
approximately  6 Mcf of  natural  gas by  heating  content.  The  volumes of gas
produced have been converted into "barrels of oil  equivalent"  for the purposes
of calculating costs of production.

     (3) The increase in cost of  production  in 2002 was a result of this being
the first full year of production in the Swan Creek Field.


                                       26
<PAGE>

<TABLE>
<CAPTION>
KANSAS
- --------------------------------------------------------------------------------------------------------------
          YEAR               PRODUCTION                COST OF                   AVERAGE SALES PRICE
         ENDED                                       PRODUCTION
        DECEMBER                                      (PER BOE)
          31
- --------------------------------------------------------------------------------------------------------------
                       OIL               GAS                                    OIL               GAS
                      (BBL)             (MCF)                                  (BBL)           (PER MCF)
- --------------------------------------------------------------------------------------------------------------
<S>                <C>               <C>                <C>                     <C>               <C>
2002               105,473.54        246,510.98         $ 8.71                 $23.89            $2.96
- --------------------------------------------------------------------------------------------------------------
2001               112,495.88        278,884.66         $10.72                 $23.50            $4.12
- --------------------------------------------------------------------------------------------------------------
2000               111,734.81        291,096.22         $ 9.68                 $28.06            $3.75
- --------------------------------------------------------------------------------------------------------------
</TABLE>

OIL AND GAS DRILLING ACTIVITIES

     The Company's oil and gas developmental  drilling for the past three fiscal
years are as set forth in the following  tables.  During the fiscal years ending
December 31, 2000 and 2001 the Company did not drill any  exploratory  wells. In
2002, the Company drilled one exploratory well in Cocke County,  Tennessee which
did not result in finding commercial quantities of hydrocarbons. The information
should not be  considered  indicative  of future  performance,  nor should it be
assumed that there is necessarily  any  correlation  between the number of wells
drilled, quantities of reserves found or economic value.

     GROSS AND NET WELLS

     The  following  tables set forth for the fiscal years  ending  December 31,
2000,  2001, and 2002 the number of gross and net  development  wells drilled by
the Company.  The dry hole set forth in the table below is the Cocke County well
referred to above. The term gross wells means the total number of wells in which
the  Company  owns an  interest,  while the term net wells  means the sum of the
fractional working interests the Company owns in gross wells.


                                       27
<PAGE>

<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
                                                 YEAR ENDED DECEMBER 31
                                          2002                          2001                           2000
- -------------------------------------------------------------------------------------------------------------------
                                  GROSS           NET           GROSS            NET           GROSS           NET
- -------------------------------------------------------------------------------------------------------------------
<S>                                 <C>         <C>               <C>           <C>              <C>         <C>
TENNESSEE
- -------------------------------------------------------------------------------------------------------------------
PRODUCTIVE WELLS                    3           2.625             19            11.42            9           4.0515
- -------------------------------------------------------------------------------------------------------------------
DRY HOLES                           1             .50              0                0            0                0
- -------------------------------------------------------------------------------------------------------------------
KANSAS
- -------------------------------------------------------------------------------------------------------------------
PRODUCTIVE WELLS                    0               0              3            2.594            0                0
- -------------------------------------------------------------------------------------------------------------------
DRY HOLES                           0               0              0                0            0                0
- -------------------------------------------------------------------------------------------------------------------
</TABLE>

     PRODUCTIVE WELLS

     The  following  table sets  information  regarding the number of productive
wells in which the Company  held a working  interest as of  December  31,  2002.
Productive  wells are either  producing  wells or wells  capable  of  commercial
production although currently shut-in.  One or more completions in the same bore
hole are counted as one well.

<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
                                                    GAS                                         OIL
- -------------------------------------------------------------------------------------------------------------------
                                         GROSS                    NET                GROSS                NET
- -------------------------------------------------------------------------------------------------------------------
<S>                                        <C>                   <C>                   <C>               <C>
TENNESSEE                                  31                    18.9                  12                6.18
- -------------------------------------------------------------------------------------------------------------------
KANSAS                                     52                   43.45                 128               110.5
- -------------------------------------------------------------------------------------------------------------------
</TABLE>

DEVELOPED AND UNDEVELOPED OIL AND GAS ACREAGE

     As of  December  31,  2002,  the Company  owned  working  interests  in the
following developed and undeveloped oil and gas acreage. Net acres refers to the
Company's  interest  less the  interest  of royalty and other  working  interest
owners.


                                       28
<PAGE>

<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
                                                 DEVELOPED                                  UNDEVELOPED
- -------------------------------------------------------------------------------------------------------------------
                                      GROSS ACRES              NET ACRES          GROSS ACRES          NET ACRES
- -------------------------------------------------------------------------------------------------------------------
<S>                                     <C>                     <C>                 <C>                 <C>
TENNESSEE                               1,840.00                1,065.38            41,088              35,952
- -------------------------------------------------------------------------------------------------------------------
KANSAS                                  9,666.00                8,080.44            22,711              18,995.48
- -------------------------------------------------------------------------------------------------------------------
</TABLE>

ITEM 3. - LEGAL PROCEEDINGS

     Except as  described  hereafter,  the Company is not a party to any pending
material legal proceeding.  To the knowledge of management, no federal, state or
local governmental agency is presently  contemplating any proceeding against the
Company  which would have a result  materially  adverse to the  Company.  To the
knowledge  of  management,  no director,  executive  officer or affiliate of the
Company  or owner of record  or  beneficially  of more than 5% of the  Company's
common  stock is a party  adverse  to the  Company  or has a  material  interest
adverse to the Company in any proceeding.

     1. On November 8, 2001, the Company signed a credit facility with Bank One,
N.A. in Houston, Texas whereby Bank One extended to the Company a revolving line
of credit of up to $35 million.  The initial  borrowing  base under the facility
was $10 million.

     On April 5, 2002, the Company  received a notice from Bank One stating that
it had  redetermined  and reduced  the  then-existing  borrowing  base under the
Credit Agreement by $6,000,000 to $3,101,766. Bank One demanded that the Company
pay the $6,000,000 within thirty days. On May 2, 2002, the Company filed suit in
federal  court in the Eastern  District of Tennessee,  Northeastern  Division at
Greeneville  to restrain  Bank One from taking any steps  pursuant to its Credit
Agreement to enforce its demand that the Company  reduce its loan  obligation or
else be deemed in default and for damages  resulting  from the wrongful  demand.
TENGASCO,  INC.,  TENGASCO LAND AND MINERAL  CORPORATION  AND TENGASCO  PIPELINE
CORPORATION V. BANK ONE, NA, DOCKET NO.  2:02-CV-118.  It is the position of the
Company  that  Bank  One's  demand  that  the  Company   reduce  its  loan  from
$9,101,776.66 to $3,101,776.66 within thirty days, coming only four months after
the loan was made, in the absence of any change in the  Company's  production of
oil and gas from the time the loan was closed or the  condition of the Company's
assets,  without  warning  and prior to the receipt of a December  2002  reserve
report, without any basis or explanation, is a violation of the Credit Agreement
and an act of bad faith.  The  Company  sought a jury  trial and actual  damages
sustained by it as a result of the wrongful demand, in the amount of $51,000,000
plus punitive damages in the amount of $100 million.


                                       29
<PAGE>

     On July 1, 2002, Bank One filed its answer and counterclaim,  alleging that
its actions  were  proper  under the terms of the Credit  Agreement,  and in the
counterclaim,  seeking  to recover  all  amounts it alleges to be owed under the
Credit Agreement, including principal, accrued interest, expenses and attorney's
fees in the approximate amount of $9 million.  No hearings have occurred or been
scheduled  in the  court  proceeding.  The  Company  has filed  initial  written
discovery  requests from Bank One. On November 5, 2002, the Company and the Bank
reached  preliminary  agreement  on  terms  of a  potential  settlement  of  the
litigation, subject to execution of formal settlement documents. The Company has
continued  to pay the sum of  $200,000  per  month of  principal  due  under the
original  terms of the Credit  Agreement,  plus  interest,  and has  reduced the
principal now outstanding to  approximately  $7.1 million.  Although the parties
continue to attempt to reach  settlement  of all  outstanding  issues  under the
preliminary  agreement,  the settlement has not been concluded.  At a scheduling
conference  held by the Court on February 21,  2003,  a procedural  schedule has
been set as requested by the Company leading toward a trial date of November 18,
2003 in the event settlement is not concluded.

     2. On November 22, 2002, the Company and its then Chief Executive  Officer,
Malcolm E.  Ratliff,  were  served  with  complaint  filed in the United  States
District Court for the Eastern District of Tennessee,  Knoxville,  entitled PAUL
MILLER V. M. E. RATLIFF AND  TENGASCO,  INC.,  DOCKET  NUMBER  3:02-CV-644.  The
complaint  seeks  certification  of a class  action to  recover on behalf of the
class of all persons who purchased  shares of the Company's common stock between
August 1, 2001 and April 23, 2002, damages in an amount not specified which were
allegedly caused by violations of the federal securities laws, specifically Rule
10b-5 issued under the Securities Exchange Act of 1934 as to the Company and Mr.
Ratliff,  and  Section  20(a)  the  Securities  Exchange  Act of  1934 as to Mr.
Ratliff.  The  complaint  alleges  that  documents  and  statements  made to the
investing  public by the Company and Mr. Ratliff  misrepresented  material facts
regarding the business and finances of the Company. The Company's initial review
of the  allegations  of the  complaint  against the Company  discloses  that the
allegations do not appear to be well founded and are without merit.  The Company
intends to vigorously  defend  against all  allegations  of the  complaint.  The
Company  has filed a motion to dismiss  the action  based on the  failure of the
complaint to meet the  requirements of the Securities  Litigation  Reform Act of
1995.  If that  motion is not  granted,  the  Company  will file its  responsive
pleading and will  contest the class  certification  issues and the  substantive
allegations of the complaint.

     3. The Company and its subsidiary,  Tengasco Pipeline  Corporation ("TPC"),
were  named  as  defendants  in an  action  commenced  on June  4,  2001 by C.H.
Fenstermaker & Associates,  Inc.  ("Fenstermaker") in the United States District
Court for the  Eastern  District  of  Tennessee  entitled  C.H.  FENSTERMAKER  &
ASSOCIATES, INC. V. TENGASCO, INC., NO. 3:01-CV-283. The action seeks to recover
approximately  $365,000  in charges  billed to TPC for  engineering  services in
connection  with the  planning  and  construction  of Phase II of the  Company's
pipeline, which runs from Rogersville to Kingsport, TN to serve Eastman Chemical
Company and Holston  Ordnance.  On June 25,  2001,  the Company and TPC filed an
answer  to the  complaint  denying  liability  for  the  billings  claimed,  and
counterclaiming against Caddum, Inc. ("Caddum"), a division of Fenstermaker. The
counterclaim  seeks  damages for breach of contract  and breach of


                                       30
<PAGE>

professional  engineering  standards  caused by Caddum,  including  unauthorized
deviations  from  the  pipeline  route,   which  caused  the  Company  to  incur
significant  additional costs. These costs included fees for concrete capping of
the pipeline as a result of the pipeline  being placed to close to the adjoining
highway right of way. The  counterclaim  further alleges that Caddum damaged the
Company:  by causing  delays in  completing  the  pipeline  by failing to submit
engineering drawings and failing to timely obtain certain x-rays of the pipeline
welds;  its  unauthorized  actions in  ordering  supplies  and  materials;  and,
overbilling from the agreed contract rate for engineering services. The District
Court  rescheduled the case for a non-jury trial on May 8, 2003. On February 27,
2003,  the parties  reached an agreement in principle for the settlement of this
action, and settlement  documents are being prepared for review by both parties.
In general,  the proposed settlement  framework  contemplates a reduction in the
amount owed by the Company from that  claimed in the  complaint,  and  favorable
extended payment terms.

     4.  TENGASCO  PIPELINE  CORPORATION  V.  JAMES E.  LARKIN AND  KATHLEEN  A.
O'CONNOR, No. 4929J in the Circuit Court for Hawkins County,  Tennessee. This is
a condemnation  proceeding brought by Tengasco Pipeline Corporation to acquire a
temporary  construction  easement  and  permanent  right of way to maintain  and
operate  a portion  of Phase I of the  Company's  pipeline  in  Hawkins  County,
Tennessee.  The court  granted an order of possession to the Company in January,
1998 and the pipeline has been constructed  across  approximately  3,000 feet of
the property concerned in a rural and very steep locale. The Company has had the
right of way appraised at $4,000.  The landowners,  Mr. Larkin and Kathleen A. O
Connor  who  both  live on the  property,  contest  the  appraised  value of the
property and claim  incidental  damages to certain  fish ponds  located on their
property.  The  landowners,  despite a lack of evidence  of any fish  raising or
aquaculture  business  actually being or having been operated on the premises or
of any actual  losses to such  business,  have  counterclaimed  for  $867,585 in
compensatory  damages and $2.6 million in punitive damages arising from trespass
and other legal  theories.  The Court required the parties to attempt to mediate
this  dispute and the  mediation  occurred in December,  2000.  The parties were
unable to reach a mediated  settlement  and the matter  has most  recently  been
scheduled  for trial on January  29,  2003.  The January 29, 2003 trial date has
been continued by the Court to an unspecified future date. The Court has ordered
the parties to a second  mediation  session  which will occur in March or April,
2003.  If  settlement  is not  reached  at  mediation,  the  Company  intends to
vigorously defend the allegations of the counterclaim because trial preparations
have not  disclosed  any fact that  reasonably  suggests a  substantial  adverse
result in this  matter  and the  allegations  of the  counterclaim  appear to be
without any credible basis.

     5. The Company,  its former Chief Executive  Officer and former Director of
the Company,  Malcolm E. Ratliff, and one of the Company's attorneys,  Morton S.
Robson,  were named as defendants in an action commenced in the Supreme Court of
the State of New York, New York County entitled MAUREEN COLEMAN, JOHN O. KOHLER,
CHARLES MASSOUD,  JONATHAN SARLIN, VON GRAFFENRIED A.G. AND VPM VERWATUNGS A.G.,
PLAINTIFFS  V.  TENGASCO,  INC.,  MORTON  S.  ROBSON  AND  MALCOLM  E.  RATLIFF,
DEFENDANTS, INDEX NO. 603009/98. In that action, the plaintiffs, shareholders of
the Company each of which purchased  restricted  shares of the Company's  Common
Stock,  allege that although they were entitled to sell their shares pursuant to
SEC  Rule


                                       31
<PAGE>

144 in the open market,  they were  precluded  from doing so by the  defendants'
purported  wrongful refusal to remove the restrictive  legend from their shares.
The plaintiffs own in the aggregate 35,000 shares of the Company's common stock.
The plaintiffs are seeking damages in an amount equal to the difference  between
the amount  for which  they  would  have been able to sell  their  shares if the
defendants  had acted to remove the  restrictive  legends when requested and the
amount they will receive on the sale of their shares.  The  plaintiffs  are also
seeking  punitive  damages in an amount  they claim to be in excess of  $500,000
together  with  interest,  costs  and  disbursements  of  bringing  the  action,
including  reasonable  attorneys fees. This action has been partially settled by
the Company agreeing to remove the restrictive legends on the plaintiffs' stock.

     As for the  balance of the  action,  the  Company  believes  that there are
several  substantial  factual  and  legal  issues  as to the date on  which  the
shareholders were entitled to sell their stock pursuant to Rule 144.  Management
further  believes that the Company did not  wrongfully  withhold its approval of
the removal of the  restrictive  legends at the times such removal was requested
by the  shareholders.  However,  in the  event  the  Company  is  found  to have
improperly  withheld its permission to remove the  restrictive  legends from the
shares owned by the shareholders,  the Company may be held liable for damages to
the  shareholders  in an amount equal to the difference  between the actual sale
price of such  shares and the sales  price they would have  realized on the date
such restrictive  legends should have been permitted to be removed. At this time
it is not possible to ascertain  with any certainty  what such damages would be.
The plaintiffs have not taken any action in this matter for several years.

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

         None during the fourth quarter of 2002.


                                       32
<PAGE>

PART II

ITEM 5   MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER
         MATTERS

MARKET INFORMATION

     The Company's common stock was listed on the OTC Bulletin Board of the NASD
from March 31, 1994 through December 20, 1999 under the symbol TNGO. On December
10, 1999, the American Stock Exchange  ("AMEX")  approved the application of the
Company to have its common  stock listed on the AMEX.  Trading of the  Company's
common stock on the AMEX commenced on December 21, 1999 under the symbol TGC.

     The range of high and low closing  prices for shares of common stock of the
Company  during the fiscal  years ended  December 31, 2001 and December 31, 2002
are set forth below.  The prices for the first three  quarters of 2001 have been
retroactively  adjusted  by a 5%  reduction  to take into  account  the 5% stock
dividend  declared by the Company payable on October 1, 2001 to all shareholders
of record as of September 4, 2001.


                                                          HIGH               LOW
For the Quarters Ending

March 31, 2002                                            8.19              5.80

June 30, 2002                                             6.49              2.71

September 30, 2002                                        3.45              2.20

December 31, 2002                                         2.90              1.05



March 31, 2001                                           14.20              9.69

June 30, 2001                                            15.01             11.16

September 30, 2001                                       13.69              7.60

December 31, 2001                                        10.54              7.39


                                       33
<PAGE>

HOLDERS

     As of March 3, 2003 the number of  shareholders  of record of the Company's
common stock was 205 and management  believes that there are approximately 2,387
beneficial owners of the Company's common stock.

DIVIDENDS

     The  Company  under  its  credit  agreement  with  Bank  One  is  presently
restricted from paying dividends without Bank One's consent. The Company did not
pay any dividends with respect to the Company's  common stock in 2002 and has no
present plans to declare any further dividends with respect to its common stock.

RECENT SALES OF UNREGISTERED SECURITIES

     Except as  previously  reported in Quarterly  Reports on Form 10-Q filed by
the  Company,  no other equity  securities  that were not  registered  under the
Securities  Act of 1933, as amended,  were sold or issued by the Company  during
2002.

     Management  believes that all of the persons who were sold or issued common
stock  or  preferred  stock  during  2002  that  was not  registered  under  the
Securities Act of 1933, as amended,  were either "accredited  investors" as that
term is defined under  applicable  federal and state  securities laws, rules and
regulations,  or  were  persons  who by  virtue  of  background,  education  and
experience who could  accurately  evaluate the risks and merits  attendant to an
investment  in the  securities  of the Company.  Further,  all such persons were
provided with access to all material information regarding the Company, prior to
the offer or sale of these securities, and each had an opportunity to ask of and
receive answers from directors,  executive  officers,  attorneys and accountants
for the  Company.  The  offers  and  sales of such  securities  during  2002 are
believed to have been exempt from the registration  requirements of Section 5 of
the 1933 Act, as amended,  pursuant to Section  4(2)  thereof,  and from similar
state  securities  laws,  rules and  regulations  covering the offer and sale of
securities by available state exemptions from such registration.

ITEM 6.  SELECTED FINANCIAL DATA

     The following  selected financial data have been derived from the Company's
financial  statements,  and should be read in conjunction  with those  financial
statements, including the related footnotes.




Years Ended December 31(4),

- --------------------------
(4) All  references  in this table to common  stock and per share data have been
retroactively  adjusted to reflect the 5% stock dividend declared by the Company
effective as of September 4, 2001.




                                       34
<PAGE>

<TABLE>
<CAPTION>
                                  2002              2001             2000              1999            1998
- ---------------------------------------------------------------------------------------------------------------------
<S>                            <C>               <C>              <C>               <C>             <C>
INCOME STATEMENT DATA:
- ---------------------------------------------------------------------------------------------------------------------
Oil and Gas Revenues           $5,437,723        $6,656,758       $5,241,076        $3,017,252      $2,078,101
- ---------------------------------------------------------------------------------------------------------------------
Production Costs and Taxes     $3,094,731        $2,951,746       $2,614,414        $2,564,932      $1,943,944
- ---------------------------------------------------------------------------------------------------------------------
General and Administrative     $1,868,141        $2,957,871       $2,602,311        $1,961,348      $1,372,132
- ---------------------------------------------------------------------------------------------------------------------
Interest Expense               $578,039          $850,965         $415,376          $417,497        $574,906
- ---------------------------------------------------------------------------------------------------------------------
Net Loss                       $(3,154,555)      $(2,262,787)     $(1,541,884)      $(2,671,923)    $(3,083,638)
- ---------------------------------------------------------------------------------------------------------------------
Net Loss Attributable to
Common Stockholders            $(3,661,334)      $(2,653,970)     $(1,799,441)      $(2,791,270)    $(3,083,638)
- ---------------------------------------------------------------------------------------------------------------------
Net Loss Attributable to       $(0.33)           $(0.26)          $(0.19)           $(0.33)         $(0.42)
Common Stockholders Per
Share
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>

  As of December 31(5 6),


<TABLE>
<CAPTION>
                                        2002               2001             2000             1999             1998
- ---------------------------------------------------------------------------------------------------------------------
<S>                            <C>               <C>              <C>               <C>             <C>
BALANCE SHEET DATA:
- ---------------------------------------------------------------------------------------------------------------------
Working Capital Deficit          $(7,998,835)        $(6,326,204)     $(708,317)       $(1,406,263)     $(1,929,215)
- ---------------------------------------------------------------------------------------------------------------------
Oil and Gas Properties, Net      $13,864,321         $13,269,930      $9,790,047       $8,444,036       $7,747,655
- ---------------------------------------------------------------------------------------------------------------------
Pipeline Facilities, Net         $15,372,843         $15,039,762      $11,047,038      $4,212,842       $4,019,209
- ---------------------------------------------------------------------------------------------------------------------
Total Assets                     $32,584,391         $32,128,245      $25,224,724      $15,182,712      $13,525,777
- ---------------------------------------------------------------------------------------------------------------------
Long-Term Debt                   $2,006,209          $3,902,757       $7,108,599       $3,119,293       $3,190,930
- ---------------------------------------------------------------------------------------------------------------------
Redeemable Preferred Stock       $6,762,218          $5,459,050       $3,938,900       $1,988,900       $800,000
- ---------------------------------------------------------------------------------------------------------------------
Stockholders Equity              $14,210,623         $14,991,847      $10,864,202      $7,453,930       $7,245,090
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATION

RESULTS OF OPERATIONS

     The Company  incurred a net loss to holders of common  stock of  $3,661,344
($0.33 per share) in 2002 compared to a net loss of $2,653,970 ($0.26 per share)
in 2001 and $1,799,441 ($0.19 per share) of common stock in 2000.

- --------------------------
(5) With respect to the pipeline facilities, during the years ended December 31,
2000, 1999, and 1998, this included portions which were under construction.

(6) No cash  dividends have been declared or paid by the Company for the periods
presented.



                                       35
<PAGE>

     The Company realized oil and gas revenues of $5,437,723 in 2002 as compared
to $6,656,758 in 2001 and  $5,241,076 in 2000.  The decrease in revenues in 2002
from 2001 was due to a decrease  in volumes  produced  in 2002 from the  volumes
produced in 2001. Gas produced from the Swan Creek Field was 717,701 MCF in 2002
as compared  to 966,967  MCF in 2001,  resulting  in  approximately  $800,000 in
reduced revenues. Oil production from the Swan Creek Field was 20,122 barrels in
2002, down from 30,323 barrels in 2001,  resulting in approximately  $200,000 in
reduced  revenues.  Gas production from the Kansas Properties was 287,198 MCF in
2002  compared to 324,915 MCF in 2001,  resulting in  approximately  $100,000 in
reduced revenues.  Oil production from the Kansas Properties was 137,851 barrels
in 2002 compared to 147,029 barrels in 2001, resulting in approximately $200,000
in reduced revenues. The reason for the decrease in volumes produced in 2002 was
the Company's  dispute with Bank One which  significantly  limited the Company's
ability to drill new wells and to work over under producing wells in Kansas. The
increased  revenues in 2001 of  $6,656,758  compared to  $5,241,076  in 2000 was
primarily  due to gas sales from the Swan Creek field of  $2,563,935  being made
for the first time during 2001.  However,  oil sales decreased by  approximately
$951,000  in 2001 from 2000  levels  due to price  decreases,  as the  number of
barrels produced remained constant.

     The  Company's  subsidiary,  TPC, had pipeline  transportation  revenues of
$259,677 in 2002, a decrease  compared to of $296,331 in 2001, the first year of
transportation revenues.

     The Company's production costs and taxes have increased each year from 2000
to 2002 as additional costs have been incurred to maintain the Kansas Properties
and to begin  production from the Swan Creek Field in 2001 and to maintain it in
2002.  The  production  costs and taxes  increased  from  $2,951,746  in 2001 to
$3,094,731  in 2002.  An increase in 2001 of  $337,332 in  production  costs and
taxes as compared to 2000 was due  primarily to the  commencement  of production
from the Swan Creek Field.

     Depletion,  depreciation,  and amortization increased significantly in 2002
to  $2,413,597   over  2001  and  2000  levels  of   $1,849,963   and  $371,249,
respectively. The primary reason for the increase from 2002 over 2001 was due to
depreciation  being  taken for the first  time for a full year on the  Company's
pipeline  facilities in 2002, whereas only a half year of depreciation was taken
in  2001  after  the  pipeline   was  placed  in  service  in  mid-year.   Also,
approximately $186,000 of loan fees were amortized in 2002. The primary increase
in 2001 from 2000 was due to significant  increases in depletion  expense during
2001  ($1,142,000) as a result of the following:  decreases in reserve estimates
on oil and gas properties  arising from declining  commodity prices;  certain of
the  Company's  gas wells had  decreased  production  levels at year-end  due to
problems  encountered with liquids in the wells. This decreased production level
at year-end was factored into the estimated  future proved reserves  calculation
performed as of December 31, 2001,  resulting in a lower future proved  reserves
estimate.  Additionally,  in 2001 the Company took  depreciation on the pipeline
for the first time ($220,371).

     The Company has significantly  reduced its general  administrative costs to
$1,868,141 in 2002 from  $2,957,871 in 2001.  Management  has made a significant


                                       36
<PAGE>

effort to control  costs in every aspect of its  operations.  Some of these cost
reductions  include  the  closing  of the New York  office  and a  reduction  in
personnel from 2001 levels. General and administrative expenses had increased to
$2,957,871 in 2001 from $2,602,311 in 2000. The increases in 2001 from 2000 were
attributable  to an increase in insurance of  approximately  $400,000 in 2001 to
expand coverage including blowout insurance and the addition of Company provided
medical insurance for employees.

     Interest expense for 2002 decreased  significantly  over 2001 levels due to
the reduced  interest rate on the Bank One loan over the rate  applicable  under
previous financing arrangements.  Interest expense in 2002 was $578,039 compared
to  $850,965  in  2001.   Interest  expense  for  2001  had  in  turn  increased
significantly  from  $415,376  in  2000.  This  increase  was due to  additional
interest cost  associated  with  financing for the completion of Phase II of the
Company's 65 mile pipeline. The increase in 2001 was reduced by interest cost of
approximately  $148,000  which  was  capitalized  in the  first 3 months of 2001
during  construction  of the pipeline.  Interest of $128,000 was  capitalized in
2000.

     Public relations costs were significantly  reduced in 2002 to $193,229 from
$293,448 in 2001 as the Company  applied cost saving methods in the  preparation
of the Annual Report and in publishing of press releases. Public relations costs
increased to $293,448 in 2001 as compared to 2000 costs of $106,195 due to costs
associated  with producing the annual  report,  the proxy  statement,  and press
releases.

     Professional  fees  increased to $707,296 in 2002 from $355,480 in 2001 due
to legal and accounting  services  primarily  related to the Bank One litigation
and new accounting regulations. Professional fees had decreased substantially in
2001 from 2000 fees of $719,320  which included a charge in 2000 of $242,000 for
stock options issued in 2000 to non-employees.

     Dividends on preferred stock increased to $506,789 in 2002 from $391,183 in
2001 and from  $257,557,  in 2000 as a result in the  increase  in the amount of
preferred stock outstanding.

LIQUIDITY AND CAPITAL RESOURCES

     On November 8, 2001,  the Company signed a credit  facility  agreement (the
"Credit  Agreement")  with the Energy  Finance  Division  of Bank One,  N.A.  in
Houston  Texas ("Bank One") whereby Bank One extended to the Company a revolving
line of credit of up to $35 million. The initial borrowing base under the Credit
Agreement was $10 million.  On November 9, 2001,  funds from the Bank One credit
line were used to (1) satisfy  existing  indebtedness  on the  Company's  Kansas
Properties ($1,427,309); (2) payoff the internal financing provided by Directors
and  shareholders  of the Company for the  completion  of the  Company's 65 mile
intrastate pipeline ($3,895,490);  (3) payoff a


                                       37
<PAGE>

note due to  Spoonbill,  Inc.  for funds  borrowed  by the  Company  for working
capital ($1,080,833); (4) payoff a note due to Malcolm E. Ratliff, the Company's
Chief  Executive  Officer,  for  purchase by the  Company of a drilling  rig and
related equipment ($1,003,844);  and, (5) payoff the remaining balance of a loan
made to the  Company  for  working  capital  by Edward  W.T.Gray  III,  a former
Director of the  Company,  due on December  31,  2001  ($304,444).  All of these
obligations  incurred  interest at a rate  substantially  greater  than the rate
being charged by Bank One under the Credit  Agreement.  Together with  attorneys
fees,  mortgage  taxes in Tennessee  and Kansas and related fees the total drawn
down on November 9, 2001 from the credit facility was $7,901,776.

     On or about  April 5, 2002,  the  Company  received a notice  from Bank One
stating that it had redetermined and reduced the borrowing base under the Credit
Agreement to $3,101,776.66  and the Bank required a $6 million  reduction of the
outstanding loan.

     The schedule of reserve reports required by the Credit Agreement upon which
such  redeterminations  were to be based  specifically  established  a procedure
involving an automatic monthly principal payment of $200,000 commencing February
1, 2002. The Company has remained current in payments of this monthly  principal
reduction through March 1, 2003. As of the date of this Report,  the outstanding
principal balance under the Credit Agreement was $6,901,776.66.

     As a result of Bank One's  unexpected  reduction of the borrowing  base and
the corresponding demand for payment of $6 million,  combined with the fact that
the Company is still in the early  stages of its oil and gas  operating  history
during  which time it has had a history  of losses  from  operations  and has an
accumulated  deficit of $27,776,726  and a working capital deficit of $7,998,835
as of December 31, 2002, the Company's  independent  auditors indicated in their
report on the audit of the Company's  consolidated  financial statements for the
year ended  December 31, 2002 that the Company's  ability to continue as a going
concern is  uncertain.  The  Company's  ability to continue  as a going  concern
depends upon its ability to obtain  long-term  debt or raise capital and satisfy
its cash flow requirements.

     On May 2, 2002, the Company filed suit against Bank One in Federal Court in
the  Eastern  District  of  Tennessee,  Northeastern  Division  at  Greeneville,
Tennessee  to  restrain  Bank One from  taking any steps  pursuant to its Credit
Agreement  with the Company to enforce  its demand  that the Company  reduce its
loan obligation or else be deemed in default and for actual and punitive damages
resulting from the wrongful demand in the amount of $150 million.

     On July 1, 2002, Bank One filed its answer and counterclaim,  alleging that
its actions  were  proper  under the terms of the Credit  Agreement,  and in the
counterclaim,  seeking  to recover  all  amounts it alleges to be owed under the
Credit


                                       38
<PAGE>

Agreement,  including principal,  accrued interest, expenses and attorney's fees
in the approximate amount of $9 million.

     On  November  5,  2002,  the  Company  and Bank One  concluded  a series of
meetings and  correspondence  by reaching  preliminary  agreement upon the basic
terms of a potential settlement. Any settlement is conditioned upon execution of
final  settlement  documents,  and the  parties  agreed to  attempt to close the
settlement  by  November  29,  2002.  The  principal  element of the  settlement
proposal is for the Bank and the  Company to enter into an amended and  restated
agreement for a new term loan to replace the prior  revolving  credit  facility.
The proposed  settlement  agreement  would place specific limits and requirement
upon any ability of Bank One to require a reduction of the loan balance.  Such a
reduction could only occur in the event the value of the oil and gas reserves of
the Company falls below an  agreed-upon  figure in relation to the loan balance,
pursuant to a formula which  management is satisfied  provides ample  protection
against any future  reasonable  likelihood of a similar  problem  arising in the
manner causing initiation of the litigation between the Company and Bank One. As
of the date of this report,  the Company and Bank One continue to negotiate  the
terms of a mutually satisfactory settlement agreement.

     Even if the Company  concludes a settlement with Bank One, the Company does
not anticipate  that it will be able to either increase its borrowing base under
the Bank One Credit Agreement or to borrow any additional sums from Bank One. To
fund additional drilling and to provide additional working capital,  the Company
would be required to pursue  other  options.  Such  options  would  include debt
financing, sale of equity interests in the Company, a joint venture arrangement,
the sale of oil and gas  interests,  etc. The inability of the Company to obtain
the necessary cash funding on a timely basis would have an unfavorable effect on
the  Company's  financial  condition and would require the Company to materially
reduce the scope of its operating activities.

     The harmful effects upon operations of the Company caused by the actions of
Bank One and the ongoing  litigation  with Bank One in 2002 have been  dramatic.
First, the action of Bank One in April, 2002 (less than five months after it had
entered  into the  credit  facility  agreement  with the  Company  and  received
substantial  fees  for the  providing  the  credit  facility)  of  reducing  the
Company's credit line to a point $6 million below its then-existing indebtedness
and then  calling  for  payment of that $6 million  within  thirty  days had the
effect of totally  cutting  off any  additional  funds to the Company to support
Company  operations.  Further,  the funds  loaned to the Company by Bank One had
been  used to  refinance  the  Company's  indebtedness  and no funds  were  then
available  to pay this  large  repayment  obligation  to Bank One,  even if such
action by the Bank was proper,  which the Company has vigorously and continually
denied.  The  principal  reason the Company had entered into the Bank One credit
agreement  was to provide  for  additional  funds to  promote  the growth of the
Company.  Consequently,  as a  result  of  Bank  One's  unwarranted  actions  no
additional funds under the credit facility  agreement were available in 2002 for
additional  drilling  that the Company had  anticipated  performing  in the Swan
Creek Field and which were critical to the


                                       39
<PAGE>

development  of that Field.  In order for  overall  field  production  to remain
steady  or grow in a field  such as the Swan  Creek  Field,  new  wells  must be
brought  online.  Any  of the  new  wells  drilled  by the  Company  would  also
experience a relatively  steep initial  decline curve followed by longer periods
of relatively flat or stable production  decline, as does every natural gas well
in a formation similar to the Knox formation, so continuous drilling is vital to
maintaining or increasing earlier levels of production.  Only two gas wells were
added by the Company in 2002 due to the destabilized lending arrangements caused
by the actions of Bank One and ongoing litigation.

     Second, the existence of the dispute with Bank One,  compounded by the fact
that an effect of Bank  One's  action  was to cause the  Company's  auditors  to
indicate that their was an uncertainty over the Company's ability to continue as
a going concern, has significantly  discouraged other institutional lenders from
considering  a variety  of  additional  or  replacement  financing  options  for
drilling  and other  purposes  that may have  ordinarily  been  available to the
Company.  Third,  the dispute  has caused  Bank One to fail to grant  permission
under the  existing  loan  agreements  with the Company to permit the Company to
formulate drilling programs  involving  potential third party investors that may
have permitted additional drilling to occur. Finally, the dispute has caused the
Company to incur significant legal fees to protect the Company's rights.

     The Company believes that the total volume of the Company's reserves in the
Swan  Creek  Field  remains  largely  intact,  and that  these  reserves  can be
extracted through existing wells and by steady additional drilling brought on by
reliable  financial  arrangements.  The Company plans to drill as many as twenty
additional  wells in the heart of this Field and has obtained  approval from the
Tennessee  regulatory  authorities  with  jurisdiction  over spacing of wells to
drill on smaller spacing units in the Field,  effectively allowing more wells to
be drilled and the reservoir to produce more quickly but with no decrease in the
long term  efficiency of  production of the maximum  amount of reserves from the
reservoir.  The Company is hopeful that  production from these new wells will be
in line with the production from its more productive  existing wells in the Swan
Creek Field and will have a noticeable effect on increasing the total production
from the Field. Although no assurances can be made, the Company believes that it
will  either be able to resolve  the Bank One  dispute or obtain  additional  or
replacement financing to allow drilling to increase, and that once new wells are
drilled,  production  from the Swan  Creek  Field  will  increase.  However,  no
assurances  can be made that such  financing  will be obtained  or that  overall
produced volumes will increase.

     Similarly,  when funding for additional  drilling  becomes  available,  the
Company  plans to drill wells in five new  locations it has  identified in Ellis
and Rush  Counties,  Kansas on its  existing  leases  in  response  to  drilling
activity in the area  establishing  new areas of oil  production.  Although  the
Company successfully drilled the Dick No. 7 well in Kansas in 2001 and completed
the well as an oil  well,  it was not able to drill  any new  wells in Kansas in
2002 due to lack of funds  available  for such  drilling  caused by the Bank One
situation.  As with  Tennessee,  the  Company is hopeful  that


                                       40
<PAGE>

once the Bank One matter is resolved it will be able to resume drilling and well
workovers in Kansas to maximize production from the Kansas Properties.

     As of December  31,  2002,  the Company had total  stockholders'  equity of
$14,210,623  on total  assets of  $32,584,391.  The  Company  has a net  working
capital  deficiency  at  December  31, 2002 of  $7,998,835  as compared to a net
deficiency of $6,326,204 at December 31, 2001. This working  capital  deficiency
arises  primarily  from the  acceleration  of  $6,000,000 of the Bank One credit
facility debt discussed above.

     Net cash used in operating  activities  increased  from $221,176 in 2001 to
$566,017 in 2002.  The Company's net loss in 2002  increased to $3,154,555  from
$2,262,787  in 2001.  The  impact  on cash used due to the net loss for 2001 was
offset by non-cash depletion,  depreciation and amortization of $2,413,597. Cash
flow from working  capital items in 2002 was $126,321 as compared to $232,338 in
2001.  This  resulted  from  increases in accounts  payable of $188,597,  and an
increase in accrued  liabilities  of $31,805  and an  increase in other  current
assets of $58,000,  partially  offset by an increase in accounts  receivable  of
$69,192 and an increase in inventory of $103,384.

     Net cash used in operating  activities  decreased  from $820,615 in 2000 to
$221,176 in 2001.  The Company's net loss in 2001  increased to $2,262,787  from
$1,541,884  in 2000.  The  impact  on cash used due to the net loss for 2001 was
primarily  offset  by  non-cash  depletion,  depreciation  and  amortization  of
$1,849,963  and non-cash  compensation  and services  paid by issuance of equity
instruments  of  $92,253.  Cash  flow  from  working  capital  items in 2001 was
$232,338  as  compared  to $66,020 in 2000.  This  resulted  from  increases  in
accounts payable of $191,702, and decreases in inventory of $91,981 and accounts
receivable of $3,814, partially offset by a decrease in accrued interest payable
of $2,519 and a decrease in accrued liabilities of $52,640.

     Net cash used in  investing  activities  amounted  to  $2,889,937  for 2002
compared to net cash used in the amount of $9,408,684  for 2001. The decrease in
net cash used for investing activities during 2002 is primarily  attributable to
the  construction  of Phase II of the pipeline of $4,213,095 in 2001 as compared
to $841,750 in 2002,  additions to oil and gas  properties of $4,821,883 in 2001
as compared to $1,982,529 in 2002.

     Net cash used in investing  activities  amounted to $9,408,684  for 2001 as
compared to  $8,936,863  for 2000.  The increase in net cash used for  investing
activities  during 2001 was primarily  attributable  to additions to oil and gas
properties of  $4,821,883  in 2001 as compared to  $1,456,996 in 2000.  This was
offset by a reduction in expenditures  used for the  construction of Phase II of
the pipeline of $4,213,095  due to its completion in 2001 compared to $6,834,196
in 2000 and a reduction of expenditures used for additions to other property and
equipment of $285,722 in 2001 as compared to $1,276,783 in 2000.


     Net cash provided by financing  activities  decreased to $3,246,633 in 2002
from $8,419,336 in 2001.  This was due to the Company's  inability to enter into
new financing


                                       41
<PAGE>

     arrangements  in 2002 as a result of its dispute with Bank One as discussed
above.  In  2001  the  primary  sources  of  financing  includes  proceeds  from
borrowings of $10,442,068 as compared to $2,063,139 in 2002,  private placements
of common  stock of  $3,900,000  in 2001 as compared to  $2,677,000  in 2002 and
convertible  redeemable  preferred  stock of  $l,591,150  in 2001 as compared to
$1,303,168  in 2002 and proceeds  from exercise of options of $2,341,000 in 2001
as  compared  to zero in 2002 as the market  price of the  Company's  stock fell
below the exercise price of the earlier granted options. The primary use of cash
in financing  activities in 2001 was the use of the funds received from Bank One
to repay the Company's  prior  borrowings of $8,833,325 as compared to 2002 when
cash from financing activities of $2,378,273 was used primarily to make payments
to Bank One in 2002 and for working capital.

     Net cash provided by financing activities amounted to $8,419,336 in 2001 as
compared to  $10,940,863  in 2000.  The  primary  sources of  financing  include
proceeds  from  borrowings of  $10,442,068  in 2001 as compared to $6,493,563 in
2000,  private  placements  of common stock of $3,900,000 in 2001 as compared to
$4,245,700 in 2000, convertible redeemable preferred stock of $1,591,150 in 2001
as compared  to  $2,000,000  in 2000 and  proceeds  from  exercise of options of
$2,341,000  in 2001 as compared to $180,013 in 2000.  The primary use of cash in
financing  activities  was the  repayment of borrowings of $8,833,325 in 2001 as
compared to $1,720,856 in 2000.

CRITICAL ACCOUNTING POLICIES

     The   Company's   accounting   policies  are  described  in  the  Notes  to
Consolidated Financial Statements in Item 8 of this Report. The Company prepares
its Consolidated  Financial Statements in conformity with accounting  principles
generally  accepted in the United States of America,  which requires the Company
to make estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosures of contingent  assets and liabilities at the date of
the  financial  statements  and the  reported  amounts of revenues  and expenses
during the year.  Actual results could differ from those estimates.  The Company
considers the following  policies to be the most critical in  understanding  the
judgments that are involved in preparing the Company's financial  statements and
the  uncertainties  that could  impact  the  Company's  results  of  operations,
financial condition and cash flows.

     FULL COST METHOD OF ACCOUNTING

     The  Company  follows the full cost  method of  accounting  for oil and gas
property acquisition, exploration and development activities. Under this method,
all  productive  and  non-productive  costs  incurred  in  connection  with  the
acquisition of, exploration for and development of oil and gas reserves for each
cost center are  capitalized.  Capitalized  costs  include  lease  acquisitions,
geological  and  geophysical  work,  daily  rentals  and the costs of  drilling,
completing and equipping oil and gas wells. The Company capitalized  $1,982,529,
$4,821,883 and $1,456,996 of these costs in 2002,  2001 and 2000,  respectively.
Costs, however, associated with


                                       42
<PAGE>

production and general corporate activities are expensed in the period incurred.
Interest costs related to unproved  properties and properties under  development
are also  capitalized to oil and gas properties.  Gains or losses are recognized
only upon sales or dispositions  of significant  amounts of oil and gas reserves
representing   an  entire  cost  center.   Proceeds  from  all  other  sales  or
dispositions are treated as reductions to capitalized costs.

     OIL AND GAS RESERVES/DEPLETION DEPRECIATION
     AND AMORTIZATION OF OIL AND GAS PROPERTIES

     The  capitalized  costs of oil and gas  properties,  plus estimated  future
development  costs relating to proved  reserves and estimated  costs of plugging
and  abandonment,   net  of  estimated  salvage  value,  are  amortized  on  the
unit-of-production  method based on total proved reserves. The costs of unproved
properties  are excluded from  amortization  until the properties are evaluated,
subject to an annual assessment of whether impairment has occurred.

     The  Company's  proved oil and gas  reserves as at  December  31, 2002 were
estimated by Ryder Scott, L.P., Petroleum Consultants.  The Company's discounted
present value of its proved oil and gas reserves requires subjective  judgments.
Estimates of the Company's  reserves are in part forecasts  based on engineering
data,  projected  future rates of production and timing of future  expenditures.
The process of estimating oil and gas reserves  requires  substantial  judgment,
resulting  in  imprecise  determinations,   particularly  for  new  discoveries.
Different reserve engineers may make different  estimates of reserve  quantities
based  on  the  same  data.  The  passage  of  time  provides  more  qualitative
information  regarding  estimates  of reserves and  revisions  are made to prior
estimates to reflect  updated  information.  Given the volatility of oil and gas
prices, it is also reasonably possible that the Company's estimate of discounted
net cash flows from proved oil and gas  reserves  could change in the near term.
If oil and gas prices decline  significantly  this will result in a reduction of
the valuation of the Company's  reserves.  This past year,  Ryder Scott based on
production  results  and  the  increase  of oil and gas  prices,  increased  the
Company's  estimated  value of  reserves of gas in the Swan Creek Field from its
reserve report for the year ended December 31, 2001.  See, "Item 2 - Description
of Property - Reserve Analysis".

     CONTINGENCIES

     The  Company  accounts  for  contingencies  in  accordance  with  Financial
Accounting  Standards Board Statement of Financial Accounting Standards ("SFAS")
No.  5,  "Accounting  Contingencies."  SFAS No. 5  requires  that we  record  an
estimated loss from a loss contingency  when information  available prior to the
issuance of the Company's  financial  statements indicate that it is probable an
asset has been  impaired  or a  liability  has been  incurred at the date of the
financial  statements  and the amount of the loss can be  reasonably  estimated.
Accounting for contingencies such as environmental, legal and income tax matters
requires management of the Company to use its judgment.  While management of the
Company believes that the Company's  accrual for these matters are adequate,  if
the actual loss from a loss  contingency  is  significantly


                                       43
<PAGE>

different from the estimated  loss,  the Company's  results of operations may be
over or  understated.  The  primary  area in which the  Company  has to estimate
contingent  liabilities  is with respect to legal  actions  brought  against the
Company. See. Item 3 - Legal Proceedings."

RECENT ACCOUNTING PRONOUNCEMENTS

     In July 2001, the Financial Accounting Standards Board ("FASB") issued SFAS
No. 141, "Business Combinations" and SFAS No.142, "Goodwill and Other Intangible
Assets".  SFAS No. 141  addresses the initial  recognition  and  measurement  of
goodwill and other intangible assets acquired in a business combination and SFAS
No. 142 addresses the initial  recognition and measurement of intangible  assets
acquired outside of a business combination whether acquired individually or with
a  group  of  other  assets.   These  standards   require  all  future  business
combinations  to be  accounted  for using  the  purchase  method of  accounting.
Goodwill  will no longer be amortized  but instead will be subject to impairment
tests at least annually.  The Company was required to adopt SFAS No. 141 on July
1, 2001, and to adopt SFAS 142 on a prospective basis as of January 1, 2002. The
Company has not effected a business  combination  and carries no goodwill on its
balance  sheet;  accordingly,  the adoption of these  standards  did not have an
effect on the Company's financial position or results of operations.

     In 2001,  the FASB issued SFAS  No.143,  "Accounting  for Asset  Retirement
Obligations."  SFAS No. 143  addresses  financial  accounting  and reporting for
obligations associated with the retirement of tangible long-lived assets and the
associated asset retirement costs. This statement  requires  companies to record
the present  value of  obligations  associated  with the  retirement of tangible
long-lived  assets  in the  period in which it is  incurred.  The  liability  is
capitalized as part of the related  long-lived  asset's  carrying  amount.  Over
time,  accretion of the liability is recognized as an operating  expense and the
capitalized  cost is  depreciated  over the expected  useful life of the related
asset.  The  Company's  asset  retirement  obligations  relate  primarily to the
plugging dismantlement,  removal, site reclamation and similar activities of its
oil and gas properties.  Prior to adoption of this statement,  such  obligations
were  accrued  ratably  over the  productive  lives of the  assets  through  its
depreciation,  depletion and  amortization  for oil and gas  properties  without
recording a separate  liability for such  amounts.  The Company has adopted SFAS
143  beginning  on January  1, 2003;  however,  the effect of  adoption  of this
statement on future results of operations or financial position has not yet been
determined by management.

     SFAS No. 144,  Accounting  for the  Impairment  or  Disposal of  Long-Lived
Assets,  addresses  accounting  and reporting for the  impairment or disposal of
long-lived  assets.  SFAS No. 144  supersedes  SFAS No. 121,  Accounting for the
Impairment of  Long-Lived  Assets and for  Long-Lived  Assets to be Disposed Of.
SFAS No. 144 establishes a single  accounting model for long-lived  assets to be
disposed  of by sale and expands on the  guidance  provided by SFAS No. 121 with
respect  to cash  flow  estimations.  SFAS  No.  144  became  effective  for the
Company's fiscal year beginning January 1, 2003. Management does not expect that
adoption of this standard will have a material impact on the Company's financial
position or results of operations.


                                       44
<PAGE>

     The FASB issued Statement No. 145, Rescission of FASB Statements No. 4, 44,
and 64, Amendment of FASB Statement No. 13, and Technical Corrections,  on April
30, 2002. SFAS No.145 will be effective for fiscal years beginning after May 15,
2002.  This  statement  rescinds  SFAS No. 4,  Reporting  Gains and Losses  From
Extinguishment   of  Debt,   and  requires   that  all  gains  and  losses  from
extinguishment of debt should be classified as extraordinary  items only if they
meet  the  criteria  in APB  No.  30.  Applying  APB  No.  30  will  distinguish
transactions that are part of an entity's  recurring  operations from those that
are unusual or  infrequent  or that meet the criteria for  classification  as an
extraordinary  item.  Any  gain or  loss on  extinguishment  of  debt  that  was
classified as an  extraordinary  item in prior periods  presented  that does not
meet the criteria in APB No. 30 for classification as an extraordinary item must
be  reclassified.  There is no  current  impact  of  adoption  on the  Company's
financial position or results of operation.

     The FASB issued  Statement No. 146,  Accounting for Costs  Associated  with
Exit or Disposal  Activities,  in June 2002.  SFAS No. 146  addresses  financial
accounting and reporting for costs  associated with exit or disposal  activities
and nullifies Emerging Issues Task Force Issue No. 94-3,  Liability  Recognition
for Certain  Employee  Termination  Benefits and Other Costs to Exit an Activity
(including  Certain Costs incurred in a Restructuring).  SFAS No. 146 applies to
costs incurred in an "exit  activity",  which  includes,  but is not limited to,
re-structuring, or a "disposal activity" covered by SFAS No. 144.

     SFAS No. 146 requires that a liability for a cost  associated  with an exit
or disposal  activity be recognized when the liability is incurred.  Previously,
under Issue 94-3, a liability for an exit cost was  recognized at the date of an
entity's  commitment to an exit plan.  Statement No. 146 also  establishes  that
fair value is the  objective  for  initial  measurement  of the  liability.  The
provisions of SFAS No. 146 are effective  for exit or disposal  activities  that
are initiated after December 31, 2002.  Management does not expect that adoption
of this standard will have a material effect on the Company's financial position
or results of operation.

     In  November  2002,  the FASB  issued  Interpretation  No. 45,  Guarantor's
Accounting  and  Disclosure  Requirements  for  Guarantees,  Including  Indirect
Guarantees of Indebtedness to Others, an interpretation of FASB Statements No.5,
57 and 107 and a rescission of FASB  Interpretation No. 34. This  Interpretation
elaborates  on the  disclosures  to be made by a  guarantor  in its  interim and
annual financial  statements about its obligations under guarantees  issued. The
Interpretation  also  clarifies  that a guarantor is required to  recognize,  at
inception  of a  guarantee,  a  liability  for the fair value of the  obligation
undertaken.   The  initial   recognition  and  measurement   provisions  of  the
Interpretation  are  applicable to guarantees  issued or modified after December
31, 2002. The Company has not guaranteed  the debts of others,  therefore,  this
interpretation  is not  expected  to have a  material  effect  on the  Company's
financial statements.

     In December 2002, the FASB issued SFAS No. 148,  Accounting for Stock-Based
Compensation  --  Transition  and  Disclosure,  an amendment  of FASB  Statement
No.123. This Statement amends FASB Statement No. 123, Accounting for Stock-Based
Compensation,  to provide  alternative  methods of  transition  for a  voluntary
change  to  the  fair  value  method


                                       45
<PAGE>

of accounting for stock-based employee compensation. In addition, this Statement
amends the  disclosure  requirements  of Statement No. 123 to require  prominent
disclosures  in both annual and interim  financial  statements.  Management  has
adopted  certain of the disclosure  modifications  are required for fiscal years
ending after December 15, 2002 and are included in the notes to the accompanying
consolidated financial statements.

     In January 2003, the FASB issued  Interpretation  No. 46,  Consolidation of
Variable Interest  Entities,  an Interpretation of Accounting  Research Bulletin
No. 51.  Interpretation  No. 46  requires a company  to  consolidate  a variable
interest  entity if the  company  has a variable  interest  (or  combination  of
variable  interests) that will absorb a majority of the entity's expected losses
if they occur,  receive a majority of the entity's  expected residual returns if
they  occur,  or both.  A direct or  indirect  ability  to make  decisions  that
significantly affect the results of the activities of a variable interest entity
is a strong  indication  that a company  has one or both of the  characteristics
that would require consolidation of the variable interest entity. Interpretation
No.  46  also  requires  additional   disclosures  regarding  variable  interest
entities.  The new interpretation is effective immediately for variable interest
entities  created after January 31, 2003,  and is effective in the first interim
or annual period beginning after June 15, 2003, for variable  interest  entities
in which a company holds a variable interest that it acquired before February 1,
2003.  Management does not expect that adoption of this interpretation will have
a material effect on the Company's financial position or results of operation.

ITEM 7A  QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET
         RISKS

COMMODITY RISK

     The Company's  major market risk  exposure is in the pricing  applicable to
its oil  and  gas  production.  Realized  pricing  is  primarily  driven  by the
prevailing  worldwide price for crude oil and spot prices  applicable to natural
gas  production.  Historically,  prices received for oil and gas production have
been volatile and  unpredictable  and price  volatility is expected to continue.
Monthly oil price realizations  ranged from a low of $18.56 per barrel to a high
of $27.49 per barrel during 2002. Gas price  realizations  ranged from a monthly
low of $1.91 per Mcf to a monthly high of $4.01 per Mcf during the same period.

     As required by its Credit Agreement with Bank One, the Company entered into
hedge agreements on December 28, 2001 on notional volumes of oil and natural gas
production  for the first six months of 2002 in order to manage some exposure to
oil and gas price  fluctuations.  Realized  gains or losses  from the  Company's
price risk  management  activities  will be recognized in oil and gas production
revenues when the associated production occurs. Notional volumes associated with
the Company's  derivative  contracts are 27,000 barrels and 630,000  MMBTU's for
oil and natural gas, respectively.  The Company does not generally hold or issue
derivative  instruments for trading purposes.  These hedge agreements expired in
June 2002


                                       46
<PAGE>

and have not been renewed.  Hedging activities resulted in a loss to the Company
of approximately $118,000 for the year ended December 31, 2002.

INTEREST RATE RISK

     At December 31, 2002,  the Company had debt  outstanding  of  approximately
$9.9 million. The interest rate on the revolving credit facility of $7.5 million
is variable  based on the  financial  institution's  prime rate plus 0.25%.  The
remaining  debt of $2.4  million has fixed  interest  rates  ranging  from 6% to
11.95%.  As a result,  the Company's  annual  interest costs in 2002  fluctuated
based on  short-term  interest  rates on  approximately  78% of its  total  debt
outstanding  at  December  31,  2002.  The impact on  interest  expense  and the
Company's  cash flows of a 10 percent  increase in the  financial  institution's
prime rate  (approximately  0.5 basis  points) would be  approximately  $32,000,
assuming borrowed amounts under the credit facility remain at $7.5 million.  The
Company did not have any open derivative contracts relating to interest rates at
December 31, 2002.

FORWARD-LOOKING STATEMENTS AND RISK

     Certain  statements  in this  report,  including  statements  of the future
plans, objectives,  and expected performance of the Company, are forward-looking
statements that are dependent upon certain events,  risks and uncertainties that
may be outside the Company's  control,  and which could cause actual  results to
differ  materially from those  anticipated.  Some of these include,  but are not
limited  to,  the  market  prices  of oil  and  gas,  economic  and  competitive
conditions,  inflation  rates,  legislative  and regulatory  changes,  financial
market conditions,  political and economic uncertainties of foreign governments,
future business decisions,  and other uncertainties,  all of which are difficult
to predict.

     There are  numerous  uncertainties  inherent in  estimating  quantities  of
proved oil and gas reserves and in projecting future rates of production and the
timing of development expenditures.  The total amount or timing of actual future
production may vary  significantly from reserves and production  estimates.  The
drilling of exploratory  wells can involve  significant  risks,  including those
related to timing, success rates and cost overruns.  Lease and rig availability,
complex  geology and other  factors can also affect these  risks.  Additionally,
fluctuations  in oil and gas prices,  or a prolonged  period of low prices,  may
substantially  adversely  affect the Company's  financial  position,  results of
operations and cash flows.


                                       47
<PAGE>

ITEM 8  FINANCIAL STATEMENTS

     The financial statements and supplementary data commence on page F-1.


ITEM 9  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
        ON ACCOUNTING AND FINANCIAL DISCLOSURE

     Not Applicable


                                       48
<PAGE>

PART III

ITEM 10  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

IDENTIFICATION OF DIRECTORS AND EXECUTIVE OFFICERS

     The  following  table sets  forth the names of all  current  directors  and
executive  officers  of the  Company.  These  persons  will serve until the next
annual  meeting  of  stockholders  (to be  held at such  time  as the  Board  of
Directors  shall  determine) or until their  successors are elected or appointed
and qualified, or their prior resignations or terminations.

                                                                 Date of Initial
                                      Positions                  Election or
Name                                  Held                       Designation
- ----                                  ----                       -----------
Stephen W. Akos                       Director                   2/28/03
8000 Maryland Avenue
St. Louis, MO 63105

Joseph E. Armstrong                   Director                   3/13/97
4708 Hilldale Drive
Knoxville, TN 37914

Jeffrey R. Bailey                     Director;                  2/28/03
2306 West Gallaher Ferry              President                  6/17/02
Knoxville, TN 37932

John A. Clendening                    Director                   2/28/03
1031 Saint Johns Drive
Maryville, TN 37801

Robert L. Devereux                    Director                   2/28/03
10 South Brentwood Blvd.
St. Louis, MO 63105

Bill L. Harbert      .                Director                   4/2/02
820 Shaders Creek Pkway
Birmingham, AL 35209

Peter E. Salas                        Director                   10/8/02
129 East 17th Street
New York, NY 10003


                                       49
<PAGE>

Charles M. Stivers                    Director                   9/28/01
420 Richmond Road
Manchester, KY 40962

Richard T. Williams                   Director;                  6/28/02
4472 Deer Run Drive                   Chief Executive             2/3/03
Louisville, TN 37777                  Officer

Mark A. Ruth                          Chief Financial           12/14/98
9400 Hickory Knoll Lane               Officer
Knoxville, TN 37922

Robert M. Carter                      President Tengasco          6/1/98
760 Prince George Parish Drive        Pipeline Corporation
Knoxville, TN 37931

Cary V. Sorensen                      General Counsel;           07/9/99
509 Bretton Woods Dr.                 Secretary
Knoxville, TN 37919

Sheila F. Sloan                       Treasurer                  12/4/96
121 Oostanali Way
Loudon, TN 37774

SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

     In fiscal 2002, Malcolm E. Ratliff,  formerly a Director of the Company and
its Chief  Executive  Officer in 2002,  failed to timely  file one Form 4 Report
involving two  transactions.  Mr. Ratliff also recently filed an untimely Form 5
Report which  indicated  he failed to file Form 4 Reports for two  transactions,
one in October 2002 and the other in December 2002. Benton L. Becker,  who was a
Director  of the  Company in 2002,  also failed to timely file one Form 4 Report
involving three transactions.

BUSINESS EXPERIENCE

     DIRECTORS

     Stephen W. Akos is 49 years old. He has over twenty years experience in the
financial services industry with an expertise in fixed income securities.  Since
August of 2000,  he has been First Vice  President,  Institutional  Fixed Income
Sales,  Robert W.  Baird & Co.,  St.  Louis,  Missouri.  Prior to 2000,  he held
executive  positions with Mercantile Bank and Mark Twain Bank since 1993. Before
1993 he was a broker and


                                       50
<PAGE>

held a series of executive  positions at brokerage  firms Dean Witter,  Shearson
Lehman Hutton,  Drexel  Burnham  Lambert,  and Kidder  Peabody in St. Louis.  He
received an MBA in Finance from  Washington  University  in 1979,  and a B.S. in
Business Administration,  Accounting, from Washington University in 1976. He has
been a shareholder of the Company for approximately six years. He was elected as
a Director of the Company on February 28, 2003.

     Joseph  Earl  Armstrong  is 46  years  old  and a  resident  of  Knoxville,
Tennessee.  He is a graduate  of the  University  of  Tennessee  and  Morristown
College   where  he   received  a  Bachelor   of  Science   Degree  in  Business
Administration.  From  1988  to  the  present,  he has  been  an  elected  State
Representative  for  Legislative  District  15 in  Tennessee.  From  1994 to the
present  he has been in charge of  government  relations  for the  Atlanta  Life
Insurance  Co. From 1981 to 1994 he was a District  Manager for the Atlanta Life
Insurance Co. He has served as Director of the Company since 1997.

     Jeffrey R.  Bailey is 45 years old.  He  graduated  in 1980 from New Mexico
Institute of Mining and Technology with a B.S. degree in Geological Engineering.
Upon  graduation he joined  Gearhart  Industries as a field engineer  working in
Texas,  New Mexico,  Kansas,  Oklahoma and Arkansas.  Gearhart  Industries later
merged with Halliburton Company. In 1993 after 13 years working in various field
operations and management roles primarily focused on reservoir  evaluation,  log
analysis and log data acquisition he assumed a global role with Halliburton as a
Petrophysics  instructor  in  Fort  Worth,  Texas.  His  duties  were  to  teach
Halliburton   personnel  and  customers   around  the  world  log  analysis  and
competition technology and to review analytical reservoir problems. In this role
Mr. Bailey had the  opportunity to review  reservoirs in Europe,  Latin America,
Asia  Pacific and the Middle East  developing  a special  expertise in carbonate
reservoirs.  In 1997 he  became  technical  manager  for  Halliburton  in Mexico
focusing on finding engineering  solutions to the production challenges of large
carbonate  reservoirs in Mexico.  He joined the Company as its Chief  Geological
Engineer on March 1, 2002.  He was elected as  President  of the Company on July
17, 2002 and as a Director on February 28, 2003.

     Dr.  John A.  Clendening  is 70 years old. He received  B.S.  (1958),  M.S.
(1960) and Ph. D. (1970)  degrees in geology from West Virginia  University.  He
was employed as a  Palynologist-Coal  Geologist at the West Virginia  Geological
Survey from 1960 until 1968.  He joined Amoco in 1968 and remained with Amoco as
a senior geological associate until 1972. Dr. Clendening has served as President
and other offices of the American Association of Stratigraphic Palynologists and
the  Society  of  Organic  Petrologists.  From  1992 - 1998  he was  engaged  in
association  with Laird  Exploration  Co.,  Inc.  of Houston,  Texas,  directing
exploration and production in south central  Kentucky.  In 1999 he purchased all
the  assets  of  Laird  Exploration  in  south  central  Kentucky  and  operates
independently.  While  with Amoco Dr.  Clendening  was  instrumental  in Amoco's
acquisition  in the early  1970's of large land  acreage  holdings in  Northeast
Tennessee,  based upon his geological studies and recommendations.  His work led
directly to the  discovery of what is now the  Company's  Paul Reed # 1 well. He
further  recognized  the area to have  significant  oil and gas potential and is
credited with  discovery of the field which is now known as the  Company's  Swan
Creek Field. Dr. Clendening  previously served as a Director of the


                                       51
<PAGE>

Company from  September  1998 to August 2000. He was again elected as a Director
of the Company on February 28, 2003.

     Robert L.  Devereux is 42 years old. He  graduated  in 1982 from St.  Louis
University with a Bachelor's Degree in Business  Administration  with a major in
finance.  He received his law degree from St. Louis  University in 1985. For the
past eighteen years,  Mr. Devereux has been actively  engaged in the practice of
law, specializing in commercial litigation.  Since 1994, he has been a principal
in the law firm of Devereux Murphy LLC located in St. Louis,  Missouri.  For the
past eight years Mr. Devereux has also been a principal of and has served as the
Chief  Executive  Officer of Gateway  Title  Company,  Inc.  He was elected as a
Director of the Company on February 28, 2003.

     Bill L.  Harbert  is 79  years  old.  He  earned  a B.S.  degree  in  civil
engineering  from Auburn  University in 1948. In 1949 he was one of the founders
of  Harbert  Construction  Company.  He  managed  that  company's   construction
operations,   both   domestic   and  foreign,   and  served  as  its   Executive
Vice-President until 1979. From 1979 until July, 1990 he served as President and
Chief  Operating  Officer and from July 1990 through  December 1991 he served as
Vice Chairman of the Board of Harbert  International,  Inc. He then  purchased a
majority of the  international  operations  of Harbert  International,  Inc. and
formed Bill Harbert International  Construction,  Inc. He served as Chairman and
Chief Executive  Officer of that corporation  until retiring from the company in
2000. Mr. Harbert's  companies built pipeline  projects in the United States and
throughout  the world.  They also built many other projects  including  bridges,
commercial buildings,  waste water treatment plants, airports,  including an air
base in Negev,  Israel and embassies for the United States  government in, among
other places,  Tel Aviv,  Hong Kong,  and Baku.  Mr.  Harbert has also served as
president (1979) and Director (1980) of the Pipe Line  Contractors  Association,
USA  and  for  seven  years  as  Director,   Second   Vice-President  and  First
Vice-President   (2001-2002)  of  the   International   Pipe  Line   Contractors
Association.  Mr.  Harbert  has been  active in service to a variety of business
associations,  charities and the arts in the Birmingham  area for many years. He
was elected as a Director of the Company on April 2, 2002.

     Peter E.  Salas is 48 years old.  He has been  President  of Dolphin  Asset
Management Corp. and its related companies since he founded it in 1988. Prior to
establishing  Dolphin, he was with J.P. Morgan Investment  Management,  Inc. for
ten years,  becoming  Co-manager,  Small  Company  Fund and  Director-Small  Cap
Research.  He received an A.B.  degree in Economics  from  Harvard in 1976.  Mr.
Salas was elected to the Board of Directors on October 8, 2002.

     Charles M.  Stivers is 40 years old.  He is a Certified  Public  Accountant
with 18 years  accounting  experience.  In 1984 he  received  a B.S.  degree  in
accounting  from  Eastern  Kentucky  University.  From 1983 through July 1986 he
served as Treasurer and CEO for Clay Resource Company.  From August 1986 through
August  1989 he served as a senior tax and audit  specialist  for  Gallaher  and
Company.  From  September  1989 to date he has owned  and  operated  Charles  M.
Stivers,  C.P.A.,  a regional  accounting firm. Mr. Stiver's firm specializes in
the oil and gas industry and has clients in eight  states.  The oil and gas work
performed  by his firm  includes


                                       52
<PAGE>

all forms of SEC audit work, SEC quarterly financial statement filings,  oil and
gas  consulting  work  and  income  tax  services.  Mr.  Stiver's  firm has also
represented  oil and gas companies  with respect to Federal and State income tax
disputes in 15 states over the past 12 years.  In September 2001, he was elected
as a  director  of the  Company  and  is the  chairman  of the  Company's  audit
committee.

     Dr.  Richard  T.  Williams  is 52 years  old.  He has been a member  of the
faculty of the Department of Geological  Sciences at The University of Tennessee
in Knoxville,  Tennessee,  since 1987,  after holding faculty  positions at West
Virginia University and the University of South Carolina since 1979. He has been
engaged in reflection  seismology  and  geophysical  studies in the  Appalachian
Overthrust  since 1980. He earned his Ph.D. in Geophysics  from Virginia Tech in
1979.  Dr.  Williams  was  elected  to the  Board of  Directors  of the  Company
effective June 28, 2002. He was appointed Chief Operating Officer of the Company
on January 10, 2003,  and on February 3, 2003,  he was elected  Chief  Executive
Officer of the Company.

     OFFICERS

     Mark A. Ruth is 44 years old. He is a certified  public  accountant with 21
years accounting experience. He received a B.S. degree in accounting with honors
from the  University  of  Tennessee  at  Knoxville.  He has  served as a project
controls engineer for Bechtel Jacobs Company,  LLC; business manager and finance
officer for Lockheed  Martin  Energy  Systems;  settlement  department  head and
senior  accountant  for  the  Federal  Deposit  Insurance  Corporation;   senior
financial   analyst/internal   auditor   for   Phillips   Consumer   Electronics
Corporation;  and, as an auditor for Arthur Andersen and Company.  From December
14, 1998 to August 31, 1999 he served as the Company's Chief Financial  Officer.
On August 31,  1999 he was  elected as a  Vice-President  of the  Company and on
November  8,  1999 he was  again  appointed  as the  Company's  Chief  Financial
Officer.

     Robert M. Carter is 66 years old. He attended  Tennessee  Wesleyan  College
and Middle Tennessee State College between 1954 and 1957. For 35 years he was an
owner of Carter Lumber & Building Supply Company and Carter  Warehouse in Loudon
County,  Tennessee. He has been with the Company since 1995 and during that time
has been involved in all phases of the  Company's  business  including  pipeline
construction,  leasing,  financing,  and the  negotiation of  acquisitions.  Mr.
Carter was elected  Vice-President  of the Company in March,  1996, as Executive
Vice-President  in April 1997 and on March 13, 1998 he was elected as  President
of the Company.  He served as President  of the Company  until he resigned  from
that  position  on October  19,1999.  On August 8, 2000 he again was  elected as
President of the Company and served in that capacity until July 31, 2001. He has
served as President of Tengasco Pipeline Corporation,  a wholly owned subsidiary
of the Company, from June 1, 1998 to the present.

     Cary V. Sorensen is 54 years old. He is a 1976  graduate of the  University
of Texas School of Law and has  undergraduate  and  graduate  degrees form North
Texas State  University  and Catholic  University in  Washington,  D.C. Prior to
joining  the  Company in July,  1999,  he had


                                       53
<PAGE>

been continuously  engaged in the practice of law in Houston,  Texas relating to
the energy  industry  since 1977,  both in private law firms and a corporate law
department,  most  recently  serving for seven years as senior  counsel with the
litigation  department of Enron Corp.  before entering private practice in June,
1996. He has represented virtually all of the major oil companies  headquartered
in Houston and all of the  operating  subsidiaries  of Enron  Corp.,  as well as
local  distribution  companies and electric  utilities in a variety of litigated
and  administrative  cases before state and federal  courts and agencies in five
states.  These matters  involved gas contracts,  gas marketing,  exploration and
production disputes involving royalties or operating interests, land titles, oil
pipelines and gas pipeline tariff matters at the state and federal  levels,  and
general operation and regulation of interstate and intrastate gas pipelines.  He
has served as General Counsel of the Company since July 9, 1999.

     Sheila F. Sloan is 47 years old. She graduated  from South Lake High School
located in St. Clair Shores, Michigan in 1972. From 1981 to 1985 she worked as a
purchasing agent for Sequoyah Land Company located in  Madisonville,  Tennessee.
From 1990 to 1995 she  managed the Form U-3 Weight  Loss  Centers in  Knoxville,
Tennessee. She has been with the Company since January 1996. On December 4, 1996
she was elected as the Company's Treasurer.

COMMITTEES

     The Company's Board has operating audit, stock option, compensation,  field
safety and frontier exploration committees.  Charles M. Stivers, Stephen W. Akos
and John A.  Clendening are the members of the Company's  Audit  Committee.  Mr.
Stivers is the Chairman of this  Committee  and has also been  designated by the
Company as the financial expert of the Audit Committee. Robert L. Devereux, John
A. Clendening and Mr. Akos comprise the stock option committee with Mr. Devereux
acting  as  Chairman;   Messrs.   Akos,  Stivers  and  Clendening  comprise  the
compensation  committee  with Mr.  Clendening  acting as  Chairman;  Richard  T.
Williams,  Jeffrey R. Bailey and Joseph Earl Armstrong comprise the field safety
committee;  and Messrs.  Williams,  Bailey and Clendening  comprise the frontier
exploration committee.

FAMILY RELATIONSHIPS

     There are no family  relationships  between any of the present directors or
executive officers of the Company.

INVOLVEMENT IN CERTAIN LEGAL PROCEEDINGS

     To the knowledge of management,  during the past five years,  no present or
former director,  executive  officer,  affiliate or person nominated to become a
director or an executive officer of the Company:


                                       54
<PAGE>

     (1)  Filed a  petition  under  the  federal  bankruptcy  laws or any  state
     insolvency  law,  nor had a  receiver,  fiscal  agent  or  similar  officer
     appointed by a court for the  business or property of such  person,  or any
     partnership in which he or she was a general partner at or within two years
     before the time of such filing, or any corporation or business  association
     of which he or she was an  executive  officer at or within two years before
     the time of such filing;

     (2) Was  convicted in a criminal  proceeding  or named subject of a pending
     criminal   proceeding   (excluding   traffic  violations  and  other  minor
     offenses);

     (3) Was the  subject of any order,  judgment  or decree,  not  subsequently
     reversed,  suspended or vacated,  of any court of  competent  jurisdiction,
     permanently or temporarily  enjoining him or her from or otherwise limiting
     his or her  involvement  in any type of  business,  securities  or  banking
     activities;

     (4) Was found by a court of competent  jurisdiction  in a civil action,  by
     the Securities  and Exchange  Commission or the Commodity  Futures  Trading
     Commission  to have violated any federal or state  securities  law, and the
     judgment in such civil  action or finding by the  Securities  and  Exchange
     Commission has not been subsequently reversed, suspended, or vacated.


ITEM 11  EXECUTIVE COMPENSATION

     The following  table sets forth a summary of all  compensation  awarded to,
earned or paid to, the Company's  Chief  Executive  Officer  during fiscal years
ended  December 31, 2002,  December 31, 2001 and December 31, 2000.  None of the
Company's other executive officers earned compensation in excess of $100,000 per
annum for services rendered to the Company in any capacity during those periods.


                                       55
<PAGE>

                           SUMMARY COMPENSATION TABLE


<TABLE>
<CAPTION>
                                                                     -----------LONG TERM AWARDS-----
                                  ANNUAL COMPENSATION                           -----------AWARDS----PAYOUTS
- ------------------------------------------------------------------------------------------------------------------------------------
Name and                      YEAR    SALARY ($)   BONUS ($)   OTHER ANNUAL    RESTRICTED     SECURITIES     PAYOUTS       ALL OTHER
Principal Position                                             COMPENSATION    STOCK          UNDERLYING                   COMPEN-
                                                               ($)             AWARDS($)      OPTIONS                      SATION
                                                                                              /SARS(#)
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                           <C>     <C>           <C>        <C>               <C>           <C>              <C>           <C>
Malcolm E. Ratliff,           2002    $80,000       $-0-       $ -0-            -0-            59,0628         -0-           -0-
Chief Executive Officer(7)    2001    $80,000       $-0-       $1,000           -0-             52,500         -0-           -0-
                              2000    $70,000       $-0-       $  500           -0-             52,500         -0-           -0-
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

- --------------------------
(7)  Malcolm  E.  Ratliff  served  as  the  Company's  Chief  Executive  Officer
throughout  2002.  Richard T. Williams,  the Company's  current Chief  Executive
Officer replaced Mr. Ratliff on February 3, 2003.

(8) Number of shares underlying options has been retroactively adjusted for a 5%
stock dividend declared by the Company as of September 4, 2001.


                                       56

<PAGE>
OPTION GRANTS FOR FISCAL 2002

     During fiscal year ended December 31, 2002 the Company granted an option to
the Chief  Executive  Officer to purchase  6,562 shares of the Company's  common
stock at a price of $2.86 per share.  The option was for a period of three years
commencing on August 5, 2002.  None of the Company's  other  executive  officers
earned compensation in excess of $100,000 per annum for services rendered to the
Company in any capacity during the fiscal year ended December 31, 2002.

AGGREGATE OPTION EXERCISES FOR FISCAL 2002
AND YEAR END OPTION VALUES

<TABLE>
<CAPTION>
                                                            --------------------------------------------------------
                                                            NUMBER OF SECURITIES(9)     VALUE(10) of Unexercised
                                                            Underlying Unexercised      In-the-Money
                                                            Options/SARs at             Options/SARs at
                                                            December 31, 2002           December 31, 2002
- --------------------------------------------------------------------------------------------------------------------
         NAME              SHARES ACQUIRED   VALUE ($)      EXERCISABLE/                       EXERCISABLE/
                             ON EXERCISE     REALIZED(11)   UNEXERCISABLE                      UNEXERCISABLE
- --------------------------------------------------------------------------------------------------------------------
<S>                               <C>              <C>              <C>                       <C>
MALCOLM E. RATLIFF               -0-              -0-               59,062/-0-                 $-0-/-0-
- --------------------------------------------------------------------------------------------------------------------
</TABLE>

     No options were exercised during fiscal year ended December 31, 2002 by the
Chief Executive  Officer.  None of the Company's other executive officers earned
compensation  in excess of  $100,000  per annum  for  services  rendered  to the
Company in any capacity.

     The Company adopted an employee  health  insurance plan in August 2001. The
Company does not  presently  have a pension or similar  plan for its  directors,
executive  officers or employees.  Management is  considering  adopting a 401(k)
plan and full liability insurance for directors and executive officers. However,
there are no immediate plans to do so at this time.

COMPENSATION OF DIRECTORS

     The Board of Directors has resolved to  compensate  members of the Board of
Directors for attendance at meetings at the rate of $250 per day,  together with
direct out-of-pocket expenses incurred in attendance at the meetings,  including
travel.  The  Directors,  however,  have waived such fees due to them as of this
date for prior meetings.

- --------------------------
(9) Number of shares underlying the unexercised  options has been  retroactively
adjusted  for a 5% stock  dividend  declared by the Company as of  September  4,
2001.

(10)  Unexercised  options  are  in-the-money  if the fair  market  value of the
underlying  securities exceeds the exercise price of the option. The fair market
value of the Common Stock was $1.10 per share on December 31, 2002,  as reported
by The American Stock Exchange.  The exercise price of the  unexercised  options
granted to Malcolm E. Ratliff, the Chief Executive Officer of the Company,  were
$8.69 and $2.86 per share. As a result, the unexercised  options have a negative
value.

(11) Value  realized  in dollars is based upon the  difference  between the fair
market  value of the  underlying  securities  on the date of  exercise,  and the
exercise price of the option.


                                       57
<PAGE>

     Members  of the  Board  of  Directors  may  also be  requested  to  perform
consulting or other professional services for the Company from time to time. The
Board of  Directors  has  reserved to itself the right to review all  directors'
claims for compensation on an ad hoc basis.

     Directors who are on the  Company's  Audit,  Compensation  and Stock Option
Committees  are  independent  and  therefore,  do not  receive  any  consulting,
advisory or compensatory fees from the Company.  However, such Board members may
receive  fees from the  Company  for their  services  on those  committees.  The
Company intends to implement a plan for the payment of those  committee  members
for their services on an annual basis.


EMPLOYMENT CONTRACTS

     The  Company  has  entered  into an  employment  contract  with  its  Chief
Executive  Officer,  Richard  T.  Williams  for a period  of two  years  through
December 31, 2004 at an annual  salary of $80,000.  There are presently no other
employment  contracts relating to any member of management.  However,  depending
upon the Company's operations and requirements,  the Company may offer long term
contracts to directors, executive officers or key employees in the future.


COMPENSATION COMMITTEE INTERLOCKING
AND INSIDER PARTICIPATION

     There are no interlocking  relationship between any member of the Company's
Compensation Committee and any member of the compensation committee of any other
company,  nor has any such  interlocking  relationship  existed in the past.  No
member  of the  Compensation  Committee  is or was  formerly  an  officer  or an
employee of the Company.

ITEM 12  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
         MANAGEMENT

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS

     The  following  tables  set  forth  the  share  holdings  of the  Company's
directors and  executive  officers and those persons who own more than 5% of the
Company's common stock as


                                       58
<PAGE>

of March 3, 2003 with these  computations  being based upon 11,927,004 shares of
common stock being outstanding as of that date and as to each shareholder, as it
may pertain,  assumes the exercise of options or warrants or the  conversion  of
convertible  debt or preferred  stock granted or held by such  shareholder as of
March 3, 2003.

                           FIVE PERCENT STOCKHOLDERS(12)

<TABLE>
<CAPTION>
                                                     NUMBER OF SHARES                PERCENT OF
NAME AND ADDRESS                    TITLE            BENEFICIALLY OWNED                CLASS
- ----------------                    -----            ------------------                -----
<S>                               <C>                   <C>                         <C>
Malcolm E. Ratliff                Stockholder           2,736,549(13)                  22.8%
1200 Scott Lane
Knoxville, TN 37922



Dolphin Offshore                  Stockholder           2,036,613(14)                  16.7%
Partners, L.P.
129 East 17th Street
New York, NY 10003


Bill L. Harbert                   Stockholder/          1,489,496(15)                  12.4%
820 Shaders Creek Pkwy.           Director
Birmingham, AL 35209
</TABLE>

                           DIRECTORS AND OFFICERS(16)

<TABLE>
<CAPTION>
                                                     NUMBER OF SHARES                PERCENT OF
NAME AND ADDRESS                    TITLE            BENEFICIALLY OWNED                CLASS
- ----------------                    -----            ------------------                -----
<S>                               <C>                    <C>                                  <C>
Stephen W. Akos                   Director               23,439(17)                 Less than 1%
8000 Maryland Avenue
St. Louis, MO 63105

Joseph Earl Armstrong             Director               57,450(18)                 Less than 1%
4708 Hilldale Drive
Knoxville, TN 37914
</TABLE>

- --------------------------
(12) Unless otherwise stated,  all shares of Common Stock are directly held with
sole voting and dispositive power. The shares set forth in the table reflect the
5% stock  dividend  declared  by the Company  for  shareholders  of record as of
September 4, 2001.

(13) Malcolm E. Ratliff,  formerly the  Company's  Chief  Executive  Officer and
Chairman of the Board of Directors and a former Director of the Company,  is the
sole  shareholder  and President of Industrial  Resources  Corporation (" IRC").
Malcolm E. Ratliff's wife, Linda Ratliff, is the Secretary of IRC.  Accordingly,
IRC may be deemed to be an affiliate of the Company.  James Ratliff,  who is the
father of Malcolm E. Ratliff,  is the sole  shareholder and President of Ratliff
Farms, Inc. Malcolm E. Ratliff is the Vice-President/Secretary of Ratliff Farms.
Malcolm E.  Ratliff  has voting  control of the shares of the  Company  owned by
Ratliff Farms, Inc. Accordingly, Ratliff Farms, Inc. may also be deemed to be an
affiliate of the Company.  The shares  listed here include  80,171  shares owned
directly  and an option to purchase  59,062  shares held by Malcolm E.  Ratliff,
1,849,744  shares owned by IRC,  716,072 shares owned directly by Ratliff Farms,
Inc.  and 31,500  shares  owned  directly by a trust of which  Linda  Ratliff is
trustee and the children of Malcolm E. Ratliff are the beneficiaries. The shares
listed here do not include shares of the Company owned directly by James Ratliff
or any entity of which he is the controlling  person.  The shares listed also do
not include 373,900 shares  directly owned by Dolphin  Offshore  Partners,  L.P.
("Dolphin") which Dolphin granted IRC an option to purchase commencing April 11,
2003 and  expiring on May 21,  2003 at a price of $2.386 per share.  The general
partner  and  controlling  person of Dolphin is Peter  Salas,  a Director of the
Company. In the event IRC does not exercise the option, Dolphin has the right to
require IRC to  purchase  from it the same number of shares that are the subject
of the option (373,900) at a price of $2.495 per share.


(14)  Consists of  1,739,720  shares  held by Dolphin  Offshore  Partners,  L.P.
("Dolphin") of which Peter E. Salas,  a Director of the Company,  is the general
partner and  controlling  person;  a warrant held by Dolphin to purchase  10,500
shares at $7.98 per share;  173,611 shares  underlying a promissory  convertible
note  held by  Dolphin;  and,  112,782  shares  underlying  9,000  shares of the
Company's Series B 8% Cumulative Convertible Preferred Stock held directly which
is  convertible  into the  Company's  Common  Stock  at the  rate of  $7.98  per
share.The  shares listed  include  373,900 shares held directly by Dolphin as to
which Dolphin granted an option to Industrial  Resources  Corporation ("IRC") to
purchase commencing on April 11, 2003 and expiring on May 21, 2003 at a price of
$2.386 per share. Malcolm E. Ratliff, a Director of the Company and formerly the
Company's  Chief  Executive  Officer  and  Chairman  of the  Board,  is the sole
shareholder  and President of IRC. If the option is not  exercised,  Dolphin has
the right to require IRC to purchase  from it the same number of shares that are
the subject of the option (373,900) at a price of $2.495 per share.

(15) Consists of 1,404,942 shares held directly,  71,429 shares underlying 5,000
shares of the Company's Series A 8% Cumulative  Convertible Preferred Stock held
directly which is convertible  into the Company's  Common Stock and an option to
purchase 13,125 shares.

(16) Unless otherwise stated,  all shares of Common Stock are directly held with
sole voting and dispositive power. The shares set forth in the table reflect the
5% stock  dividend  declared  by the Company  for  shareholders  of record as of
September 4, 2001.

(17) Consists of 14,081 shares held directly (certain of which are jointly owned
with spouse) and 9,358 shares underlying convertible promissory notes owned with
his spouse and by a limited partnership.  Shares underlying note held by limited
partnership  has been adjusted to reflect his ownership  interest in the limited
partnership.


(18)  Consists of 4,950  shares  held  directly  and options to purchase  52,500
shares.



                                       59
<PAGE>

<TABLE>

<S>                               <C>                   <C>                         <C>
Jeffrey R. Bailey                 Director;              18,125(19)                 Less than 1%
2306 West Gallaher Ferry          President
Knoxville, TN 37932

John A. Clendening                Director                  -0-                         -0-
1031 Saint Johns Drive
Maryville, TN 37801

Robert L. Devereux                Director               56,882(20)                 Less than 1%
10 South Brentwood Blvd.
St. Louis, MO 63105

Bill L. Harbert                   Director             1,489,496(21)                    12.4%
820 Shaders Creek Pkwy.
Birmingham, AL 35209

Peter E. Salas                    Director              2,036,613(22)                   16.7%
129 East 17th Street
New York, NY 10003

Charles M. Stivers                Director                13,125(23)                Less than 1%
420 Richmond Road
Manchester, KY 40962

Richard T. Williams               Director;               13,125(24)                Less than 1%
4477 Deer Run Drive               Chief Executive
Louisville, TN                    Officer

Robert M. Carter                  President               68,071(25)                Less than 1%
760 Prince Georges Parish         Tengasco Pipeline
Knoxville, TN 37922               Corporation
</TABLE>

- --------------------------
(19)  Consists of 5,000 shares held  directly  and an option to purchase  13,125
shares.

(20)  Consists of 34,562  shares held  directly  with his spouse;  12,448 shares
underlying  a  convertible  note held with his spouse;  6,753  shares owned by a
limited liability company; and, 3119 shares underlying a convertible  promissory
note held by a limited liability company.  Shares owned by the limited liability
company and  underlying  note held by the limited  liability  company  have been
adjusted to reflect his ownership interest in the limited liability company.

(21) Consists of 1,404,942 shares held directly,  71,429 shares underlying 5,000
shares of the Company's Series A 8% Cumulative  Convertible Preferred Stock held
directly  which is  convertible  into the Company's  Common Stock at the rate of
$7.00 per share and an option to purchase 13,125 shares.

(22)  Consists of  1,739,720  shares  held by Dolphin  Offshore  Partners,  L.P.
("Dolphin")  of which  Peter E. Salas is the  general  partner  and  controlling
person; a warrant held by Dolphin to purchase 10, 500 shares at $7.98 per share;
173,611 shares  underlying a promissory  convertible note held by Dolphin;  and,
112,782 shares  underlying  9,000 shares of the Company's Series B 8% Cumulative
Convertible  Preferred  Stock  held  directly  which  is  convertible  into  the
Company's Common Stock at the rate of $7.98 per share. The shares listed include
373,900 shares held directly by Dolphin as to which Dolphin granted an option to
Industrial  Resources  Corporation  ("IRC") to purchase  commencing on April 11,
2003 and  expiring  on May 21,  2003 at a price of $2.386 per share.  Malcolm E.
Ratliff,  a Director of the Company and formerly the Company's  Chief  Executive
Officer and Chairman of the Board, is the sole shareholder and President of IRC.
If the option is not exercised, Dolphin has the right to require IRC to purchase
from it the same number of shares  that are the subject of the option  (373,900)
at a price of $2.495 per share.

(23) Consists of shares underlying an option.

(24) Consists of shares underlying an option.


(25)  Consists of 7,696  shares  held  directly  and options to purchase  60,375
shares.


                                       60
<PAGE>


<TABLE>
<S>                               <C>                   <C>                         <C>
Mark A. Ruth                      Chief Financial         45,937(26)                Less than 1%
9400 Hickory Knoll Lane           Officer
Knoxville, TN 37931

Cary V. Sorensen                  General Counsel;        39,375(27)                Less than 1%
509 Bretton Woods Dr.             Secretary
Knoxville, TN 37919


Sheila F. Sloan                   Treasurer               21,787(28)                Less than 1%
121 Oostanali Way
Loudon, TN 37774

All Officers and                                       3,883,425(29)                   30.8%
Directors as a group
</TABLE>

CHANGES IN CONTROL

     Except as indicated  below,  to the knowledge of the Company's  management,
there are no present  arrangements or pledges of the Company's  securities which
may result in a change in control of the Company.

ITEM 13  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

TRANSACTIONS WITH MANAGEMENT AND OTHERS

     Except as set forth  hereafter,  there have been no material  transactions,
series of similar  transactions or currently proposed  transactions during 2002,
to which the  Company  or any of its  subsidiaries  was or is to be a party,  in
which the amount involved exceeds $60,000 and in which any director or executive
officer or any  security  holder who is known to the Company to own of record or
beneficially  more than 5% of the Company's  common stock,  or any member of the
immediate family of any of the foregoing persons, had a material interest.


- --------------------------
(26) Consists of shares underlying options.

(27) Consists of shares underlying options.

(28) Consists  of 2,100  shares  held  directly  and options to purchase  19,687
shares.

(29) Consists of shares held directly and indirectly by management,  shares held
by  Dolphin,  270,374,  shares  underlying  options,  10,500  shares  underlying
warrants,  198,536 shares  underlying  convertible  promissory notes and 182,411
shares underlying convertible preferred stock.

                                       61

<PAGE>
     On January 21, 2002 and April 9, 2002, Bill Harbert, who owns more than ten
percent of the Company's  outstanding  Common Stock and is now a Director of the
Company,  but was not at that time, in two private placements  purchased 100,000
shares of the Company's  common stock on each of those dates, at prices of $6.32
and $4.80 per share,  respectively.  The proceeds from these private  placements
were used as working capital to fund the Company's day to day operations.

     On October 7, 2002, Dolphin Offshore Partners,  L.P.  ("Dolphin) which owns
more  than ten  percent  of the  Company's  outstanding  Common  Stock and whose
general partner,  Peter E. Salas, is a Director of the Company, in consideration
of a loan to the Company was issued an unsecured convertible  promissory note by
the  Company in the  principal  amount of  $500,000  bearing 8%  interest,  with
payments of interest only payable quarterly and the principal payable January 4,
2004. The principal  amount of the note is convertible  into Common Stock of the
Company at the rate of $2.88 per share. The proceeds from this note were used to
provide working capital for the Company's operations.

     In August 2002,  Dolphin  purchased  650,000 shares of the Company's Common
Stock in an open market transaction.  In connection with that purchase,  Dolphin
entered into an  agreement  on which was later  amended on October 11, 2002 with
Industrial Resources  Corporation  ("IRC"),  which owns more than ten percent of
the Company's outstanding Common Stock and whose sole shareholder and President,
Malcolm E. Ratliff,  was at the time of this  transaction  the  Company's  Chief
Executive  Officer and a Director of the  Company.  Pursuant to that  agreement,
Dolphin  granted IRC an option  commencing on April 11, 2003 and expiring on May
12, 2003 to purchase up to 373,900 shares of the Company's Common Stock that had
been  purchased by Dolphin at a price of $2.386 per share,  and if the option is
not  exercised  during the option  period IRC is then  required to purchase from
Dolphin the same number  shares that had been the subject of the option at price
of $2.495 per share. The Company is not a party to the agreement between IRC and
Dolphin  concerning  shares of the  Company  owned by  Dolphin,  and there is no
effect upon the Company based in any way upon the performance or  nonperformance
of that agreement.

     On December 4, 2002 , Dolphin  loaned the Company the sum of $250,000 which
funds  were used to pay the  principal  and  interest  due that  month  from the
Company to Bank One and to provide working capital for the Company.  The Company
issued a  promissory  note to Dolphin  bearing  interest  at the rate of 12% per
annum,  with  payments of interest  only  payable  quarterly  and the  principal
balance payable on January 4, 2004.

     On January 8, 2003, Bill Harbert  purchased 227,275 shares of the Company's
Common  Stock from the  Company in a private  placement  at a price of $1.10 per
share. The proceeds from this sale were used by the Company to pay the principal
and interest due to Bank One for January,  2003 and to provide  working  capital
for the Company's operations.


                                       62
<PAGE>

     On February 3, 2003 and February 28, 2003,  Dolphin  loaned the Company the
sum of $250,000 on each such date which the  Company  used to pay the  principal
and  interest  due to Bank One for  February  and  March  2003  and for  working
capital.  Each of these loans is  evidenced by a separate  promissory  note each
bearing  interest at the rate of 12% per annum,  with  payments of interest only
payable quarterly and the principal balance payable on January 4, 2004.

     Each of the three  loans made by Dolphin  set forth above are secured by an
undivided 10% interest in the Company's Tennessee and Kansas pipelines.

INDEBTEDNESS OF MANAGEMENT

     No  officer,  director or  security  holder  known to the Company to own of
record or beneficially  more than 5% of the Company's common stock or any member
of the  immediate  family of any of the  foregoing  persons is  indebted  to the
Company.

PARENT OF THE ISSUER

     Unless IRC may be deemed to be a parent of the Company,  the Company has no
parent.

ITEM 14  CONTROLS AND PROCEDURES

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

     Within the past 90 days,  the  Company's  management,  including  its Chief
Executive  Officer and Chief Financial  Officer,  has conducted an evaluation of
the  effectiveness  of the  design and  operation  of the  Company's  disclosure
controls and procedures  pursuant to Rule 13a-14 and 15d-14 under the Securities
Exchange Act of 1934, as amended. Based on that evaluation,  the Company's Chief
Executive Officer and Chief Financial Officer believe:

     The Company's  disclosure  controls and  procedures  are designed to ensure
that information required to be disclosed by the Company in the reports it files
or submits under the Securities Exchange Act of 1934, as amended, including this
Report, is recorded, processed,  summarized and reported within the time periods
specified in the SEC's rules and forms; and

     The Company's  disclosure  controls and procedures were effective to ensure
that material  information  was  accumulated  and  communicated  to  management,
including the



                                       63
<PAGE>

Company's Chief Executive Officer and Chief Financial Officer, as appropriate to
allow timely decisions regarding required disclosure.

CHANGES IN INTERNAL CONTROLS

     There have been no significant changes in internal controls,  or in factors
that could  significantly  affect internal controls,  subsequent to the date the
Company's Chief executive  Officer and Chief Financial  Officer  completed their
evaluation,  nor were there any significant  deficiencies or material weaknesses
in the Company's  internal  controls.  As a result,  no corrective  actions were
required or taken.


PART IV

ITEM 15  EXHIBITS AND REPORTS

1. Financial Statements:
     Consolidated Balance Sheets
     Consolidated Statements of Loss
     Consolidated Statements of Stockholders' Equity
     Consolidated Statements of Cash Flows
     Notes to Consolidated Financial Statements

2. Exhibits.

(a) -  The  following  documents  heretofore  filed  by  the  Company  with  the
commission are hereby incorporated by reference herein from:

(i)  Registration  Statement on Form 10-SB filed with the  Commission  August 7,
1997 (Registration No. 0-29386)

Exhibit Number and Description

     3.1     Initial Articles of Incorporation
     3.2     Bylaws
     3.3     Articles of Amendment dated April 12, 1966
     3.4     Articles of Amendment dated July 12, 1984
     3.5     Articles of Amendment dated December 18, 1991
     3.6     Articles of Amendment dated September 11, 1992
     3.7     Articles of Incorporation of the Tennessee of  wholly-owned
               subsidiary



                                       64

<PAGE>
     3.8     Articles  of Merger and Plan of Merger  (taking
             into  account the  formation  of the  Tennessee
             wholly-owned  subsidiary  for  the  purpose  of
             changing the  Company's  domicile and effecting
             reverse split)
     5.1     Opinion of Robson & Miller, LLP
     10.1(a) Purchase Agreement with IRC
     10.1(b) Amendment to Purchase Agreement with IRC
     10.1(c)  General Bill of Sale and Promissory Note
     10.2(a)  Compensation Agreement - M. E. Ratliff
     10.2(b)  Compensation Agreement - Jeffrey D. Jenson
     10.2(c)  Compensation Agreement - Leonard W. Burningham
     10.3     Agreement with The Natural Gas Utility District of
                 Hawkins County, Tennessee
     10.4     Agreement with Powell Valley Electric  Cooperative, Inc.
     10.5     Agreement with Enserch Energy Services, Inc.
     16.1     Letter of David T. Thomson, CPA, Regarding Change in Certifying
                 Accountant
     16.2     Letter of Charles M. Stivers, CPA, Regarding Change  in Certifying
                 Accountant
     16.3     Letter of Price-Bednar, LLP, CPA, Regarding Change in Certifying
                 Accountant
     23.1     Consent of Charles M. Stivers, CPA
     23.2     Consent of David T. Thomson, CPA
     23.3     Consent of BDO Seidman, LLP
     23.4     Consent of Robson & Miller, LLP
     99.1     Beech Creek Lease Schedule
     99.2     Wildcat Lease Schedule
     99.3     Burning Springs Lease Schedule
     99.4     Fentress County Lease Schedule
     99.5     Swan Creek Lease Schedule
     99.6     Alabama Lease Schedule
     99.7     Coburn Engineering Report dated June 18, 1997.

(ii) Amendment No. 1 to the Registration  Statement on Form 10-SB filed with the
Commission December 11, 1997 (Registration No. 0-29386)

Exhibit Number and Description

     5.1      Opinion of Robson & Miller, LLP
     23.1     Consent of Charles M. Stivers, CPA
     23.3     Consent of BDO Seidman, LLP
     23.4     Consent of Robson & Miller, LLP
     23.5     Consent of Coburn Petroleum Engineering Co.


                                       65
<PAGE>

(iii) Current Report on Form 8-K, Date of Report, February 27, 1998:
Exhibit Number and Description

     2.1  Plan of Acquisition. Agreement dated December 18, 1997 between AFG
          Energy, Inc. and Tengasco, Inc. regarding sale of assets of AFG
          Energy, Inc.

(iii) Current Report on Form 8-KA, Date of Report, February 27, 1998:

Exhibit Number and Description

               Financial  Statements  of Business  Acquired  (AFG Energy,  Inc.)
               Independent  auditor's  report,  statement of revenues and direct
               operating  expenses  and  notes to  financial  statements  of the
               properties  acquired by Tengasco,  Inc. from AFG Energy, Inc. Pro
               Forma Financial Information Pro forma combined statements of loss
               for year ended  December  31, 1997 for  Tengasco,  Inc.  from AFG
               Energy, Inc.

     2.1(a)    Exhibit A to  Agreement  dated  December  18,  1997  between  AFG
               Energy,  Inc. and Tengasco,  Inc. regarding sale of assets of AFG
               Energy, Inc.

     2.1(a)    Exhibit A to  Agreement  dated  December  18,  1997  between  AFG
               Energy,  Inc. and Tengasco,  Inc. regarding sale of assets of AFG
               Energy, Inc.

(iv) Annual Report on Form 10-KSB, Date of Report, April 10, 1998

Exhibit Number and Description

     10.6      Teaming Agreement between  Operations  Management  International,
               Inc. and Tengasco, Inc. dated March 12, 1997

     10.7      Agreement for Transition  Services between Operations  Management
               International, Inc. and Tengasco, Inc. regarding thEast Tennessee
               Technology Park

     99.8      Coburn  Engineering  Report  dated  February 18, 1997 (Paper copy
               filed on Form SE  pursuant  to  continuing  hardship  granted  by
               Office of EDGAR Policy)

     99.9      Columbia Engineering Report dated March 2, 1997 (Paper copy filed
               on Form SE pursuant to continuing  hardship  granted by Office of
               EDGAR Policy)


                                       66
<PAGE>

(v) Annual Report on Form 10-KSB, Date of Report, April 14, 1999

Exhibit Number and Description

     3.9       Amendment to the Corporate Charter dated June 24, 1998

     3.10      Amendment to the Corporate Charter dated October 30, 1998

     99.10     Coburn  Engineering  Report  dated  February  9, 1999 (Paper copy
               filed on Form SE  pursuant  to  continuing  hardship  granted  by
               Office of EDGAR Policy)

     99.11     Columbia  Engineering  Report dated February 20, 1999 (Paper copy
               filed on Form SE  pursuant  to  continuing  hardship  granted  by
               Office of EDGAR Policy)

(vi) Current Report on Form 8-K, Date of Report, October 18, 1999:

Exhibit Number and Description

     10.9      Amendment Agreement dated October 19, 1999 between Tengasco, Inc.
               and The Natural Gas Utility District of Hawkins County, Tennessee

(vii) Current Report on Form 8-KA, Date of Report, November 18, 1999:

Exhibit Number and Description

     10.10     Natural Gas Sales  Agreement  dated  November  18,  1999  between
               Tengasco, Inc. and Eastman Chemical Company

(viii) Annual Report on Form 10-KSB, Date of Report, April 12, 2000

Exhibit Number and Description

     3.11      Amendment to the Corporate Charter filed March 17 , 2000

     10.11     Agreement between A.M.  Partners L.L.C. and Tengasco,  Inc. dated
               October 6, 1999

     10.12     Agreement between  Southcoast  Capital L.L.C. and Tengasco,  Inc.
               dated February 25, 2000

     10.13     Franchise  Agreement  between Powell Valley Utility  District and
               Tengasco, Inc. dated January 25, 2000

     10.14     Amendment   Agreement   between  Eastman   Chemical  Company  and
               Tengasco, Inc. dated March 27, 2000

     99.12     Coburn  Engineering Report dated March 30, 2000 (Paper copy filed
               on Form SE pursuant to continuing  hardship  granted by Office of
               EDGAR Policy)


                                       67
<PAGE>

     99.13     Columbia  Engineering  Report dated  January 31, 2000 (Paper copy
               filed on Form SE  pursuant  to  continuing  hardship  granted  by
               Office of EDGAR Policy)

(ix) Current Report on Form 8-K, Date of Report, August 16, 2000:

Exhibit Number and Description


     10.15     Loan Agreement between Tengasco  Pipeline  Corporation and Morita
               Properties, Inc. dated August 16, 2000.

     10.15(a)  Promissory note made by Tengasco  Pipeline  Corporation to Morita
               Properties, Inc. dated August 16, 2000.

     10.15(b)  Throughput  Agreement between Tengasco  Pipeline  Corporation and
               Morita Properties, Inc. dated August 16, 2000.

     10.16     Loan Agreement between Tengasco  Pipeline  Corporation and Edward
               W.T. Gray III dated August 16, 2000.

     10.16(a)  Promissory note made by Tengasco  Pipeline  Corporation to Edward
               W.T. Gray III dated August 16, 2000.

     10.16(b)  Throughput  Agreement between Tengasco  Pipeline  Corporation and
               Edward W.T. Gray III dated August 16, 2000.

     10.17     Loan Agreement between Tengasco Pipeline  Corporation and Malcolm
               E. Ratliff dated August 16, 2000.

     10.17(a)  Promissory note made by Tengasco Pipeline  Corporation to Malcolm
               E. Ratliff dated August 16, 2000.

     10.17(b)  Throughput  Agreement between Tengasco  Pipeline  Corporation and
               Malcolm E. Ratliff dated August 16, 2000.

     10.18     Loan Agreement between Tengasco Pipeline  Corporation and Charles
               F. Smithers, Jr. dated August 16, 2000.

     10.18(a)  Promissory note made by Tengasco Pipeline  Corporation to Charles
               F. Smithers, Jr.

     10.18(b)  Throughput  Agreement between Tengasco  Pipeline  Corporation and
               Charles F. Smithers dated August 16, 2000.


                                       68
<PAGE>

     10.19     Loan Agreement  between  Tengasco  Pipeline  Corporation and Nick
               Nishiwaki dated August 16, 2000.

     10.19(a)  Promissory  note made by Tengasco  Pipeline  Corporation  to Nick
               Nishiwaki dated August 16, 2000.

     10.19(b)  Throughput  Agreement between Tengasco  Pipeline  Corporation and
               Nick Nishiwaki dated August 16, 2000.

(x) S-8  Registration  Statement for shares to be purchased  pursuant to options
granted  pursuant to the Tengasco,  Inc. Stock  Incentive Plan dated October 25,
2000:

Exhibit Number and Description

     4.1       Tengasco, Inc. Incentive Stock Plan

     5.1       Opinion of Robson Ferber Frost Chan & Essner, LLP

     23.1      Consent of BDO Seidman, LLP

     23.2      Consent of Robson  Ferber Frost Chan & Essner,  LLP  contained in
               Exhibit No. 5.1

(xi) Annual Report on Form 10-KSB, Date of Report, April 10, 2001

Exhibit Number and Description

     10.19     Memorandum Agreement between Tengasco, Inc. and The University of
               Tennessee dated February 13, 2001

     10.20     Natural  Gas  Sales  Agreement  between  Tengasco,  Inc.  and BAE
               SYSTEMS Ordnance Systems Inc. dated March 30, 2001

     99.14     Ryder Scott Report

     99.14(a)  Consent of Ryder Scott Company

(xii) Quarterly Report on Form 10-Q, Date of Report, April 10, 2001


                                       69
<PAGE>

Exhibit Number and Description

     10.21     Reducing  Revolving  Line of Credit Up to  $35,000,000  from Bank
               One, N.A. to Tengasco, Inc., Tennessee Land & Mineral Corporation
               and Tengasco Pipeline Corporation dated November 8, 2001

(xiii) Annual Report on Form 10-K, Date of Report, April 10, 2002

Exhibit Number and Description

     99.15     Ryder Scott Report dated March 28, 2002

     99.15(a)  Consent of Ryder Scott Company

The following exhibits are filed herewith:

     21        List of Subsidiaries

     99.16     Certifications  of  Annual  Report  on Form  10-K for year  ended
               December 31, 2002 by Richard T. Williams Chief Executive  Officer
               and Mark A. Ruth Chief Financial Officer

     99.17     Ryder Scott Report dated February 10, 2003

     99.17(a)  Consent of Ryder Scott Company

     99.18     Consent of BDO Seidman, LLP


                                       70
<PAGE>

                                   SIGNATURES

     Pursuant to the  requirements of Section 13 or 15 (d) of the Securities and
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

Dated: March 31, 2003

                                      TENGASCO, INC.
                                      (Registrant)

                                      By: /s/ RICHARD T. WILLIAMS
                                         ------------------------
                                      Richard T. Williams,
                                      Chief Executive Officer



                                      By: /s/ MARK A. RUTH
                                         ---------------
                                      Mark A. Ruth,
                                      Principal Financial and Accounting Officer


Pursuant to the  requirements  of the Securities and Exchange Act of 1934,  this
report  has  been  signed  below  by the  following  persons  on  behalf  of the
registrant and in their capacities and on the dates indicated.

SIGNATURE                      TITLE                                   DATE

/s/ STEPHEN W. AKOS            Director                           March 31, 2003
- -------------------
Stephen W. Akos

/s/ JOSEPH EARL ARMSTRONG      Director; Chairman of              March 31, 2003
- -------------------------
Joseph Earl Armstrong          the Board of Directors

/s/ /JEFFREY R. BAILEY         Director;                          March 31, 2003
- ----------------------
Jeffrey R. Bailey              President

/s/ JOHN A. CLENDENING         Director                           March 31, 2003
- ----------------------
John A. Clendening

/s/ ROBERT L. DEVEREUX         Director                           March 28, 2003
- ----------------------
Robert L. Devereux



                                       71
<PAGE>

/s/ BILL L. HARBERT            Director                           March 28, 2003
- -------------------
Bill L. Harbert

/s/ PETER E. SALAS             Director                           March 28, 2003
- -------------------
Peter E. Salas

/s/ CHARLES M. STIVERS         Director                           March 31, 2003
- ----------------------
Charles M. Stivers

/s/ RICHARD T. WILLIAMS        Director;                          March 31, 2003
- -----------------------        Chief Executive Officer
Richard T. Williams

/s/ MARK A. RUTH               Principal Financial                March 31, 2003
- ----------------------         and Accounting Officer
Mark A. Ruth


                                       72

<PAGE>

         I, Richard T. Williams, certify that:

         1. I have reviewed this annual report on Form 10-K of Tengasco, Inc.

         2. Based on my  knowledge,  this  annual  report  does not  contain any
untrue  statement of a material fact or omit to state a material fact  necessary
to make the  statements  made,  in light of the  circumstances  under which such
statements  were made, not misleading with respect to the period covered by this
annual report;

         3.  Based  on  my  knowledge,  the  financial  statements,   and  other
information  included  in this annual  report,  fairly  present in all  material
respects the financial  condition,  results of operations  and cash flows of the
Registrant as of, and for, the periods presented in this annual report;

         4. The Registrant's other certifying officers and I are responsible for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the Registrant and we have:

                  (a) designed such disclosure controls and procedures to ensure
that material information relating to the Registrant, including its consolidated
subsidiaries, is made known to us by others within those entities,  particularly
during the period in which this annual report is being prepared;

                  (b) evaluated the effectiveness of the Registrant's disclosure
controls and  procedures as of a date within 90 days prior to the filing date of
this annual report (the "Evaluation Date'); and

                  (c) presented in this annual report our conclusions  about the
effectiveness of the disclosure  controls and procedures based on our evaluation
as of the Evaluation Date;

         5. The  Registrant's  other  certifying  officers and I have disclosed,
based on our most recent evaluation,  to the Registrant's auditors and the audit
committee of the  Registrant's  board of directors  (or persons  performing  the
equivalent function);

                  (a) all significant deficiencies in the design or operation of
internal  controls  which could  adversely  affect the  Registrant's  ability to
record, process, summarize and report financial data and have identified for the
Registrant's auditors any material weakness in internal controls; and

                  (b) any  fraud,  whether or not  material  that  involves  the
management or other  employees who have a significant  role in the  Registrant's
internal controls; and

         6. The Registrant's  other certifying  officers and I have indicated in
this annual  report  whether or not there were  significant  changes in internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.

Dated: March 31, 2003

                                                     /s/ RICHARD T. WILLIAMS
                                                     --------------------------
                                                     Richard T. Williams,
                                                     Chief Executive Officer


                                       73
<PAGE>

         I, Mark A. Ruth, certify that:

         1. I have reviewed this annual report on Form 10-K of Tengasco, Inc.

         2. Based on my  knowledge,  this  annual  report  does not  contain any
untrue  statement of a material fact or omit to state a material fact  necessary
to make the  statements  made,  in light of the  circumstances  under which such
statements  were made, not misleading with respect to the period covered by this
annual report;

         3.  Based  on  my  knowledge,  the  financial  statements,   and  other
information  included  in this annual  report,  fairly  present in all  material
respects the financial  condition,  results of operations  and cash flows of the
Registrant as of, and for, the periods presented in this annual report;

         4. The Registrant's other certifying officers and I are responsible for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the Registrant and we have:

                  (a) designed such disclosure controls and procedures to ensure
that material information relating to the Registrant, including its consolidated
subsidiaries, is made known to us by others within those entities,  particularly
during the period in which this annual report is being prepared;

                  (b) evaluated the effectiveness of the Registrant's disclosure
controls and  procedures as of a date within 90 days prior to the filing date of
this annual report (the "Evaluation Date'); and

                  (c) presented in this annual report our conclusions  about the
effectiveness of the disclosure  controls and procedures based on our evaluation
as of the Evaluation Date;

         5. The  Registrant's  other  certifying  officers and I have disclosed,
based on our most recent evaluation,  to the Registrant's auditors and the audit
committee of the  Registrant's  board of directors  (or persons  performing  the
equivalent function);

                  (a) all significant deficiencies in the design or operation of
internal  controls  which could  adversely  affect the  Registrant's  ability to
record, process, summarize and report financial data and have identified for the
Registrant's auditors any material weakness in internal controls; and

                  (b) any  fraud,  whether or not  material  that  involves  the
management or other  employees who have a significant  role in the  Registrant's
internal controls; and

         6. The Registrant's  other certifying  officers and I have indicated in
this annual  report  whether or not there were  significant  changes in internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.

Dated: March 31, 2003

                                   /s/ MARK A. RUTH
                                   ---------------------------------------------
                                   Mark A. Ruth,
                                   Principal Financial and Accounting Officer


                                       74

<PAGE>







                                         TENGASCO, INC.
                                       AND SUBSIDIARIES









                                 CONSOLIDATED FINANCIAL STATEMENTS
                      YEARS ENDED DECEMBER 31, 2002, 2001 AND 2000




<PAGE>


                                         TENGASCO, INC.
                                       AND SUBSIDIARIES







                    ============================================================


                                               CONSOLIDATED FINANCIAL STATEMENTS
                                    YEARS ENDED DECEMBER 31, 2002, 2001 AND 2000










                                                                             F-1

<PAGE>


                                                 TENGASCO, INC. AND SUBSIDIARIES

                                                                        CONTENTS

================================================================================



         INDEPENDENT AUDITORS' REPORT                                       F-3


         CONSOLIDATED FINANCIAL STATEMENTS

             Consolidated Balance sheets                                  F-4-5

             Consolidated Statements of loss                                F-6

             Consolidated Statements of stockholders' equity                F-7

             Consolidated Statements of cash flows                        F-8-9

             Notes to consolidated financial statements                 F-10-37







                                                                             F-2

<PAGE>


INDEPENDENT AUDITORS' REPORT



Board of Directors
  Tengasco, Inc. and Subsidiaries
Knoxville, Tennessee

We have audited the accompanying  consolidated balance sheets of Tengasco,  Inc.
and Subsidiaries as of December 31, 2002 and 2001, and the related  consolidated
statements  of loss,  stockholders'  equity and cash flows for each of the three
years in the period ended December 31, 2002. These financial  statements are the
responsibility of the Company's management.  Our responsibility is to express an
opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the  United  States of  America.  Those  standards  require  that we plan and
perform the audits to obtain  reasonable  assurance  about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audits  provide  a
reasonable basis for our opinion.

In our opinion, the consolidated  financial statements referred to above present
fairly, in all material respects,  the financial position of Tengasco,  Inc. and
Subsidiaries  as of  December  31,  2002  and  2001,  and the  results  of their
operations  and their cash flows for each of the three years in the period ended
December 31, 2002 in conformity with accounting principles generally accepted in
the United States of America.

The  accompanying  financial  statements  have been  prepared  assuming that the
Company  will  continue  as a  going  concern.  As  discussed  in  Note 1 to the
financial statements,  the Company has suffered recurring losses from operations
and has an accumulated  deficit of $27,776,726.  Additionally,  during 2002, the
Company's  primary lender has  classified the remaining  amount of $7,501,777 as
immediately  due  and  payable,  resulting  in  a  significant  working  capital
deficiency.  Such matters raise substantial doubt about the Company's ability to
continue as a going concern.  Management's  plans in regard to these matters are
also  described  in  Note  1.  The  financial  statements  do  not  include  any
adjustments that might result from the outcome of this uncertainty.


                                                             /s/ BDO Seidman LLP

Atlanta, Georgia
February 27, 2003


                                                                             F-3
<PAGE>


                                                 TENGASCO, INC. AND SUBSIDIARIES

                                                     CONSOLIDATED BALANCE SHEETS


================================================================================

<TABLE>
<CAPTION>
DECEMBER 31,                                                                  2002                2001
- -------------------------------------------------------------------------------------------------------
<S>                                                                    <C>                 <C>
ASSETS (Note 1)

CURRENT
   Cash and cash equivalents                                           $   184,130         $   393,451
   Investments                                                              34,500             150,000
   Accounts receivable                                                     730,667             661,475
   Participant receivables                                                  70,605              84,097
   Inventory                                                               262,748             159,364
   Current portion of loan fees, net of accumulated
     amortization of $194,312 (Note 7)                                     323,856                   -
- -------------------------------------------------------------------------------------------------------

TOTAL CURRENT ASSETS                                                     1,606,506           1,448,387

OIL AND GAS PROPERTIES, net (on the basis
   of full cost accounting) (Notes 4, 7 and 15)                         13,864,321          13,269,930

COMPLETED PIPELINE FACILITIES, net of accumulated
   depreciation of $729,043 and $220,374, respectively
   (Notes 5 and 7)                                                      15,372,843          15,039,762

OTHER PROPERTY AND EQUIPMENT, net (Notes 6 and 7)                        1,685,950           1,680,104

RESTRICTED CASH                                                                  -             120,872

LOAN FEES, net of accumulated amortization of
   $13,384 and $21,590, respectively                                        40,158             496,577

OTHER ASSETS                                                                14,613              72,613
- -------------------------------------------------------------------------------------------------------







                                                                       $32,584,391         $32,128,245
======================================================================================================
                    SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
</TABLE>


                                                                             F-4
<PAGE>


                                                 TENGASCO, INC. AND SUBSIDIARIES

                                                     CONSOLIDATED BALANCE SHEETS



================================================================================


<TABLE>
<CAPTION>
DECEMBER 31,                                                                                  2002                2001
- ----------------------------------------------------------------------------------------------------------------------
<S>                                                                                  <C>                <C>
LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES
   Current maturities of long-term debt (Notes 1 and 7)                              $   7,861,245      $    6,399,831
   Accounts payable - trade                                                              1,396,761           1,208,164
   Accrued interest payable                                                                 61,141              54,138
   Accrued dividends payable (Note 9)                                                      254,389             112,458
   Other accrued liabilities                                                                31,805                   -
- -----------------------------------------------------------------------------------------------------------------------
TOTAL CURRENT LIABILITIES                                                                9,605,341           7,774,591

LONG TERM DEBT TO RELATED PARTIES (Note 7)                                                 750,000                   -

LONG TERM DEBT, less current maturities (Note 7)                                         1,256,209           3,902,757
- -----------------------------------------------------------------------------------------------------------------------

TOTAL LIABILITIES                                                                       11,611,550          11,677,348
- -----------------------------------------------------------------------------------------------------------------------

COMMITMENTS AND CONTINGENCIES (Notes 1 and 8)

PREFERRED STOCK, $.0001 par value; authorized 25,000,000
   shares (Note 9):
   Series A 8% cumulative, convertible, mandatorily redeemable;
     28,679 and shares outstanding; redemption value $2,867,900                          2,867,900           2,867,900
   Series B 8% cumulative, convertible, mandatorily redeemable;
     27,550 shares outstanding; redemption value $2,755,000,
     net of related commissions                                                          2,591,150           2,591,150
   Series C 6% cumulative, convertible, mandatorily redeemable;
     14,491 shares outstanding, redemption value $1,449,100
     net of related commissions                                                          1,303,168                   -
- -----------------------------------------------------------------------------------------------------------------------

TOTAL PREFERRED STOCK                                                                    6,762,218           5,459,050
- -----------------------------------------------------------------------------------------------------------------------

STOCKHOLDERS' EQUITY (Notes 10 and 11)
   Common stock, $.001 par value; authorized 50,000,000 shares;
     11,459,279 and 10,560,605 shares issued, respectively                                  11,460              10,561
   Additional paid-in capital                                                           42,237,276          39,242,555
   Accumulated deficit                                                                 (27,776,726)        (24,115,382)
   Accumulated other comprehensive loss                                                   (115,500)                  -
   Treasury Stock, at cost, 14,500 shares                                                 (145,887)           (145,887)
- -----------------------------------------------------------------------------------------------------------------------

TOTAL STOCKHOLDERS' EQUITY                                                              14,210,623          14,991,847
- -----------------------------------------------------------------------------------------------------------------------

                                                                                      $ 32,584,391        $ 32,128,245
=======================================================================================================================
                                                          SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
</TABLE>



                                                                             F-5
<PAGE>

                                                 TENGASCO, INC. AND SUBSIDIARIES

                                                 CONSOLIDATED STATEMENTS OF LOSS



================================================================================


<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,                                                        2002              2001              2000
- -------------------------------------------------------------------------------------------------------------------------
<S>                                                                      <C>               <C>               <C>
REVENUES AND OTHER INCOME
   Oil and gas revenues                                                  $ 5,437,723       $ 6,656,758       $ 5,241,076
   Pipeline transportation revenues                                          259,677           296,331                 -
   Interest Income                                                             3,078            43,597            45,905
- -------------------------------------------------------------------------------------------------------------------------

Total revenues and other income                                            5,700,478         6,996,686         5,286,981
- -------------------------------------------------------------------------------------------------------------------------

COSTS AND EXPENSES
   Production costs and taxes                                              3,094,731         2,951,746         2,614,414
   Depreciation, depletion and amortization
     (Notes 4, 5 and 6)                                                    2,413,597         1,849,963           371,249
   General and administrative                                              1,868,141         2,957,871         2,602,311
   Interest expense                                                          578,039           850,965           415,376
   Public relations                                                          193,229           293,448           106,195
   Professional fees                                                         707,296           355,480           719,320
- -------------------------------------------------------------------------------------------------------------------------

Total costs and expenses                                                   8,855,033         9,259,473         6,828,865
- -------------------------------------------------------------------------------------------------------------------------

NET LOSS                                                                  (3,154,555)       (2,262,787)       (1,541,884)

Dividends on preferred stock                                                (506,789)         (391,183)         (257,557)
- -------------------------------------------------------------------------------------------------------------------------

NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS                             $(3,661,344)      $(2,653,970)      $(1,799,441)
- -------------------------------------------------------------------------------------------------------------------------

NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS PER SHARE
   Basic and diluted                                                     $     (0.33)      $     (0.26)      $     (0.19)
- -------------------------------------------------------------------------------------------------------------------------

Weighted average shares outstanding                                       11,062,436        10,235,253         9,253,622
========================================================================================================================
                                                            SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
</TABLE>



                                                                             F-6
<PAGE>







================================================================================
<TABLE>
<CAPTION>
                                                                                COMMON STOCK                    ADDITIONAL
                                                                         -------------------------------           PAID-IN
                                                                                 SHARE           AMOUNT            CAPITAL
- --------------------------------------------------------------------------------------------------------------------------
<S>                                                                          <C>                <C>            <C>
BALANCE, January 1, 2000                                                     8,532,882          $ 8,533        $20,732,759
   Net loss                                                                          -                -                  -
   Common stock issued on conversion of debt                                    73,669               74            449,920
   Common stock issued for exercised options                                    20,715               21            179,992
   Common stock issued on conversion of preferred stock                          8,818                9             49,991
   Stock option awards for professional services                                     -                -            242,000
   Common stock issued in private placements, net of
     related expense                                                           654,098              654          4,245,054
   Stock issued for services                                                     5,376                5             41,993
   Dividends on convertible redeemable preferred stock                               -                -                  -
- --------------------------------------------------------------------------------------------------------------------------

BALANCE, December 31, 2000                                                   9,295,558            9,296         25,941,709
   Net loss                                                                          -                -                  -
   Common stock issued with 5% stock dividend (Note 10)                        498,016              498          6,374,111
   Common stock issued on conversion of debt                                    93,069               93            523,157
   Common stock issued for exercised options                                   274,932              275          2,340,725
   Common stock issued on conversion of preferred stock                         12,347               13             70,988
   Common stock issued for services                                             10,000               10             69,990
   Common stock issued in private placements, net of
     related expense                                                           374,733              374          3,899,624
   Common stock issued as a charitable donation                                  1,950                2             22,251
   Treasury stock purchased                                                          -                -                  -
   Dividends on convertible redeemable preferred stock                               -                -                  -
- --------------------------------------------------------------------------------------------------------------------------

BALANCE, December 31, 2001                                                  10,560,605           10,561         39,242,555
   Net loss                                                                          -                -                  -
   Comprehensive loss
     Net loss                                                                        -                -                  -
     Other comprehensive loss                                                        -                -                  -
     Comprehensive loss                                                              -                -                  -
   Common stock issued in private placements, net of                                                             2,676,150
     related expenses                                                          850,000              850
   Common stock issued on conversion of debt                                    20,592               20            119,980
   Common stock issued in purchase of equipment                                 19,582               20            149,980
   Common stock issued for services                                              8,500                9             48,611
   Dividends on convertible redeemable preferred stock                               -                -                  -
- --------------------------------------------------------------------------------------------------------------------------

BALANCE, December 31, 2002                                                  11,459,279          $11,460        $42,237,276
==========================================================================================================================
</TABLE>



<PAGE>

                                                 TENGASCO, INC. AND SUBSIDIARIES

                                 CONSOLIDATED STATEMENTS OF STOCKHOLDER'S EQUITY
                                    YEARS ENDED DECEMBER 31, 2002, 2001 AND 2000


================================================================================

<TABLE>
<CAPTION>

ACCUMULATED OTHER                                                       TREASURY STOCK
  COMPREHENSIVE        ACCUMULATED         COMPREHENSIVE       -------------------------------
  INCOME (LOSS)            DEFICIT                  LOSS           SHARES           AMOUNT                  TOTAL
- -------------------------------------------------------------------------------------------------------------------
<S>                    <C>                                                        <C>                  <C>
     $       -         $(13,287,362)                                     -        $       -            $ 7,453,930
             -           (1,541,884)                                     -                -             (1,541,884)
             -                    -                                      -                -                449,994
             -                    -                                      -                -                180,013
             -                    -                                      -                -                 50,000
             -                    -                                      -                -                242,000

             -                    -                                      -                -              4,245,708
             -                    -                                      -                -                 41,998
             -             (257,557)                                     -                -               (257,557)
- -------------------------------------------------------------------------------------------------------------------

             -          (15,086,803)                                     -                -             10,864,202
                         (2,262,787)                                     -                -             (2,262,787)
             -           (6,374,609)                                     -                -                      -
             -                    -                                      -                -                523,250
             -                    -                                      -                -              2,341,000
             -                    -                                      -                -                 71,001
                                  -                                      -                -                 70,000

             -                    -                                      -                -              3,899,998
             -                    -                                      -                -                 22,253
             -                    -                                 14,500         (145,887)              (145,887)
             -             (391,183)                                     -                -               (391,183)
- -------------------------------------------------------------------------------------------------------------------

                        (24,115,382)                                14,500         (145,887)            14,991,847
                         (3,154,555)                                     -                -             (3,154,555)

             -                    -            (3,154,555)               -                -                      -
      (115,500)                   -              (115,500)               -                -               (115,500)
                                          ----------------
             -                    -            (3,270,055)               -                -                      -
                                  -                                      -                -              2,677,000
                                  -                                      -                -                120,000
                                  -                                      -                -                150,000
                                  -                                      -                -                 48,620
             -                    -                                      -                -                      -
             -             (506,789)                                     -                -               (506,789)
- -------------------------------------------------------------------------------------------------------------------

     $(115,500)        $(27,776,726)                                14,500        $(145,887)           $14,210,623
===================================================================================================================
                                                      SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
</TABLE>



                                                                             F-7
<PAGE>

                                                 TENGASCO, INC. AND SUBSIDIARIES

                                           CONSOLIDATED STATEMENTS OF CASH FLOWS



================================================================================


<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,                                                          2002              2001              2000
- ---------------------------------------------------------------------------------------------------------------------------
<S>                                                                        <C>               <C>               <C>
OPERATING ACTIVITIES
   Net loss                                                                $(3,154,555)      $(2,262,787)      $(1,541,884)
   Adjustments to reconcile net loss to net cash
     used in operating activities:
       Depreciation, depletion and amortization                              2,413,597         1,849,963           371,249
       Compensation and services paid in stock options, stock
         warrants, and common stock                                             48,620            92,253           284,000
       Gain on sale of equipment                                                     -          (132,943)                -
       Changes in assets and liabilities:
         Accounts receivable                                                   (69,192)            3,814          (301,421)
         Participant receivables                                                13,492                 -                 -
         Inventory                                                            (103,384)           91,981             8,408
         Other assets                                                           58,000                 -                 -
         Accounts payable - trade                                              188,597           191,702           364,553
         Accrued interest payable                                                7,003            (2,519)          135,435
         Other accrued liabilities                                              31,805           (52,640)         (140,955)
- ---------------------------------------------------------------------------------------------------------------------------

Net cash used in operating activities                                         (566,017)         (221,176)         (820,615)
- ---------------------------------------------------------------------------------------------------------------------------

INVESTING ACTIVITIES
   Additions to other property and equipment                                  (214,897)         (285,722)       (1,276,783)
   Net additions to oil and gas properties                                  (1,982,529)       (4,821,883)       (1,456,996)
   Additions to pipeline facilities                                           (841,750)       (4,213,095)       (6,834,196)
   Decrease (increase) in restricted cash                                      120,872          (120,872)          625,000
   Other                                                                        28,367            32,888             6,112
- ---------------------------------------------------------------------------------------------------------------------------

Net cash used in investing activities                                       (2,889,937)       (9,408,684)       (8,936,863)
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>


                                                                             F-8
<PAGE>


                                                 TENGASCO, INC. AND SUBSIDIARIES

                                           CONSOLIDATED STATEMENTS OF CASH FLOWS



================================================================================


<TABLE>
<CAPTION>
YEARS ENDED DECEMBER 31,                                                         2002              2001              2000
- --------------------------------------------------------------------------------------------------------------------------
<S>                                                                       <C>               <C>               <C>
FINANCING ACTIVITIES
   Proceeds from exercise of options                                      $         -       $ 2,341,000       $   180,013
   Proceeds from borrowings                                                 2,063,139        10,442,068         6,493,563
   Repayments of borrowings                                                (2,378,273)       (8,833,325)       (1,720,856)
   Net proceeds from issuance of common stock                               2,677,000         3,900,000         4,245,700
   Proceeds from private placements of convertible
     redeemable preferred stock, net                                        1,303,168         1,591,150         2,000,000
   Dividends on convertible redeemable preferred stock                       (364,858)         (357,503)         (257,557)
   Purchase of treasury stock                                                       -          (145,887)                -
   Payment of loan fees                                                       (53,543)         (518,167)                -
- --------------------------------------------------------------------------------------------------------------------------

Net cash provided by financing activities                                   3,246,633         8,419,336        10,940,863
- --------------------------------------------------------------------------------------------------------------------------

NET CHANGE IN CASH AND CASH EQUIVALENTS                                      (209,321)       (1,210,524)        1,183,385

CASH AND CASH EQUIVALENTS, beginning of year                                  393,451         1,603,975           420,590
- --------------------------------------------------------------------------------------------------------------------------

CASH AND CASH EQUIVALENTS, end of year                                    $   184,130       $   393,451       $ 1,603,975
==========================================================================================================================

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND
   FINANCING ACTIVITIES:
     During 2001, the Company issued a 5%
       stock dividend of 498,016 shares                                   $         -       $ 6,374,609       $         -
     During 2001 and 2000, the Company converted
       preferred stock to common stock.                                   $         -       $    71,000       $    50,000
     During 2002, 2001 and 2000, respectively,
       the Company issued common stock on
       conversion of debt.                                                $   120,000       $   523,250       $   450,000
     During 2002, 2001 and 2000, respectively, the
       Company issued common stock and stock options
       for services received and charitable contributions
       made.                                                              $    48,620       $    92,253       $   284,000
     During 2001, the Company sold equipment
       for equity investments.                                            $         -       $   150,000       $         -
     During 2002, the Company purchased equipment
       by issuing common stock                                            $   150,000       $         -       $         -
==========================================================================================================================
                                                             SEE ACCOMPANYING NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
</TABLE>



                                                                             F-9
<PAGE>


                                                 TENGASCO, INC. AND SUBSIDIARIES

                                      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



================================================================================

1.  GOING CONCERN                The   accompanying    consolidated    financial
    UNCERTAINTY                  statements  have been  prepared  in  conformity
                                 with accounting  principles  generally accepted
                                 in  the  United   States  of   America,   which
                                 contemplate  continuation  of the  Company as a
                                 going concern and assume  realization of assets
                                 and  the  satisfaction  of  liabilities  in the
                                 normal   course  of   business.   The   Company
                                 continues  to be in the early stages of its oil
                                 and  gas  related   operating   history  as  it
                                 endeavors to expand its operations  through the
                                 continuation  of its  drilling  program  in the
                                 Tennessee  Swan Creek Field.  Accordingly,  the
                                 Company has incurred  continuous losses through
                                 these  operating  stages and has an accumulated
                                 deficit of  $27,776,726  and a working  capital
                                 deficit of  $7,998,835 as of December 31, 2002.
                                 During  2002,  the Company was  informed by its
                                 primary  lender  that the entire  amount of its
                                 outstanding credit facility was immediately due
                                 and  payable,  as  provided  for in the  Credit
                                 Agreement  (see  Note 7).  These  circumstances
                                 raise  substantial  doubt  about the  Company's
                                 ability to continue as a going concern.

                                 The Company has disputed its obligation to make
                                 this payment and is  attempting  to resolve the
                                 dispute  or to obtain  alternative  refinancing
                                 arrangements to repay this current  obligation.
                                 There can be no assurance that the Company will
                                 be  successful  in  its  plans  to  obtain  the
                                 financing  necessary to satisfy  their  current
                                 obligations.

2.  SUMMARY OF                   ORGANIZATION
    SIGNIFICANT ACCOUNTING
    POLICIES                     Tengasco, Inc. (the "Company"), a publicly held
                                 corporation,  was  organized  under the laws of
                                 the  State of Utah on April 18,  1916,  as Gold
                                 Deposit Mining and Milling Company. The Company
                                 subsequently   changed   its  name  to   Onasco
                                 Companies, Inc.

                                 Effective  May 2,  1995,  Industrial  Resources
                                 Corporation,  a Kentucky  corporation  ("IRC"),
                                 acquired  voting  control  of  the  Company  in
                                 exchange for approximately 60% of the assets of
                                 IRC.  Accordingly,  the assets acquired,  which
                                 included certain oil and gas leases, equipment,
                                 marketable   securities   and  vehicles,   were
                                 recorded   at  IRC's   historical   cost.   The
                                 transaction   was   accomplished   through  the
                                 Company's  issuance of 4,000,000  shares of its
                                 common stock and a $450,000, 8% promissory note
                                 payable  to  IRC.  The   promissory   note  was
                                 converted into 83,799 shares of Tengasco,  Inc.
                                 common stock in December 1995.


                                                                            F-10
<PAGE>

                                                 TENGASCO, INC. AND SUBSIDIARIES

                                      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



================================================================================

                                 The Company changed its domicile from the State
                                 of Utah to the  State  of  Tennessee  on May 5,
                                 1995  and its  name was  changed  from  "Onasco
                                 Companies, Inc." to "Tengasco, Inc."

                                 The Company's  principal  business  consists of
                                 oil and gas exploration, production and related
                                 property  management in the Appalachian  region
                                 of  eastern  Tennessee  and  in  the  state  of
                                 Kansas. The Company's  corporate offices are in
                                 Knoxville,  Tennessee.  The Company operates as
                                 one reportable  business segment,  based on the
                                 similarity of activities.

                                 During  1996,  the  Company   formed   Tengasco
                                 Pipeline  Corporation  ("TPC"),  a wholly-owned
                                 subsidiary,  to  manage  the  construction  and
                                 operation  of a 65-mile gas pipeline as well as
                                 other pipelines planned for the future.  During
                                 2001,  TPC began  transmission  of natural  gas
                                 through its pipeline to customers of Tengasco.

                                 BASIS OF PRESENTATION

                                 The consolidated  financial  statements include
                                 the accounts of the Company,  Tengasco Pipeline
                                 Corporation  and  Tennessee  Land and  Mineral,
                                 Inc. All significant  intercompany balances and
                                 transactions have been eliminated.

                                 USE OF ESTIMATES

                                 The  accompanying   financial   statements  are
                                 prepared   in   conformity    with   accounting
                                 principles  generally  accepted  in the  United
                                 States of America which  require  management to
                                 make estimates and assumptions  that affect the
                                 reported  amounts of assets and liabilities and
                                 disclosure of contingent assets and liabilities
                                 at the date of the financial statements and the
                                 reported   amounts  of  revenues  and  expenses
                                 during the reporting period. The actual results
                                 could differ from those estimates.

                                 REVENUE RECOGNITION

                                 The Company recognizes  revenues at the time of
                                 exchange of goods and services.

                                 CASH AND CASH EQUIVALENTS

                                 The Company  considers all  investments  with a
                                 maturity of three months or less when purchased
                                 to be cash equivalents.

                                                                            F-11
<PAGE>

                                                 TENGASCO, INC. AND SUBSIDIARIES

                                      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



================================================================================

                                 INVESTMENT SECURITIES

                                 Investment  securities  available  for sale are
                                 reported at fair value,  with unrealized  gains
                                 and  losses,  when  material,   reported  as  a
                                 separate component of stockholders' equity, net
                                 of the related tax effect.  Other comprehensive
                                 losses of  $115,500  were  recorded  during the
                                 year ended  December 31, 2002  resulting from a
                                 decrease in the fair value of the securities.

                                 INVENTORY

                                 Inventory  consists  primarily  of crude oil in
                                 tanks and is carried at market value.

                                 OIL AND GAS PROPERTIES

                                 The  Company  follows  the full cost  method of
                                 accounting    for   oil   and   gas    property
                                 acquisition,    exploration   and   development
                                 activities.  Under this method,  all productive
                                 and nonproductive  costs incurred in connection
                                 with the  acquisition  of,  exploration for and
                                 development  of oil and gas  reserves  for each
                                 cost center are capitalized.  Capitalized costs
                                 include  lease  acquisitions,   geological  and
                                 geophysical  work,  delay rentals and the costs
                                 of drilling,  completing  and equipping oil and
                                 gas wells.  Gains or losses are recognized only
                                 upon  sales  or   dispositions  of  significant
                                 amounts of oil and gas reserves representing an
                                 entire  cost  center.  Proceeds  from all other
                                 sales or dispositions are treated as reductions
                                 to capitalized costs.

                                 The   capitalized   costs   of  oil   and   gas
                                 properties,  plus estimated future  development
                                 costs relating to proved reserves and estimated
                                 costs  of  plugging  and  abandonment,  net  of
                                 estimated  salvage value,  are amortized on the
                                 unit-of-production method based on total proved
                                 reserves.  The costs of unproved properties are
                                 excluded from amortization until the properties
                                 are evaluated,  subject to an annual assessment
                                 of  whether  impairment  has  occurred.   These
                                 reserves were estimated by Ryder Scott Company,
                                 Petroleum Consultants in 2000, 2001 and 2002.

                                 The  capitalized  oil  and gas  property,  less
                                 accumulated    depreciation,    depletion   and
                                 amortization and related deferred income taxes,
                                 if any, are generally limited to an amount (the
                                 ceiling  limitation)  equal to the sum of:  (a)
                                 the  present  value  of  estimated  future  net
                                 revenues computed by applying current prices in
                                 effect  as of  the  balance  sheet  date  (with
                                 consideration  of  price  changes  only  to the
                                 extent provided

                                                                            F-12
<PAGE>

                                                 TENGASCO, INC. AND SUBSIDIARIES

                                      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



================================================================================

                                 by  contractual   arrangements)   to  estimated
                                 future   production   of  proved  oil  and  gas
                                 reserves,  less estimated  future  expenditures
                                 (based  on  current  costs) to be  incurred  in
                                 developing  and producing the reserves  using a
                                 discount    factor   of   10%   and    assuming
                                 continuation of existing  economic  conditions;
                                 and (b) the cost of  investments in unevaluated
                                 properties   excluded   from  the  costs  being
                                 amortized. No ceiling writedown was recorded in
                                 2002, 2001 or 2000.

                                 PIPELINE FACILITIES

                                 Phase I of the  pipeline was  completed  during
                                 1999. Phase II of the pipeline was completed on
                                 March 8, 2001. Both phases of the pipeline were
                                 placed into  service upon  completion  of Phase
                                 II. The pipeline is being  depreciated over its
                                 estimated useful life of 30 years, beginning at
                                 the time it was placed in service.

                                 OTHER PROPERTY AND EQUIPMENT

                                 Other  property  and  equipment  are carried at
                                 cost. The Company  provides for depreciation of
                                 other   property   and   equipment   using  the
                                 straight-line  method over the estimated useful
                                 lives of the  assets  which  range from five to
                                 ten years.

                                 IMPAIRMENT OF LONG-LIVED  ASSETS AND LONG-LIVED
                                 ASSETS TO BE DISPOSED OF

                                 Management  believes that  carrying  amounts of
                                 all of the Company's  long-lived assets will be
                                 fully   recovered   over  the   course  of  the
                                 Company's     normal     future     operations.
                                 Accordingly,    the   accompanying    financial
                                 statements reflect no charges or allowances for
                                 impairment.


                                                                            F-13
<PAGE>

                                                 TENGASCO, INC. AND SUBSIDIARIES

                                      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



================================================================================

                                 STOCK-BASED COMPENSATION

                                 Statement of Financial Accounting Standards No.
                                 123, ("SFAS 123"),  "Accounting for Stock-Based
                                 Compensation"  was implemented in January 1996.
                                 As  permitted  by SFAS  123,  the  Company  has
                                 continued to account for stock  compensation to
                                 employees   by  applying  the   provisions   of
                                 Accounting  Principles Board Opinion No. 25. If
                                 the accounting  provisions of SFAS 123 had been
                                 adopted, net loss and loss per share would have
                                 been as follows:

<TABLE>
<CAPTION>
                                                                         2002               2001                 2000
                      -----------------------------------------------------------------------------------------------
<S>                                                               <C>                <C>                  <C>
                      Net loss attributable to common
                      shareholders
                          As reported                             $(3,661,344)       $(2,653,970)         $(1,799,441)
                          Stock based compensation                    (77,821)          (257,328)           2,253,011
                                                                  -----------        -----------          -----------
                          Pro forma                               $(3,739,165)        (2,911,298)          (4,052,452)
                      -----------------------------------------------------------------------------------------------
                      Basic and diluted loss per share
                          As reported                            $      (0.33)        $    (0.26)         $     (0.19)
                          Pro forma                                     (0.34)             (0.28)               (0.44)
                      -----------------------------------------------------------------------------------------------
</TABLE>

                                 ACCOUNTS RECEIVABLE

                                 Senior management  reviews accounts  receivable
                                 on  a  monthly   basis  to   determine  if  any
                                 receivables will potentially be  uncollectible.
                                 We include  any  accounts  receivable  balances
                                 that are determined to be uncollectible,  along
                                 with  a  general   reserve,   in  our   overall
                                 allowance  for  doubtful  accounts.  After  all
                                 attempts to collect a  receivable  have failed,
                                 the  receivable  is  written  off  against  the
                                 allowance.  Based on the information  available
                                 to us, we believe  no  allowance  for  doubtful
                                 accounts as of December 31, 2002 is  necessary.
                                 However, actual write-offs may occur.

                                 INCOME TAXES

                                 The Company accounts for income taxes using the
                                 "asset  and  liability  method."   Accordingly,
                                 deferred   tax   liabilities   and  assets  are
                                 determined  based on the temporary  differences
                                 between the  financial  reporting and tax bases
                                 of assets and  liabilities,  using  enacted tax
                                 rates  in  effect  for the  year in  which  the
                                 differences  are expected to reverse.  Deferred
                                 tax assets arise  primarily  from net operating
                                 loss  carryforwards.  Management  evaluates the
                                 likelihood  of  realization  of such  assets at
                                 year end  reserving any such amounts not likely
                                 to be

                                                                            F-14
<PAGE>


                                                 TENGASCO, INC. AND SUBSIDIARIES

                                      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



================================================================================

                                 recovered in future periods.

                                 CONCENTRATION OF CREDIT RISK

                                 Financial instruments which potentially subject
                                 the  Company to  concentrations  of credit risk
                                 consist   principally   of  cash  and  accounts
                                 receivable.  At times, such cash in banks is in
                                 excess of the FDIC insurance limit.

                                 The  Company's   primary  business   activities
                                 include oil and gas sales to several  customers
                                 in the  states of  Tennessee  and  Kansas.  The
                                 related trade  receivables  subject the Company
                                 to a  concentration  of credit  risk within the
                                 oil and gas industry.

                                 The  Company  has  entered  into  contracts  to
                                 supply two manufacturers  with natural gas from
                                 the Swan  Creek  field  through  the  Company's
                                 pipeline.  These  customers  are the  Company's
                                 primary   customers   of  natural   gas  sales.
                                 Additionally,  the Company  sells a majority of
                                 its crude oil primarily to two  customers,  one
                                 each  in   Tennessee   and   Kansas.   Although
                                 management  believes  that  customers  could be
                                 replaced in the ordinary course of business, if
                                 the  present   customers  were  to  discontinue
                                 business  with the  Company,  it  could  have a
                                 significant  adverse  effect  on the  Company's
                                 projected results of operations.

                                 LOSS PER COMMON SHARE

                                 Basic loss per share is  computed  by  dividing
                                 loss  available to common  shareholders  by the
                                 weighted  average number of shares  outstanding
                                 during each year. Shares issued during the year
                                 are  weighted  for the portion of the year that
                                 they were  outstanding.  Diluted loss per share
                                 does not differ from basic loss per share since
                                 the effect of all common stock  equivalents  is
                                 anti-dilutive. Basic and diluted loss per share
                                 are based upon  11,062,436  shares for the year
                                 ended December 31, 2002,  10,235,253 shares for
                                 the year ended December 31, 2001, and 9,253,622
                                 shares for the year ended  December  31,  2000.
                                 Dilated   loss  per  share  does  not  consider
                                 approximately 1,473,000,  943,000 and 1,001,000
                                 potential  weighted  average  common shares for
                                 2002, 2001 and 2000 related primarily to common
                                 stock options and  convertible  preferred stock
                                 and debt. These shares were not included in the
                                 computation  of  the  diluted  loss  per  share
                                 amount  because  the  Company was in a net loss
                                 position and, thus, any potential common shares
                                 were  anti-dilutive.  All  share  and per share
                                 amounts  have been  adjusted  to reflect the 5%
                                 stock dividend.


                                                                            F-15
<PAGE>

                                                 TENGASCO, INC. AND SUBSIDIARIES

                                      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



================================================================================

                                 FAIR VALUES OF FINANCIAL INSTRUMENTS

                                 Fair  values  of  cash  and  cash  equivalents,
                                 investments  and  short-term  debt  approximate
                                 their  carrying  values due to the short period
                                 of time to  maturity.  Fair values of long-term
                                 debt  are  based on  quoted  market  prices  or
                                 pricing  models  using  current  market  rates,
                                 which approximate carrying values.

                                 RECENT ACCOUNTING PRONOUNCEMENTS

                                 In  July   2001,   the   Financial   Accounting
                                 Standards  Board issued  Statement of Financial
                                 Accounting  Standard (SFAS) No. 141,  "Business
                                 Combinations"  and SFAS No.142,  "Goodwill  and
                                 Other   Intangible   Assets".   SFAS  No.   141
                                 addresses   the   initial    recognition    and
                                 measurement  of goodwill  and other  intangible
                                 assets  acquired in a business  combination and
                                 SFAS No. 142 addresses the initial  recognition
                                 and  measurement of intangible  assets acquired
                                 outside  of  a  business   combination  whether
                                 acquired  individually or with a group of other
                                 assets.  These  standards  require  all  future
                                 business combinations to be accounted for using
                                 the  purchase  method of  accounting.  Goodwill
                                 will no longer be amortized but instead will be
                                 subject to impairment  tests at least annually.
                                 The Company was  required to adopt SFAS No. 141
                                 on July 1,  2001,  and to  adopt  SFAS 142 on a
                                 prospective  basis as of January  1, 2002.  The
                                 Company has not effected a business combination
                                 and carries no  goodwill on its balance  sheet;
                                 accordingly,  the  adoption of these  standards
                                 did  not  have  an  effect  on  the   Company's
                                 financial position or results of operations.

                                 In 2001,  the  Financial  Accounting  Standards
                                 Board (FASB)  issued SFAS No. 143,  "Accounting
                                 for Asset Retirement Obligations." SFAS No. 143
                                 addresses  financial  accounting  and reporting
                                 for obligations  associated with the retirement
                                 of   tangible   long-lived   assets   and   the
                                 associated   asset   retirement   costs.   This
                                 statement  requires  companies  to  record  the
                                 present value of  obligations  associated  with
                                 the retirement of tangible long-lived assets in
                                 the  period  in  which  it  is  incurred.   The
                                 liability is capitalized as part of the related
                                 long-lived asset's carrying amount.  Over time,
                                 accretion of the  liability is recognized as an
                                 operating  expense and the capitalized  cost is
                                 depreciated  over the  expected  useful life of
                                 the  related   asset.   The   Company's   asset
                                 retirement  obligations relate primarily to the
                                 plugging    dismantlement,     removal,    site
                                 reclamation  and similar  activities of its oil
                                 and gas  properties.  Prior to adoption of this
                                 statement,   such   obligations   were  accrued
                                 ratably over the productive

                                                                            F-16
<PAGE>

                                                 TENGASCO, INC. AND SUBSIDIARIES

                                      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



================================================================================

                                 lives of the assets  through its  depreciation,
                                 depletion  and  amortization  for  oil  and gas
                                 properties   without   recording   a   separate
                                 liability  for such  amounts. The Company plans
                                 to adopt  SFAS  143  beginning  on  January  1,
                                 2003; however, the effect of adoption  of  this
                                 statement  on future  results of  operations or
                                 financial position has not yet been  determined
                                 by management.

                                 SFAS No. 144,  Accounting for the Impairment or
                                 Disposal  of   Long-Lived   Assets,   addresses
                                 accounting  and reporting for the impairment or
                                 disposal  of  long-lived  assets.  SFAS No. 144
                                 supersedes  SFAS No.  121,  Accounting  for the
                                 Impairment   of   Long-Lived   Assets  and  for
                                 Long-Lived  Assets to be Disposed  Of. SFAS No.
                                 144 establishes a single  accounting  model for
                                 long-lived assets to be disposed of by sale and
                                 expands on the  guidance  provided  by SFAS No.
                                 121 with respect to cash flow estimations. SFAS
                                 No. 144  becomes  effective  for the  Company's
                                 fiscal   year   beginning   January   1,  2003.
                                 Management  does  not  expect  that adoption of
                                 this  standard  will have a  material impact on
                                 the Company's  financial position or results of
                                 operations.

                                 The FASB issued  Statement No. 145,  Rescission
                                 of FASB Statements No. 4, 44, and 64, Amendment
                                 of  FASB   Statement   No.  13,  and  Technical
                                 Corrections,  on April 30,  2002.  SFAS No. 145
                                 will be effective  for fiscal  years  beginning
                                 after May 15,  2002.  This  statement  rescinds
                                 SFAS No. 4,  Reporting  Gains and  Losses  From
                                 Extinguishment  of Debt,  and requires that all
                                 gains and losses  from  extinguishment  of debt
                                 should be  classified  as  extraordinary  items
                                 only if they meet the  criteria  in APB No. 30.
                                 Applying   APB   No.   30   will    distinguish
                                 transactions  that  are  part  of  an  entity's
                                 recurring   operations   from  those  that  are
                                 unusual or infrequent or that meet the criteria
                                 for  classification  as an extraordinary  item.
                                 Any gain or loss on extinguishment of debt that
                                 was  classified,  as an  extraordinary  item in
                                 prior periods  presented that does not meet the
                                 criteria in APB No. 30 for classification as an
                                 extraordinary item must be reclassified.  There
                                 is  no  current   impact  of  adoption  on  the
                                 Company's  financial  position  or  results  of
                                 operations.

                                 The FASB issued  Statement No. 146,  Accounting
                                 for  Costs  Associated  with  Exit or  Disposal
                                 Activities,   in  June   2002.   SFAS  No.  146
                                 addresses  financial  accounting  and reporting
                                 for  costs  associated  with  exit or  disposal
                                 activities and nullifies  Emerging  Issues Task
                                 Force Issue No. 94-3, Liability Recognition for
                                 Certain Employee Termination Benefits and Other
                                 Costs to Exit an  Activity  (including  Certain
                                 Costs  incurred in a  Restructuring).  SFAS No.
                                 146  applies  to  costs  incurred  in an  "exit
                                 activity",  which includes,  but is not limited
                                 to, a restructuring,  or a "disposal  activity"
                                 covered by SFAS No. 144.

                                                                            F-17
<PAGE>

                                                 TENGASCO, INC. AND SUBSIDIARIES

                                      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



================================================================================


                                 SFAS No. 146  requires  that a liability  for a
                                 cost   associated  with  an  exit  or  disposal
                                 activity be  recognized  when the  liability is
                                 incurred.   Previously,  under  Issue  94-3,  a
                                 liability  for an exit cost was  recognized  at
                                 the date of an entity's  commitment  to an exit
                                 plan.  Statement No. 146 also  establishes that
                                 fair  value  is  the   objective   for  initial
                                 measurement of the liability. The provisions of
                                 SFAS No. 146 are effective for exit or disposal
                                 activities  that are initiated  after  December
                                 31,  2002.  Management  does  not  expect  that
                                 adoption  of this standard will have a material
                                 effect  on the  Company's financial position or
                                 results of operations.

                                 In    November    2002,    the   FASB    issued
                                 Interpretation No. 45,  Guarantor's  Accounting
                                 and  Disclosure  Requirements  for  Guarantees,
                                 Including  Indirect  Guarantees of Indebtedness
                                 to Others, an interpretation of FASB Statements
                                 No.  5,  57 and 107  and a  rescission  of FASB
                                 Interpretation  No.  34.  This   Interpretation
                                 elaborates on the  disclosures  to be made by a
                                 guarantor  in its interim and annual  financial
                                 statements   about   its   obligations    under
                                 guarantees  issued.  The  Interpretation   also
                                 clarifies  that  a  guarantor  is  required  to
                                 recognize,  at  inception  of  a  guarantee,  a
                                 liability for the fair value of the  obligation
                                 undertaken.   The   initial   recognition   and
                                 measurement  provisions  of the  Interpretation
                                 are applicable to guarantees issued or modified
                                 after  December 31,  2002.  The Company has not
                                 guaranteed the debts of others, therefore, this
                                 interpretation   is  not  expected  to  have  a
                                 material   effect   on   Tengasco's   financial
                                 statements.

                                 In December 2002, the FASB issued SFAS No. 148,
                                 Accounting  for   Stock-Based   Compensation  -
                                 Transition and Disclosure, an amendment of FASB
                                 Statement No. 123. This  Statement  amends FASB
                                 Statement No. 123,  Accounting for  Stock-Based
                                 Compensation, to provide alternative methods of
                                 transition  for a voluntary  change to the fair
                                 value  method  of  accounting  for  stock-based
                                 employee   compensation.   In  addition,   this
                                 Statement amends the disclosure requirements of
                                 Statement   No.   123  to   require   prominent
                                 disclosures   in  both   annual   and   interim
                                 financial statements.  Management  has  adopted
                                 certain  of  the  disclosure  modifications are
                                 required   for   fiscal   years   ending  after
                                 December 15, 2002 and are included in the notes
                                 to  the   accompanying   consolidated financial
                                 statements.


                                                                            F-18
<PAGE>

                                                 TENGASCO, INC. AND SUBSIDIARIES

                                      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



================================================================================

                                 In January 2003, the FASB issued Interpretation
                                 No.  46,  Consolidation  of  Variable  Interest
                                 Entities,   an   Interpretation  of  Accounting
                                 Research Bulletin No. 51. Interpretation No. 46
                                 requires  a company to  consolidate  a variable
                                 interest  entity if the  company has a variable
                                 interest (or combination of variable interests)
                                 that will  absorb a  majority  of the  entity's
                                 expected  losses  if  they  occur,   receive  a
                                 majority  of  the  entity's  expected  residual
                                 returns  if they  occur,  or both.  A direct or
                                 indirect   ability  to  make   decisions   that
                                 significantly   affect   the   results  of  the
                                 activities of a variable  interest  entity is a
                                 strong  indication  that a  company  has one or
                                 both of the characteristics  that would require
                                 consolidation of the variable  interest entity.
                                 Interpretation No. 46 also requires  additional
                                 disclosures    regarding    variable   interest
                                 entities.  The new  interpretation is effective
                                 immediately  for  variable   interest  entities
                                 created   after   January  31,  2003,   and  is
                                 effective in the first interim or annual period
                                 beginning  after June 15,  2003,  for  variable
                                 interest  entities  in which a company  holds a
                                 variable   interest  that  it  acquired  before
                                 February  1, 2003.  Management  does not expect
                                 that  adoption of this interpretation will have
                                 a  material effect  on  the Company's financial
                                 position or results of operations.

                                 RECLASSIFICATIONS

                                 Certain    prior   year   amounts   have   been
                                 reclassified   to  conform  with  current  year
                                 presentation.

3.  RELATED  PARTY               During 2002 the Company received debt financing
    TRANSACTIONS                 from  a  director  totaling  $750,000  to  fund
                                 operating   cash  flow  needs  and  to  finance
                                 continued  development of the Swan Creek field.
                                 Interest    incurred    on   this    debt   was
                                 approximately   $15,000   for  the  year  ended
                                 December 31, 2002. See Note 7.

                                 During 2002, the Company borrowed $110,000 from
                                 a former director. The advance was non-interest
                                 bearing and was repaid in July 2002.

                                 During 2001,  the Company  repaid all principal
                                 and interest due to related parties,  using the
                                 proceeds from the line of credit with Bank One.
                                 Interest   incurred  to  related   parties  was
                                 approximately  $15,000,  $546,000  and $135,000
                                 for the years ended December 31, 2002, 2001 and
                                 2000, respectively.


                                                                            F-19
<PAGE>

                                                 TENGASCO, INC. AND SUBSIDIARIES

                                      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



================================================================================

                                 During  2001,  the  Company  converted  debt of
                                 $200,000  payable  to a  director  into  42,017
                                 shares of common stock.

                                 During  2000,  the Company  paid  approximately
                                 $270,000 in consulting  fees and commissions on
                                 equity transactions to a member of the Board of
                                 Directors.

4.  OIL AND GAS                  The  following  table  sets  forth  information
    PROPERTIES                   concerning    the   Company's   oil   and   gas
                                 properties:

<TABLE>
<CAPTION>
                                 DECEMBER 31,                                      2002               2001
                                 --------------------------------------------------------------------------
                                 <S>                                        <C>                <C>
                                 Oil and gas properties, at cost            $17,099,753        $15,117,224
                                 Accumulation depreciation,

                                     depletion and amortization              (3,235,432)        (1,847,294)
                                 --------------------------------------------------------------------------

                                 Oil and gas properties, net                $13,864,321        $13,269,930
                                 ==========================================================================
</TABLE>

                                 During the years ended December 31, 2002,  2001
                                 and  2000,  the  Company   recorded   depletion
                                 expense of approximately $1,388,000, $1,342,000
                                 and $197,000, respectively.

5.  PIPELINE FACILITIES          In 1996,  the Company began  construction  of a
                                 65-mile gas  pipeline (1)  connecting  the Swan
                                 Creek  development  project to a gas  purchaser
                                 and (2)  enabling  the  Company to develop  gas
                                 distribution  business   opportunities  in  the
                                 future.  Phase  I,  a  30-mile  portion  of the
                                 pipeline,  was  completed in 1998.  Phase II of
                                 the  pipeline,  the  remaining  35  miles,  was
                                 completed in March 2001.  The estimated  useful
                                 life of the pipeline for depreciation  purposes
                                 is 30 years. The Company recorded approximately
                                 $220,000   and   $509,000,    respectively   in
                                 depreciation  expense  related to the  pipeline
                                 for the years ended December 31, 2002 and 2001.
                                 No depreciation expense was recorded in 2000 as
                                 the pipeline was not yet complete.


                                                                            F-20
<PAGE>

                                                 TENGASCO, INC. AND SUBSIDIARIES

                                      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



================================================================================

                                        In January  1997,  the  Company  entered
                                        into an  agreement  with  the  Tennessee
                                        Valley Authority ("TVA") whereby the TVA
                                        allows the Company to bury the  pipeline
                                        within  the  TVA's   transmission   line
                                        rights-of-way. In return for this right,
                                        the Company  paid  $35,000 and agreed to
                                        annual payments of approximately  $6,200
                                        for 20 years.  This agreement expires in
                                        2017 at which time the parties may renew
                                        the  agreement  for another 20 year term
                                        in      consideration     of     similar
                                        inflation-adjusted payment terms.

6.  OTHER PROPERTY               Other  property and equipment  consisted of the
    AND EQUIPMENT                following:

<TABLE>
<CAPTION>
                                 DECEMBER 31,                                           2002             2001
                                 -----------------------------------------------------------------------------
                                 <S>                                              <C>              <C>
                                 Machinery and equipment                          $1,887,190       $1,737,189
                                 Vehicles                                            675,411          610,510
                                 Other                                                63,734           63,739
                                 -----------------------------------------------------------------------------

                                                                                   2,626,335        2,411,438

                                 Less accumulated depreciation                      (940,385)        (731,334)
                                 -----------------------------------------------------------------------------

                                 Other property and equipment - net               $1,685,950       $1,680,104
                                 -----------------------------------------------------------------------------
</TABLE>



                                                                            F-21
<PAGE>

                                                 TENGASCO, INC. AND SUBSIDIARIES

                                      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



================================================================================


7.  LONG TERM DEBT               Long-term debt to unrelated  entities consisted
                                 of the following:

<TABLE>
<CAPTION>
                                 DECEMBER 31,                                              2002               2001
                                 -----------------------------------------------------------------------------------

<S>                                                                                    <C>               <C>
                                 Revolving line of credit with a bank, due
                                 November 2004. The loan agreement provides
                                 for increases or decreases to the borrowing
                                 base as changes in proved oil and gas
                                 reserves or other production levels arise.
                                 Borrowings bear interest at the bank's prime
                                 rate plus 0.25% (4.5% at December 31, 2002).
                                 Collateralized by the oil and gas properties
                                 and the related operations and revenues.               7,501,777         $9,101,777

                                 Unsecured note payable to an institution, with
                                 $65,000 principal payments due quarterly
                                 beginning January 1, 2000; remaining balance
                                 due October 2004; with interest payable monthly
                                 at 8% per annum. Note is convertible into
                                 common stock of the Company at a rate of $6.25
                                 per share of common stock.                               480,000            720,000

                                 Convertible notes payable to five individuals;
                                 due January 2004, with interest payable
                                 quarterly at 8% per annum. Notes are
                                 convertible into common stock of the Company at
                                 a rate of $3.00 per share of common stock.               650,000                  -

                                 Note payable to a financial institution, with
                                 $1,773 principal payments due monthly beginning
                                 January 7, 2002 through December 7, 2006.
                                 Interest is payable monthly commencing on
                                 January 7, 2002 at 7.5% per annum. Note is
                                 guaranteed by a major shareholder and is
                                 collateralized by certain assets of the
                                 Company.                                                  73,335             87,500

                                 -----------------------------------------------------------------------------------

                                 Balance carried forward                                8,705,112          9,909,277
                                 -----------------------------------------------------------------------------------
</TABLE>


                                                                            F-22
<PAGE>

                                                 TENGASCO, INC. AND SUBSIDIARIES

                                      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



================================================================================

<TABLE>
<CAPTION>
                                 DECEMBER 31,                                             2002               2001
                                 -----------------------------------------------------------------------------------
<S>                                                                                     <C>                <C>
                                 Balance brought forward                                8,705,112          9,909,277
                                 -----------------------------------------------------------------------------------

                                 Installment notes bearing interest at the rate
                                 of 3.9% to 11.95% per annum collateralized by
                                 vehicles and equipment with monthly payments
                                 including interest of approximately $10,000 due
                                 various periods through 2006.                            412,342            393,311
                                 -----------------------------------------------------------------------------------

                                 Total long term debt                                   9,117,454         10,302,588

                                 Less current maturities                               (7,861,245)        (6,399,831)
                                 -----------------------------------------------------------------------------------

                                 Long term debt less current maturities              $  1,256,209       $  3,902,757
                                 -----------------------------------------------------------------------------------
</TABLE>

                                 The  Company is  subject  to certain  financial
                                 (ratio)    covenants   and    restrictions   on
                                 indebtedness,   dividend  payments,   financial
                                 guarantees,  business  combinations,  reporting
                                 requirements  and  other  related  items on the
                                 revolving  line of  credit  with a bank.  As of
                                 December  31,  2002,  the  Company  is  not  in
                                 compliance with all covenants.  During 2002, as
                                 a result of ongoing  negotiations  to refinance
                                 or  repay  the  debt,  the  bank  declared  all
                                 amounts   immediately  due  and  payable.   The
                                 Company is presently paying $200,000 per month.
                                 As  a  result of ongoing negotiations with Book
                                 One,  management has reclassified the loan fees
                                 associated with this note to a current asset as
                                 it  is likely that  these  fees  will  be fully
                                 amortized in 2003.


                                                                            F-23
<PAGE>

                                                 TENGASCO, INC. AND SUBSIDIARIES

                                      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



================================================================================

                                 Long-term debt to related parties  consisted of
                                 the following:

<TABLE>
<CAPTION>
                                 DECEMBER 31,                                              2002               2001
                                 -----------------------------------------------------------------------------------
<S>                                                                                      <C>             <C>
                                 Unsecured note payable to a director due
                                 January 2004, with interest payable quarterly
                                 at 8% per annum. Note is convertible into
                                 common stock of the Company at a rate of $2.88
                                 per share of common stock.                              $500,000         $        -

                                 Note payable to a director due January
                                 2004,with interest payable quarterly at 12% per
                                 annum. Note is secured by 10% of the pipeline.           250,000                  -
                                 -----------------------------------------------------------------------------------

                                 Total long term debt to related parties                  750,000                  -
                                 Less current maturities                                        -                  -
                                 -----------------------------------------------------------------------------------

                                 Long term debt to related parties, less
                                 current maturities                                      $750,000         $        -
                                 ===================================================================================
</TABLE>

                                 The aggregate  maturities of long term debt due
                                 to related  parties  and  others as of December
                                 31, 2002, are as follows:

                                       Year                            Amount
                                 -----------------------------------------------

                                       2003                        $7,861,245
                                       2004                         1,720,468
                                       2005                           101,468
                                       2006                           101,803
                                       Thereafter                      82,470
                                 -----------------------------------------------

                                                                   $9,867,454

                                 ===============================================


8.  COMMITMENTS                  The  Company  is a  party  to  lawsuits  in the
    AND CONTINGENCIES            ordinary  course  of its  business.  While  the
                                 damages  sought  in some of these  actions  are
                                 material,  the Company does not believe that it
                                 is probable that the outcome of any  individual
                                 action will have a material adverse effect,  or
                                 that it is  likely  that  adverse  outcomes  of
                                 individually   insignificant  actions  will  be
                                 significant enough, in number or magnitude,  to
                                 have a material adverse effect in the aggregate
                                 on its financial statements.


                                                                            F-24
<PAGE>

                                                 TENGASCO, INC. AND SUBSIDIARIES

                                      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



================================================================================

                                 In the ordinary  course of business the Company
                                 has entered into various  equipment  and office
                                 leases which have remaining  terms ranging from
                                 one to four years.  Approximate  future minimum
                                 lease payments to be made under  noncancellable
                                 operating leases are as follows:

                                   Year                                  Amount
                                 -----------------------------------------------

                                   2003                                $ 60,158
                                   2004                                  59,210
                                   2005                                  56,970
                                   2006                                     500
                                 -----------------------------------------------

                                                                       $176,838
                                 ===============================================

                                 Office rent expense was approximately  $84,000,
                                 $91,000 and $86,000 for each of the three years
                                 ended December 31, 2002, respectively.

9.  CUMULATIVE
    CONVERTIBLE                  Shares  of  both  Series  A and B of  Preferred
    REDEEMABLE                   Stock  are or will be  immediately  convertible
    PREFERRED STOCK              into   shares  of  Common   Stock.   Each  $100
                                 liquidation preference share of preferred stock
                                 is  convertible  at a rate  of  $7.00  for  the
                                 Series A per  share of  common  stock.  For the
                                 Series B, the  conversion  rate is the  average
                                 market price of the Company's  common stock for
                                 30  days  before  the  sale  of  the  Series  B
                                 preferred stock with a minimum conversion price
                                 of $9.00  per  share.  The  conversion  rate is
                                 subject to downward  adjustment  if the Company
                                 subsequently  issues shares of common stock for
                                 consideration less than $7.00 and $9.00 for the
                                 Series A and B,  respectively,  per share.  The
                                 conversion     prices    will    be    adjusted
                                 prospectively for stock dividends and splits.

                                 The  holders  of both the Series A and Series B
                                 Preferred  Stock are  entitled to a  cumulative
                                 dividend  of  8%  per  quarter.   However,  the
                                 payment  of  the  dividends  on  the  Series  B
                                 Preferred  Stock is  subordinate to that of the
                                 Series A Preferred Stock. In the event that the
                                 Company   does   not   make   any  two  of  six
                                 consecutive  quarterly dividend  payments,  the
                                 holders  of the  Series A  Preferred  Stock may
                                 appoint those directors which would  constitute
                                 of majority of the Board of Directors.  In such
                                 a scenario, the holders of the Preferred Shares
                                 would be  entitled  to elect a majority  of the
                                 Board of Directors until all accrued and unpaid
                                 dividends have been paid.

                                                                            F-25
<PAGE>

                                                 TENGASCO, INC. AND SUBSIDIARIES

                                      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



================================================================================

                                 The  Company  failed  to pay  the  3rd  and 4th
                                 quarterly  dividend  payments  of the  Series A
                                 preferred  stock during 2002.  As a result,  in
                                 February   2003,   the  Series  A  shareholders
                                 exercised   their  rights  to  place  four  new
                                 members on the Board of Directors.

                                 The Company may redeem both of the Series A and
                                 B  Preferred  Shares  upon  payment of $100 per
                                 share plus any  accrued  and unpaid  dividends.
                                 Further, with respect to the Series A Preferred
                                 Stock,  commencing  on  October  1, 2003 and at
                                 each quarterly date thereafter while the Series
                                 A Preferred Stock is  outstanding,  the Company
                                 is  required  to  redeem  one-twentieth  of the
                                 maximum  number  of  Series A  Preferred  Stock
                                 outstanding.  With  respect  to  the  Series  B
                                 Preferred Stock, on the fifth anniversary after
                                 issuance (March 2005),  the Company is required
                                 to redeem all  outstanding  Series B  Preferred
                                 Stock.

                                 During 2002, the Board of Directors  authorized
                                 the sale of up to  50,000  shares  of  Series C
                                 Preferred Stock at $100 per share.  The Company
                                 issued 14,491 shares, resulting in net proceeds
                                 after  commissions of $1,303,168.  The Series C
                                 Preferred   Stock   accrues  a  6%   cumulative
                                 dividend on the  outstanding  balance,  payable
                                 quarterly.  These  dividends are subordinate to
                                 the  dividends  payable  to  the  Series  A and
                                 Series B Preferred Stock holders. This stock is
                                 convertible  into the Company's common stock at
                                 the average  stock  trading price 30 days prior
                                 to the closing of the sales of all the Series C
                                 Preferred  Stock  being  offered  or $5.00  per
                                 share,  whichever  is  greater.  The Company is
                                 required  to  redeem  any  remaining  Series  C
                                 Preferred  Stock  and any  accrued  and  unpaid
                                 dividends in July 2006.

10. STOCK DIVIDEND               On August 1, 2001,  the Company paid a 5% stock
                                 dividend  distributable  on  October 1, 2001 to
                                 shareholders of record of the Company's  common
                                 stock on September 4, 2001. Based on the number
                                 of  common  shares  outstanding  on the  record
                                 date,  the Company  issued  498,016 new shares.
                                 All  references in the  accompanying  financial
                                 statements  to the number of common  shares and
                                 per share  amounts  are based on the  increased
                                 number of shares giving  retroactive  effect to
                                 the stock dividend.

                                                                            F-26
<PAGE>


                                                 TENGASCO, INC. AND SUBSIDIARIES

                                      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



================================================================================


11. STOCK OPTIONS                In October 2000,  the Company  approved a Stock
                                 Incentive  Plan.  The Plan is  effective  for a
                                 ten-year period  commencing on October 25, 2000
                                 and ending on October 24, 2010.  The  aggregate
                                 number of  shares  of Common  Stock as to which
                                 options  and Stock  Appreciation  Rights may be
                                 granted to  Employees  under the plan shall not
                                 exceed 1,000,000. Options are not transferable,
                                 fully vest after two years of  employment  with
                                 the Company, are exercisable for 3 months after
                                 voluntary  resignation  from the  Company,  and
                                 terminate    immediately    upon    involuntary
                                 termination  from  the  Company.  The  purchase
                                 price of shares  subject  to this  Nonqualified
                                 Stock  Option Plan shall be  determined  at the
                                 time  the  options  are  granted,  but  are not
                                 permitted  to be  less  than  85% of  the  Fair
                                 Market  Value  of such  shares  on the  date of
                                 grant. Furthermore, an employee in the plan may
                                 not,  immediately  prior  to  the  grant  of an
                                 Incentive Stock Option hereunder,  own stock in
                                 the Company  representing more than ten percent
                                 of the total  voting  power of all  classes  of
                                 stock  of the  Company  unless  the  per  share
                                 option  price  specified  by the  Board for the
                                 Incentive   Stock  Options   granted  such  and
                                 Employee  is at least  110% of the Fair  Market
                                 Value  of the  Company's  stock  on the date of
                                 grant and such  option,  by its  terms,  is not
                                 exercisable  after  the  expiration  of 5 years
                                 from the date such stock option is granted.

                                 Stock option activity in 2002, 2001 and 2000 is
                                 summarized below:

<TABLE>
<CAPTION>
                                               2002                         2001                      2000
                                     -------------------------     ------------------------  ------------------------
                                                    WEIGHTED                     WEIGHTED                   WEIGHTED
                                                     AVERAGE                      AVERAGE                    AVERAGE
                                                    EXERCISE                     EXERCISE                   EXERCISE
                                         SHARES        PRICE         SHARES         PRICE       SHARES         PRICE
- ----------------------------------------------------------------------------------------------------------------------
<S>                                    <C>            <C>           <C>          <C>             <C>          <C>
            OUTSTANDING,
              beginning
              of year                  516,028        $9.23         1,017,450    $  8.54         530,250      $6.91
            Granted                    160,742         2.86            78,750      12.39         855,451       8.69
            Exercised                        -         -             (256,772)      8.69         (21,751)      8.69
            Expired/canceled                 -         -             (323,400)      7.85        (346,500)      6.91
                                     ---------                     ----------                 ----------

            OUTSTANDING,
              end of year              676,770         7.71           516,028       9.23       1,017,450       8.54
- ----------------------------------------------------------------------------------------------------------------------

            EXERCISABLE,
              end of year              676,770        $7.71           474,889    $  9.21         930,258      $8.49
======================================================================================================================
</TABLE>


                                                                            F-27
<PAGE>

                                                 TENGASCO, INC. AND SUBSIDIARIES

                                      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



================================================================================

                                 The share information  disclosed above has been
                                 adjusted  to  reflect  the  5%  stock  dividend
                                 declared during 2001. See Note 10.

                                 The  following  table  summarizes   information
                                 about stock options outstanding at December 31,
                                 2002:

<TABLE>
<CAPTION>
                                                                  OPTIONS                         OPTIONS
                                                                OUTSTANDING                     EXERCISABLE
                                                 ------------------------------------------   ---------------
                                                                                WEIGHTED
                                                     WEIGHTED                    AVERAGE
                                                      AVERAGE                  REMAINING
                                                     EXERCISE                CONTRACTUAL
                                                        PRICE        SHARES  LIFE (YEARS)           SHARES
                                 ==========================================================   ---------------
<S>                                                 <C>             <C>             <C>            <C>
                                                    $    2.86       160,742         2.67           160,742
                                                    $    8.69       437,278         0.85           437,278
                                                    $   14.44        21,000         1.13            21,000
                                                    $   11.05        47,250         1.30            47,250
                                                    $   12.70        10,500         1.71            10,500
                                                                 ------------                 ---------------

                                 Total              $    7.71       676,770                        676,770
                                 ============================================================================
</TABLE>

                                 The  weighted  average  fair value per share of
                                 options  granted during 2002,  2001 and 2000 is
                                 $1.45,    $3.62,   and   $3.41    respectively,
                                 calculated     using     the      Black-Scholes
                                 Option-Pricing model.

                                 No   compensation   expense  related  to  stock
                                 options was incurred in 2002, 2001 or 2000. The
                                 Company issued 70,715 options to  non-employees
                                 and  non-directors  in  2000.  The  expense  of
                                 $242,000 for these options has been included in
                                 professional  fees expense  because the options
                                 were issued to providers of such services.  The
                                 expense  was  calculated  using  a fair  market
                                 value of the options based on the Black-Scholes
                                 option-pricing   model  assumptions   discussed
                                 below.

                                 For employees,  the fair value of stock options
                                 used to compute pro forma net loss and loss per
                                 share  disclosures  is  the  estimated  present
                                 value at grant  date  using  the  Black-Scholes
                                 option-pricing   model   with   the   following
                                 weighted average assumptions for 2002, 2001 and
                                 2000:  Expected  volatility  of 74.2% for 2002,
                                 50% for  2001  and 50% for  2000;  a risk  free
                                 interest  rate of 3.67% in 2002,  3.67% in 2001
                                 and 5.86% in 2000; and an expected  option life
                                 of 3 years for 2002, 2001 and 2000.


                                                                            F-28
<PAGE>

                                                 TENGASCO, INC. AND SUBSIDIARIES

                                      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



================================================================================

12. INCOME TAXES                 The  Company has no taxable  income  during the
                                 three year period ended December 31, 2002.

                                 A reconciliation  of the statutory U.S. Federal
                                 income  tax  and  the   income  tax   provision
                                 included  in  the   accompanying   consolidated
                                 statements of loss is as follows:

<TABLE>
<CAPTION>
                 DECEMBER 31,                                        2002               2001                2000
                 ------------------------------------------------------------------------------------------------
<S>                                                           <C>                 <C>                 <C>
                 Statutory rate                                        34%                34%                34%
                 Tax benefit at statutory rate                $(1,073,000)        $ (769,000)         $(452,500)
                 State income tax benefit                        (189,000)          (136,000)           (75,500)
                 Other                                                  -                  -             24,000
                 Increase in deferred tax asset
                   valuation allowance                          1,262,000            905,000            504,000
                 ------------------------------------------------------------------------------------------------

                 Total income tax provision                   $         -         $        -          $       -
                 ================================================================================================
</TABLE>

<TABLE>
<CAPTION>
                 DECEMBER 31,                                        2002                2001                2000
                 -------------------------------------------------------------------------------------------------
<S>                                                           <C>                 <C>                 <C>
                 Net operating loss carryforward              $ 7,139,000         $ 5,877,000         $ 4,972,000
                 Capital loss carryforward                        263,000             263,000             263,000
                 -------------------------------------------------------------------------------------------------

                                                                7,402,000           6,140,000           5,235,000

                 Valuation allowance                           (7,402,000)         (6,140,000)         (5,235,000)
                 -------------------------------------------------------------------------------------------------

                 Net deferred taxes                           $         -         $         -         $        -
                 ================================================================================================
</TABLE>

                                 The Company  recorded a valuation  allowance at
                                 December  31, 2002, 2001 and 2000  equal to the
                                 excess of deferred tax  assets  over   deferred
                                 tax liabilities  as  management  is  unable  to
                                 determine  that  these  tax  benefits  are more
                                 likely  than  not  to  be  realized.  Potential
                                 future reversal of the portion of the valuation
                                 allowance   relative  to  deferred   tax  asset
                                 resulting  from the  exercise of stock  options
                                 will be recorded as additional  paid in capital
                                 realized

                                 As of December  31,  2002,  the Company had net
                                 operating loss  carryforwards  of approximately
                                 $18,217,000, which will expire between 2010 and
                                 2022, if not utilized.


                                                                            F-29
<PAGE>

                                                 TENGASCO, INC. AND SUBSIDIARIES

                                      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



================================================================================

13. SUPPLEMENTAL CASH            The  Company   paid   approximately   $571,000,
    FLOW INFORMATION             $853,500  and  $544,000  for  interest in 2002,
                                 2001  and  2000,   respectively.   The  Company
                                 capitalized approximately $148,000 and $128,000
                                 of this amount in 2001 and 2000,  respectively.
                                 No interest was  capitalized  during 2002.  The
                                 Company paid no income taxes in 2002,  2001 and
                                 2000.
























                                                                            F-30
<PAGE>

                                                 TENGASCO, INC. AND SUBSIDIARIES

                                      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



================================================================================

14. QUARTERLY DATA AND           The following table sets forth,  for the fiscal
    SHARE INFORMATION            periods   indicated,    selected   consolidated
    (UNAUDITED)                  financial data.

<TABLE>
<CAPTION>
                                                                                           FISCAL YEAR ENDED 2002
- ------------------------------------------------------------------------------------------------------------------
                                                        First          Second              Third           Fourth
                                                      Quarter         Quarter            Quarter          Quarter
- ------------------------------------------------------------------------------------------------------------------
<S>                                                <C>             <C>                <C>              <C>
Revenues                                           $1,176,482      $1,297,668         $1,507,308       $1,719,020
Net loss                                            (818,341)       (858,197)          (721,879)        (756,138)
Net loss attributable to common
   stockholders                                     (930,799)       (984,139)          (856,074)        (890,332)
- ------------------------------------------------------------------------------------------------------------------
Loss per common share
   Basic and diluted                               $   (0.09)      $   (0.09)         $   (0.08)       $   (0.07)
- ------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
                                                                                           FISCAL YEAR ENDED 2001
- ------------------------------------------------------------------------------------------------------------------
                                                        First          Second              Third           Fourth
                                                      Quarter         Quarter            Quarter          Quarter
- ------------------------------------------------------------------------------------------------------------------
<S>                                                <C>             <C>                <C>              <C>
Revenues                                           $1,448,318      $1,863,068         $2,583,758     $ 1,101,542
Net loss                                            (368,768)       (336,034)          (378,597)      (1,179,388)
Net loss attributable to common
   stockholders                                     (447,546)       (423,523)          (491,055)      (1,291,846)
- ------------------------------------------------------------------------------------------------------------------
Loss per common share
   Basic and diluted                               $   (0.05)      $   (0.04)         $   (0.05)     $     (0.12)
- ------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
                                                                                           FISCAL YEAR ENDED 2000
- ------------------------------------------------------------------------------------------------------------------
                                                        First          Second              Third           Fourth
                                                      Quarter         Quarter            Quarter          Quarter
- ------------------------------------------------------------------------------------------------------------------
<S>                                                <C>             <C>                <C>           <C>
Revenues                                           $1,179,912      $1,270,283         $1,666,583    $  1,124,298
Net Income (loss)                                    (70,453)       (379,234)             84,909     (1,177,106)
Net Income (loss) attributable to common
   stockholders                                     (110,231)       (451,394)             18,064     (1,255,880)
- ------------------------------------------------------------------------------------------------------------------
Earnings (loss) per common share
   Basic and diluted                               $   (0.01)      $   (0.05)         $        -    $     (0.13)
- ------------------------------------------------------------------------------------------------------------------
</TABLE>


                                                                            F-31
<PAGE>

                                                 TENGASCO, INC. AND SUBSIDIARIES

                                      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



================================================================================

                                 Third  quarter 2001 results  reflect the effect
                                 on  depletion  expense  that  resulted  from  a
                                 decrease  in reserve  estimates  provided  in a
                                 study  performed  by  Ryder  Scott  and  issued
                                 August 10,  2001.  The amount  recorded  during
                                 this  quarter  was  $562,000  higher  than  the
                                 quarterly  estimates made by management  during
                                 the  first  three  quarters  as a  result  of a
                                 change in estimate arising from new information
                                 provided  in the Ryder  Scott  Report.  Amounts
                                 disclosed  above  differ  from those filed with
                                 the SEC during  the third  quarter of 2001 as a
                                 result of an error in recording  this change in
                                 estimate  to  depletion  at  the  time  of  the
                                 filing.  Management  has amended the  September
                                 30, 2001 SEC Form 10-Q filing during 2002.

15. SUPPLEMENTAL  OIL AND        Information  with respect to the  Company's oil
    GAS INFORMATION              and gas  producing  activities  is presented in
                                 the  following  tables.  Estimates  of  reserve
                                 quantities,  as well as future  production  and
                                 discounted cash flows before income taxes, were
                                 determined by Ryder Scott  Company,  L.P. as of
                                 December 31, 2002, 2001 and 2000.

                                 OIL AND GAS RELATED COSTS

                                 The  following  table  sets  forth  information
                                 concerning  costs  related to the Company's oil
                                 and gas property  acquisition,  exploration and
                                 development  activities  in the  United  States
                                 during the years ended December 31, 2002,  2001
                                 and 2000:

<TABLE>
<CAPTION>
                                                                      2002             2001               2000
                                 ------------------------------------------------------------------------------
<S>                                                              <C>              <C>                <C>
                                 Property acquisition
                                   Proved                      $         -      $         -        $         -
                                   Unproved                              -                -              5,702
                                 Less - proceeds from
                                   sales of properties            (100,000)        (750,000)        (1,176,411)
                                 Development costs               2,082,529        5,571,883          2,627,705
                                 ------------------------------------------------------------------------------

                                                               $ 1,982,529      $ 4,821,883        $ 1,456,996
                                 ==============================================================================
</TABLE>


                                                                            F-32
<PAGE>

                                                 TENGASCO, INC. AND SUBSIDIARIES

                                      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



================================================================================

                                 RESULTS   OF   OPERATIONS   FROM  OIL  AND  GAS
                                 PRODUCING ACTIVITIES

                                 The  following  table sets forth the  Company's
                                 results   of   operations   from  oil  and  gas
                                 producing activities for the years ended:

<TABLE>
<CAPTION>
                                 December 31,                              2002            2001           2000
                                 ------------------------------------------------------------------------------
<S>                                                                <C>              <C>            <C>
                                 Revenues                          $  5,437,723     $ 6,656,758    $ 5,241,076
                                 Production costs and taxes          (3,094,731)     (2,951,746)    (2,614,414)
                                 Depreciation, depletion and
                                     amortization                    (1,388,138)     (1,342,000)      (197,000)
                                 ------------------------------------------------------------------------------

                                 Income from oil and gas
                                     producing activities          $    954,854     $ 2,363,012    $ 2,429,662
                                 ------------------------------------------------------------------------------
</TABLE>

                                 In the  presentation  above,  no deduction  has
                                 been made for indirect  costs such as corporate
                                 overhead or interest  expense.  No income taxes
                                 are  reflected  above due to the  Company's tax
                                 loss carryforwards.

                                 OIL AND GAS RESERVES (UNAUDITED)

                                 The  following  table sets forth the  Company's
                                 net proved oil and gas reserves at December 31,
                                 2002,  2001  and 2000  and the  changes  in net
                                 proved oil and gas  reserves for the years then
                                 ended.  Proved reserves represent the estimated
                                 quantities  of crude oil and  natural gas which
                                 geological  and  engineering  data  demonstrate
                                 with reasonable  certainty to be recoverable in
                                 the future  years from known  reservoirs  under
                                 existing economic and operating conditions. The
                                 reserve  information  indicated  below requires
                                 substantial judgment on the part of the reserve
                                 engineers, resulting in estimates which are not
                                 subject to precise determination.  Accordingly,
                                 it is expected  that the  estimates of reserves
                                 will   change   as   future    production   and
                                 development  information  becomes available and
                                 that  revisions  in  these  estimates  could be
                                 significant.  Reserves  are measured in barrels
                                 (bbls)  in the  case of oil,  and  units of one
                                 thousand cubic feet (MCF) in the case of gas.


                                                                            F-33
<PAGE>


                                                 TENGASCO, INC. AND SUBSIDIARIES

                                      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



================================================================================

<TABLE>
<CAPTION>
                                                                                OIL (BBLS)           GAS (MCF)
                                 -----------------------------------------------------------------------------
<S>                                                                             <C>                <C>
                                 Proved reserves:

                                 Balance, January 1, 2000                       3,227,203          74,795,287
                                   Discoveries and extensions                      56,103           1,059,147
                                   Revisions of previous estimates             (1,309,366)        (27,998,986)
                                   Production                                    (159,035)           (315,577)
                                 -----------------------------------------------------------------------------

                                 Balance, December 31, 2000                     1,814,905          47,539,871
                                   Discoveries and extensions                      62,254           4,915,431
                                   Revisions of previous estimates               (672,443)        (25,263,634)
                                   Production                                    (148,041)         (1,311,466)
                                 -----------------------------------------------------------------------------

                                 Balance, December 31, 2001                     1,056,675          25,880,202
                                   Discoveries and extensions                      34,968             937,000
                                   Revisions of previous estimates                542,229             786,430
                                   Production                                    (157,973)         (1,004,899)
                                 -----------------------------------------------------------------------------

                                 Proved reserves at, December 31, 2002          1,475,899          26,598,733
                                 =============================================================================

                                 Proved developed producing
                                   reserves at, December 31, 2002               1,108,293           6,592,711
                                 =============================================================================

                                 Proved developed producing
                                   reserves at, December 31, 2001                 767,126           7,157,183
                                 =============================================================================

                                 Proved developed producing
                                   reserves at, December 31, 2000               1,553,759           2,888,769
                                 =============================================================================
</TABLE>


                                 Of the  Company's  total proved  reserves as of
                                 December   31,   2002  and   2001   and   2000,
                                 approximately  37%, 36% and 21%,  respectively,
                                 were classified as proved developed  producing,
                                 19%, 26% and 34%, respectively, were classified
                                 as proved developed  non-producing and 44%, 37%
                                 and  45%,  respectively,   were  classified  as
                                 proved   undeveloped.   All  of  the  Company's
                                 reserves are located in the continental  United
                                 States.


                                                                            F-34
<PAGE>


                                                 TENGASCO, INC. AND SUBSIDIARIES

                                      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



================================================================================

                                 STANDARDIZED  MEASURE OF DISCOUNTED  FUTURE NET
                                 CASH FLOWS (UNAUDITED)

                                 The standardized  measure of discounted  future
                                 net cash  flows from the  Company's  proved oil
                                 and gas reserves is presented in the  following
                                 table:

<TABLE>
<CAPTION>
                                                                              AMOUNTS IN THOUSANDS
                                                              ------------------------------------------------
                                 December 31,                             2002             2001          2000
                                 -----------------------------------------------------------------------------
<S>                                                                   <C>             <C>           <C>
                                 Future cash inflows                  $152,180        $  78,296     $ 505,733
                                 Future production
                                     costs and taxes                   (41,870)         (26,083)      (41,689)
                                 Future development costs              (11,348)          (6,384)       (8,225)
                                 Future income tax expenses                  -                -      (122,881)
                                 -----------------------------------------------------------------------------

                                 Net future cash flows                  98,962           45,829       332,938

                                 Discount at 10% for
                                     timing of cash flows              (52,314)         (24,095)      (97,195)
                                 -----------------------------------------------------------------------------

                                 Discounted future net
                                     cash flows from
                                     proved reserves                  $ 46,648        $  21,734     $ 235,743
                                 -----------------------------------------------------------------------------
</TABLE>




                                                                            F-35
<PAGE>


                                                 TENGASCO, INC. AND SUBSIDIARIES

                                      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



================================================================================

                                 The  following  unaudited  table sets forth the
                                 changes   in  the   standardized   measure   of
                                 discounted future net cash  flows  from  proved
                                 reserves  during 2002, 2001 and 2000:

<TABLE>
<CAPTION>
                                                                                  AMOUNTS IN THOUSANDS
                                                                  --------------------------------------------
                                                                             2002            2001        2000
                                 -----------------------------------------------------------------------------
<S>                                                                    <C>              <C>         <C>
                                 BALANCE, beginning of year            $   21,734       $ 235,743   $ 100,882
                                 Sales, net of production costs
                                   and taxes                               (2,343)         (3,705)     (2,627)
                                 Discoveries and extensions                 1,686           4,167       1,778
                                 Changes in prices and
                                   production costs                        20,586        (299,527)    360,082
                                 Revisions of quantity estimates            6,120         (33,449)   (186,289)
                                 Development costs incurred                                     -       1,236
                                 Interest factor - accretion
                                   of discount                              2,173          32,198      13,355
                                 Net change in income taxes                     -          86,237     (53,572)
                                 Changes in future development
                                   costs                                   (4,860)          2,666      (3,237)
                                 Changes in production rates
                                   and other                                1,552          (2,596)      4,135
                                 -----------------------------------------------------------------------------

                                 BALANCE, end of year                   $  46,648       $  21,734   $ 235,743
                                 -----------------------------------------------------------------------------
</TABLE>

                                 Estimated  future net cash flows  represent  an
                                 estimate  of  future  net  revenues   from  the
                                 production  of proved  reserves  using  current
                                 sales  prices,  along  with  estimates  of  the
                                 operating  costs,  production  taxes and future
                                 development and abandonment costs (less salvage
                                 value) necessary to produce such reserves.  The
                                 average prices used at December 31, 2002,  2001
                                 and 2000 were  $27.25,  $17.03  and  $25.62 per
                                 barrel  of oil and  $4.01,  $2.33 and $9.66 per
                                 MCF of gas, respectively. No deduction has been
                                 made  for   depreciation,   depletion   or  any
                                 indirect   costs  such  as  general   corporate
                                 overhead or interest expense.

                                 Operating   costs  and  production   taxes  are
                                 estimated  based on current  costs with respect
                                 to producing gas properties. Future development
                                 costs  are based on the best  estimate  of such
                                 costs assuming  current  economic and operating
                                 conditions.  The  estimates  of reserve  values
                                 include estimated future development costs that
                                 the company does not currently have the ability
                                 to fund.  If the  company  is  unable to obtain
                                 additional funds, it may not be able to develop
                                 its oil and natural gas properties as estimated
                                 in its December 31, 2002 reserve report.


                                                                            F-36
<PAGE>

                                                 TENGASCO, INC. AND SUBSIDIARIES

                                      NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



================================================================================

                                 Income  tax  expense  is   computed   based  on
                                 applying the appropriate  statutory tax rate to
                                 the excess of future cash  inflows  less future
                                 production  and  development   costs  over  the
                                 current tax basis of the  properties  involved,
                                 less applicable carryforwards, for both regular
                                 and alternative minimum tax.

                                 The future net revenue  information  assumes no
                                 escalation  of costs or prices,  except for gas
                                 sales  made  under  terms  of  contracts  which
                                 include  fixed  and  determinable   escalation.
                                 Future  costs and  prices  could  significantly
                                 vary from  current  amounts  and,  accordingly,
                                 revisions in the future could be significant.











                                                                            F-37


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-21
<SEQUENCE>3
<FILENAME>c27529_ex21.txt
<TEXT>
Exhibit 21


List of Subsidiaries

Name                                                     State Of Incorporation

Tengasco Pipeline Corporation                                   Tennessee
Tennessee Land and Mineral Corporation                          Tennessee

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.16
<SEQUENCE>4
<FILENAME>c27529_ex99-16.txt
<TEXT>
                                                                   Exhibit 99.16




                                  CERTIFICATION

     Pursuant to Section 906 of the  Sarbanes-Oxley Act of 2002 I hereby certify
that:

     I have reviewed the Annual Report on Form 10-K;

     to the best of my  knowledge,  this  Annual  Report  on Form 10-K (i) fully
complies  with the  requirements  of section 13 (a) or 15 (d) of the  Securities
Exchange  Act of 1934 (15  U.S.C.  78m(a) or  78o(d);  and (ii) the  information
contained  in  this  Report  fairly  presents,  in all  material  respects,  the
financial  condition  and  results  of  operation  of  Tengasco,  Inc.  and  its
subsidiaries during the period covered by this Report.

Dated: March 31, 2003


                                                     /s/ RICHARD T. WILLIAMS
                                                         ---------------------
                                                         Richard T. Williams,
                                                         Chief Executive Officer



<PAGE>


                                  CERTIFICATION

     Pursuant to Section 906 of the  Sarbanes-Oxley Act of 2002 I hereby certify
that:

     I have reviewed the Annual Report on Form 10-K;

     to the best of my  knowledge,  this  Annual  Report  on Form 10-K (i) fully
complies  with the  requirements  of section 13 (a) or 15 (d) of the  Securities
Exchange  Act of 1934 (15  U.S.C.  78m(a) or  78o(d);  and (ii) the  information
contained  in  this  Report  fairly  presents,  in all  material  respects,  the
financial  condition  and  results  of  operation  of  Tengasco,  Inc.  and  its
subsidiaries during the period covered by this Report.

Dated: March 31, 2003


                                     /s/MARK A. RUTH
                                     -------------------
                                     Mark A. Ruth,
                                     Principal Financial and Accounting Officer


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.17
<SEQUENCE>5
<FILENAME>c27529_ex99-17.txt
<TEXT>




                                 TENGASCO, INC.





                                    ESTIMATED

                           FUTURE RESERVES AND INCOME

                             ATTRIBUTABLE TO CERTAIN

                         LEASEHOLD AND ROYALTY INTERESTS






                                    SEC CASE





                                      AS OF

                                DECEMBER 31, 2002











                 RIDER SCOTT COMPANY     PETROLEUM CONSULTANTS
<PAGE>


[LOGO]   RYDER SCOTT COMPANY
         ---------------------
         PETROLEUM CONSULTANTS                                FAX (713) 651-0849

1100 LOUISIANA SUITE 3800   HOUSTON, TEXAS 77002-5218   TELEPHONE (713) 651-9191




                                                               February 10, 2003



Tengasco, Inc.
603 Main Avenue, Suite 500
Knoxville, Tennessee  37902


Gentlemen:

         At your request,  we have prepared an estimate of the reserves,  future
production,  and income  attributable to certain leasehold and royalty interests
of Tengasco, Inc. (Tengasco) as of December 31, 2002. The subject properties are
located in the states of Kansas and  Tennessee.  The income data were  estimated
using the Securities and Exchange Commission (SEC) requirements for future price
and cost parameters.

         The  estimated  reserves and future  income  amounts  presented in this
report  are  related  to  hydrocarbon  prices.  Hydrocarbon  prices in effect at
December 31, 2002 were used in the preparation of this report as required by SEC
rules;  however,  actual future prices may vary  significantly from December 31,
2002 prices.  Therefore,  volumes of reserves actually  recovered and amounts of
income actually received may differ  significantly from the estimated quantities
presented in this report. The results of this study are summarized below.


                                 SEC PARAMETERS
                     Estimated Net Reserves and Income Data
                   Certain Leasehold and Royalty Interests of
                                 TENGASCO, INC.
                             As of December 31, 2002
          ------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                 Proved
                                   -------------------------------------------------------------------
                                              Developed
                                   -----------------------------                              Total
                                    Producing      Non-Producing        Undeveloped          Proved
                                   -----------     -------------        -----------       ------------
<S>                                <C>               <C>                <C>              <C>
NET REMAINING RESERVES
  Oil/Condensate - Barrels           1,108,293           154,814            212,792          1,475,899
  Gas - MMCF                             6,593             5,849             14,157             26,599

INCOME DATA
  Future Gross Revenue             $56,904,962       $27,996,664        $63,722,271       $148,623,897
  Deductions                        30,088,742         3,193,124         16,380,027         49,661,893
                                   -----------       -----------        -----------       ------------
  Future Net Income (FNI)          $26,816,220       $24,803,540        $47,342,244       $ 98,962,004

  Discounted FNI @ 10%             $14,795,442       $ 7,423,227        $24,429,351       $ 46,648,020
</TABLE>




1100, 530 8TH AVENUE, S.W. CALGARY, ALBERTA T2P 3S8 TEL (403) 262-2799
FAX (403) 262-2790

600 17TH STREET, SUITE 1610N  DENVER, COLORADO 80202-5416 TEL (303) 623-9147
FAX (303) 623-4258


<PAGE>


Tengasco, Inc.
February 10, 2003
Page 2


<TABLE>
<CAPTION>
                                                    Probable
                                   -----------------------------------------          Total
                                    Developed                        Total           Possible
                                   Behind Pipe    Undeveloped      Probable        Undeveloped
                                   -----------    -----------     ----------       -----------
<S>                                  <C>           <C>            <C>              <C>
NET REMAINING RESERVES
  Oil/Condensate - Barrels                 0           52,167         52,167                0
  Gas - MMCF                              16                0             16            2,228

INCOME DATA
  Future Gross Revenue               $66,185       $1,414,952     $1,481,137       $9,119,069
  Deductions                               0          780,565        780,565        3,324,582
                                     -------       ----------     ----------       ----------
  Future Net Income (FNI)            $66,185       $  634,387     $  700,572       $5,794,487

  Discounted FNI @ 10%               $32,968       $  259,925     $  292,893       $3,185,002
</TABLE>

         Liquid  hydrocarbons  are expressed in standard 42 gallon barrels.  All
gas  volumes  are sales gas  expressed  in  millions of cubic feet (MMCF) at the
official  temperature  and pressure bases of the areas in which the gas reserves
are located.

         The future gross revenue is after the  deduction of  production  taxes.
The  deductions  comprise  the  normal  direct  costs of  operating  the  wells,
recompletion  costs and development  costs.  The future net income is before the
deduction of state and federal income taxes and general administrative overhead,
and has not been  adjusted  for  outstanding  loans  that may  exist nor does it
include any adjustment for cash on hand or undistributed  income. No attempt was
made to  quantify  or  otherwise  account  for any  accumulated  gas  production
imbalances that may exist. Gas reserves account for  approximately  73.6 percent
and liquid hydrocarbon  reserves account for the remaining 26.4 percent of total
future gross revenue from proved reserves.

         The  discounted  future net income shown above was  calculated  using a
discount rate of 10 percent per annum compounded monthly.  Future net income was
discounted  at four other  discount  rates which were also  compounded  monthly.
These results are shown on each  estimated  projection of future  production and
income presented in a later section of this report and in summary form below.

                                     Discounted Future Net Income
                                       As of December 31, 2002
                         -------------------------------------------------
     Discount Rate          Total             Total                Total
        Percent             Proved           Probable            Possible
     -------------       -----------         --------           ----------

            5            $63,186,507         $441,915           $4,284,225
           15            $36,681,296         $200,900           $2,378,901
           20            $29,900,086         $140,905           $1,783,727
           25            $24,979,299         $100,066           $1,341,618


         The results shown above are presented for your  information  and should
not be construed as our estimate of fair market value.

RESERVES INCLUDED IN THIS REPORT

         The PROVED  RESERVES  included  herein conform to the definition as set
forth in the Securities and Exchange  Commission's  Regulation S-X Part 210.4-10
(a) as  clarified by  subsequent  Commission  Staff  Accounting  Bulletins.  The
PROBABLE  RESERVES and POSSIBLE  RESERVES included herein conform to definitions
of  probable  and  possible   reserves   approved  by  the  SPE/WPC   using  the
deterministic


                 RIDER SCOTT COMPANY     PETROLEUM CONSULTANTS
<PAGE>


Tengasco, Inc.
February 10, 2003
Page 3



methodology.  The  definitions of proved,  probable,  and possible  reserves are
included under the tab "Petroleum Reserves Definitions" in this report.

         We have  included  probable  and  possible  reserves and income in this
report at the request of  Tengasco.  These data are for  Tengasco's  information
only,  and should not be  included  in reports to the SEC  according  to the SEC
disclosure  specifications.  The  probable  reserves  are  less  certain  to  be
recovered than the proved reserves and reserves  classified as possible are less
certain to be recovered  than those in the probable  category.  The reserves and
income quantities attributable to the different reserve classifications that are
included  herein have not been  adjusted to reflect the varying  degrees of risk
associated with them and thus are not comparable.

         Because  of  the  direct   relationship   between   volumes  of  proved
undeveloped reserves and development plans, we include in the proved undeveloped
category  only  reserves  assigned to  undeveloped  locations  that we have been
assured will definitely be drilled.

         The  various  reserve  status  categories  are  defined  under  the tab
"Petroleum  Reserves  Definitions" in this report.  The developed  non-producing
reserves   included  herein  are  comprised  of  the  shut-in  and  behind  pipe
categories.

ESTIMATES OF RESERVES

         The reserves  included  herein were  estimated  using the  performance,
volumetric and analogy methods. The reserves estimated by the performance method
utilized  extrapolations  of various  historical  data in those cases where such
data were definitive in our opinion.  Performance  estimates  accounted for 37.4
percent of the proved  reserves on a net oil  equivalent  basis.  Reserves  were
estimated by the volumetric and analogy  methods in those cases where there were
inadequate historical  performance data to establish a definitive trend or where
the use of performance data as a basis for the reserve  estimates was considered
to be inappropriate.  Reserves by analogy accounted for 46.0 percent of reserves
and volumetric estimates accounted for the remaining 16.6 percent.

         The reserves  included in this report are estimates only and should not
be  construed  as  being  exact  quantities.  They  may or may  not be  actually
recovered, and if recovered, the revenues therefrom and the actual costs related
thereto could be more or less than the estimated amounts. Moreover, estimates of
reserves may increase or decrease as a result of future operations.

FUTURE PRODUCTION RATES

         Initial  production rates are based on the current  producing rates for
those wells now on production. Test data and other related information were used
to  estimate  the  anticipated  initial  production  rates  for  those  wells or
locations that are not currently  producing.  If no production decline trend had
been established,  future  production rates were held constant,  or adjusted for
the  effects of  curtailment  where  appropriate,  until a decline in ability to
produce  was  anticipated.  An  estimated  rate of decline  was then  applied to
depletion of the reserves.  If a decline trend has been established,  this trend
was used as the basis for estimating  future  production rates. For reserves not
yet on  production,  sales were  estimated  to commence at an  anticipated  date
furnished by Tengasco.

         The future production rates from wells now on production may be more or
less than  estimated  because of changes in market demand or  allowables  set by
regulatory bodies. Wells or locations that are not currently producing may start
producing  earlier or later than  anticipated  in our  estimates of their future
production rates.


                 RIDER SCOTT COMPANY     PETROLEUM CONSULTANTS
<PAGE>


Tengasco, Inc.
February 10, 2003
Page 4



HYDROCARBON PRICES

         Tengasco furnished us with hydrocarbon prices in effect at December 31,
2002 and with its  forecasts  of future  prices  which take into account SEC and
Financial  Accounting  Standards  Board (FASB)  rules,  current  market  prices,
contract prices,  and fixed and determinable price escalations where applicable.
The  hydrocarbon  prices utilized in this study were $27.29 per barrel and $4.13
per Mcf for the properties  located in the state of Kansas and $26.90 per barrel
and $4.22 per Mcf for the properties located in the state of Tennessee.

         In  accordance  with FASB  Statement  No. 69,  December 31, 2002 market
prices were determined using the daily oil price or daily gas sales price ("spot
price")   adjusted  for  oilfield  or  gas  gathering  hub  and  wellhead  price
differences  (e.g.  grade,   transportation,   gravity,   sulfur  and  BS&W)  as
appropriate.  Also in accordance  with SEC and FASB  specifications,  changes in
market  prices  subsequent  to  December  31, 2002 were not  considered  in this
report.

COSTS

         Operating  costs for the leases  and wells in this  report are based on
the operating  expense reports of Tengasco and include only those costs directly
applicable to the leases or wells. When applicable,  the operating costs include
a portion of general and  administrative  costs allocated directly to the leases
and  wells  under  terms of  operating  agreements.  No  deduction  was made for
indirect  costs such as  general  administration  and  overhead  expenses,  loan
repayments,  interest expenses, and exploration and development prepayments that
were not charged directly to the leases or wells.

         Development  costs were  furnished  to us by Tengasco  and are based on
authorizations for expenditure for the proposed work or actual costs for similar
projects.  At the request of Tengasco,  their estimate of zero abandonment costs
after  salvage  value was used in this report.  Ryder Scott has not  performed a
detailed  study of the  abandonment  costs or the  salvage  value  and  makes no
warranty for Tengasco's estimate.

         Current costs were held constant throughout the life of the properties.

GENERAL

         Table A presents a one line  summary of proved  reserve and income data
for each of the subject  properties  which are ranked  according to their future
net  income  discounted  at 10  percent  per year.  Table B  presents a one line
summary  of gross  and net  reserves  and  income  data for each of the  subject
properties.  Table C presents a one line summary of initial  basic data for each
of the subject properties. Tables 1 through 331 present our estimated projection
of production and income by years beginning December 31, 2002, by state,  field,
and lease or well.

         While it may reasonably be anticipated  that the future prices received
for the sale of production  and the operating  costs and other costs relating to
such production may also increase or decrease from existing levels, such changes
were, in accordance with rules adopted by the SEC, omitted from consideration in
making this evaluation.

         The estimates of reserves  presented  herein were based upon a detailed
study of the properties in which Tengasco owns an interest; however, we have not
made any field examination of the properties. No consideration was given in this
report to potential environmental  liabilities that may exist


                 RIDER SCOTT COMPANY     PETROLEUM CONSULTANTS
<PAGE>


Tengasco, Inc.
February 10, 2003
Page 5



nor were any costs  included  for  potential  liability  to restore and clean up
damages,  if any, caused by past operating  practices.  Tengasco has informed us
that  they  have  furnished  us all of the  accounts,  records,  geological  and
engineering  data,  and reports and other data required for this  investigation.
The ownership  interests,  prices,  and other factual data furnished by Tengasco
were accepted without independent verification.  The estimates presented in this
report are based on data available through December 2002.

         Tengasco has assured us of their intent and ability to proceed with the
development  activities  included in this report, and that they are not aware of
any legal,  regulatory or political  obstacles  that would  significantly  alter
their plans.

         Neither we nor any of our  employees  have any  interest in the subject
properties and neither the employment to make this study nor the compensation is
contingent  on our  estimates  of  reserves  and future  income for the  subject
properties.

         This report was  prepared  for the  exclusive  use and sole  benefit of
Tengasco, Inc. The data, work papers, and maps used in this report are available
for  examination by authorized  parties in our offices.  Please contact us if we
can be of further service.

                                              Very truly yours,

                                              RYDER SCOTT COMPANY, L.P.

                                              /s/ C. Patrick McInturff

                                              C. Patrick McInturff, P.E.
                                              Vice President
CPM/sw







                 RIDER SCOTT COMPANY     PETROLEUM CONSULTANTS
<PAGE>



                         PETROLEUM RESERVES DEFINITIONS

                       SECURITIES AND EXCHANGE COMMISSION


INTRODUCTION

         Reserves are those  quantities of petroleum which are anticipated to be
commercially  recovered from known accumulations from a given date forward.  All
reserve  estimates involve some degree of uncertainty.  The uncertainty  depends
chiefly on the amount of reliable geologic and engineering data available at the
time of the estimate and the  interpretation  of these data. The relative degree
of  uncertainty  may be conveyed by placing  reserves  into one of two principal
classifications,  either proved or unproved.  Unproved reserves are less certain
to be  recovered  than  proved  reserves  and may be further  sub-classified  as
probable and possible reserves to denote progressively increasing uncertainty in
their recoverability. It should be noted that Securities and Exchange Commission
Regulation S-K prohibits the  disclosure of estimated  quantities of probable or
possible  reserves  of oil  and  gas  and any  estimated  value  thereof  in any
documents publicly filed with the Commission.

         Reserves estimates will generally be revised as additional  geologic or
engineering data become available or as economic conditions change.  Reserves do
not include quantities of petroleum being held in inventory,  and may be reduced
for usage or processing losses if required for financial reporting.

         Reserves  may be  attributed  to  either  natural  energy  or  improved
recovery   methods.   Improved   recovery   methods   include  all  methods  for
supplementing  natural  energy or altering  natural  forces in the  reservoir to
increase ultimate recovery.  Examples of such methods are pressure  maintenance,
cycling,  waterflooding,  thermal  methods,  chemical  flooding,  and the use of
miscible and immiscible displacement fluids. Other improved recovery methods may
be developed in the future as petroleum technology continues to evolve.


PROVED RESERVES  (SEC DEFINITIONS)

         Securities and Exchange  Commission  Regulation S-X Rule 4-10 paragraph
(a) defines proved reserves as follows:

PROVED OIL AND GAS  RESERVES.  PROVED  OIL AND GAS  RESERVES  ARE THE  ESTIMATED
QUANTITIES OF CRUDE OIL,  NATURAL GAS, AND NATURAL GAS LIQUIDS WHICH  GEOLOGICAL
AND ENGINEERING DATA DEMONSTRATE WITH REASONABLE  CERTAINTY TO BE RECOVERABLE IN
FUTURE  YEARS  FROM KNOWN  RESERVOIRS  UNDER  EXISTING  ECONOMIC  AND  OPERATING
CONDITIONS,  I.E.,  PRICES AND COSTS AS OF THE DATE THE ESTIMATE IS MADE. PRICES
INCLUDE CONSIDERATION OF CHANGES IN EXISTING PRICES PROVIDED ONLY BY CONTRACTUAL
ARRANGEMENTS, BUT NOT ON ESCALATIONS BASED UPON FUTURE CONDITIONS.

       (I)  RESERVOIRS  ARE  CONSIDERED  PROVED  IF  ECONOMIC  PRODUCIBILITY  IS
       SUPPORTED BY EITHER ACTUAL  PRODUCTION OR CONCLUSIVE  FORMATION TEST. THE
       AREA OF A RESERVOIR CONSIDERED PROVED INCLUDES:

              (A) THAT  PORTION  DELINEATED  BY DRILLING  AND DEFINED BY GAS-OIL
              AND/OR OIL-WATER CONTACTS, IF ANY; AND

              (B) THE IMMEDIATELY  ADJOINING PORTIONS NOT YET DRILLED, BUT WHICH
              CAN BE REASONABLY  JUDGED AS ECONOMICALLY  PRODUCTIVE ON THE BASIS
              OF AVAILABLE  GEOLOGICAL AND  ENGINEERING  DATA. IN THE ABSENCE OF
              INFORMATION  ON  FLUID  CONTACTS,   THE  LOWEST  KNOWN  STRUCTURAL
              OCCURRENCE OF HYDROCARBONS  CONTROLS THE LOWER PROVED LIMIT OF THE
              RESERVOIR.



                 RIDER SCOTT COMPANY     PETROLEUM CONSULTANTS
<PAGE>


PETROLEUM RESERVES DEFINITIONS
Page 2



       (II) RESERVES WHICH CAN BE PRODUCED  ECONOMICALLY  THROUGH APPLICATION OF
       IMPROVED  RECOVERY  TECHNIQUES  (SUCH AS FLUID INJECTION) ARE INCLUDED IN
       THE "PROVED"  CLASSIFICATION  WHEN SUCCESSFUL TESTING BY A PILOT PROJECT,
       OR THE  OPERATION  OF AN  INSTALLED  PROGRAM IN THE  RESERVOIR,  PROVIDES
       SUPPORT FOR THE ENGINEERING  ANALYSIS ON WHICH THE PROJECT OR PROGRAM WAS
       BASED.

       (III) ESTIMATES OF PROVED RESERVES DO NOT INCLUDE THE FOLLOWING:

              (A) OIL THAT MAY BECOME  AVAILABLE  FROM KNOWN  RESERVOIRS  BUT IS
              CLASSIFIED SEPARATELY AS "INDICATED ADDITIONAL RESERVES";

              (B) CRUDE OIL, NATURAL GAS, AND NATURAL GAS LIQUIDS,  THE RECOVERY
              OF WHICH IS SUBJECT TO REASONABLE  DOUBT BECAUSE OF UNCERTAINTY AS
              TO GEOLOGY, RESERVOIR CHARACTERISTICS, OR ECONOMIC FACTORS;

              (C) CRUDE OIL,  NATURAL  GAS,  AND NATURAL GAS  LIQUIDS,  THAT MAY
              OCCUR IN UNDRILLED PROSPECTS; AND

              (D) CRUDE OIL,  NATURAL GAS, AND NATURAL GAS LIQUIDS,  THAT MAY BE
              RECOVERED FROM OIL SHALES, COAL, GILSONITE AND OTHER SUCH SOURCES.

PROVED DEVELOPED OIL AND GAS RESERVES. PROVED DEVELOPED OIL AND GAS RESERVES ARE
RESERVES  THAT CAN BE  EXPECTED  TO BE  RECOVERED  THROUGH  EXISTING  WELLS WITH
EXISTING EQUIPMENT AND OPERATING METHODS.  ADDITIONAL OIL AND GAS EXPECTED TO BE
OBTAINED  THROUGH THE APPLICATION OF FLUID INJECTION OR OTHER IMPROVED  RECOVERY
TECHNIQUES  FOR  SUPPLEMENTING  THE  NATURAL  FORCES AND  MECHANISMS  OF PRIMARY
RECOVERY SHOULD BE INCLUDED AS "PROVED DEVELOPED RESERVES" ONLY AFTER TESTING BY
A PILOT  PROJECT OR AFTER THE  OPERATION OF AN INSTALLED  PROGRAM HAS  CONFIRMED
THROUGH PRODUCTION RESPONSE THAT INCREASED RECOVERY WILL BE ACHIEVED.

PROVED  UNDEVELOPED  RESERVES.  PROVED  UNDEVELOPED  OIL  AND GAS  RESERVES  ARE
RESERVES THAT ARE EXPECTED TO BE RECOVERED FROM NEW WELLS ON UNDRILLED  ACREAGE,
OR FROM  EXISTING  WELLS WHERE A RELATIVELY  MAJOR  EXPENDITURE  IS REQUIRED FOR
RECOMPLETION.  RESERVES ON UNDRILLED  ACREAGE SHALL BE LIMITED TO THOSE DRILLING
UNITS OFFSETTING PRODUCTIVE UNITS THAT ARE REASONABLY CERTAIN OF PRODUCTION WHEN
DRILLED.  PROVED RESERVES FOR OTHER UNDRILLED UNITS CAN BE CLAIMED ONLY WHERE IT
CAN BE  DEMONSTRATED  WITH CERTAINTY THAT THERE IS CONTINUITY OF PRODUCTION FROM
THE EXISTING PRODUCTIVE  FORMATION.  UNDER NO CIRCUMSTANCES SHOULD ESTIMATES FOR
PROVED  UNDEVELOPED  RESERVES  BE  ATTRIBUTABLE  TO ANY  ACREAGE  FOR  WHICH  AN
APPLICATION  OF  FLUID  INJECTION  OR  OTHER  IMPROVED  RECOVERY   TECHNIQUE  IS
CONTEMPLATED,  UNLESS SUCH TECHNIQUES HAVE BEEN PROVED EFFECTIVE BY ACTUAL TESTS
IN THE AREA AND IN THE SAME RESERVOIR.

         Certain  Staff  Accounting   Bulletins  published   subsequent  to  the
promulgation  of  Regulation  S-X  have  dealt  with  matters  relating  to  the
application  of  financial  accounting  and  disclosure  rules  for  oil and gas
producing activities.  In particular,  the following  interpretations  extracted
from  Staff  Accounting  Bulletins  set forth  the  Commission  staff's  view on
specific questions pertaining to proved oil and gas reserves.

         ECONOMIC PRODUCIBILITY OF ESTIMATED PROVED RESERVES CAN BE SUPPORTED TO
THE SATISFACTION OF THE OFFICE OF ENGINEERING IF GEOLOGICAL AND ENGINEERING DATA
DEMONSTRATE  WITH  REASONABLE  CERTAINTY THAT THOSE RESERVES CAN BE RECOVERED IN
FUTURE YEARS UNDER  EXISTING  ECONOMIC AND  OPERATING  CONDITIONS.  THE RELATIVE
IMPORTANCE OF THE MANY PIECES OF GEOLOGICAL AND ENGINEERING DATA WHICH SHOULD BE
EVALUATED WHEN CLASSIFYING  RESERVES CANNOT BE IDENTIFIED IN ADVANCE. IN CERTAIN
INSTANCES,  PROVED  RESERVES  MAY BE  ASSIGNED TO  RESERVOIRS  ON THE BASIS OF A
COMBINATION  OF ELECTRICAL  AND OTHER TYPE LOGS AND CORE ANALYSES WHICH INDICATE
THE RESERVOIRS ARE ANALOGOUS TO SIMILAR RESERVOIRS IN THE SAME FIELD



                 RIDER SCOTT COMPANY     PETROLEUM CONSULTANTS
<PAGE>


PETROLEUM RESERVES DEFINITIONS
Page 3



WHICH ARE PRODUCING OR HAVE  DEMONSTRATED  THE ABILITY TO PRODUCE ON A FORMATION
TEST. (EXTRACTED FROM SAB-35)

         IN DETERMINING WHETHER "PROVED UNDEVELOPED  RESERVES" ENCOMPASS ACREAGE
ON WHICH FLUID INJECTION (OR OTHER IMPROVED RECOVERY TECHNIQUE) IS CONTEMPLATED,
IS IT APPROPRIATE TO DISTINGUISH  BETWEEN (I) FLUID  INJECTION USED FOR PRESSURE
MAINTENANCE  DURING THE EARLY LIFE OF A FIELD AND (II) FLUID  INJECTION  USED TO
EFFECT SECONDARY  RECOVERY WHEN A FIELD IS IN THE LATE STAGES OF DEPLETION?  ...
THE OFFICE OF ENGINEERING BELIEVES THAT THE DISTINCTION  IDENTIFIED IN THE ABOVE
QUESTION MAY BE APPROPRIATE IN A FEW LIMITED CIRCUMSTANCES,  SUCH AS IN THE CASE
OF CERTAIN  FIELDS IN THE NORTH SEA.  THE STAFF WILL REVIEW  ESTIMATES OF PROVED
RESERVES  ATTRIBUTABLE  TO FLUID  INJECTION  IN THE LIGHT OF THE STRENGTH OF THE
EVIDENCE  PRESENTED BY THE  REGISTRANT IN SUPPORT OF A CONTENTION  THAT ENHANCED
RECOVERY WILL BE ACHIEVED. (EXTRACTED FROM SAB-35)

         COMPANIES  SHOULD REPORT  RESERVES OF NATURAL GAS LIQUIDS WHICH ARE NET
TO THEIR LEASEHOLD INTEREST,  I.E., THAT PORTION RECOVERED IN A PROCESSING PLANT
AND ALLOCATED TO THE LEASEHOLD  INTEREST.  IT MAY BE  APPROPRIATE IN THE CASE OF
NATURAL GAS LIQUIDS NOT CLEARLY ATTRIBUTABLE TO LEASEHOLD INTERESTS OWNERSHIP TO
FOLLOW  INSTRUCTION  (B) OF ITEM  2(B)(3)  OF  REGULATION  S-K AND  REPORT  SUCH
RESERVES  SEPARATELY AND DESCRIBE THE NATURE OF THE OWNERSHIP.  (EXTRACTED  FROM
SAB-35)

         THE STAFF BELIEVES THAT SINCE COALBED METHANE GAS CAN BE RECOVERED FROM
COAL IN ITS  NATURAL  AND  ORIGINAL  LOCATION,  IT SHOULD BE  INCLUDED IN PROVED
RESERVES, PROVIDED THAT IT COMPLIES IN ALL OTHER RESPECTS WITH THE DEFINITION OF
PROVED OIL AND GAS  RESERVES  AS  SPECIFIED  IN RULE  4-10(A)(2)  INCLUDING  THE
REQUIREMENT THAT METHANE PRODUCTION BE ECONOMICAL AT CURRENT PRICES, COSTS, (NET
OF THE TAX CREDIT) AND EXISTING OPERATING CONDITIONS. (EXTRACTED FROM SAB-85)

         Statements   in   Staff   Accounting   Bulletins   are  not   rules  or
interpretations  of the  Commission  nor  are  they  published  as  bearing  the
Commission's  official approval;  they represent  interpretations  and practices
followed  by the  Division  of  Corporation  Finance and the Office of the Chief
Accountant  in  administering   the  disclosure   requirements  of  the  Federal
securities laws.


SUB-CATEGORIZATION OF DEVELOPED RESERVES  (SPE/WPC DEFINITIONS)

         In  accordance  with  guidelines  adopted by the  Society of  Petroleum
Engineers (SPE) and the World Petroleum  Congress (WPC),  developed reserves may
be sub-categorized as producing or non-producing.

PRODUCING.  Reserves  sub-categorized  as producing are expected to be recovered
from  completion  intervals  which  are  open and  producing  at the time of the
estimate.  Improved  recovery  reserves are considered  producing only after the
improved recovery project is in operation.

NON-PRODUCING.  Reserves  sub-categorized  as non-producing  include shut-in and
behind pipe  reserves.  Shut-in  reserves are expected to be recovered  from (1)
completion  intervals  which are open at the time of the estimate but which have
not  started   producing,   (2)  wells  which  were  shut-in  awaiting  pipeline
connections or as a result of a market interruption, or (3) wells not capable of
production  for  mechanical  reasons.  Behind pipe  reserves  are expected to be
recovered from zones in existing wells, which will require additional completion
work or future recompletion prior to the start of production.




                 RIDER SCOTT COMPANY     PETROLEUM CONSULTANTS
<PAGE>


PETROLEUM RESERVES DEFINITIONS
Page 4



UNPROVED RESERVES  (SPE/WPC DEFINITIONS)

         Unproved reserves are based on geologic and/or engineering data similar
to that  used in  estimates  of proved  reserves;  but  technical,  contractual,
economic, or regulatory uncertainties preclude such reserves being classified as
proved.  Unproved  reserves may be further  classified as probable  reserves and
possible reserves.

         Unproved reserves may be estimated assuming future economic  conditions
different  from  those  prevailing  at the time of the  estimate.  The effect of
possible   future   improvements  in  economic   conditions  and   technological
developments can be expressed by allocating  appropriate  quantities of reserves
to the probable and possible classifications.

PROBABLE RESERVES.  Probable reserves are those unproved reserves which analysis
of  geological  and  engineering  data  suggests  are more likely than not to be
recoverable.  In this context, when probabilistic methods are used, there should
be at least a 50 percent probability that the quantities actually recovered will
equal or exceed the sum of estimated proved plus probable reserves.

         In general,  probable reserves may include (1) reserves  anticipated to
be proved by normal step-out drilling where sub-surface control is inadequate to
classify these reserves as proved,  (2) reserves in formations that appear to be
productive  based on well log  characteristics  but lack core data or definitive
tests and which are not  analogous to producing or proved  reserves in the area,
(3)  incremental  reserves  attributable to infill drilling that could have been
classified as proved if closer  statutory  spacing had been approved at the time
of the estimate,  (4) reserves  attributable to improved  recovery  methods that
have been established by repeated commercially  successful applications when (a)
a project or pilot is planned  but not in  operation  and (b) rock,  fluid,  and
reservoir  characteristics  appear  favorable for  commercial  application,  (5)
reserves  in an area of the  formation  that  appears to be  separated  from the
proved area by faulting and the geologic  interpretation  indicates  the subject
area is structurally higher than the proved area, (6) reserves attributable to a
future  workover,  treatment,   re-treatment,  change  of  equipment,  or  other
mechanical  procedures,  where such procedure has not been proved  successful in
wells  which  exhibit  similar  behavior  in  analogous   reservoirs,   and  (7)
incremental reserves in proved reservoirs where an alternative interpretation of
performance or volumetric data indicates more reserves than can be classified as
proved.

POSSIBLE RESERVES.  Possible reserves are those unproved reserves which analysis
of geological  and  engineering  data suggests are less likely to be recoverable
than probable reserves.  In this context,  when probabilistic  methods are used,
there should be at least a 10 percent  probability that the quantities  actually
recovered  will equal or exceed the sum of estimated  proved plus  probable plus
possible reserves.

         In general,  possible reserves may include (1) reserves which, based on
geological  interpretations,  could  possibly  exist beyond areas  classified as
probable,  (2) reserves in formations that appear to be petroleum  bearing based
on log and core  analysis but may not be productive  at  commercial  rates,  (3)
incremental reserves attributed to infill drilling that are subject to technical
uncertainty,  (4) reserves  attributed to improved  recovery  methods when (a) a
project  or pilot is  planned  but not in  operation  and (b) rock,  fluid,  and
reservoir  characteristics  are such that a  reasonable  doubt  exists  that the
project will be  commercial,  and (5) reserves in an area of the formation  that
appears  to be  separated  from  the  proved  area by  faulting  and  geological
interpretation  indicates the subject area is structurally lower than the proved
area.




                 RIDER SCOTT COMPANY     PETROLEUM CONSULTANTS
<PAGE>


                                 TENGASCO, INC.

                                TABLE OF CONTENTS



 DISCUSSION

 PETROLEUM RESERVES DEFINITIONS


                                                                      TABLE NO.
                                                                      ---------

 PROPERTY RANKING   --------------------------------------------------      A

 SUMMARY OF GROSS AND NET RESERVE AND INCOME DATA   ------------------      B

 SUMMARY OF INITIAL BASIC DATA   -------------------------------------      C



 GRAND SUMMARIES
    TOTAL PROVED ALL CATEGORIES   ------------------------------------      1
    PROVED PRODUCING   -----------------------------------------------      2
    PROVED SHUT-IN   -------------------------------------------------      3
    PROVED BEHIND PIPE   ---------------------------------------------      4
    PROVED UNDEVELOPED   ---------------------------------------------      5
    TOTAL PROBABLE ALL CATEGORIES   ----------------------------------      6
    PROBABLE BEHIND PIPE   -------------------------------------------      7
    PROBABLE UNDEVELOPED   -------------------------------------------      8
    TOTAL POSSIBLE UNDEVELOPED   -------------------------------------      9

 STATE SUMMARIES - STATE OF KANSAS
    TOTAL PROVED ALL CATEGORIES   ------------------------------------     10
    PROVED PRODUCING   -----------------------------------------------     11
    PROVED BEHIND PIPE   ---------------------------------------------     12
    PROVED UNDEVELOPED   ---------------------------------------------     13
    TOTAL PROBABLE UNDEVELOPED   -------------------------------------     14

 ARPIN SOUTH FIELD, ROOKS CO., KANSAS
    THYFAULT #1 - PROVED PRODUCING   ---------------------------------     15

 ASH CREEK FIELD, BARTON CO., KANSAS
    UNRUH #2 - PROVED PRODUCING   ------------------------------------     16

 AXELSON FIELD, ROOKS CO., KANSAS
    AXELSON LEASE - PROVED PRODUCING   -------------------------------     17

 BEISEL FIELD, RUSSELL CO., KANSAS
    BEISEL LEASE - PROVED PRODUCING   --------------------------------     18
    BEISEL #9 PUD - PROVED UNDEVELOPED   -----------------------------     19



<PAGE>


                                 TENGASCO, INC.

                           TABLE OF CONTENTS (CONT'D)


                                                                      TABLE NO.
                                                                      ---------
 BIELMAN FIELD, ELLIS CO., KANSAS
    GRASS #5 - PROVED PRODUCING   ------------------------------------     20

 CARPENTER FIELD, EDWARDS CO., KANSAS
    HENNING #1 - PROVED PRODUCING   ----------------------------------     21

 CARROLL FIELD, BARTON CO., KANSAS
    KEENAN -B- LEASE - PROVED PRODUCING   ----------------------------     22

 CENTERVIEW FIELD, STAFFORD CO., KANSAS
    BECKERDITE #1 - PROVED PRODUCING   -------------------------------     23

 CHASE-SILICA FIELD, BARTON CO., KANSAS
    LANDER #1 - PROVED PRODUCING  ------------------------------------     24
    LANDER #3 PBUD - PROBABLE UNDEVELOPED ----------------------------     25
    ROSE LEASE - PROVED PRODUCING ------------------------------------     26

 CHEYENNE FIELD, BARTON CO., KANSAS
    HAMMEKE #1 - PROVED PRODUCING   ----------------------------------     27

 CONVERSE FIELD, BARTON CO., KANSAS
    IANNITTI LEASE - PROVED PRODUCING   ------------------------------     28
    IANNITTI #9 PUD - PROVED UNDEVELOPED   ---------------------------     29

 COOPER FIELD, GRAHAM CO., KANSAS
    DEYOUNG LEASE - PROVED PRODUCING   -------------------------------     30
    LEWIS LEASE - PROVED PRODUCING   ---------------------------------     31

 DAVIDSON FIELD, RUSSELL CO., KANSAS
    FOSTER LEASE - PROVED PRODUCING   --------------------------------     32

 DISTRICT 57 FIELD, ELLIS CO., KANSAS
    FLAX #1 - PROVED PRODUCING   -------------------------------------     33

 DUNES NORTH FIELD, PAWNEE CO., KANSAS
    BARSTOW #1 - PROVED PRODUCING   ----------------------------------     34
    LOVETT #1 - PROVED PRODUCING   -----------------------------------     35

 ELLIS NW FIELD, TREGO CO., KANSAS
    BAUGHER #1 - PROVED PRODUCING   ----------------------------------     36

 FICKEN FIELD, RUSH CO., KANSAS
    SCHWINDT FARMS #1 - PROVED PRODUCING   ---------------------------     37

 GATES NORTH FIELD, STAFFORD CO., KANSAS
    HOFFMAN #1 - PROVED PRODUCING   ----------------------------------     38


<PAGE>


                                 TENGASCO, INC.

                           TABLE OF CONTENTS (CONT'D)


                                                                      TABLE NO.
                                                                      ---------
 GATES NORTH FIELD, STAFFORD CO., KANSAS (CONT'D)
    SCHULZ LEASE - PROVED PRODUCING   --------------------------------     39

 GIESICK FIELD, RUSH CO., KANSAS
    GIESICK #2 - PROVED PRODUCING   ----------------------------------     40

 GOTTSCHALK FIELD, ELLIS CO., KANSAS
    WERTH #1 - PROVED PRODUCING   ------------------------------------     41

 HERMAN FIELD, BARTON CO., KANSAS
    H. KARST LEASE - PROVED PRODUCING   ------------------------------     42

 HOBROCK FIELD, OSBORNE CO., KANSAS
    HOBROCK #4 - PROVED PRODUCING   ----------------------------------     43
    HOGAN LEASE - PROVED PRODUCING   ---------------------------------     44

 IRVIN FIELD, ELLIS CO., KANSAS
    KINDERKNECHT -B- LEASE - PROVED PRODUCING   ----------------------     45

 KRAUS FIELD, ELLIS CO., KANSAS
    KRAUS -A- LEASE - PROVED PRODUCING   -----------------------------     46
    KRAUS -B- LEASE - PROVED PRODUCING   -----------------------------     47
    KRAUS -I- LEASE - PROVED PRODUCING   -----------------------------     48

 LEIKER EAST FIELD, ELLIS CO., KANSAS
    LEIKER #1 - PROVED PRODUCING   -----------------------------------     49

 LEONHARDT SOUTHEAST FIELD, ELLIS CO., KANSAS
    KRAUS LEASE - PROVED PRODUCING   ---------------------------------     50

 LIEBENTHAL FIELD, RUSH CO., KANSAS
    DECHANT -B- #2 - PROVED PRODUCING  -------------------------------     51
    GRAHAM #1 - PROVED PRODUCING -------------------------------------     52
    LEGLEITER -B- #1 - PROVED PRODUCING ------------------------------     53
    LEGLEITER -C- #1 - PROVED PRODUCING ------------------------------     54
    LEGLEITER -C- #2 - PROVED PRODUCING ------------------------------     55

 LITTLE RIO FIELD, RICE CO., KANSAS
    WHITEMAN-HOLLAND LEASE - PROVED PRODUCING   ----------------------     56

 MARCOTTE FIELD, ROOKS CO., KANSAS
    CROFFOOT LEASE - PROVED PRODUCING   ------------------------------     57
    CROFFOOT -A- LEASE - PROVED PRODUCING   --------------------------     58
    CROFFOOT -B- LEASE - PROVED PRODUCING   --------------------------     59
    CROFFOOT -C- LEASE - PROVED PRODUCING   --------------------------     60
    DICK LEASE - PROVED PRODUCING   ----------------------------------     61


<PAGE>


                                 TENGASCO, INC.

                           TABLE OF CONTENTS (CONT'D)


                                                                      TABLE NO.
                                                                      ---------

 MCHALE FIELD, ROOKS CO., KANSAS
    HARRISON -A- LEASE - PROVED PRODUCING   --------------------------     62
    HILGERS -B- LEASE - PROVED PRODUCING   ---------------------------     63
    KABA #2 - PROVED PRODUCING   -------------------------------------     64

 OMLOR FIELD, STAFFORD CO., KANSAS
    MILLER #1 - PROVED PRODUCING   -----------------------------------     65
    WILLIAMS #1 - PROVED PRODUCING   ---------------------------------     66

 OTIS-ALBERT FIELD, RUSH CO., KANSAS
    HARTMAN -C- #1 - PROVED PRODUCING   ------------------------------     67

 PARADISE CREEK FIELD, ROOKS CO., KANSAS
    STAHL LEASE - PROVED PRODUCING   ---------------------------------     68
    STAHL #7 PUD - PROVED UNDEVELOPED   ------------------------------     69

 PAWNEE ROCK FIELD, PAWNEE CO., KANSAS
    O'SCHULTZ #1 - PROVED PRODUCING  ---------------------------------     70
    OETKIN LEASE - PROVED PRODUCING ----------------------------------     71
    OETKIN #8 PBUD - PROBABLE UNDEVELOPED ----------------------------     72

 PLAINVILLE FIELD, ROOKS CO., KANSAS
    ANDERSON -A- #1 - PROVED PRODUCING   -----------------------------     73
    BARDOT #1 - PROVED PRODUCING   -----------------------------------     74
    GARVERT -A- #1 - PROVED PRODUCING   ------------------------------     75
    GARVERT -B- #1 - PROVED PRODUCING   ------------------------------     76
    HARRISON -C- LEASE - PROVED PRODUCING   --------------------------     77
    JACO LEASE - PROVED PRODUCING   ----------------------------------     78
    ROSS LEASE - PROVED PRODUCING   ----------------------------------     79

 PLEASANT FIELD, RUSH CO., KANSAS
    BASGALL -C- #4 - PROVED PRODUCING   ------------------------------     80

 PLEASANT FIELD, ELLIS CO., KANSAS
    HONAS #3 - PROVED PRODUCING   ------------------------------------     81

 PLEASANT VIEW FIELD, RUSH CO., KANSAS
    URBAN -K- #5 - PROVED PRODUCING   --------------------------------     82
    URBAN -K- #5 BP - PROVED BEHIND PIPE   ---------------------------     83

 PLEASANT VIEW NW FIELD, RUSH CO., KANSAS
    URBAN #1, 2 & 5 - PROVED PRODUCING -------------------------------     84
    URBAN #6 PUD - PROVED UNDEVELOPED --------------------------------     85
    URBAN #7 PUD - PROVED UNDEVELOPED --------------------------------     86


<PAGE>


                                 TENGASCO, INC.

                           TABLE OF CONTENTS (CONT'D)


                                                                      TABLE NO.
                                                                      ---------

 REICHEL FIELD, RUSH CO., KANSAS
    ALLEN #1 A&D - PROVED PRODUCING   --------------------------------     87
    ANDRE #1 - PROVED PRODUCING   ------------------------------------     88
    APPL #1 - PROVED PRODUCING   -------------------------------------     89
    APPL #2 - PROVED PRODUCING   -------------------------------------     90
    BEAHM #1 - PROVED PRODUCING   ------------------------------------     91
    BIEBER #1 - PROVED PRODUCING   -----------------------------------     92
    BIEBER -A- #1 - PROVED PRODUCING   -------------------------------     93
    BRACK -A- #3 - PROVED PRODUCING   --------------------------------     94
    BREIT #1 - PROVED PRODUCING   ------------------------------------     95
    BREIT-HOLZMEISTER -B- - PROVED PRODUCING   -----------------------     96
    DECKER -A- #1 - PROVED PRODUCING   -------------------------------     97
    EDWARDS #1 - PROVED PRODUCING   ----------------------------------     98
    ELDER #19 - PROVED PRODUCING   -----------------------------------     99
    FOOS #1 - PROVED PRODUCING   -------------------------------------    100
    FOOS -A- #1 - PROVED PRODUCING   ---------------------------------    101
    FRYE #2 - PROVED PRODUCING   -------------------------------------    102
    GIESICK #1 - PROVED PRODUCING   ----------------------------------    103
    GILLIG #1 - PROVED PRODUCING   -----------------------------------    104
    GRUMBEIN -A- #1 - PROVED PRODUCING   -----------------------------    105
    HANHARDT #1 - PROVED PRODUCING   ---------------------------------    106
    HANHARDT -A- #1 - PROVED PRODUCING   -----------------------------    107
    HANHARDT -A- #1BP - PROVED BEHIND PIPE   -------------------------    108
    HOFFMAN #3 - PROVED PRODUCING   ----------------------------------    109
    HOLZMEISTER #1 - PROVED PRODUCING   ------------------------------    110
    HOLZMEISTER -A- #1 - PROVED PRODUCING   --------------------------    111
    HOLZMEISTER -B- #1 - PROVED PRODUCING   --------------------------    112
    HONDERICK -C- #1 - PROVED PRODUCING   ----------------------------    113
    HOOFER #1 - PROVED PRODUCING   -----------------------------------    114
    JANSON -A- #2 - PROVED PRODUCING   -------------------------------    115
    KAISER #2 - PROVED PRODUCING   -----------------------------------    116
    KAISER -A- #1 - PROVED PRODUCING   -------------------------------    117
    KLEWENO #1-21 - PROVED PRODUCING   -------------------------------    118
    KLEWENO -A- #1 - PROVED PRODUCING   ------------------------------    119
    KOBER #1 - PROVED PRODUCING   ------------------------------------    120
    LEBSACK -A- #1 - PROVED PRODUCING   ------------------------------    121
    LIPPERT #2 - PROVED PRODUCING   ----------------------------------    122
    LIPPERT #3 - PROVED PRODUCING   ----------------------------------    123
    LIPPERT #3 BP - PROVED BEHIND PIPE   -----------------------------    124
    LIPPERT -B- #1 - PROVED PRODUCING   ------------------------------    125
    LIPPERT -B- #2 - PROVED PRODUCING   ------------------------------    126
    LIPPERT -C- #1 - PROVED PRODUCING   ------------------------------    127
    MCGILL #2 - PROVED PRODUCING   -----------------------------------    128
    O'DELL #1 - PROVED PRODUCING   -----------------------------------    129


<PAGE>


                                 TENGASCO, INC.

                           TABLE OF CONTENTS (CONT'D)


                                                                      TABLE NO.
                                                                      ---------
 REICHEL FIELD, RUSH CO., KANSAS (CONT'D)
    OCHS -A- #1 - PROVED PRODUCING   ---------------------------------    130
    PFEIFER -B- #1 - PROVED PRODUCING   ------------------------------    131
    RAU #1 - PROVED PRODUCING   --------------------------------------    132
    REICHEL #1 - PROVED PRODUCING   ----------------------------------    133
    ROTHE #1-31 - PROVED PRODUCING   ---------------------------------    134
    ROTHE, R. #1 - PROVED PRODUCING   --------------------------------    135
    SCHEUERMAN #56 - PROVED PRODUCING   ------------------------------    136
    SCHLITTER #2 - PROVED PRODUCING   --------------------------------    137
    SCHNEIDER #1 - PROVED PRODUCING   --------------------------------    138
    SHERWOOD #1 - PROVED PRODUCING   ---------------------------------    139
    STEITZ -A- #1 - PROVED PRODUCING   -------------------------------    140
    STEITZ -B- #1 - PROVED PRODUCING   -------------------------------    141
    THIELENHAUS #1 - PROVED PRODUCING   ------------------------------    142
    THIELENHAUS #1 BP - PROVED BEHIND PIPE   -------------------------    143
    TORREY #2 - PROVED PRODUCING   -----------------------------------    144
    URBAN R & A #1 - PROVED PRODUCING   ------------------------------    145

 REICHEL EAST FIELD, RUSH CO., KANSAS
    BAHR #1 - PROVED PRODUCING   -------------------------------------    146

 REICHEL WEST FIELD, RUSH CO., KANSAS
    LEGLEITER  -A-  #1-1  -  PROVED  PRODUCING   ---------------------    147
    LEGLEITER -A- #1-2 - PROVED PRODUCING ----------------------------    148
    MUTH #1 & 2 - PROVED PRODUCING -----------------------------------    149

 RIDGEWAY SOUTH FIELD, TREGO CO., KANSAS
    SCHOENTHALER #3 - PROVED PRODUCING   -----------------------------    150

 RIGA NORTHEAST FIELD, TREGO CO., KANSAS
    KELLER LEASE - PROVED PRODUCING   --------------------------------    151
    KELLER -A- LEASE - PROVED PRODUCING   ----------------------------    152

 RUGGELS WEST FIELD, OSBORNE CO., KANSAS
    MAIER #1 - PROVED PRODUCING  -------------------------------------    153
    MAIER #1 BP - PROVED BEHIND PIPE ---------------------------------    154

 SANDFORD FIELD, BARTON CO., KANSAS
    BEN TEMPERO #1 - PROVED PRODUCING   ------------------------------    155
    BEN TEMPERO #5 PUD - PROVED UNDEVELOPED   ------------------------    156

 SCHWINDT FIELD, RUSH CO., KANSAS
    JACOBS -B- #3 - PROVED PRODUCING   -------------------------------    157

 SPRING CREEK FIELD, TREGO CO., KANSAS
    RIDGWAY #1 - PROVED PRODUCING   ----------------------------------    158


<PAGE>


                                 TENGASCO, INC.

                           TABLE OF CONTENTS (CONT'D)


                                                                      TABLE NO.
                                                                      ---------

 STOCKTON FIELD, ROOKS CO., KANSAS
    HINDMAN  #1  -  PROVED  PRODUCING   ------------------------------    159
    STEBBINS #1 - PROVED PRODUCING  ----------------------------------    160
    WATTS #1 - PROVED PRODUCING --------------------------------------    161

 STREMEL FIELD, RUSH CO., KANSAS
    OCHS #1 & 3 - PROVED PRODUCING  ----------------------------------    162
    URBAN -D- LEASE - PROVED PRODUCING -------------------------------    163

 THACKER FIELD, RUSSELL CO., KANSAS
    THACKER #2 - PROVED PRODUCING   ----------------------------------    164

 TRAPP FIELD, BARTON CO., KANSAS
    DEUTSCH - PROVED PRODUCING ---------------------------------------    165
    HOWLIER #1 - PROVED PRODUCING ------------------------------------    166

 WEBSTER FIELD, ROOKS CO., KANSAS
    CERROW-CERROW -A- #1 - PROVED PRODUCING  -------------------------    167
    LOWRY #1 - PROVED PRODUCING --------------------------------------    168

 WERTH NORTH FIELD, ELLIS CO., KANSAS
    SCHNELLER LEASE - PROVED PRODUCING   -----------------------------    169

 WESTHUSIN FIELD, ROOKS CO., KANSAS
    DOUGHERTY  EAST  #1  -  PROVED  PRODUCING   ----------------------    170
    DOUGHERTY  EAST  #1  BP -  PROVED  BEHIND  PIPE  -----------------    171
    DOUGHERTY EAST #2 PUD - PROVED UNDEVELOPED -----------------------    172

 YOHE FIELD, ROOKS CO., KANSAS
    FINNESY LEASE - PROVED PRODUCING   -------------------------------    173
    MOSHER LEASE - PROVED PRODUCING   --------------------------------    174

 ALL FIELDS, RUSH CO., KANSAS
    OTIS COMPRESSOR STATION - PROVED PRODUCING   ---------------------    175

 VARIOUS FIELD, ALL CO., KANSAS
    KANSAS FIXED COSTS 1PDP - PROVED PRODUCING   ---------------------    176
    KANSAS FIXED COSTS 2PBP - PROVED BEHIND PIPE   -------------------    177
    KANSAS FIXED COSTS 3PUD - PROVED UNDEVELOPED   -------------------    178

 STATE SUMMARIES - STATE OF TENNESSEE
    TOTAL PROVED ALL CATEGORIES   ------------------------------------    179
    PROVED PRODUCING   -----------------------------------------------    180
    PROVED SHUT-IN   -------------------------------------------------    181


<PAGE>


                                 TENGASCO, INC.

                           TABLE OF CONTENTS (CONT'D)


                                                                      TABLE NO.
                                                                      ---------
 STATE SUMMARIES - STATE OF TENNESSEE (CONT'D)
    PROVED BEHIND PIPE   ---------------------------------------------    182
    PROVED UNDEVELOPED   ---------------------------------------------    183
    TOTAL PROBABLE BEHIND PIPE   -------------------------------------    184
    TOTAL POSSIBLE UNDEVELOPED   -------------------------------------    185

 SWAN CREEK FIELD, HANCOCK CO., TENNESSEE
    ANITA COLSON #1 - PROVED SHUT-IN   -------------------------------    186
    ANITA COLSON #1 BP - PROVED BEHIND PIPE   ------------------------    187
    ANITA COLSON #2 - PROVED PRODUCING   -----------------------------    188
    BOBBY YEARY #1 - PROVED PRODUCING   ------------------------------    189
    BOBBY YEARY #1BP - PROVED BEHIND PIPE   --------------------------    190
    BOBBY YEARY #2 - PROVED SHUT-IN   --------------------------------    191
    BOBBY YEARY #3 - PROVED SHUT-IN   --------------------------------    192
    CHERYL SMITH #1 - PROVED SHUT-IN   -------------------------------    193
    CHERYL SMITH #2 - PROVED UNDEVELOPED   ---------------------------    194
    CHEVRON REED #1 - PROVED SHUT-IN   -------------------------------    195
    D. SUTTON HEIRS #1 - PROVED PRODUCING   --------------------------    196
    D. SUTTON HEIRS #1 BP - PROVED BEHIND PIPE   ---------------------    197
    D. SUTTON HEIRS #3 - PROVED UNDEVELOPED   ------------------------    198
    DARNELL SUTTON #1 - PROVED PRODUCING   ---------------------------    199
    DEANNA CROSS #1 - PROVED SHUT-IN   -------------------------------    200
    DEANNA CROSS #1 BP - PROVED BEHIND PIPE   ------------------------    201
    DEWEY SUTTON #1 - PROVED SHUT-IN   -------------------------------    202
    DORIS HELTON #1 - PROVED PRODUCING   -----------------------------    203
    DORIS HELTON #1 BP1 - PROVED BEHIND PIPE   -----------------------    204
    DORIS HELTON #1 BP2 - PROVED BEHIND PIPE   -----------------------    205
    F. WELLS #1 - POSSIBLE UNDEVELOPED   -----------------------------    206
    FRED PORTRUM #1 - PROVED PRODUCING   -----------------------------    207
    FRED PORTRUM #2 - PROVED PRODUCING   -----------------------------    208
    GARY PATTON #2 - PROVED SHUT-IN   --------------------------------    209
    GARY PATTON #2 BP1 - PROVED BEHIND PIPE   ------------------------    210
    GARY PATTON #2 BP2 - PROVED BEHIND PIPE   ------------------------    211
    GUY TOBEY #1 - POSSIBLE UNDEVELOPED   ----------------------------    212
    HAZEL SUTTON #2 - PROVED PRODUCING   -----------------------------    213
    HUGH ROBERTS #1 - PROVED SHUT-IN   -------------------------------    214
    HUGH ROBERTS #1 BP - PROVED BEHIND PIPE   ------------------------    215
    JEFF JOHNSON #1 - PROVED PRODUCING   -----------------------------    216
    JEFF JOHNSON #2 - PROVED UNDEVELOPED   ---------------------------    217
    LANGE #1 - PROBABLE BEHIND PIPE   --------------------------------    218
    LANGE #1 BP - PROBABLE BEHIND PIPE   -----------------------------    219
    LAURA J. LAWSON #1 - PROVED PRODUCING   --------------------------    220
    LAURA J. LAWSON #2 - PROVED PRODUCING   --------------------------    221
    LAURA J. LAWSON #2 BP - PROVED BEHIND PIPE   ---------------------    222
    LAURA J. LAWSON #3 - PROVED PRODUCING   --------------------------    223
    LAURA J. LAWSON #4 - PROVED PRODUCING   --------------------------    224


<PAGE>


                                 TENGASCO, INC.

                           TABLE OF CONTENTS (CONT'D)


                                                                      TABLE NO.
                                                                      ---------
 SWAN CREEK FIELD, HANCOCK CO., TENNESSEE (CONT'D)
    LAURA J. LAWSON #4 BP - PROVED BEHIND PIPE   ---------------------    225
    LAURA J. LAWSON #5 - PROVED SHUT-IN   ----------------------------    226
    PAUL REED #1 - PROVED PRODUCING   --------------------------------    227
    PAUL REED #2 - PROVED SHUT-IN   ----------------------------------    228
    PAUL REED #2 BP - PROVED BEHIND PIPE   ---------------------------    229
    PAUL REED #3 - PROVED PRODUCING   --------------------------------    230
    PAUL REED #3 BP1 - PROVED BEHIND PIPE   --------------------------    231
    PAUL REED #3 BP2 - PROVED BEHIND PIPE   --------------------------    232
    PAUL REED #4 - PROVED PRODUCING   --------------------------------    233
    PAUL REED #4 BP1 - PROVED BEHIND PIPE   --------------------------    234
    PAUL REED #4 BP2 - PROVED BEHIND PIPE   --------------------------    235
    PAUL REED #5 - PROVED PRODUCING   --------------------------------    236
    PAUL REED #6 - PROVED PRODUCING   --------------------------------    237
    PAUL REED #6 BP - PROVED BEHIND PIPE   ---------------------------    238
    PAUL REED #7 - PROVED PRODUCING   --------------------------------    239
    PAUL REED #7 BP1 - PROVED BEHIND PIPE   --------------------------    240
    PAUL REED #7 BP2 - PROVED BEHIND PIPE   --------------------------    241
    PAUL REED #8 - PROVED BEHIND PIPE   ------------------------------    242
    PAUL REED #8 BP - PROVED BEHIND PIPE   ---------------------------    243
    PAUL REED #9 - PROVED UNDEVELOPED   ------------------------------    244
    PURKEY #1 - PROVED PRODUCING   -----------------------------------    245
    PURKEY #2 - PROVED SHUT-IN   -------------------------------------    246
    PURKEY #3 - PROVED PRODUCING   -----------------------------------    247
    PURKEY #3 BP1 - PROVED BEHIND PIPE   -----------------------------    248
    PURKEY #3 BP2 - PROVED BEHIND PIPE   -----------------------------    249
    PURKEY #4 - PROVED UNDEVELOPED   ---------------------------------    250
    PURKEY #5 - PROVED UNDEVELOPED   ---------------------------------    251
    RAY DEAN HELTON #1 - PROVED PRODUCING   --------------------------    252
    RAY DEAN HELTON #1 BP - PROVED BEHIND PIPE   ---------------------    253
    RAY DEAN HELTON #2 - PROVED SHUT-IN   ----------------------------    254
    RAY DEAN HELTON #2 BP1 - PROVED BEHIND PIPE   --------------------    255
    RAY DEAN HELTON #2 BP2 - PROVED BEHIND PIPE   --------------------    256
    RAY DEAN HELTON #3 - PROVED SHUT-IN   ----------------------------    257
    RAY DEAN HELTON #4 - PROVED UNDEVELOPED   ------------------------    258
    RAY DEAN HELTON #6 - PROVED UNDEVELOPED   ------------------------    259
    ROSE #1 - PROVED SHUT-IN   ---------------------------------------    260
    STEPHEN LAWSON #1 - PROVED PRODUCING   ---------------------------    261
    STEPHEN LAWSON #2 - PROVED SHUT-IN   -----------------------------    262
    STEPHEN LAWSON #3 - PROVED PRODUCING   ---------------------------    263
    STEPHEN LAWSON #3 BP - PROVED BEHIND PIPE   ----------------------    264
    STEPHEN LAWSON #4 - PROVED PRODUCING   ---------------------------    265
    STEPHEN LAWSON #4 BP - PROVED BEHIND PIPE   ----------------------    266
    STEPHEN LAWSON #5 - PROVED PRODUCING   ---------------------------    267
    STEPHEN LAWSON #5 BP - PROVED BEHIND PIPE   ----------------------    268
    STEPHEN LAWSON #6 - PROVED UNDEVELOPED   -------------------------    269


<PAGE>


                                 TENGASCO, INC.

                           TABLE OF CONTENTS (CONT'D)


                                                                      TABLE NO.
                                                                      ---------
 SWAN CREEK FIELD, HANCOCK CO., TENNESSEE (CONT'D)
    STEPHEN LAWSON #7 - PROVED UNDEVELOPED   -------------------------    270
    T.J. HARRISON #1 - PROVED SHUT-IN   ------------------------------    271
    WARREN REED #1 - PROVED SHUT-IN   --------------------------------    272
    WARREN REED #1 BP - PROVED BEHIND PIPE   -------------------------    273
    WARREN REED #2 - PROVED PRODUCING   ------------------------------    274
    WARREN REED #2 BP1 - PROVED BEHIND PIPE   ------------------------    275
    WARREN REED #2 BP2 - PROVED BEHIND PIPE   ------------------------    276
    WELLS/YEARY #1 - PROVED PRODUCING   ------------------------------    277
    WOODROW DAVIS #1 - PROVED SHUT-IN   ------------------------------    278
    LOCATION # 4 - PROVED UNDEVELOPED   ------------------------------    279
    LOCATION # 5 - PROVED UNDEVELOPED   ------------------------------    280
    LOCATION # 8 - PROVED UNDEVELOPED   ------------------------------    281
    LOCATION #12 - PROVED UNDEVELOPED   ------------------------------    282
    LOCATION #13 - PROVED UNDEVELOPED   ------------------------------    283
    LOCATION #14 - PROVED UNDEVELOPED   ------------------------------    284
    LOCATION #15 - PROVED UNDEVELOPED   ------------------------------    285
    LOCATION #16 - PROVED UNDEVELOPED   ------------------------------    286
    LOCATION #17 - PROVED UNDEVELOPED   ------------------------------    287
    LOCATION #19 - PROVED UNDEVELOPED   ------------------------------    288
    LOCATION #20 - PROVED UNDEVELOPED   ------------------------------    289
    LOCATION #24 - PROVED UNDEVELOPED   ------------------------------    290
    LOCATION #25 - PROVED UNDEVELOPED   ------------------------------    291
    LOCATION #26 - PROVED UNDEVELOPED   ------------------------------    292
    LOCATION #27 - PROVED UNDEVELOPED   ------------------------------    293
    LOCATION #29 - PROVED UNDEVELOPED   ------------------------------    294
    LOCATION #32 - PROVED UNDEVELOPED   ------------------------------    295
    LOCATION #33 - PROVED UNDEVELOPED   ------------------------------    296
    LOCATION #34 - PROVED UNDEVELOPED   ------------------------------    297
    LOCATION #35 - PROVED UNDEVELOPED   ------------------------------    298
    LOCATION #36 - PROVED UNDEVELOPED   ------------------------------    299
    LOCATION #38 - PROVED UNDEVELOPED   ------------------------------    300
    LOCATION #39 - PROVED UNDEVELOPED   ------------------------------    301
    LOCATION #40 - PROVED UNDEVELOPED   ------------------------------    302
    LOCATION #41 - PROVED UNDEVELOPED   ------------------------------    303
    LOCATION #42 - PROVED UNDEVELOPED   ------------------------------    304
    LOCATION #43 - PROVED UNDEVELOPED   ------------------------------    305
    LOCATION #44 - PROVED UNDEVELOPED   ------------------------------    306
    LOCATION #45 - PROVED UNDEVELOPED   ------------------------------    307
    LOCATION #46 - PROVED UNDEVELOPED   ------------------------------    308
    LOCATION #47 - PROVED UNDEVELOPED   ------------------------------    309
    LOCATION #48 - PROVED UNDEVELOPED   ------------------------------    310
    LOCATION #49 - PROVED UNDEVELOPED   ------------------------------    311
    LOCATION #50 - PROVED UNDEVELOPED   ------------------------------    312
    LOCATION #51 - PROVED UNDEVELOPED   ------------------------------    313
    LOCATION #53 - PROVED UNDEVELOPED   ------------------------------    314


<PAGE>


                                 TENGASCO, INC.

                           TABLE OF CONTENTS (CONT'D)


                                                                      TABLE NO.
                                                                      ---------
 SWAN CREEK FIELD, HANCOCK CO., TENNESSEE (CONT'D)
    LOCATION #54 - POSSIBLE UNDEVELOPED   ----------------------------    315
    LOCATION #55 - POSSIBLE UNDEVELOPED   ----------------------------    316
    LOCATION #56 - POSSIBLE UNDEVELOPED   ----------------------------    317
    LOCATION #57 - POSSIBLE UNDEVELOPED   ----------------------------    318
    LOCATION #58 - POSSIBLE UNDEVELOPED   ----------------------------    319
    LOCATION #59 - POSSIBLE UNDEVELOPED   ----------------------------    320
    LOCATION #60 - POSSIBLE UNDEVELOPED   ----------------------------    321
    LOCATION #61 - POSSIBLE UNDEVELOPED   ----------------------------    322
    LOCATION #62 - POSSIBLE UNDEVELOPED   ----------------------------    323
    LOCATION #63 - POSSIBLE UNDEVELOPED   ----------------------------    324
    LOCATION #65 - POSSIBLE UNDEVELOPED   ----------------------------    325
    LOCATION #67 - POSSIBLE UNDEVELOPED   ----------------------------    326
    LOCATION #68 - PROVED UNDEVELOPED   ------------------------------    327
    LOCATION #69 - PROVED UNDEVELOPED   ------------------------------    328
    LOCATION #70 - PROVED UNDEVELOPED   ------------------------------    329
    LOCATION #71 - PROVED UNDEVELOPED   ------------------------------    330
    LOCATION #72 - PROVED UNDEVELOPED   ------------------------------    331
!


<PAGE>


                                                                       TABLE A
                                                                    PAGE 1 OF 16

                                 TENGASCO, INC.

             PROPERTY RANKING BY PROVED DISCOUNTED FUTURE NET INCOME
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
                                                                                ($)
                                      ----NET RESERVES----       ($)         FUTURE NET    PERCENT   CUMULATIVE
                                (A)    (BARRELS)    (MMCF)    FUTURE NET    INCOME DISC.     OF        PERCENT    TABLE
                              STATUS  OIL/COND.(B)    GAS     INCOME (C)      AT 10.0%      TOTAL     OF TOTAL    NUMBER
                              ------  ------------  ------    ----------    -----------   --------   ----------   -------
<S>                            <C>       <C>        <C>        <C>            <C>           <C>        <C>         <C>
SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0     1,677      6,285,437      2,374,595     5.090       5.090      198
   D. SUTTON HEIRS #3

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0     1,232      4,637,542      2,316,318     4.966      10.056      281
   LOCATION # 8

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       837      3,075,213      1,754,737     3.762      13.818      280
   LOCATION # 5

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-PD          0       824      3,064,866      1,395,413     2.991      16.809      274
   WARREN REED #2

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-PD          0       753      2,722,767      1,115,810     2.392      19.201      221
   LAURA J. LAWSON #2

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-BP          0       522      1,962,415      1,053,647     2.259      21.460      210
   GARY PATTON #2 BP1

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       447      1,541,214        974,545     2.089      23.549      279
   LOCATION # 4

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       626      2,122,837        891,240     1.911      25.459      244
   PAUL REED #9

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-PD          0       477      1,703,998        815,813     1.749      27.208      233
   PAUL REED #4

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       509      1,706,228        798,300     1.711      28.920      269
   STEPHEN LAWSON #6

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       438      1,455,721        797,588     1.710      30.629      258
   RAY DEAN HELTON #4

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       447      1,533,769        771,131     1.653      32.282      299
   LOCATION #36

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-BP          0       626      2,433,315        745,979     1.599      33.882      204
   DORIS HELTON #1 BP1

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       438      1,455,721        734,070     1.574      35.455      259
   RAY DEAN HELTON #6

MCHALE FIELD,
ROOKS COUNTY, KANSAS           PV-PD     79,255         0      1,385,208        695,076     1.490      36.945       62
   HARRISON -A- LEASE

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-BP          0       335      1,288,008        673,415     1.444      38.389      273
   WARREN REED #1 BP

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       368      1,224,910        653,151     1.400      39.789      296
   LOCATION #33

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-BP     30,597         0        744,492        642,078     1.376      41.166      242
   PAUL REED #8

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       335      1,094,913        632,540     1.356      42.522      287
   LOCATION #17
</TABLE>


<PAGE>


                                                                       TABLE A
                                                                    PAGE 2 OF 16

                                 TENGASCO, INC.

             PROPERTY RANKING BY PROVED DISCOUNTED FUTURE NET INCOME
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
                                                                                ($)
                                      ----NET RESERVES----       ($)         FUTURE NET    PERCENT   CUMULATIVE
                                (A)    (BARRELS)    (MMCF)    FUTURE NET    INCOME DISC.     OF        PERCENT    TABLE
                              STATUS  OIL/COND.(B)    GAS     INCOME (C)      AT 10.0%      TOTAL     OF TOTAL    NUMBER
                              ------  ------------  ------    ----------    -----------   --------   ----------   -------
<S>                            <C>       <C>        <C>        <C>            <C>           <C>        <C>         <C>

KRAUS FIELD,
ELLIS COUNTY, KANSAS           PV-PD     73,404         0      1,314,259        615,354     1.319      43.841       46
   KRAUS -A- LEASE

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       394      1,259,734        605,793     1.299      45.139      270
   STEPHEN LAWSON #7

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       335      1,096,295        600,219     1.287      46.426      297
   LOCATION #34

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       335      1,096,295        580,621     1.245      47.671      298
   LOCATION #35

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-PD     33,691         0        751,100        566,283     1.214      48.885      236
   PAUL REED #5

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       279        852,272        532,049     1.141      50.025      194
   CHERYL SMITH #2

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       312      1,005,501        528,266     1.132      51.158      301
   LOCATION #39

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       312      1,005,501        515,276     1.105      52.262      302
   LOCATION #40

MARCOTTE FIELD,
ROOKS COUNTY, KANSAS           PV-PD     84,637         0        820,170        483,203     1.036      53.298       59
   CROFFOOT -B- LEASE

PARADISE CREEK FIELD,
ROOKS COUNTY, KANSAS           PV-PD     77,299         0        929,794        476,630     1.022      54.320       68
   STAHL LEASE

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       279        877,184        474,353     1.017      55.337      300
   LOCATION #38

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-PD          0       315        968,323        436,842     0.936      56.273      239
   PAUL REED #7

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       223        661,071        428,710     0.919      57.192      282
   LOCATION #12

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       223        661,071        428,710     0.919      58.111      283
   LOCATION #13

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-PD          0       297        904,427        424,107     0.909      59.020      196
   D. SUTTON HEIRS #1

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       223        662,147        420,244     0.901      59.921      288
   LOCATION #19

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       223        662,147        420,244     0.901      60.822      289
   LOCATION #20

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       225        669,838        378,548     0.811      61.634      304
   LOCATION #42

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-BP          0       352      1,262,370        365,999     0.785      62.418      243
   PAUL REED #8 BP
</TABLE>


<PAGE>


                                                                       TABLE A
                                                                    PAGE 3 OF 16

                                 TENGASCO, INC.

             PROPERTY RANKING BY PROVED DISCOUNTED FUTURE NET INCOME
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
                                                                                ($)
                                      ----NET RESERVES----       ($)         FUTURE NET    PERCENT   CUMULATIVE
                                (A)    (BARRELS)    (MMCF)    FUTURE NET    INCOME DISC.     OF        PERCENT    TABLE
                              STATUS  OIL/COND.(B)    GAS     INCOME (C)      AT 10.0%      TOTAL     OF TOTAL    NUMBER
                              ------  ------------  ------    ----------    -----------   --------   ----------   -------
<S>                            <C>       <C>        <C>        <C>            <C>           <C>        <C>         <C>

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-BP     13,530        30        402,172        357,571     0.767      63.185      187
   ANITA COLSON #1 BP

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       190        532,755        343,848     0.737      63.922      286
   LOCATION #16

PLAINVILLE FIELD,
ROOKS COUNTY, KANSAS           PV-PD     42,314         0        700,076        337,020     0.722      64.644       78
   JACO LEASE

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-PD          0       193        550,276        323,487     0.693      65.338      188
   ANITA COLSON #2

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0       225        796,151        315,496     0.676      66.014       87
   ALLEN #1 A&D

YOHE FIELD,
ROOKS COUNTY, KANSAS           PV-PD     36,107         0        687,497        306,143     0.656      66.670      174
   MOSHER LEASE

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       167        445,765        306,017     0.656      67.326      295
   LOCATION #32

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0       203        736,041        302,438     0.648      67.975      144
   TORREY #2

MARCOTTE FIELD,
ROOKS COUNTY, KANSAS           PV-PD     34,460         0        437,670        297,848     0.639      68.613       61
   DICK LEASE

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-BP          0       117        458,492        288,894     0.619      69.233      143
   THIELENHAUS #1 BP

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       131        406,513        265,509     0.569      69.802      251
   PURKEY #5

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-SI          0       101        379,566        256,810     0.551      70.352      200
   DEANNA CROSS #1

BEISEL FIELD,
RUSSELL COUNTY, KANSAS         PV-UD     33,884         0        617,931        254,763     0.546      70.898       19
   BEISEL #9 PUD

PARADISE CREEK FIELD,
ROOKS COUNTY, KANSAS           PV-UD     39,644         0        674,797        253,480     0.543      71.442       69
   STAHL #7 PUD

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0       154        553,270        248,657     0.533      71.975       97
   DECKER -A- #1

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0       145        447,471        247,121     0.530      72.505      133
   REICHEL #1

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       123        376,429        246,466     0.528      73.033      250
   PURKEY #4

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       167        444,001        244,289     0.524      73.557      310
   LOCATION #48

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       167        444,001        244,289     0.524      74.080      309
   LOCATION #47
</TABLE>


<PAGE>


                                                                       TABLE A
                                                                    PAGE 4 OF 16

                                 TENGASCO, INC.

             PROPERTY RANKING BY PROVED DISCOUNTED FUTURE NET INCOME
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
                                                                                ($)
                                      ----NET RESERVES----       ($)         FUTURE NET    PERCENT   CUMULATIVE
                                (A)    (BARRELS)    (MMCF)    FUTURE NET    INCOME DISC.     OF        PERCENT    TABLE
                              STATUS  OIL/COND.(B)    GAS     INCOME (C)      AT 10.0%      TOTAL     OF TOTAL    NUMBER
                              ------  ------------  ------    ----------    -----------   --------   ----------   -------
<S>                            <C>       <C>        <C>        <C>            <C>           <C>        <C>         <C>

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-BP          0       102        337,097        241,111     0.517      74.597      253
   RAY DEAN HELTON #1 BP

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-PD          0       170        454,058        239,917     0.514      75.112      227
   PAUL REED #1

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       167        444,959        239,701     0.514      75.625      312
   LOCATION #50

SANDFORD FIELD,
BARTON COUNTY, KANSAS          PV-UD     37,722         0        562,518        238,543     0.511      76.137      156
   BEN TEMPERO #5 PUD

AXELSON FIELD,
ROOKS COUNTY, KANSAS           PV-PD     33,717         0        602,608        237,273     0.509      76.645       17
   AXELSON LEASE

PLEASANT VIEW NW FIELD,
RUSH COUNTY, KANSAS            PV-PD     26,552         0        441,964        234,981     0.504      77.149       84
   URBAN #1, 2 & 5

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-SI          0       123        429,898        233,895     0.501      77.651      278
   WOODROW DAVIS #1

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-SI     17,132         0        319,831        211,114     0.453      78.103      226
   LAURA J. LAWSON #5

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-BP          0        77        258,974        210,874     0.452      78.555      229
   PAUL REED #2 BP

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0        89        315,492        200,253     0.429      78.984      138
   SCHNEIDER #1

SANDFORD FIELD,
BARTON COUNTY, KANSAS          PV-PD     25,431         0        339,766        199,702     0.428      79.413      155
   BEN TEMPERO #1

RUGGELS WEST FIELD,
OSBORNE COUNTY, KANSAS         PV-BP     21,014         0        302,040        197,208     0.423      79.835      154
   MAIER #1 BP

PLAINVILLE FIELD,
ROOKS COUNTY, KANSAS           PV-PD     21,134         0        544,959        191,111     0.410      80.245       75
   GARVERT -A- #1

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0       103        263,396        187,422     0.402      80.647      103
   GIESICK #1

REICHEL WEST FIELD,
RUSH COUNTY, KANSAS            PV-PD          0       185        383,858        185,525     0.398      81.045      147
   LEGLEITER -A- #1-1

CONVERSE FIELD,
BARTON COUNTY, KANSAS          PV-UD     21,869         0        392,673        177,869     0.381      81.426       29
   IANNITTI #9 PUD

PLEASANT VIEW NW FIELD,
RUSH COUNTY, KANSAS            PV-UD     24,495         0        490,967        174,722     0.375      81.800       85
   URBAN #6 PUD

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       123        271,192        174,604     0.374      82.175      293
   LOCATION #27

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-SI          0        59        221,307        173,731     0.372      82.547      272
   WARREN REED #1
</TABLE>


<PAGE>


                                                                       TABLE A
                                                                    PAGE 5 OF 16

                                 TENGASCO, INC.

             PROPERTY RANKING BY PROVED DISCOUNTED FUTURE NET INCOME
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
                                                                                ($)
                                      ----NET RESERVES----       ($)         FUTURE NET    PERCENT   CUMULATIVE
                                (A)    (BARRELS)    (MMCF)    FUTURE NET    INCOME DISC.     OF        PERCENT    TABLE
                              STATUS  OIL/COND.(B)    GAS     INCOME (C)      AT 10.0%      TOTAL     OF TOTAL    NUMBER
                              ------  ------------  ------    ----------    -----------   --------   ----------   -------
<S>                            <C>       <C>        <C>        <C>            <C>           <C>        <C>         <C>

PLEASANT VIEW NW FIELD,
RUSH COUNTY, KANSAS            PV-UD     24,495         0        490,967        170,426     0.365      82.912       86
   URBAN #7 PUD

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-BP          0        84        306,840        166,968     0.358      83.270      215
   HUGH ROBERTS #1 BP

WESTHUSIN FIELD,
ROOKS COUNTY, KANSAS           PV-UD     30,683         0        599,345        163,429     0.350      83.621      172
   DOUGHERTY EAST #2 PUD

CONVERSE FIELD,
BARTON COUNTY, KANSAS          PV-PD     27,245         0        250,758        161,314     0.346      83.967       28
   IANNITTI LEASE

YOHE FIELD,
ROOKS COUNTY, KANSAS           PV-PD     17,363         0        261,571        160,268     0.344      84.310      173
   FINNESY LEASE

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-BP          0        72        271,371        159,445     0.342      84.652      255
   RAY DEAN HELTON #2 BP1

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-PD          0       100        241,497        158,916     0.341      84.993      267
   STEPHEN LAWSON #5

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       112        230,804        157,989     0.339      85.331      285
   LOCATION #15

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0        98        310,814        157,104     0.337      85.668      132
   RAU #1

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       111        227,438        155,702     0.334      86.002      284
   LOCATION #14

PLAINVILLE FIELD,
ROOKS COUNTY, KANSAS           PV-PD     16,661         0        271,563        154,644     0.332      86.333       79
   ROSS LEASE

SCHWINDT FIELD,
RUSH COUNTY, KANSAS            PV-PD     17,507         0        255,973        153,919     0.330      86.663      157
   JACOBS -B- #3

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       112        230,804        152,831     0.328      86.991      290
   LOCATION #24

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       123        271,192        151,629     0.325      87.316      308
   LOCATION #46

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-BP          0        52        207,270        150,324     0.322      87.638      124
   LIPPERT #3 BP

REICHEL WEST FIELD,
RUSH COUNTY, KANSAS            PV-PD          0        79        207,128        149,457     0.320      87.959      149
   MUTH #1&2

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       112        230,804        149,073     0.320      88.278      294
   LOCATION #29

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       112        230,804        149,073     0.320      88.598      292
   LOCATION #26

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       112        230,804        149,073     0.320      88.917      291
   LOCATION #25
</TABLE>


<PAGE>


                                                                       TABLE A
                                                                    PAGE 6 OF 16

                                 TENGASCO, INC.

             PROPERTY RANKING BY PROVED DISCOUNTED FUTURE NET INCOME
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
                                                                                ($)
                                      ----NET RESERVES----       ($)         FUTURE NET    PERCENT   CUMULATIVE
                                (A)    (BARRELS)    (MMCF)    FUTURE NET    INCOME DISC.     OF        PERCENT    TABLE
                              STATUS  OIL/COND.(B)    GAS     INCOME (C)      AT 10.0%      TOTAL     OF TOTAL    NUMBER
                              ------  ------------  ------    ----------    -----------   --------   ----------   -------
<S>                            <C>       <C>        <C>        <C>            <C>           <C>        <C>         <C>

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-SI      6,772         0        164,511        146,192     0.313      89.231      254
   RAY DEAN HELTON #2

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-PD          0       115        281,749        145,314     0.312      89.542      220
   LAURA J. LAWSON #1

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       112        230,804        143,014     0.307      89.849      307
   LOCATION #45

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-PD          0        94        216,638        137,480     0.295      90.144      263
   STEPHEN LAWSON #3

LITTLE RIO FIELD,
RICE COUNTY, KANSAS            PV-PD     22,874         0        227,007        135,168     0.290      90.433       56
   WHITEMAN-HOLLAND LEASE

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       112        230,804        134,943     0.289      90.723      303
   LOCATION #41

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       112        230,804        134,943     0.289      91.012      306
   LOCATION #44

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       112        230,804        134,943     0.289      91.301      305
   LOCATION #43

WERTH NORTH FIELD,
ELLIS COUNTY, KANSAS           PV-PD     19,604         0        222,079        134,363     0.288      91.589      169
   SCHNELLER LEASE

COOPER FIELD,
GRAHAM COUNTY, KANSAS          PV-PD     16,929         0        240,882        133,562     0.286      91.876       31
   LEWIS LEASE

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-BP      8,390         6        180,999        133,299     0.286      92.161      266
   STEPHEN LAWSON #4 BP

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0        95        282,275        130,764     0.280      92.442      107
   HANHARDT -A- #1

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       112        230,804        129,458     0.278      92.719      311
   LOCATION #49

SPRING CREEK FIELD,
TREGO COUNTY, KANSAS           PV-PD     16,385         0        187,574        128,849     0.276      92.995      158
   RIDGWAY #1

MARCOTTE FIELD,
ROOKS COUNTY, KANSAS           PV-PD     29,664         0        174,054        127,373     0.273      93.268       57
   CROFFOOT LEASE

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0       103        267,847        127,321     0.273      93.541      100
   FOOS #1

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0        96        367,333        126,456     0.271      93.812      109
   HOFFMAN #3

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       112        230,804        125,231     0.268      94.081      313
   LOCATION #51

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       112        230,804        125,231     0.268      94.349      314
   LOCATION #53
</TABLE>


<PAGE>


                                                                       TABLE A
                                                                    PAGE 7 OF 16

                                 TENGASCO, INC.

             PROPERTY RANKING BY PROVED DISCOUNTED FUTURE NET INCOME
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
                                                                                ($)
                                      ----NET RESERVES----       ($)         FUTURE NET    PERCENT   CUMULATIVE
                                (A)    (BARRELS)    (MMCF)    FUTURE NET    INCOME DISC.     OF        PERCENT    TABLE
                              STATUS  OIL/COND.(B)    GAS     INCOME (C)      AT 10.0%      TOTAL     OF TOTAL    NUMBER
                              ------  ------------  ------    ----------    -----------   --------   ----------   -------
<S>                            <C>       <C>        <C>        <C>            <C>           <C>        <C>         <C>

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-SI          0        38        144,255        123,855     0.266      94.615      214
   HUGH ROBERTS #1

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-BP          0       112        421,603        122,558     0.263      94.878      201
   DEANNA CROSS #1 BP

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       111        227,438        120,384     0.258      95.136      328
   LOCATION #69

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       111        227,438        120,384     0.258      95.394      327
   LOCATION #68

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-BP          0       264        882,168        118,691     0.254      95.648      231
   PAUL REED #3 BP1

GIESICK FIELD,
RUSH COUNTY, KANSAS            PV-PD          0        95        335,558        117,745     0.252      95.901       40
   GIESICK #2

CHASE-SILICA FIELD,
BARTON COUNTY, KANSAS          PV-PD     18,317         0        205,098        117,718     0.252      96.153       24
   LANDER #1

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       111        227,438        115,491     0.248      96.400      331
   LOCATION #72

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       111        227,438        115,491     0.248      96.648      330
   LOCATION #71

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0       111        227,438        115,491     0.248      96.896      329
   LOCATION #70

MARCOTTE FIELD,
ROOKS COUNTY, KANSAS           PV-PD     18,399         0        191,901        111,546     0.239      97.135       60
   CROFFOOT -C- LEASE

KRAUS FIELD,
ELLIS COUNTY, KANSAS           PV-PD     16,601         0        155,444        108,867     0.233      97.368       48
   KRAUS -I- LEASE

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0        86        307,949        107,681     0.231      97.599      130
   OCHS -A- #1

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-BP          0       452      1,707,988        105,099     0.225      97.824      268
   STEPHEN LAWSON #5 BP

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-BP          0        38        140,963        104,378     0.224      98.048      108
   HANHARDT -A- #1BP

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0       102        214,686        101,428     0.217      98.265      123
   LIPPERT #3

PLEASANT VIEW FIELD,
RUSH COUNTY, KANSAS            PV-BP          0        40        143,513         99,520     0.213      98.479   83
   URBAN -K- #5 BP

REICHEL EAST FIELD,
RUSH COUNTY, KANSAS            PV-PD          0        74        265,228         96,951     0.208      98.687      146
   BAHR #1

RIDGEWAY SOUTH FIELD,
TREGO COUNTY, KANSAS           PV-PD      9,652         0        130,348         95,923     0.206      98.892      150
   SCHOENTHALER #3
</TABLE>


<PAGE>


                                                                       TABLE A
                                                                    PAGE 8 OF 16

                                 TENGASCO, INC.

             PROPERTY RANKING BY PROVED DISCOUNTED FUTURE NET INCOME
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
                                                                                ($)
                                      ----NET RESERVES----       ($)         FUTURE NET    PERCENT   CUMULATIVE
                                (A)    (BARRELS)    (MMCF)    FUTURE NET    INCOME DISC.     OF        PERCENT    TABLE
                              STATUS  OIL/COND.(B)    GAS     INCOME (C)      AT 10.0%      TOTAL     OF TOTAL    NUMBER
                              ------  ------------  ------    ----------    -----------   --------   ----------   -------
<S>                            <C>       <C>        <C>        <C>            <C>           <C>        <C>         <C>

PLAINVILLE FIELD,
ROOKS COUNTY, KANSAS           PV-PD     12,382         0        276,104         95,748     0.205      99.098       76
   GARVERT -B- #1

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0        74        284,418         93,499     0.200      99.298      136
   SCHEUERMAN #56

BIELMAN FIELD,
ELLIS COUNTY, KANSAS           PV-PD     10,792         0        127,936         93,097     0.200      99.498       20
   GRASS #5

DAVIDSON FIELD,
RUSSELL COUNTY, KANSAS         PV-PD     12,945         0        116,372         92,137     0.198      99.695       32
   FOSTER LEASE

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-PD          0        69        162,733         88,574     0.190      99.885      247
   PURKEY #3

KRAUS FIELD,
ELLIS COUNTY, KANSAS           PV-PD     12,361         0        141,635         88,098     0.189     100.074       47
   KRAUS -B- LEASE

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0        70        216,298         86,720     0.186     100.260       93
   BIEBER -A- #1

WEBSTER FIELD,
ROOKS COUNTY, KANSAS           PV-PD      8,663         0        127,994         83,510     0.179     100.439      167
   CERROW-CERROW -A- #1

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0        43        149,729         82,678     0.177     100.616       90
   APPL #2

MCHALE FIELD,
ROOKS COUNTY, KANSAS           PV-PD     14,378         0        128,521         82,222     0.176     100.792       63
   HILGERS -B- LEASE

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-PD          0        57        138,532         80,321     0.172     100.964      277
   WELLS/YEARY #1

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0        50        193,549         76,090     0.163     101.128      104
   GILLIG #1

STOCKTON FIELD,
ROOKS COUNTY, KANSAS           PV-PD     12,838         0        154,331         75,611     0.162     101.290      160
   STEBBINS #1

OMLOR FIELD,
STAFFORD COUNTY, KANSAS        PV-PD      7,474         0        112,445         72,808     0.156     101.446       66
   WILLIAMS #1

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-PD          0        52        100,174         72,123     0.155     101.600      237
   PAUL REED #6

THACKER FIELD,
RUSSELL COUNTY, KANSAS         PV-PD      6,643         0         87,556         70,566     0.151     101.752      164
   THACKER #2

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-PD          0        47        108,454         69,161     0.148     101.900      216
   JEFF JOHNSON #1

DISTRICT 57 FIELD,
ELLIS COUNTY, KANSAS           PV-PD     14,131         0        150,247         68,187     0.146     102.046       33
   FLAX #1

WESTHUSIN FIELD,
ROOKS COUNTY, KANSAS           PV-PD     11,367         0        159,930         68,060     0.146     102.192      170
   DOUGHERTY EAST #1
</TABLE>


<PAGE>


                                                                       TABLE A
                                                                    PAGE 9 OF 16

                                 TENGASCO, INC.

             PROPERTY RANKING BY PROVED DISCOUNTED FUTURE NET INCOME
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
                                                                                ($)
                                      ----NET RESERVES----       ($)         FUTURE NET    PERCENT   CUMULATIVE
                                (A)    (BARRELS)    (MMCF)    FUTURE NET    INCOME DISC.     OF        PERCENT    TABLE
                              STATUS  OIL/COND.(B)    GAS     INCOME (C)      AT 10.0%      TOTAL     OF TOTAL    NUMBER
                              ------  ------------  ------    ----------    -----------   --------   ----------   -------
<S>                            <C>       <C>        <C>        <C>            <C>           <C>        <C>         <C>

TRAPP FIELD,
BARTON COUNTY, KANSAS          PV-PD      9,142         0        103,809         67,609     0.145     102.337      166
   HOWLIER #1

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0        49        125,827         66,974     0.144     102.480      120
   KOBER #1

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0        47        158,444         65,675     0.141     102.621      105
   GRUMBEIN -A- #1

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0        41         78,717         65,061     0.139     102.761      134
   ROTHE #1-31

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0        57        183,924         64,273     0.138     102.898      139
   SHERWOOD #1

HOBROCK FIELD,
OSBORNE COUNTY, KANSAS         PV-PD      5,694         0         78,247         63,903     0.137     103.035       44
   HOGAN LEASE

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0        32         93,838         63,378     0.136     103.171      135
   ROTHE, R. #1

CENTERVIEW FIELD,
STAFFORD COUNTY, KANSAS        PV-PD      9,742         0         89,273         62,903     0.135     103.306       23
   BECKERDITE #1

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-PD          0        49         92,799         60,885     0.131     103.437      230
   PAUL REED #3

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0        26         97,151         60,475     0.130     103.566      142
   THIELENHAUS #1

PLEASANT VIEW FIELD,
RUSH COUNTY, KANSAS            PV-PD      6,173         0        124,876         58,649     0.126     103.692       82
   URBAN -K- #5

MARCOTTE FIELD,
ROOKS COUNTY, KANSAS           PV-PD      9,713         0         93,699         56,536     0.121     103.813       58
   CROFFOOT -A- LEASE

CHEYENNE FIELD,
BARTON COUNTY, KANSAS          PV-PD      8,848         0         81,783         56,500     0.121     103.934       27
   HAMMEKE #1

ARPIN SOUTH FIELD,
ROOKS COUNTY, KANSAS           PV-PD      5,786         0         71,542         56,172     0.120     104.055       15
   THYFAULT #1

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-BP     25,374        17        638,124         55,279     0.119     104.173      264
   STEPHEN LAWSON #3 BP

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-PD          0        41         72,971         55,210     0.118     104.292      213
   HAZEL SUTTON #2

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0        40        113,363         54,807     0.117     104.409      116
   KAISER #2

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0        23         93,343         52,654     0.113     104.522      118
   KLEWENO #1-21

PLAINVILLE FIELD,
ROOKS COUNTY, KANSAS           PV-PD      7,929         0         83,210         52,111     0.112     104.634       77
   HARRISON -C- LEASE
</TABLE>


<PAGE>


                                                                      TABLE A
                                                                   PAGE 10 OF 16

                                 TENGASCO, INC.

             PROPERTY RANKING BY PROVED DISCOUNTED FUTURE NET INCOME
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
                                                                                ($)
                                      ----NET RESERVES----       ($)         FUTURE NET    PERCENT   CUMULATIVE
                                (A)    (BARRELS)    (MMCF)    FUTURE NET    INCOME DISC.     OF        PERCENT    TABLE
                              STATUS  OIL/COND.(B)    GAS     INCOME (C)      AT 10.0%      TOTAL     OF TOTAL    NUMBER
                              ------  ------------  ------    ----------    -----------   --------   ----------   -------
<S>                            <C>       <C>        <C>        <C>            <C>           <C>        <C>         <C>

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0        47        140,531         51,531     0.110     104.744       89
   APPL #1

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0        40        126,148         50,341     0.108     104.852      106
   HANHARDT #1

GATES NORTH FIELD,
STAFFORD COUNTY, KANSAS        PV-PD     12,124         0         69,332         50,048     0.107     104.959       39
   SCHULZ LEASE

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-SI      2,249         0         53,478         49,701     0.107     105.066      193
   CHERYL SMITH #1

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-BP          0       604      2,342,205         49,493     0.106     105.172      234
   PAUL REED #4 BP1

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0        31        117,083         47,386     0.102     105.274      127
   LIPPERT -C- #1

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-SI      3,521         0         56,269         46,185     0.099     105.373      191
   BOBBY YEARY #2

RIGA NORTHEAST FIELD,
TREGO COUNTY, KANSAS           PV-PD      6,186         0         78,359         45,903     0.098     105.471      151
   KELLER LEASE

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-BP     13,530        45        449,862         45,857     0.098     105.569      211
   GARY PATTON #2 BP2

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0        25         70,045         44,602     0.096     105.665       98
   EDWARDS #1

STOCKTON FIELD,
ROOKS COUNTY, KANSAS           PV-PD      9,056         0         79,644         44,269     0.095     105.760      159
   HINDMAN #1

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0        41         70,852         42,490     0.091     105.851       92
   BIEBER #1

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0        35        108,928         39,523     0.085     105.936      113
   HONDERICK -C- #1

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-BP          0       890      3,552,153         39,247     0.084     106.020      275
   WARREN REED #2 BP1

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-BP     10,235         0        222,945         38,409     0.082     106.102      238
   PAUL REED #6 BP

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-PD          0        26         45,751         38,139     0.082     106.184      203
   DORIS HELTON #1

CARPENTER FIELD,
EDWARDS COUNTY, KANSAS         PV-PD      5,719         0         65,656         35,472     0.076     106.260       21
   HENNING #1

OMLOR FIELD,
STAFFORD COUNTY, KANSAS        PV-PD      4,067         0         49,938         35,039     0.075     106.335       65
   MILLER #1

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0        32         90,692         32,846     0.070     106.405       95
   BREIT #1
</TABLE>


<PAGE>


                                                                      TABLE A
                                                                   PAGE 11 OF 16

                                 TENGASCO, INC.

             PROPERTY RANKING BY PROVED DISCOUNTED FUTURE NET INCOME
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
                                                                                ($)
                                      ----NET RESERVES----       ($)         FUTURE NET    PERCENT   CUMULATIVE
                                (A)    (BARRELS)    (MMCF)    FUTURE NET    INCOME DISC.     OF        PERCENT    TABLE
                              STATUS  OIL/COND.(B)    GAS     INCOME (C)      AT 10.0%      TOTAL     OF TOTAL    NUMBER
                              ------  ------------  ------    ----------    -----------   --------   ----------   -------
<S>                            <C>       <C>        <C>        <C>            <C>           <C>        <C>         <C>

RIGA NORTHEAST FIELD,
TREGO COUNTY, KANSAS           PV-PD      7,615         0         38,727         32,069     0.069     106.474      152
   KELLER -A- LEASE

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0        19         56,162         31,748     0.068     106.542      145
   URBAN R & A #1

BEISEL FIELD,
RUSSELL COUNTY, KANSAS         PV-PD     10,390         0         37,167         31,021     0.067     106.609       18
   BEISEL LEASE

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-BP          0       141        277,846         30,721     0.066     106.675      225
   LAURA J. LAWSON #4 BP

CARROLL FIELD,
BARTON COUNTY, KANSAS          PV-PD      8,855         0         40,850         28,873     0.062     106.737       22
   KEENAN -B- LEASE

LEIKER EAST FIELD,
ELLIS COUNTY, KANSAS           PV-PD      4,160         0         47,794         28,470     0.061     106.798       49
   LEIKER #1

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0        23         51,057         28,261     0.061     106.858      119
   KLEWENO -A- #1

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD      1,767         0         39,453         27,481     0.059     106.917       96
   BREIT-HOLZMEISTER -B-

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-BP          0        98        349,855         27,320     0.059     106.976      205
   DORIS HELTON #1 BP2

STOCKTON FIELD,
ROOKS COUNTY, KANSAS           PV-PD      5,201         0         38,000         27,227     0.058     107.034      161
   WATTS #1

ELLIS NW FIELD,
TREGO COUNTY, KANSAS           PV-PD      5,089         0         32,243         25,211     0.054     107.088       36
   BAUGHER #1

PLAINVILLE FIELD,
ROOKS COUNTY, KANSAS           PV-PD      3,444         0         41,969         23,889     0.051     107.139       73
   ANDERSON -A- #1

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-UD          0        70         57,684         23,381     0.050     107.189      217
   JEFF JOHNSON #2

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-PD          0        29         31,935         22,669     0.049     107.238      224
   LAURA J. LAWSON #4

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-PD      2,394         0         27,114         21,951     0.047     107.285      261
   STEPHEN LAWSON #1

WESTHUSIN FIELD,
ROOKS COUNTY, KANSAS           PV-BP      2,453         0         55,316         21,895     0.047     107.332      171
   DOUGHERTY EAST #1 BP

HOBROCK FIELD,
OSBORNE COUNTY, KANSAS         PV-PD      2,851         0         33,567         21,534     0.046     107.378       43
   HOBROCK #4

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0        13         22,398         18,781     0.040     107.418      140
   STEITZ -A- #1

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0        22         25,889         18,096     0.039     107.457      101
   FOOS -A- #1
</TABLE>


<PAGE>


                                                                      TABLE A
                                                                   PAGE 12 OF 16

                                 TENGASCO, INC.

             PROPERTY RANKING BY PROVED DISCOUNTED FUTURE NET INCOME
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
                                                                                ($)
                                      ----NET RESERVES----       ($)         FUTURE NET    PERCENT   CUMULATIVE
                                (A)    (BARRELS)    (MMCF)    FUTURE NET    INCOME DISC.     OF        PERCENT    TABLE
                              STATUS  OIL/COND.(B)    GAS     INCOME (C)      AT 10.0%      TOTAL     OF TOTAL    NUMBER
                              ------  ------------  ------    ----------    -----------   --------   ----------   -------
<S>                            <C>       <C>        <C>        <C>            <C>           <C>        <C>         <C>

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-BP          0        15         46,235         18,085     0.039     107.496      256
   RAY DEAN HELTON #2 BP2

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0         9         35,013         17,695     0.038     107.534      126
   LIPPERT -B- #2

STREMEL FIELD,
RUSH COUNTY, KANSAS            PV-PD      1,502         0         18,210         15,804     0.034     107.568      163
   URBAN -D- LEASE

COOPER FIELD,
GRAHAM COUNTY, KANSAS          PV-PD      5,265         0         13,398         11,893     0.025     107.593       30
   DEYOUNG LEASE

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-PD          0        18         15,347         11,775     0.025     107.618      223
   LAURA J. LAWSON #3

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-BP          0       112        404,623         10,245     0.022     107.640      248
   PURKEY #3 BP1

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0        12         14,487         10,082     0.022     107.662      137
   SCHLITTER #2

WEBSTER FIELD,
ROOKS COUNTY, KANSAS           PV-PD      2,147         0         10,136          8,653     0.019     107.681      168
   LOWRY #1

LEONHARDT SOUTHEAST FIELD,
ELLIS COUNTY, KANSAS           PV-PD      3,026         0          9,386          8,125     0.017     107.698       50
   KRAUS LEASE

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD        537         0          6,712          5,952     0.013     107.711      117
   KAISER -A- #1

LIEBENTHAL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0         9          8,244          5,324     0.011     107.722       53
   LEGLEITER -B- #1

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-BP          0       140        505,035          5,268     0.011     107.733      197
   D. SUTTON HEIRS #1 BP

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-BP          0       130        472,522          4,542     0.010     107.743      240
   PAUL REED #7 BP1

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-PD          0         4          2,932          2,756     0.006     107.749      265
   STEPHEN LAWSON #4

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0         8          2,950          2,692     0.006     107.755      141
   STEITZ -B- #1

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-PD          0         6          2,524          2,326     0.005     107.760      207
   FRED PORTRUM #1

PAWNEE ROCK FIELD,
PAWNEE COUNTY, KANSAS          PV-PD      1,824         0          2,227          2,124     0.005     107.764       71
   OETKIN LEASE

PLEASANT FIELD,
ELLIS COUNTY, KANSAS           PV-PD        799         0          1,724          1,583     0.003     107.768       81
   HONAS #3

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-BP          0        42        147,126          1,403     0.003     107.771      249
   PURKEY #3 BP2
</TABLE>


<PAGE>


                                                                      TABLE A
                                                                   PAGE 13 OF 16

                                 TENGASCO, INC.

             PROPERTY RANKING BY PROVED DISCOUNTED FUTURE NET INCOME
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
                                                                                ($)
                                      ----NET RESERVES----       ($)         FUTURE NET    PERCENT   CUMULATIVE
                                (A)    (BARRELS)    (MMCF)    FUTURE NET    INCOME DISC.     OF        PERCENT    TABLE
                              STATUS  OIL/COND.(B)    GAS     INCOME (C)      AT 10.0%      TOTAL     OF TOTAL    NUMBER
                              ------  ------------  ------    ----------    -----------   --------   ----------   -------
<S>                            <C>       <C>        <C>        <C>            <C>           <C>        <C>         <C>

HERMAN FIELD,
BARTON COUNTY, KANSAS          PV-PD      1,375         0          1,461          1,370     0.003     107.774       42
   H. KARST LEASE

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0         1          1,560          1,252     0.003     107.776      102
   FRYE #2

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0         1            856            775     0.002     107.778       94
   BRACK -A- #3

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-PD          0         0            601            597     0.001     107.779      208
   FRED PORTRUM #2

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-PD          0         2            562            526     0.001     107.781      245
   PURKEY #1

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-BP          0        14         27,884            477     0.001     107.782      232
   PAUL REED #3 BP2

TRAPP FIELD,
BARTON COUNTY, KANSAS          PV-PD        259         0            190            185     0.000     107.782      165
   DEUTSCH

IRVIN FIELD,
ELLIS COUNTY, KANSAS           PV-PD        438         0             67             66     0.000     107.782       45
   KINDERKNECHT -B- LEASE

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-SI         17         0             44             44     0.000     107.782      257
   RAY DEAN HELTON #3

LIEBENTHAL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0         0              0              0     0.000     107.782       54
   LEGLEITER -C- #1

GATES NORTH FIELD,
STAFFORD COUNTY, KANSAS        PV-PD          0         0              0              0     0.000     107.782       38
   HOFFMAN #1

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-SI          0         0              0              0     0.000     107.782      192
   BOBBY YEARY #3

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-SI          0         0              0              0     0.000     107.782      209
   GARY PATTON #2

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-PD          0         0              0              0     0.000     107.782      252
   RAY DEAN HELTON #1

GOTTSCHALK FIELD,
ELLIS COUNTY, KANSAS           PV-PD          0         0              0              0     0.000     107.782       41
   WERTH #1

LIEBENTHAL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0         0              0              0     0.000     107.782       55
   LEGLEITER -C- #2

DUNES NORTH FIELD,
PAWNEE COUNTY, KANSAS          PV-PD          0         0              0              0     0.000     107.782       35
   LOVETT #1

ASH CREEK FIELD,
BARTON COUNTY, KANSAS          PV-PD          0         0              0              0     0.000     107.782       16
   UNRUH #2

DUNES NORTH FIELD,
PAWNEE COUNTY, KANSAS          PV-PD          0         0              0              0     0.000     107.782       34
   BARSTOW #1
</TABLE>


<PAGE>


                                                                      TABLE A
                                                                   PAGE 14 OF 16

                                 TENGASCO, INC.

             PROPERTY RANKING BY PROVED DISCOUNTED FUTURE NET INCOME
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
                                                                                ($)
                                      ----NET RESERVES----       ($)         FUTURE NET    PERCENT   CUMULATIVE
                                (A)    (BARRELS)    (MMCF)    FUTURE NET    INCOME DISC.     OF        PERCENT    TABLE
                              STATUS  OIL/COND.(B)    GAS     INCOME (C)      AT 10.0%      TOTAL     OF TOTAL    NUMBER
                              ------  ------------  ------    ----------    -----------   --------   ----------   -------
<S>                            <C>       <C>        <C>        <C>            <C>           <C>        <C>         <C>

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-BP          0         0              0              0     0.000     107.782      190
   BOBBY YEARY #1BP

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0         0              0              0     0.000     107.782      111
   HOLZMEISTER -A- #1

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-SI          0         0              0              0     0.000     107.782      202
   DEWEY SUTTON #1

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0         0              0              0     0.000     107.782      121
   LEBSACK -A- #1

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-SI          0         0              0              0     0.000     107.782      262
   STEPHEN LAWSON #2

FICKEN FIELD,
RUSH COUNTY, KANSAS            PV-PD          0         0              0              0     0.000     107.782       37
   SCHWINDT FARMS #1

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-SI          0         0              0              0     0.000     107.782      260
   ROSE #1

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-SI          0         0              0              0     0.000     107.782      246
   PURKEY #2

LIEBENTHAL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0         0              0              0     0.000     107.782       52
   GRAHAM #1

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0         0              0              0     0.000     107.782       91
   BEAHM #1

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0         0              0              0     0.000     107.782      128
   MCGILL #2

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0         0              0              0     0.000     107.782      129
   O'DELL #1

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0         0              0              0     0.000     107.782      112
   HOLZMEISTER -B- #1

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0         0              0              0     0.000     107.782      131
   PFEIFER -B- #1

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-SI          0         0              0              0     0.000     107.782      195
   CHEVRON REED #1

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0         0              0              0     0.000     107.782      115
   JANSON -A- #2

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0         0              0              0     0.000     107.782      125
   LIPPERT -B- #1

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0         0              0              0     0.000     107.782       99
   ELDER #19

CHASE-SILICA FIELD,
BARTON COUNTY, KANSAS          PV-PD          0         0              0              0     0.000     107.782       26
   ROSE LEASE
</TABLE>


<PAGE>


                                                                      TABLE A
                                                                   PAGE 15 OF 16

                                 TENGASCO, INC.

             PROPERTY RANKING BY PROVED DISCOUNTED FUTURE NET INCOME
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
                                                                                ($)
                                      ----NET RESERVES----       ($)         FUTURE NET    PERCENT   CUMULATIVE
                                (A)    (BARRELS)    (MMCF)    FUTURE NET    INCOME DISC.     OF        PERCENT    TABLE
                              STATUS  OIL/COND.(B)    GAS     INCOME (C)      AT 10.0%      TOTAL     OF TOTAL    NUMBER
                              ------  ------------  ------    ----------    -----------   --------   ----------   -------
<S>                            <C>       <C>        <C>        <C>            <C>           <C>        <C>         <C>

MCHALE FIELD,
ROOKS COUNTY, KANSAS           PV-PD          0         0              0              0     0.000     107.782       64
   KABA #2

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-BP          0         0              0              0     0.000     107.782      222
   LAURA J. LAWSON #2 BP

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-BP          0         0              0              0     0.000     107.782      241
   PAUL REED #7 BP2

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0         0              0              0     0.000     107.782      122
   LIPPERT #2

OTIS-ALBERT FIELD,
RUSH COUNTY, KANSAS            PV-PD          0         0              0              0     0.000     107.782       67
   HARTMAN -C- #1

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-SI          0         0              0              0     0.000     107.782      186
   ANITA COLSON #1

PAWNEE ROCK FIELD,
PAWNEE COUNTY, KANSAS          PV-PD          0         0              0              0     0.000     107.782       70
   O'SCHULTZ #1

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-SI          0         0              0              0     0.000     107.782      228
   PAUL REED #2

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-PD          0         0              0              0     0.000     107.782      189
   BOBBY YEARY #1

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0         0              0              0     0.000     107.782      110
   HOLZMEISTER #1

PLAINVILLE FIELD,
ROOKS COUNTY, KANSAS           PV-PD          0         0              0              0     0.000     107.782       74
   BARDOT #1

REICHEL WEST FIELD,
RUSH COUNTY, KANSAS            PV-PD          0         0              0              0     0.000     107.782      148
   LEGLEITER -A- #1-2

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0         0              0              0     0.000     107.782      114
   HOOFER #1

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-SI          0         0              0              0     0.000     107.782      271
   T.J. HARRISON #1

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-BP          0         0              0              0     0.000     107.782      235
   PAUL REED #4 BP2

PLEASANT FIELD,
RUSH COUNTY, KANSAS            PV-PD          0         0              0              0     0.000     107.782       80
   BASGALL -C- #4

RUGGELS WEST FIELD,
OSBORNE COUNTY, KANSAS         PV-PD          0         0              0              0     0.000     107.782      153
   MAIER #1

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-PD          0         0              0              0     0.000     107.782      199
   DARNELL SUTTON #1

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE      PV-BP          0         0              0              0     0.000     107.782      276
   WARREN REED #2 BP2
</TABLE>


<PAGE>


                                                                      TABLE A
                                                                   PAGE 16 OF 16

                                 TENGASCO, INC.

             PROPERTY RANKING BY PROVED DISCOUNTED FUTURE NET INCOME
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
                                                                                ($)
                                      ----NET RESERVES----       ($)         FUTURE NET    PERCENT   CUMULATIVE
                                (A)    (BARRELS)    (MMCF)    FUTURE NET    INCOME DISC.     OF        PERCENT    TABLE
                              STATUS  OIL/COND.(B)    GAS     INCOME (C)      AT 10.0%      TOTAL     OF TOTAL    NUMBER
                              ------  ------------  ------    ----------    -----------   --------   ----------   -------
<S>                            <C>       <C>        <C>        <C>            <C>           <C>        <C>         <C>

LIEBENTHAL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0         0              0              0     0.000     107.782       51
   DECHANT -B- #2

REICHEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0         0              0              0     0.000     107.782       88
   ANDRE #1

STREMEL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0         0              0              0     0.000     107.782      162
   OCHS #1 & 3

VARIOUS FIELD,
ALL COUNTY, KANSAS             PV-BP          0         0       -169,440       -103,599    -0.222     107.560      177
   KANSAS FIXED COSTS 2PBP

VARIOUS FIELD,
ALL COUNTY, KANSAS             PV-UD          0         0       -958,282       -283,607    -0.608     106.952      178
   KANSAS FIXED COSTS 3PUD

ALL FIELD,
RUSH COUNTY, KANSAS            PV-PD          0         0     -1,866,760       -506,804    -1.086     105.866      175
   OTIS COMPRESSOR STATION

VARIOUS FIELD,
ALL COUNTY, KANSAS             PV-PD          0         0     -6,809,084     -2,736,220    -5.866     100.000      176
   KANSAS FIXED COSTS 1PDP

                                      ---------    ------     ----------     ----------   -------     -------
**** TOTALS ****                      1,475,899    26,599     98,962,004     46,648,020   100.000     100.000
</TABLE>











(A) RESERVE TYPES: PV = PROVED     STATUS: PD = PRODUCING     DP = DEPLETED
                   PB = PROBABLE           BP = BEHIND PIPE   NP = NON-PRODUCING
                   PS = POSSIBLE           SI = SHUT IN       PB = PAYBACK
                                           UD = UNDEVELOPED
(B) EXCLUDES PLANT PRODUCTS
(C) BEFORE FEDERAL OR STATE/PROVINCE INCOME TAXES



<PAGE>


                                                                       TABLE B
                                                                     PAGE 1 OF 7

                                 TENGASCO, INC.

                SUMMARY OF GROSS AND NET RESERVE AND INCOME DATA
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
                             -------ESTIMATED REMAINING RESERVES-------  ------------ESTIMATED FUTURE DOLLARS--------------
                             ----100% GROSS-----  ---------NET---------   GROSS REV.              --NET INCOME BEFORE FIT--
                       (A)    (BARRELS)   (MMCF)  (BARRELS)     (MMCF)   AFTER PROD.    TOTAL                   DISCOUNTED
                     STATUS  OIL/COND(B)   GAS   OIL/COND(B)  SALES GAS     TAXES     DEDUCTIONS  UNDISCOUNTED   AT 10.0%
                     ------  -----------  ------ -----------  ---------  -----------  ----------  ------------  -----------
<S>                  <C>        <C>       <C>    <C>          <C>          <C>          <C>          <C>         <C>

KANSAS PROPERTIES
- -----------------

ARPIN SOUTH FIELD, ROOKS COUNTY, KANSAS
THYFAULT #1          PV-PD       7,053      0       5,786           0      156,926       85,384       71,542       56,172

ASH CREEK FIELD, BARTON COUNTY, KANSAS
UNRUH #2             PV-PD           0      0           0           0            0            0            0            0

AXELSON FIELD, ROOKS COUNTY, KANSAS
AXELSON LEASE        PV-PD      42,519      0      33,717           0      914,512      311,904      602,608      237,273

BEISEL FIELD, RUSSELL COUNTY, KANSAS
BEISEL LEASE         PV-PD      11,874      0      10,390           0      281,817      244,650       37,167       31,021
BEISEL #9 PUD        PV-UD      38,724      0      33,884           0      919,040      301,109      617,931      254,763

BIELMAN FIELD, ELLIS COUNTY, KANSAS
GRASS #5             PV-PD      12,334      0      10,792           0      292,716      164,780      127,936       93,097

CARPENTER FIELD, EDWARDS COUNTY, KANSAS
HENNING #1           PV-PD       8,069      0       5,719           0      155,132       89,476       65,656       35,472

CARROLL FIELD, BARTON COUNTY, KANSAS
KEENAN -B- LEASE     PV-PD      10,193      0       8,855           0      240,167      199,317       40,850       28,873

CENTERVIEW FIELD, STAFFORD COUNTY, KANSAS
BECKERDITE #1        PV-PD      12,065      0       9,742           0      264,244      174,971       89,273       62,903

CHASE-SILICA FIELD, BARTON COUNTY, KANSAS
LANDER #1            PV-PD      24,692      0      18,317           0      496,810      291,712      205,098      117,718
LANDER #3 PBUD       PB-UD      49,981      0      37,076           0    1,005,634      439,506      566,128      239,032
ROSE LEASE           PV-PD           0      0           0           0            0            0            0            0

CHEYENNE FIELD, BARTON COUNTY, KANSAS
HAMMEKE #1           PV-PD      10,609      0       8,848           0      239,985      158,202       81,783       56,500

CONVERSE FIELD, BARTON COUNTY, KANSAS
IANNITTI LEASE       PV-PD      31,137      0      27,245           0      738,978      488,220      250,758      161,314
IANNITTI #9 PUD      PV-UD      24,993      0      21,869           0      593,162      200,489      392,673      177,869

COOPER FIELD, GRAHAM COUNTY, KANSAS
DEYOUNG LEASE        PV-PD       6,018      0       5,265           0      142,818      129,420       13,398       11,893
LEWIS LEASE          PV-PD      19,348      0      16,929           0      459,182      218,300      240,882      133,562

DAVIDSON FIELD, RUSSELL COUNTY, KANSAS
FOSTER LEASE         PV-PD      15,271      0      12,945           0      351,112      234,740      116,372       92,137

DISTRICT 57 FIELD, ELLIS COUNTY, KANSAS
FLAX #1              PV-PD      16,150      0      14,131           0      383,291      233,044      150,247       68,187

DUNES NORTH FIELD, PAWNEE COUNTY, KANSAS
BARSTOW #1           PV-PD           0      0           0           0            0            0            0            0
LOVETT #1            PV-PD           0      0           0           0            0            0            0            0

ELLIS NW FIELD, TREGO COUNTY, KANSAS
BAUGHER #1           PV-PD       6,647      0       5,089           0      138,043      105,800       32,243       25,211

FICKEN FIELD, RUSH COUNTY, KANSAS
SCHWINDT FARMS #1    PV-PD           0      0           0           0            0            0            0            0

GATES NORTH FIELD, STAFFORD COUNTY, KANSAS
HOFFMAN #1           PV-PD           0      0           0           0            0            0            0            0
SCHULZ LEASE         PV-PD      21,866      0      12,124           0      328,836      259,504       69,332       50,048

GIESICK FIELD, RUSH COUNTY, KANSAS
GIESICK #2           PV-PD           0    118           0          95      385,022       49,464      335,558      117,745

GOTTSCHALK FIELD, ELLIS COUNTY, KANSAS
WERTH #1             PV-PD           0      0           0           0            0            0            0            0

HERMAN FIELD, BARTON COUNTY, KANSAS
H. KARST LEASE       PV-PD       1,959      0       1,375           0       37,302       35,841        1,461        1,370
</TABLE>


<PAGE>


                                                                       TABLE B
                                                                     PAGE 2 OF 7

                                 TENGASCO, INC.

                SUMMARY OF GROSS AND NET RESERVE AND INCOME DATA
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
                               -------ESTIMATED REMAINING RESERVES-------  ------------ESTIMATED FUTURE DOLLARS--------------
                               ----100% GROSS-----  ---------NET---------   GROSS REV.              --NET INCOME BEFORE FIT--
                         (A)    (BARRELS)   (MMCF)  (BARRELS)     (MMCF)   AFTER PROD.    TOTAL                   DISCOUNTED
                       STATUS  OIL/COND(B)   GAS   OIL/COND(B)  SALES GAS     TAXES     DEDUCTIONS  UNDISCOUNTED   AT 10.0%
                       ------  -----------  ------ -----------  ---------  -----------  ----------  ------------  -----------
<S>                    <C>        <C>       <C>    <C>          <C>          <C>          <C>          <C>         <C>

HOBROCK FIELD, OSBORNE COUNTY, KANSAS
HOBROCK #4             PV-PD       5,915      0       2,851           0       77,320       43,753       33,567       21,534
HOGAN LEASE            PV-PD      11,838      0       5,694           0      154,434       76,187       78,247       63,903

IRVIN FIELD, ELLIS COUNTY, KANSAS
KINDERKNECHT -B- LEASE PV-PD         501      0         438           0       11,891       11,824           67           66

KRAUS FIELD, ELLIS COUNTY, KANSAS
KRAUS -A- LEASE        PV-PD      89,483      0      73,404           0    1,990,969      676,710    1,314,259      615,354
KRAUS -B- LEASE        PV-PD      14,127      0      12,361           0      335,275      193,640      141,635       88,098
KRAUS -I- LEASE        PV-PD      20,238      0      16,601           0      450,284      294,840      155,444      108,867

LEIKER EAST FIELD, ELLIS COUNTY, KANSAS
LEIKER #1              PV-PD      11,410      0       4,160           0      112,832       65,038       47,794       28,470

LEONHARDT SOUTHEAST FIELD, ELLIS COUNTY, KANSAS
KRAUS LEASE            PV-PD       3,816      0       3,026           0       82,074       72,688        9,386        8,125

LIEBENTHAL FIELD, RUSH COUNTY, KANSAS
DECHANT -B- #2         PV-PD           0      0           0           0            0            0            0            0
GRAHAM #1              PV-PD           0      0           0           0            0            0            0            0
LEGLEITER -B- #1       PV-PD           0     12           0           9       37,668       29,424        8,244        5,324
LEGLEITER -C- #1       PV-PD           0      0           0           0            0            0            0            0
LEGLEITER -C- #2       PV-PD           0      0           0           0            0            0            0            0

LITTLE RIO FIELD, RICE COUNTY, KANSAS
WHITEMAN-HOLLAND LEASE PV-PD      27,884      0      22,874           0      620,421      393,414      227,007      135,168

MARCOTTE FIELD, ROOKS COUNTY, KANSAS
CROFFOOT LEASE         PV-PD      34,440      0      29,664           0      804,606      630,552      174,054      127,373
CROFFOOT -A- LEASE     PV-PD      11,289      0       9,713           0      263,439      169,740       93,699       56,536
CROFFOOT -B- LEASE     PV-PD     103,177      0      84,637           0    2,295,666    1,475,496      820,170      483,203
CROFFOOT -C- LEASE     PV-PD      22,809      0      18,399           0      499,043      307,142      191,901      111,546
DICK LEASE             PV-PD      39,383      0      34,460           0      934,686      497,016      437,670      297,848

MCHALE FIELD, ROOKS COUNTY, KANSAS
HARRISON -A- LEASE     PV-PD      90,577      0      79,255           0    2,149,676      764,468    1,385,208      695,076
HILGERS -B- LEASE      PV-PD      16,432      0      14,378           0      389,977      261,456      128,521       82,222
KABA #2                PV-PD           0      0           0           0            0            0            0            0

OMLOR FIELD, STAFFORD COUNTY, KANSAS
MILLER #1              PV-PD       5,738      0       4,067           0      110,314       60,376       49,938       35,039
WILLIAMS #1            PV-PD      10,450      0       7,474           0      202,717       90,272      112,445       72,808

OTIS-ALBERT FIELD, RUSH COUNTY, KANSAS
HARTMAN -C- #1         PV-PD           0      0           0           0            0            0            0            0

PARADISE CREEK FIELD, ROOKS COUNTY, KANSAS
STAHL LEASE            PV-PD      91,614      0      77,299           0    2,096,626    1,166,832      929,794      476,630
STAHL #7 PUD           PV-UD      46,986      0      39,644           0    1,075,297      400,500      674,797      253,480

PAWNEE ROCK FIELD, PAWNEE COUNTY, KANSAS
O'SCHULTZ #1           PV-PD           0      0           0           0            0            0            0            0
OETKIN LEASE           PV-PD       2,295      0       1,824           0       49,466       47,239        2,227        2,124
OETKIN #8 PBUD         PB-UD      18,990      0      15,091           0      409,318      341,059       68,259       20,893

PLAINVILLE FIELD, ROOKS COUNTY, KANSAS
ANDERSON -A- #1        PV-PD       3,936      0       3,444           0       93,414       51,445       41,969       23,889
BARDOT #1              PV-PD           0      0           0           0            0            0            0            0
GARVERT -A- #1         PV-PD      24,153      0      21,134           0      573,231       28,272      544,959      191,111
GARVERT -B- #1         PV-PD      14,151      0      12,382           0      335,840       59,736      276,104       95,748
HARRISON -C- LEASE     PV-PD       9,062      0       7,929           0      215,074      131,864       83,210       52,111
JACO LEASE             PV-PD      48,359      0      42,314           0    1,147,708      447,632      700,076      337,020
ROSS LEASE             PV-PD      19,041      0      16,661           0      451,899      180,336      271,563      154,644

PLEASANT FIELD, RUSH COUNTY, KANSAS
BASGALL -C- #4         PV-PD           0      0           0           0            0            0            0            0

PLEASANT FIELD, ELLIS COUNTY, KANSAS
HONAS #3               PV-PD         973      0         799           0       21,660       19,936        1,724        1,583

PLEASANT VIEW FIELD, RUSH COUNTY, KANSAS
URBAN -K- #5           PV-PD       7,055      0       6,173           0      167,437       42,561      124,876       58,649
URBAN -K- #5 BP        PV-BP           0     50           0          40      163,345       19,832      143,513       99,520
</TABLE>


<PAGE>


                                                                       TABLE B
                                                                     PAGE 3 OF 7

                                 TENGASCO, INC.

                SUMMARY OF GROSS AND NET RESERVE AND INCOME DATA
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
                               -------ESTIMATED REMAINING RESERVES-------  ------------ESTIMATED FUTURE DOLLARS--------------
                               ----100% GROSS-----  ---------NET---------   GROSS REV.              --NET INCOME BEFORE FIT--
                         (A)    (BARRELS)   (MMCF)  (BARRELS)     (MMCF)   AFTER PROD.    TOTAL                   DISCOUNTED
                       STATUS  OIL/COND(B)   GAS   OIL/COND(B)  SALES GAS     TAXES     DEDUCTIONS  UNDISCOUNTED   AT 10.0%
                       ------  -----------  ------ -----------  ---------  -----------  ----------  ------------  -----------
<S>                    <C>        <C>       <C>    <C>          <C>          <C>          <C>          <C>         <C>

PLEASANT VIEW NW FIELD, RUSH COUNTY, KANSAS
URBAN #1, 2 & 5        PV-PD      30,345      0      26,552           0      720,172      278,208      441,964      234,981
URBAN #6 PUD           PV-UD      27,995      0      24,495           0      664,397      173,430      490,967      174,722
URBAN #7 PUD           PV-UD      27,995      0      24,495           0      664,397      173,430      490,967      170,426

REICHEL FIELD, RUSH COUNTY, KANSAS
ALLEN #1 A&D           PV-PD           0    280           0         225      914,483      118,332      796,151      315,496
ANDRE #1               PV-PD           0      0           0           0            0            0            0            0
APPL #1                PV-PD           0     58           0          47      188,740       48,209      140,531       51,531
APPL #2                PV-PD           0     57           0          43      174,607       24,878      149,729       82,678
BEAHM #1               PV-PD           0      0           0           0            0            0            0            0
BIEBER #1              PV-PD           0     55           0          41      167,002       96,150       70,852       42,490
BIEBER -A- #1          PV-PD           0     93           0          70      283,859       67,561      216,298       86,720
BRACK -A- #3           PV-PD           0      2           0           1        5,467        4,611          856          775
BREIT #1               PV-PD           0     40           0          32      129,210       38,518       90,692       32,846
BREIT-HOLZMEISTER -B-  PV-PD       2,052      0       1,767           0       47,940        8,487       39,453       27,481
DECKER -A- #1          PV-PD           0    193           0         154      626,244       72,974      553,270      248,657
EDWARDS #1             PV-PD           0     31           0          25       99,955       29,910       70,045       44,602
ELDER #19              PV-PD           0      0           0           0            0            0            0            0
FOOS #1                PV-PD           0    136           0         103      416,249      148,402      267,847      127,321
FOOS -A- #1            PV-PD           0     29           0          22       89,135       63,246       25,889       18,096
FRYE #2                PV-PD           0      2           0           1        5,620        4,060        1,560        1,252
GIESICK #1             PV-PD           0    128           0         103      419,272      155,876      263,396      187,422
GILLIG #1              PV-PD           0     62           0          50      203,480        9,931      193,549       76,090
GRUMBEIN -A- #1        PV-PD           0     58           0          47      188,870       30,426      158,444       65,675
HANHARDT #1            PV-PD           0     53           0          40      163,388       37,240      126,148       50,341
HANHARDT -A- #1        PV-PD           0    126           0          95      384,679      102,404      282,275      130,764
HANHARDT -A- #1BP      PV-BP           0     50           0          38      152,963       12,000      140,963      104,378
HOFFMAN #3             PV-PD           0    128           0          96      391,318       23,985      367,333      126,456
HOLZMEISTER #1         PV-PD           0      0           0           0            0            0            0            0
HOLZMEISTER -A- #1     PV-PD           0      0           0           0            0            0            0            0
HOLZMEISTER -B- #1     PV-PD           0      0           0           0            0            0            0            0
HONDERICK -C- #1       PV-PD           0     43           0          35      141,094       32,166      108,928       39,523
HOOFER #1              PV-PD           0      0           0           0            0            0            0            0
JANSON -A- #2          PV-PD           0      0           0           0            0            0            0            0
KAISER #2              PV-PD           0     49           0          40      161,041       47,678      113,363       54,807
KAISER -A- #1          PV-PD         614      0         537           0       14,573        7,861        6,712        5,952
KLEWENO #1-21          PV-PD           0     31           0          23       93,517          174       93,343       52,654
KLEWENO -A- #1         PV-PD           0     29           0          23       93,978       42,921       51,057       28,261
KOBER #1               PV-PD           0     61           0          49      199,738       73,911      125,827       66,974
LEBSACK -A- #1         PV-PD           0      0           0           0            0            0            0            0
LIPPERT #2             PV-PD           0      0           0           0            0            0            0            0
LIPPERT #3             PV-PD           0    127           0         102      413,711      199,025      214,686      101,428
LIPPERT #3 BP          PV-BP           0     65           0          52      212,270        5,000      207,270      150,324
LIPPERT -B- #1         PV-PD           0      0           0           0            0            0            0            0
LIPPERT -B- #2         PV-PD           0     12           0           9       35,084           71       35,013       17,695
LIPPERT -C- #1         PV-PD           0     44           0          31      125,541        8,458      117,083       47,386
MCGILL #2              PV-PD           0      0           0           0            0            0            0            0
O'DELL #1              PV-PD           0      0           0           0            0            0            0            0
OCHS -A- #1            PV-PD           0    107           0          86      348,686       40,737      307,949      107,681
PFEIFER -B- #1         PV-PD           0      0           0           0            0            0            0            0
RAU #1                 PV-PD           0    130           0          98      397,219       86,405      310,814      157,104
REICHEL #1             PV-PD           0    181           0         145      589,951      142,480      447,471      247,121
ROTHE #1-31            PV-PD           0     50           0          41      164,449       85,732       78,717       65,061
ROTHE, R. #1           PV-PD           0     43           0          32      130,621       36,783       93,838       63,378
SCHEUERMAN #56         PV-PD           0     92           0          74      299,990       15,572      284,418       93,499
SCHLITTER #2           PV-PD           0     15           0          12       48,829       34,342       14,487       10,082
SCHNEIDER #1           PV-PD           0    118           0          89      361,480       45,988      315,492      200,253
SHERWOOD #1            PV-PD           0     78           0          57      231,794       47,870      183,924       64,273
STEITZ -A- #1          PV-PD           0     17           0          13       54,101       31,703       22,398       18,781
STEITZ -B- #1          PV-PD           0     11           0           8       32,284       29,334        2,950        2,692
THIELENHAUS #1         PV-PD           0     33           0          26      106,686        9,535       97,151       60,475
THIELENHAUS #1 BP      PV-BP           0    145           0         117      473,492       15,000      458,492      288,894
TORREY #2              PV-PD           0    256           0         203      822,315       86,274      736,041      302,438
URBAN R & A #1         PV-PD           0     24           0          19       77,097       20,935       56,162       31,748

REICHEL EAST FIELD, RUSH COUNTY, KANSAS
BAHR #1                PV-PD           0     92           0          74      300,408       35,180      265,228       96,951

REICHEL WEST FIELD, RUSH COUNTY, KANSAS
LEGLEITER -A- #1-1     PV-PD           0    272           0         185      749,454      365,596      383,858      185,525
LEGLEITER -A- #1-2     PV-PD           0      0           0           0            0            0            0            0
MUTH #1&2              PV-PD           0    119           0          79      320,348      113,220      207,128      149,457
</TABLE>


<PAGE>


                                                                       TABLE B
                                                                     PAGE 4 OF 7

                                 TENGASCO, INC.

                SUMMARY OF GROSS AND NET RESERVE AND INCOME DATA
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
                                 -------ESTIMATED REMAINING RESERVES-------  ------------ESTIMATED FUTURE DOLLARS--------------
                                 ----100% GROSS-----  ---------NET---------   GROSS REV.              --NET INCOME BEFORE FIT--
                           (A)    (BARRELS)   (MMCF)  (BARRELS)     (MMCF)   AFTER PROD.    TOTAL                   DISCOUNTED
                         STATUS  OIL/COND(B)   GAS   OIL/COND(B)  SALES GAS     TAXES     DEDUCTIONS  UNDISCOUNTED   AT 10.0%
                         ------  -----------  ------ -----------  ---------  -----------  ----------  ------------  -----------
<S>                      <C>        <C>       <C>    <C>          <C>          <C>          <C>          <C>         <C>

RIDGEWAY SOUTH FIELD, TREGO COUNTY, KANSAS
SCHOENTHALER #3          PV-PD      11,767      0       9,652           0      261,808      131,460      130,348       95,923

RIGA NORTHEAST FIELD, TREGO COUNTY, KANSAS
KELLER LEASE             PV-PD       7,070      0       6,186           0      167,793       89,434       78,359       45,903
KELLER -A- LEASE         PV-PD       8,702      0       7,615           0      206,535      167,808       38,727       32,069

RUGGELS WEST FIELD, OSBORNE COUNTY, KANSAS
MAIER #1                 PV-PD           0      0           0           0            0            0            0            0
MAIER #1 BP              PV-BP      31,085      0      21,014           0      569,980      267,940      302,040      197,208

SANDFORD FIELD, BARTON COUNTY, KANSAS
BEN TEMPERO #1           PV-PD      31,002      0      25,431           0      689,784      350,018      339,766      199,702
BEN TEMPERO #5 PUD       PV-UD      45,985      0      37,722           0    1,023,147      460,629      562,518      238,543

SCHWINDT FIELD, RUSH COUNTY, KANSAS
JACOBS -B- #3            PV-PD      20,008      0      17,507           0      474,844      218,871      255,973      153,919

SPRING CREEK FIELD, TREGO COUNTY, KANSAS
RIDGWAY #1               PV-PD      21,025      0      16,385           0      444,420      256,846      187,574      128,849

STOCKTON FIELD, ROOKS COUNTY, KANSAS
HINDMAN #1               PV-PD      11,189      0       9,056           0      245,628      165,984       79,644       44,269
STEBBINS #1              PV-PD      17,081      0      12,838           0      348,209      193,878      154,331       75,611
WATTS #1                 PV-PD       6,426      0       5,201           0      141,082      103,082       38,000       27,227

STREMEL FIELD, RUSH COUNTY, KANSAS
OCHS #1 & 3              PV-PD           0      0           0           0            0            0            0            0
URBAN -D- LEASE          PV-PD       1,717      0       1,502           0       40,750       22,540       18,210       15,804

THACKER FIELD, RUSSELL COUNTY, KANSAS
THACKER #2               PV-PD       7,837      0       6,643           0      180,184       92,628       87,556       70,566

TRAPP FIELD, BARTON COUNTY, KANSAS
DEUTSCH                  PV-PD         316      0         259           0        7,030        6,840          190          185
HOWLIER #1               PV-PD      11,894      0       9,142           0      247,959      144,150      103,809       67,609

WEBSTER FIELD, ROOKS COUNTY, KANSAS
CERROW-CERROW -A- #1     PV-PD       9,901      0       8,663           0      234,975      106,981      127,994       83,510
LOWRY #1                 PV-PD       2,533      0       2,147           0       58,248       48,112       10,136        8,653

WERTH NORTH FIELD, ELLIS COUNTY, KANSAS
SCHNELLER LEASE          PV-PD      23,898      0      19,604           0      531,736      309,657      222,079      134,363

WESTHUSIN FIELD, ROOKS COUNTY, KANSAS
DOUGHERTY EAST #1        PV-PD      14,830      0      11,367           0      308,319      148,389      159,930       68,060
DOUGHERTY EAST #1 BP     PV-BP       3,200      0       2,453           0       66,529       11,213       55,316       21,895
DOUGHERTY EAST #2 PUD    PV-UD      40,030      0      30,683           0      832,231      232,886      599,345      163,429

YOHE FIELD, ROOKS COUNTY, KANSAS
FINNESY LEASE            PV-PD      19,843      0      17,363           0      470,935      209,364      261,571      160,268
MOSHER LEASE             PV-PD      41,265      0      36,107           0      979,337      291,840      687,497      306,143

ALL FIELD, RUSH COUNTY, KANSAS
OTIS COMPRESSOR STATION  PV-PD           0      0           0           0            0    1,866,760   -1,866,760     -506,804

VARIOUS FIELD, ALL COUNTY, KANSAS
KANSAS FIXED COSTS 1PDP  PV-PD           0      0           0           0            0    6,809,084   -6,809,084   -2,736,220
KANSAS FIXED COSTS 2PBP  PV-BP           0      0           0           0            0      169,440     -169,440     -103,599
KANSAS FIXED COSTS 3PUD  PV-UD           0      0           0           0            0      958,282     -958,282     -283,607

KANSAS STATE SUMMARIES
- ----------------------
 PROVED PRODUCING                1,299,265  3,695   1,072,208       2,853   40,655,795   26,501,703   14,154,092    8,509,047
 PROVED BEHIND PIPE                 34,285    310      23,467         247    1,638,579      500,425    1,138,154      758,620
 PROVED UNDEVELOPED                252,708      0     212,792           0    5,771,671    2,900,755    2,870,916    1,149,625
                                 ---------  -----   ---------       -----   ----------   ----------   ----------   ----------
 TOTAL PROVED                    1,586,258  4,005   1,308,467       3,100   48,066,045   29,902,883   18,163,162   10,417,292

 PROBABLE UNDEVELOPED               68,971      0      52,167           0    1,414,952      780,565      634,387      259,925
</TABLE>


<PAGE>


                                                                       TABLE B
                                                                     PAGE 5 OF 7

                                 TENGASCO, INC.

                SUMMARY OF GROSS AND NET RESERVE AND INCOME DATA
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
                               -------ESTIMATED REMAINING RESERVES-------  ------------ESTIMATED FUTURE DOLLARS--------------
                               ----100% GROSS-----  ---------NET---------   GROSS REV.              --NET INCOME BEFORE FIT--
                         (A)    (BARRELS)   (MMCF)  (BARRELS)     (MMCF)   AFTER PROD.    TOTAL                   DISCOUNTED
                       STATUS  OIL/COND(B)   GAS   OIL/COND(B)  SALES GAS     TAXES     DEDUCTIONS  UNDISCOUNTED   AT 10.0%
                       ------  -----------  ------ -----------  ---------  -----------  ----------  ------------  -----------
<S>                    <C>        <C>       <C>    <C>          <C>          <C>          <C>          <C>         <C>

TENNESSEE PROPERTIES
- --------------------

SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE
ANITA COLSON #1        PV-SI           0      0           0           0        0                0            0            0
ANITA COLSON #1 BP     PV-BP      15,463     34      13,530          30      474,654       72,482      402,172      357,571
ANITA COLSON #2        PV-PD           0    221           0         193      790,276      240,000      550,276      323,487
BOBBY YEARY #1         PV-PD           0      0           0           0            0            0            0            0
BOBBY YEARY #1BP       PV-BP           0      0           0           0            0            0            0            0
BOBBY YEARY #2         PV-SI       8,048      0       3,521           0       91,869       35,600       56,269       46,185
BOBBY YEARY #3         PV-SI           0      0           0           0            0            0            0            0
CHERYL SMITH #1        PV-SI       5,140      0       2,249           0       58,678        5,200       53,478       49,701
CHERYL SMITH #2        PV-UD           0    319           0         279    1,142,570      290,298      852,272      532,049
CHEVRON REED #1        PV-SI           0      0           0           0            0            0            0            0
D. SUTTON HEIRS #1     PV-PD           0    438           0         297    1,215,827      311,400      904,427      424,107
D. SUTTON HEIRS #1 BP  PV-BP           0    206           0         140      572,106       67,071      505,035        5,268
D. SUTTON HEIRS #3     PV-UD           0  2,472           0       1,677    6,864,141      578,704    6,285,437    2,374,595
DARNELL SUTTON #1      PV-PD           0      0           0           0            0            0            0            0
DEANNA CROSS #1        PV-SI           0    230           0         101      411,899       32,333      379,566      256,810
DEANNA CROSS #1 BP     PV-BP           0    256           0         112      457,864       36,261      421,603      122,558
DEWEY SUTTON #1        PV-SI           0      0           0           0            0            0            0           0
DORIS HELTON #1        PV-PD           0     30           0          26      105,751       60,000       45,751       38,139
DORIS HELTON #1 BP1    PV-BP           0    716           0         626    2,563,334      130,019    2,433,315      745,979
DORIS HELTON #1 BP2    PV-BP           0    112           0          98      401,149       51,294      349,855       27,320
F. WELLS #1            PS-UD           0    127           0         111      454,879      227,441      227,438      136,342
FRED PORTRUM #1        PV-PD           0      7           0           6       25,324       22,800        2,524        2,326
FRED PORTRUM #2        PV-PD           0      1           0           0        1,801        1,200          601          597
GARY PATTON #2         PV-SI           0      0           0           0            0            0            0            0
GARY PATTON #2 BP1     PV-BP           0    795           0         522    2,136,122      173,707    1,962,415    1,053,647
GARY PATTON #2 BP2     PV-BP      20,616     69      13,530          45      538,170       88,308      449,862       45,857
GUY TOBEY #1           PS-UD           0    127           0         111      454,879      227,441      227,438      132,989
HAZEL SUTTON #2        PV-PD           0     47           0          41      167,771       94,800       72,971       55,210
HUGH ROBERTS #1        PV-SI           0     86           0          38      154,166        9,911      144,255      123,855
HUGH ROBERTS #1 BP     PV-BP           0    191           0          84      342,055       35,215      306,840      166,968
JEFF JOHNSON #1        PV-PD           0    108           0          47      192,754       84,300      108,454       69,161
JEFF JOHNSON #2        PV-UD           0     80           0          70      285,592      227,908       57,684       23,381
LANGE #1               PB-BP           0    169           0          11       43,161            0       43,161       26,433
LANGE #1 BP            PB-BP           0     90           0           6       23,024            0       23,024        6,535
LAURA J. LAWSON #1     PV-PD           0    131           0         115      468,953      187,204      281,749      145,314
LAURA J. LAWSON #2     PV-PD           0  1,148           0         753    3,082,767      360,000    2,722,767    1,115,810
LAURA J. LAWSON #2 BP  PV-BP           0      0           0           0            0            0            0            0
LAURA J. LAWSON #3     PV-PD           0     22           0          18       74,567       59,220       15,347       11,775
LAURA J. LAWSON #4     PV-PD           0     33           0          29      117,735       85,800       31,935       22,669
LAURA J. LAWSON #4 BP  PV-BP           0    161           0         141      577,046      299,200      277,846       30,721
LAURA J. LAWSON #5     PV-SI      19,580      0      17,132           0      447,031      127,200      319,831      211,114
PAUL REED #1           PV-PD           0    227           0         170      695,858      241,800      454,058      239,917
PAUL REED #2           PV-SI           0      0           0           0            0            0            0            0
PAUL REED #2 BP        PV-BP           0    103           0          77      316,204       57,230      258,974      210,874
PAUL REED #3           PV-PD           0     74           0          49      200,127      107,328       92,799       60,885
PAUL REED #3 BP1       PV-BP           0    402           0         264    1,079,890      197,722      882,168      118,691
PAUL REED #3 BP2       PV-BP           0     22           0          14       59,102       31,218       27,884          477
PAUL REED #4           PV-PD           0    545           0         477    1,952,250      248,252    1,703,998      815,813
PAUL REED #4 BP1       PV-BP           0    691           0         604    2,473,805      131,600    2,342,205       49,493
PAUL REED #4 BP2       PV-BP           0      0           0           0            0            0            0            0
PAUL REED #5           PV-PD      38,504      0      33,691           0      879,100      128,000      751,100      566,283
PAUL REED #6           PV-PD           0     60           0          52      214,774      114,600      100,174       72,123
PAUL REED #6 BP        PV-BP      11,697      0      10,235           0      267,068       44,123      222,945       38,409
PAUL REED #7           PV-PD           0    360           0         315    1,289,923      321,600      968,323      436,842
PAUL REED #7 BP1       PV-BP           0    148           0         130      530,922       58,400      472,522        4,542
PAUL REED #7 BP2       PV-BP           0      0           0           0            0            0            0            0
PAUL REED #8           PV-BP      34,968      0      30,597           0      798,359       53,867      744,492      642,078
PAUL REED #8 BP        PV-BP           0    402           0         352    1,440,111      177,741    1,262,370      365,999
PAUL REED #9           PV-UD           0    716           0         626    2,563,995      441,158    2,122,837      891,240
PURKEY #1              PV-PD           0      5           0           2        8,062        7,500          562          526
PURKEY #2              PV-SI           0      0           0           0            0            0            0            0
PURKEY #3              PV-PD           0    157           0          69      280,633      117,900      162,733       88,574
PURKEY #3 BP1          PV-BP           0    256           0         112      458,843       54,220      404,623       10,245
PURKEY #3 BP2          PV-BP           0     95           0          42      170,122       22,996      147,126        1,403
PURKEY #4              PV-UD           0    281           0         123      503,232      126,803      376,429      246,466
PURKEY #5              PV-UD           0    300           0         131      537,259      130,746      406,513      265,509
RAY DEAN HELTON #1     PV-PD           0      0           0           0            0            0            0            0
RAY DEAN HELTON #1 BP  PV-BP           0    116           0         102      415,703       78,606      337,097      241,111
</TABLE>


<PAGE>


                                                                       TABLE B
                                                                     PAGE 6 OF 7

                                 TENGASCO, INC.

                SUMMARY OF GROSS AND NET RESERVE AND INCOME DATA
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
                               -------ESTIMATED REMAINING RESERVES-------  ------------ESTIMATED FUTURE DOLLARS--------------
                               ----100% GROSS-----  ---------NET---------   GROSS REV.              --NET INCOME BEFORE FIT--
                         (A)    (BARRELS)   (MMCF)  (BARRELS)     (MMCF)   AFTER PROD.    TOTAL                   DISCOUNTED
                       STATUS  OIL/COND(B)   GAS   OIL/COND(B)  SALES GAS     TAXES     DEDUCTIONS  UNDISCOUNTED   AT 10.0%
                       ------  -----------  ------ -----------  ---------  -----------  ----------  ------------  -----------
<S>                    <C>        <C>       <C>    <C>          <C>          <C>          <C>          <C>         <C>

SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE (CONT'D)
RAY DEAN HELTON #2     PV-SI      15,479      0       6,772           0      176,703       12,192      164,511      146,192
RAY DEAN HELTON #2 BP1 PV-BP           0    166           0          72      296,752       25,381      271,371      159,445
RAY DEAN HELTON #2 BP2 PV-BP           0     34           0          15       60,886       14,651       46,235       18,085
RAY DEAN HELTON #3     PV-SI          39      0          17           0          444          400           44           44
RAY DEAN HELTON #4     PV-UD           0    500           0         438    1,790,862      335,141    1,455,721      797,588
RAY DEAN HELTON #6     PV-UD           0    500           0         438    1,790,862      335,141    1,455,721      734,070
ROSE #1                PV-SI           0      0           0           0            0            0            0            0
STEPHEN LAWSON #1      PV-PD       5,472      0       2,394           0       62,467       35,353       27,114       21,951
STEPHEN LAWSON #2      PV-SI           0      0           0           0            0            0            0            0
STEPHEN LAWSON #3      PV-PD           0    144           0          94      385,838      169,200      216,638      137,480
STEPHEN LAWSON #3 BP   PV-BP      38,665     26      25,374          17      731,862       93,738      638,124       55,279
STEPHEN LAWSON #4      PV-PD           0      7           0           4       17,932       15,000        2,932        2,756
STEPHEN LAWSON #4 BP   PV-BP      12,785      9       8,390           6      241,999       61,000      180,999      133,299
STEPHEN LAWSON #5      PV-PD           0    153           0         100      410,697      169,200      241,497      158,916
STEPHEN LAWSON #5 BP   PV-BP           0    689           0         452    1,850,735      142,747    1,707,988      105,099
STEPHEN LAWSON #6      PV-UD           0    776           0         509    2,084,564      378,336    1,706,228      798,300
STEPHEN LAWSON #7      PV-UD           0    600           0         394    1,611,776      352,042    1,259,734      605,793
T.J. HARRISON #1       PV-SI           0      0           0           0            0            0            0            0
WARREN REED #1         PV-SI           0     68           0          59      242,927       21,620      221,307      173,731
WARREN REED #1 BP      PV-BP           0    383           0         335    1,371,801       83,793    1,288,008      673,415
WARREN REED #2         PV-PD           0  1,055           0         824    3,372,848      307,982    3,064,866    1,395,413
WARREN REED #2 BP1     PV-BP           0  1,139           0         890    3,643,753       91,600    3,552,153       39,247
WARREN REED #2 BP2     PV-BP           0      0           0           0            0            0            0            0
WELLS/YEARY #1         PV-PD           0    131           0          57      235,132       96,600      138,532       80,321
WOODROW DAVIS #1       PV-SI           0    281           0         123      503,951       74,053      429,898      233,895
LOCATION # 4           PV-UD           0    511           0         447    1,830,261      289,047    1,541,214      974,545
LOCATION # 5           PV-UD           0    957           0         837    3,427,708      352,495    3,075,213    1,754,737
LOCATION # 8           PV-UD           0  1,408           0       1,232    5,043,069      405,527    4,637,542    2,316,318
LOCATION #12           PV-UD           0    255           0         223      913,339      252,268      661,071      428,710
LOCATION #13           PV-UD           0    255           0         223      913,339      252,268      661,071      428,710
LOCATION #14           PV-UD           0    127           0         111      454,879      227,441      227,438      155,702
LOCATION #15           PV-UD           0    128           0         112      458,461      227,657      230,804      157,989
LOCATION #16           PV-UD           0    217           0         190      777,234      244,479      532,755      343,848
LOCATION #17           PV-UD           0    383           0         335    1,371,801      276,888    1,094,913      632,540
LOCATION #19           PV-UD           0    255           0         223      913,339      251,192      662,147      420,244
LOCATION #20           PV-UD           0    255           0         223      913,339      251,192      662,147      420,244
LOCATION #24           PV-UD           0    128           0         112      458,461      227,657      230,804      152,831
LOCATION #25           PV-UD           0    128           0         112      458,461      227,657      230,804      149,073
LOCATION #26           PV-UD           0    128           0         112      458,461      227,657      230,804      149,073
LOCATION #27           PV-UD           0    140           0         123      501,442      230,250      271,192      174,604
LOCATION #29           PV-UD           0    128           0         112      458,461      227,657      230,804      149,073
LOCATION #32           PV-UD           0    191           0         167      684,109      238,344      445,765      306,017
LOCATION #33           PV-UD           0    421           0         368    1,507,906      282,996    1,224,910      653,151
LOCATION #34           PV-UD           0    383           0         335    1,371,800      275,505    1,096,295      600,219
LOCATION #35           PV-UD           0    383           0         335    1,371,800      275,505    1,096,295      580,621
LOCATION #36           PV-UD           0    511           0         447    1,830,261      296,492    1,533,769      771,131
LOCATION #38           PV-UD           0    319           0         279    1,142,570      265,386      877,184      474,353
LOCATION #39           PV-UD           0    357           0         312    1,278,676      273,175    1,005,501      528,266
LOCATION #40           PV-UD           0    357           0         312    1,278,676      273,175    1,005,501      515,276
LOCATION #41           PV-UD           0    128           0         112      458,461      227,657      230,804      134,943
LOCATION #42           PV-UD           0    257           0         225      920,503      250,665      669,838      378,548
LOCATION #43           PV-UD           0    128           0         112      458,461      227,657      230,804      134,943
LOCATION #44           PV-UD           0    128           0         112      458,461      227,657      230,804      134,943
LOCATION #45           PV-UD           0    128           0         112      458,461      227,657      230,804      143,014
LOCATION #46           PV-UD           0    140           0         123      501,442      230,250      271,192      151,629
LOCATION #47           PV-UD           0    191           0         167      684,109      240,108      444,001      244,289
LOCATION #48           PV-UD           0    191           0         167      684,109      240,108      444,001      244,289
LOCATION #49           PV-UD           0    128           0         112      458,461      227,657      230,804      129,458
LOCATION #50           PV-UD           0    191           0         167      684,109      239,150      444,959      239,701
LOCATION #51           PV-UD           0    128           0         112      458,461      227,657      230,804      125,231
LOCATION #53           PV-UD           0    128           0         112      458,461      227,657      230,804      125,231
LOCATION #54           PS-UD           0    191           0         167      684,109      238,344      445,765      261,377
LOCATION #55           PS-UD           0    191           0         167      684,109      238,344      445,765      261,377
LOCATION #56           PS-UD           0    191           0         167      684,109      238,344      445,765      250,753
LOCATION #57           PS-UD           0    318           0         278    1,138,989      262,691      876,298      454,784
LOCATION #58           PS-UD           0    191           0         167      684,109      238,344      445,765      250,753
LOCATION #59           PS-UD           0    255           0         223      913,339      251,192      662,147      355,974
LOCATION #60           PS-UD           0    255           0         223      913,339      251,192      662,147      355,974
LOCATION #61           PS-UD           0    191           0         167      684,110      241,269      442,841      232,228
LOCATION #62           PS-UD           0    128           0         112      458,461      227,657      230,804      125,231
LOCATION #63           PS-UD           0    127           0         111      454,879      227,441      227,438      123,418
LOCATION #65           PS-UD           0    127           0         111      454,879      227,441      227,438      123,418
</TABLE>


<PAGE>


                                                                       TABLE B
                                                                     PAGE 7 OF 7

                                 TENGASCO, INC.

                SUMMARY OF GROSS AND NET RESERVE AND INCOME DATA
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
                             -------ESTIMATED REMAINING RESERVES-------  ------------ESTIMATED FUTURE DOLLARS--------------
                             ----100% GROSS-----  ---------NET---------   GROSS REV.              --NET INCOME BEFORE FIT--
                       (A)    (BARRELS)   (MMCF)  (BARRELS)     (MMCF)   AFTER PROD.    TOTAL                   DISCOUNTED
                     STATUS  OIL/COND(B)   GAS   OIL/COND(B)  SALES GAS     TAXES     DEDUCTIONS  UNDISCOUNTED   AT 10.0%
                     ------  -----------  ------ -----------  ---------  -----------  ----------  ------------  -----------
<S>                  <C>        <C>       <C>    <C>          <C>          <C>          <C>          <C>         <C>

SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE (CONT'D)
LOCATION #67         PS-UD             0    127           0         111      454,879      227,441      227,438      120,384
LOCATION #68         PV-UD             0    127           0         111      454,879      227,441      227,438      120,384
LOCATION #69         PV-UD             0    127           0         111      454,879      227,441      227,438      120,384
LOCATION #70         PV-UD             0    127           0         111      454,879      227,441      227,438      115,491
LOCATION #71         PV-UD             0    127           0         111      454,879      227,441      227,438      115,491
LOCATION #72         PV-UD             0    127           0         111      454,879      227,441      227,438      115,491

TENNESSEE STATE SUMMARIES
- -------------------------
 PROVED PRODUCING                 43,976  5,104      36,085       3,740   16,249,167    3,587,039   12,662,128    6,286,395
 PROVED SHUT-IN                   48,286    665      29,691         321    2,087,668      318,509    1,769,159    1,241,527
 PROVED BEHIND PIPE              134,194  7,221     101,656       5,281   24,270,417    2,374,190   21,896,227    5,423,080
 PROVED UNDEVELOPED                    0 17,370           0      14,157   57,950,600   13,479,272   44,471,328   23,279,726
                                 ------- ------   ------ --      ------  -----------   ----------   ----------   ----------
 TOTAL PROVED                    226,456 30,360     167,432      23,499  100,557,852   19,759,010   80,798,842   36,230,728

 PROBABLE BEHIND PIPE                  0    259           0          16       66,185            0       66,185       32,968

 POSSIBLE UNDEVELOPED                  0  2,546           0       2,228    9,119,069    3,324,582    5,794,487    3,185,002

GRAND SUMMARIES
- ---------------
 PROVED PRODUCING              1,343,241  8,799   1,108,293       6,593   56,904,962   30,088,742   26,816,220   14,795,442
 PROVED SHUT-IN                   48,286    665      29,691         321    2,087,668      318,509    1,769,159    1,241,527
 PROVED BEHIND PIPE              168,479  7,531     125,123       5,528   25,908,996    2,874,615   23,034,381    6,181,700
 PROVED UNDEVELOPED              252,708 17,370     212,792      14,157   63,722,271   16,380,027   47,342,244   24,429,351
                               --------- ------   ---------      ------  -----------   ----------   ----------   ----------
 TOTAL PROVED                  1,812,714 34,365   1,475,899      26,599  148,623,897   49,661,893   98,962,004   46,648,020

 PROBABLE BEHIND PIPE                  0    259           0          16       66,185            0       66,185       32,968
 PROBABLE UNDEVELOPED             68,971      0      52,167           0    1,414,952      780,565      634,387      259,925
                               --------- ------   ---------      ------  -----------   ----------   ----------   ----------
 TOTAL PROBABLE                   68,971    259      52,167          16    1,481,137      780,565      700,572      292,893

 POSSIBLE UNDEVELOPED                  0  2,546           0       2,228    9,119,069    3,324,582    5,794,487    3,185,002
</TABLE>











(A) RESERVE TYPES: PV = PROVED    STATUS: PD = PRODUCING      DP = DEPLETED
                   PB = PROBABLE          BP = BEHIND PIPE    NP = NON-PRODUCING
                   PS = POSSIBLE          SI = SHUT IN        PB = PAYBACK
                                          UD = UNDEVELOPED
(B) EXCLUDES PLANT PRODUCTS


<PAGE>


                                                                      TABLE C
                                                                    PAGE 1 OF 14


                                 TENGASCO, INC.

                          SUMMARY OF INITIAL BASIC DATA
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
                              RES.      NO.               ----INTERESTS-----   LIQUIDS   --GAS DATA--   GROSS
                        PRI.  TYPE      OF     LOCATION   ----EVALUATED-----    PRICE     PRICE         COST
                        PROD  (A)      WELLS SEC TWP RNG    W.I.      N.R.I.    $/BBL      $(B)  BTU   $/MONTH
                        ----  ----     ----- -----------  --------  --------   -------   ------- ----  -------
<S>                     <C>   <C>        <C> <C>          <C>       <C>         <C>      <C>     <C>    <C>

ARPIN SOUTH FIELD,
ROOKS COUNTY, KANSAS
- --------------------

THYFAULT #1             OIL   PV-PD      1   8  9S  20W   1.000000  0.820313    27.29    0.0000   N/A    821.

ASH CREEK FIELD,
BARTON COUNTY, KANSAS
- ---------------------

UNRUH #2                OIL   PV-PD      0   30-20S-15W   0.812500  0.710938     0.00    0.0000   N/A      0.

AXELSON FIELD,
ROOKS COUNTY, KANSAS
- --------------------

AXELSON LEASE           OIL   PV-PD      2  24  7S  19W   1.000000  0.792969    27.29    0.0000   N/A    684.

BEISEL FIELD,
RUSSELL COUNTY, KANSAS
- ----------------------

BEISEL LEASE            OIL   PV-PD      5  15 14S  12W   1.000000  0.875000    27.29    0.0000   N/A   3495.

BEISEL #9 PUD           OIL   PV-UD      1  15 14S  12W   1.000000  0.875000    27.29    0.0000   N/A    699.

BIELMAN FIELD,
ELLIS COUNTY, KANSAS
- --------------------

GRASS #5                OIL   PV-PD      1  24 15S  18W   1.000000  0.875000    27.29    0.0000   N/A   1177.

CARPENTER FIELD,
EDWARDS COUNTY, KANSAS
- ----------------------

HENNING #1              OIL   PV-PD      1   1 24S  17W   0.875000  0.708801    27.29    0.0000   N/A    342.

CARROLL FIELD,
BARTON COUNTY, KANSAS
- ---------------------

KEENAN -B- LEASE        OIL   PV-PD      2  21 17S  14W   0.992754  0.868660    27.29    0.0000   N/A   1404.

CENTERVIEW FIELD,
STAFFORD COUNTY, KANSAS
- -----------------------

BECKERDITE #1           OIL   PV-PD      1  21 24S  13W   0.937500  0.807495    27.29    0.0000   N/A   1236.

CHASE-SILICA FIELD,
BARTON COUNTY, KANSAS
- ---------------------

LANDER #1               OIL   PV-PD      1   10-20S-11W   0.915630  0.741803    27.29    0.0000   N/A   1216.

LANDER #3 PBUD          OIL   PB-UD      1   10-20S-11W   0.915630  0.741803    27.29    0.0000   N/A   1216.

ROSE LEASE              OIL   PV-PD      3   3 20S  11W   1.000000  0.875000     0.00    0.0000   N/A   5283.

CHEYENNE FIELD,
BARTON COUNTY, KANSAS
- ---------------------

HAMMEKE #1              OIL   PV-PD      1   2 19S  12W   1.000000  0.833984    27.29    0.0000   N/A    846.
</TABLE>



<PAGE>


                                                                      TABLE C
                                                                    PAGE 2 OF 14


                                 TENGASCO, INC.

                          SUMMARY OF INITIAL BASIC DATA
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
                              RES.      NO.               ----INTERESTS-----   LIQUIDS   --GAS DATA--   GROSS
                        PRI.  TYPE      OF     LOCATION   ----EVALUATED-----    PRICE     PRICE         COST
                        PROD  (A)      WELLS SEC TWP RNG    W.I.      N.R.I.    $/BBL      $(B)  BTU   $/MONTH
                        ----  ----     ----- -----------  --------  --------   -------   ------- ----  -------
<S>                     <C>   <C>        <C> <C>          <C>       <C>         <C>      <C>     <C>    <C>

CONVERSE FIELD,
BARTON COUNTY, KANSAS
- ---------------------

IANNITTI LEASE          OIL   PV-PD      6  19 20S  15W   1.000000  0.875000    27.29    0.0000   N/A   2370.

IANNITTI #9 PUD         OIL   PV-UD      1  19 20S  15W   1.000000  0.875000    27.29    0.0000   N/A    395.

COOPER FIELD,
GRAHAM COUNTY, KANSAS
- ---------------------

DEYOUNG LEASE           OIL   PV-PD      2   4 10S  21W   1.000000  0.875000    27.29    0.0000   N/A   2876.

LEWIS LEASE             OIL   PV-PD      2   9 10S  21W   1.000000  0.875000    27.29    0.0000   N/A    740.

DAVIDSON FIELD,
RUSSELL COUNTY, KANSAS
- ----------------------

FOSTER LEASE            OIL   PV-PD      4  33 15S  11W   1.000000  0.847656    27.29    0.0000   N/A   2420.

DISTRICT 57 FIELD,
ELLIS COUNTY, KANSAS
- --------------------

FLAX #1                 OIL   PV-PD      1  28 12S  20W   1.000000  0.875000    27.29    0.0000   N/A    574.

DUNES NORTH FIELD,
PAWNEE COUNTY, KANSAS
- ---------------------

BARSTOW #1              OIL   PV-PD      1  14 22S  15W   0.937500  0.769043     0.00    0.0000   N/A   1725.

LOVETT #1               OIL   PV-PD      1  15 22S  15W   0.937000  0.768633     0.00    0.0000   N/A   1897.

ELLIS NW FIELD,
TREGO COUNTY, KANSAS
- --------------------

BAUGHER #1              OIL   PV-PD      1  23 12S  21W   1.000000  0.765630    27.29    0.0000   N/A   1058.

FICKEN FIELD,
RUSH COUNTY, KANSAS
- -------------------

SCHWINDT FARMS #1       OIL   PV-PD      1  23 17S  18W   1.000000  0.820313     0.00    0.0000   N/A    665.

GATES NORTH FIELD,
STAFFORD COUNTY, KANSAS
- -----------------------

HOFFMAN #1              OIL   PV-PD      1  22 21S  13W   0.687500  0.556915     0.00    0.0000   N/A   1672.

SCHULZ LEASE            OIL   PV-PD      2  22 21S  13W   0.687500  0.554449    27.29    0.0000   N/A   2796.

GIESICK FIELD,
RUSH COUNTY, KANSAS
- -------------------

GIESICK #2              GAS   PV-PD      1   19-17S-17W   1.000000  0.875000     0.00    4.1300  1000   109.

GOTTSCHALK FIELD,
ELLIS COUNTY, KANSAS
- --------------------

WERTH #1                GAS   PV-PD      0   36-15S-18W   1.000000  0.875000     0.00    0.0000   N/A      0.

HERMAN FIELD,
BARTON COUNTY, KANSAS
- ---------------------

H. KARST LEASE          OIL   PV-PD      2   18-16S-14W   0.812500  0.702051    27.29    0.0000   N/A   1838.
</TABLE>


<PAGE>

                                                                      TABLE C
                                                                    PAGE 3 OF 14


                                 TENGASCO, INC.

                          SUMMARY OF INITIAL BASIC DATA
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
                              RES.      NO.               ----INTERESTS-----   LIQUIDS   --GAS DATA--   GROSS
                        PRI.  TYPE      OF     LOCATION   ----EVALUATED-----    PRICE     PRICE         COST
                        PROD  (A)      WELLS SEC TWP RNG    W.I.      N.R.I.    $/BBL      $(B)  BTU   $/MONTH
                        ----  ----     ----- -----------  --------  --------   -------   ------- ----  -------
<S>                     <C>   <C>        <C> <C>          <C>       <C>         <C>      <C>     <C>    <C>

HOBROCK FIELD,
OSBORNE COUNTY, KANSAS
- ----------------------

HOBROCK #4              OIL   PV-PD      1   3 10S  15W   0.593750  0.481947    27.29    0.0000   N/A    363.

HOGAN LEASE             OIL   PV-PD      3  10 10S  15W   0.593750  0.480972    27.29    0.0000   N/A   1929.

IRVIN FIELD,
ELLIS COUNTY, KANSAS
- --------------------

KINDERKNECHT -B- LEASE  OIL   PV-PD      2   8 14S  19W   1.000000  0.875000    27.29    0.0000   N/A   2956.

KRAUS FIELD,
ELLIS COUNTY, KANSAS
- --------------------

KRAUS -A- LEASE         OIL   PV-PD      3  22 14S  19W   1.000000  0.820310    27.29    0.0000   N/A   1545.

KRAUS -B- LEASE         OIL   PV-PD      2  16 14S  19W   1.000000  0.875000    27.29    0.0000   N/A    824.

KRAUS -I- LEASE         OIL   PV-PD      2  27 14S  19W   1.000000  0.820313    27.29    0.0000   N/A   1820.

LEIKER EAST FIELD,
ELLIS COUNTY, KANSAS
- --------------------

LEIKER #1               OIL   PV-PD      1  14 15S  18W   0.416670  0.364590    27.29    0.0000   N/A    645.

LEONHARDT SOUTHEAST FIELD,
ELLIS COUNTY, KANSAS
- --------------------------

KRAUS LEASE             OIL   PV-PD      2  28 14S  18W   1.000000  0.792969    27.29    0.0000   N/A   1298.

LIEBENTHAL FIELD,
RUSH COUNTY, KANSAS
- -------------------

DECHANT -B- #2          GAS   PV-PD      0  23 16S  18W   1.000000  0.875000     0.00    0.0000   N/A      0.

GRAHAM #1               GAS   PV-PD      1   23-16S-18W   1.000000  0.875000     0.00    0.0000   N/A   3416.

LEGLEITER -B- #1        GAS   PV-PD      1  26 16S  18W   1.000000  0.875000     0.00    4.1300   1000   157.

LEGLEITER -C- #1        GAS   PV-PD      0  24 16S  18W   1.000000  0.875000     0.00    0.0000   N/A      0.

LEGLEITER -C- #2        GAS   PV-PD      1   24-16S-18W   1.000000  0.875000     0.00    0.0000   N/A   1193.

LITTLE RIO FIELD,
RICE COUNTY, KANSAS
- -------------------

WHITEMAN-HOLLAND LEASE  OIL   PV-PD      3   19-19S-6W    1.000000  0.820313    27.29    0.0000   N/A   1653.

MARCOTTE FIELD,
ROOKS COUNTY, KANSAS
- --------------------

CROFFOOT LEASE          OIL   PV-PD      4  11 10S  20W   1.000000  0.861328    27.29    0.0000   N/A   4888.

CROFFOOT -A- LEASE      OIL   PV-PD      3  11 10S  20W   1.000000  0.860369    27.29    0.0000   N/A    738.

CROFFOOT -B- LEASE      OIL   PV-PD      6  11 10S  20W   1.000000  0.820313    27.29    0.0000   N/A   6072.

CROFFOOT -C- LEASE      OIL   PV-PD      2  11 10S  20W   1.000000  0.806641    27.29    0.0000   N/A   1214.

DICK LEASE              OIL   PV-PD      3  17 10S  19W   1.000000  0.875000    27.29    0.0000   N/A   2124.
</TABLE>


<PAGE>


                                                                      TABLE C
                                                                    PAGE 4 OF 14


                                 TENGASCO, INC.

                          SUMMARY OF INITIAL BASIC DATA
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
                              RES.      NO.               ----INTERESTS-----   LIQUIDS   --GAS DATA--   GROSS
                        PRI.  TYPE      OF     LOCATION   ----EVALUATED-----    PRICE     PRICE         COST
                        PROD  (A)      WELLS SEC TWP RNG    W.I.      N.R.I.    $/BBL      $(B)  BTU   $/MONTH
                        ----  ----     ----- -----------  --------  --------   -------   ------- ----  -------
<S>                     <C>   <C>        <C> <C>          <C>       <C>         <C>      <C>     <C>    <C>

MCHALE FIELD,
ROOKS COUNTY, KANSAS
- --------------------

HARRISON -A- LEASE      OIL   PV-PD      4  17  9S  18W   1.000000  0.875000    27.29    0.0000   N/A   1996.

HILGERS -B- LEASE       OIL   PV-PD      3  17  9S  18W   1.000000  0.875000    27.29    0.0000   N/A   1257.

KABA #2                 OIL   PV-PD      1   16-9S-18W    1.000000  0.847656     0.00    0.0000   N/A    547.

OMLOR FIELD,
STAFFORD COUNTY, KANSAS
- -----------------------

MILLER #1               OIL   PV-PD      1  11 22S  14W   0.875000  0.708801    27.29    0.0000   N/A    439.

WILLIAMS #1             OIL   PV-PD      1  11 22S  14W   0.875000  0.715210    27.29    0.0000   N/A    496.

OTIS-ALBERT FIELD,
RUSH COUNTY, KANSAS
- ------------------

HARTMAN -C- #1          GAS   PV-PD      0   2-18S-16W    1.000000  0.820313     0.00    0.0000   N/A      0.

PARADISE CREEK FIELD,
ROOKS COUNTY, KANSAS
- ---------------------

STAHL LEASE             OIL   PV-PD      4  21  9S  18W   1.000000  0.843750    27.29    0.0000   N/A   3504.

STAHL #7 PUD            OIL   PV-UD      1  21  9S  18W   1.000000  0.843750    27.29    0.0000   N/A    876.

PAWNEE ROCK FIELD,
PAWNEE COUNTY, KANSAS
- ---------------------

O'SCHULTZ #1            OIL   PV-PD      1   13-20S-16W   0.937500  0.820313     0.00    0.0000   N/A   1594.

OETKIN LEASE            OIL   PV-PD      2  24 20S  16W   0.937500  0.794678    27.29    0.0000   N/A   2964.

OETKIN #8 PBUD          OIL   PB-UD      1  24 20S  16W   0.937500  0.794678    27.29    0.0000   N/A   1482.

PLAINVILLE FIELD,
ROOKS COUNTY, KANSAS
- --------------------

ANDERSON -A- #1         OIL   PV-PD      1  12 10S  18W   1.000000  0.875000    27.29    0.0000   N/A    283.

BARDOT #1               OIL   PV-PD      0  12 10S  18W   1.000000  0.875000     0.00    0.0000   N/A      0.

GARVERT -A- #1          OIL   PV-PD      1  18 10S  17W   1.000000  0.875000    27.29    0.0000   N/A     62.

GARVERT -B- #1          OIL   PV-PD      1  13 10S  18W   1.000000  0.875000    27.29    0.0000   N/A    131.

HARRISON -C- LEASE      OIL   PV-PD      2  12 10S  18W   1.000000  0.875000    27.29    0.0000   N/A    622.

JACO LEASE              OIL   PV-PD      4  13 10S  18W   1.000000  0.875000    27.29    0.0000   N/A   1108.

ROSS LEASE              OIL   PV-PD      2  12 10S  18W   1.000000  0.875000    27.29    0.0000   N/A    624.

PLEASANT FIELD,
RUSH COUNTY, KANSAS
- -------------------

BASGALL -C- #4          GAS   PV-PD      0  10 16S  17W   1.000000  0.875000     0.00    0.0000   N/A      0.
</TABLE>


<PAGE>


                                                                      TABLE C
                                                                    PAGE 5 OF 14


                                 TENGASCO, INC.

                          SUMMARY OF INITIAL BASIC DATA
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
                              RES.      NO.               ----INTERESTS-----   LIQUIDS   --GAS DATA--   GROSS
                        PRI.  TYPE      OF     LOCATION   ----EVALUATED-----    PRICE     PRICE         COST
                        PROD  (A)      WELLS SEC TWP RNG    W.I.      N.R.I.    $/BBL      $(B)  BTU   $/MONTH
                        ----  ----     ----- -----------  --------  --------   -------   ------- ----  -------
<S>                     <C>   <C>        <C> <C>          <C>       <C>         <C>      <C>     <C>    <C>

PLEASANT FIELD,
ELLIS COUNTY, KANSAS
- --------------------

HONAS #3                OIL   PV-PD      1   22-13S-20W   1.000000  0.820310    27.29    0.0000   N/A    623.

PLEASANT VIEW FIELD,
RUSH COUNTY, KANSAS
- --------------------

URBAN -K- #5            OIL   PV-PD      1   10-16S-17W   1.000000  0.875000    27.29    0.0000   N/A    145.

URBAN -K- #5 BP         GAS   PV-BP      1   10-16S-17W   1.000000  0.875000     0.00    4.1300   1000   145.

PLEASANT VIEW NW FIELD,
RUSH COUNTY, KANSAS
- -----------------------

URBAN #1, 2 & 5         OIL   PV-PD      3   10-16S-17W   1.000000  0.875000    27.29    0.0000   N/A    828.

URBAN #6 PUD            OIL   PV-UD      1   10-16S-17W   1.000000  0.875000    27.29    0.0000   N/A    276.

URBAN #7 PUD            OIL   PV-UD      1   10-16S-17W   1.000000  0.875000    27.29    0.0000   N/A    276.

REICHEL FIELD,
RUSH COUNTY, KANSAS
- -------------------

ALLEN #1 A&D            GAS   PV-PD      1   33-16S-16W   1.000000  0.875000     0.00    4.1300   1000   264.

ANDRE #1                OIL   PV-PD      1   28-16S-16W   1.000000  0.875000     0.00    0.0000   N/A   1644.

APPL #1                 GAS   PV-PD      1  10 17S  17W   1.000000  0.875000     0.00    4.1300   1000   106.

APPL #2                 GAS   PV-PD      1  10 17S  17W   1.000000  0.820313     0.00    4.1300   1000    94.

BEAHM #1                GAS   PV-PD      1  36 17S  17W   1.000000  0.820313     0.00    0.0000   N/A    641.

BIEBER #1               GAS   PV-PD      1   15-17S-17W   1.000000  0.820313     0.00    4.1300   1000   403.

BIEBER -A- #1           GAS   PV-PD      1   15-17S-17W   1.000000  0.820313     0.00    4.1300   1000   149.

BRACK -A- #3            GAS   PV-PD      1   34-17S-16W   1.000000  0.875000     0.00    4.1300   1000   122.

BREIT #1                GAS   PV-PD      1   7-16S-17W    1.000000  0.875000     0.00    4.1300   1000    84.

BREIT-HOLZMEISTER -B-   OIL   PV-PD      1   7-16S-17W    1.000000  0.861328    27.29    0.0000   N/A     84.

DECKER -A- #1           GAS   PV-PD      1   8 17S  16W   1.000000  0.868164     0.00    4.1300   1000   267.

EDWARDS #1              GAS   PV-PD      1   35-16S-17W   1.000000  0.875000     0.00    4.1300   1000   127.

ELDER #19               GAS   PV-PD      1   19-17S-16W   1.000000  0.875000     0.00    0.0000   N/A    629.

FOOS #1                 GAS   PV-PD      1   25-17S-17W   1.000000  0.820313     0.00    4.1300   1000   352.

FOOS -A- #1             GAS   PV-PD      1  22 17S  17W   1.000000  0.820313     0.00    4.1300   1000   416.

FRYE #2                 GAS   PV-PD      1   4 17S  17W   1.000000  0.875000     0.00    4.1300   1000    45.

GIESICK #1              GAS   PV-PD      1  19 17S  16W   1.000000  0.875000     0.00    4.1300   1000   955.

GILLIG #1               GAS   PV-PD      1  24 17S  17W   1.000000  0.875000     0.00    4.1300   1000    22.

GRUMBEIN -A- #1         GAS   PV-PD      1   9 17S  17W   1.000000  0.875000     0.00    4.1300   1000    67.

HANHARDT #1             GAS   PV-PD      1  24 17S  17W   1.000000  0.820313     0.00    4.1300   1000    82.
</TABLE>


<PAGE>


                                                                      TABLE C
                                                                    PAGE 6 OF 14


                                 TENGASCO, INC.

                          SUMMARY OF INITIAL BASIC DATA
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
                              RES.      NO.               ----INTERESTS-----   LIQUIDS   --GAS DATA--   GROSS
                        PRI.  TYPE      OF     LOCATION   ----EVALUATED-----    PRICE     PRICE         COST
                        PROD  (A)      WELLS SEC TWP RNG    W.I.      N.R.I.    $/BBL      $(B)  BTU   $/MONTH
                        ----  ----     ----- -----------  --------  --------   -------   ------- ----  -------
<S>                     <C>   <C>        <C> <C>          <C>       <C>         <C>      <C>     <C>    <C>

REICHEL FIELD, RUSH COUNTY, KANSAS (CONT.)
- ------------------------------------------

HANHARDT -A- #1         GAS   PV-PD      1  24 17S  17W   1.000000  0.820313     0.00    4.1300   1000   226.

HANHARDT -A- #1BP       GAS   PV-BP      1  24 17S  17W   1.000000  0.820313     0.00    4.1300   1000     0.

HOFFMAN #3              GAS   PV-PD      1  29 16S  17W   1.000000  0.820313     0.00    4.1300   1000    53.

HOLZMEISTER #1          GAS   PV-PD      1   8 16S  17W   1.000000  0.847656     0.00    0.0000   N/A   2266.

HOLZMEISTER -A- #1      GAS   PV-PD      0   27-16S-17W   1.000000  0.847656     0.00    0.0000   N/A      0.

HOLZMEISTER -B- #1      GAS   PV-PD      1   7-16S-17W    1.000000  0.861328     0.00    0.0000   N/A    132.

HONDERICK -C- #1        GAS   PV-PD      1  10 17S  17W   1.000000  0.875000     0.00    4.1300   1000    70.

HOOFER #1               GAS   PV-PD      0  19 16S  17W   1.000000  0.861328     0.00    0.0000   N/A      0.

JANSON -A- #2           GAS   PV-PD      0   7 17S  16W   1.000000  0.875000     0.00    0.0000   N/A      0.

KAISER #2               GAS   PV-PD      1   2 17S  17W   1.000000  0.875000     0.00    4.1300   1000   112.

KAISER -A- #1           OIL   PV-PD      1  28 16S  16W   1.000000  0.875000    27.29    0.0000   N/A    257.

KLEWENO #1-21           GAS   PV-PD      1   25-17S-17W   1.000000  0.820313     0.00    4.1300   1000     1.

KLEWENO -A- #1          GAS   PV-PD      1   23-17S-17W   1.000000  0.875000     0.00    4.1300   1000   144.

KOBER #1                GAS   PV-PD      1   6 18S  16W   1.000000  0.875000     0.00    4.1300   1000   219.

LEBSACK -A- #1          GAS   PV-PD      1   21-17S-17W   1.000000  0.783854     0.00    0.0000   N/A   3314.

LIPPERT #2              GAS   PV-PD      0  19 16S  17W   1.000000  0.861328     0.00    0.0000   N/A      0.

LIPPERT #3              GAS   PV-PD      1  19 16S  17W   1.000000  0.875000     0.00    4.1300   1000   500.

LIPPERT #3 BP           GAS   PV-BP      1   19-16S-17W   1.000000  0.875000     0.00    4.1300   1000     0.

LIPPERT -B- #1          GAS   PV-PD      0  29 16S  17W   1.000000  0.755625     0.00    0.0000   N/A      0.

LIPPERT -B- #2          GAS   PV-PD      1  29 16S  17W   1.000000  0.755625     0.00    4.1300   1000     0.

LIPPERT -C- #1          GAS   PV-PD      1  32 16S  17W   1.000000  0.765625     0.00    4.1300   1000    19.

MCGILL #2               GAS   PV-PD      0   3 17S  17W   1.000000  0.875000     0.00    0.0000   N/A      0.

O'DELL #1               GAS   PV-PD      1  34 16S  17W   1.000000  0.861328     0.00    0.0000   N/A    300.

OCHS -A- #1             GAS   PV-PD      1  28 16S  16W   1.000000  0.875000     0.00    4.1300   1000    90.

PFEIFER -B- #1          GAS   PV-PD      0   8-16S-17W    1.000000  0.875000     0.00    0.0000   N/A      0.

RAU #1                  GAS   PV-PD      1  10 17S  17W   1.000000  0.820313     0.00    4.1300   1000   207.

REICHEL #1              GAS   PV-PD      1   23-17S-17W   1.000000  0.875000     0.00    4.1300   1000   417.

ROTHE #1-31             GAS   PV-PD      1  31 17S  16W   1.000000  0.875000     0.00    4.1300   1000  1267.

ROTHE, R. #1            GAS   PV-PD      1  20 17S  16W   1.000000  0.820313     0.00    4.1300   1000   182.

SCHEUERMAN #56          GAS   PV-PD      1   4 17S  17W   1.000000  0.875000     0.00    4.1300   1000    34.
</TABLE>


<PAGE>


                                                                      TABLE C
                                                                    PAGE 7 OF 14


                                 TENGASCO, INC.

                          SUMMARY OF INITIAL BASIC DATA
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
                              RES.      NO.               ----INTERESTS-----   LIQUIDS   --GAS DATA--   GROSS
                        PRI.  TYPE      OF     LOCATION   ----EVALUATED-----    PRICE     PRICE         COST
                        PROD  (A)      WELLS SEC TWP RNG    W.I.      N.R.I.    $/BBL      $(B)  BTU   $/MONTH
                        ----  ----     ----- -----------  --------  --------   -------   ------- ----  -------
<S>                     <C>   <C>        <C> <C>          <C>       <C>         <C>      <C>     <C>    <C>

REICHEL FIELD, RUSH COUNTY, KANSAS (CONT.)
- ------------------------------------------

SCHLITTER #2            GAS   PV-PD      1  18 16S  17W   1.000000  0.861328     0.00    4.1300   1000   221.

SCHNEIDER #1            GAS   PV-PD      1   13-17S-17W   1.000000  0.820313     0.00    4.1300   1000   167.

SHERWOOD #1             GAS   PV-PD      1  25 16S  17W   1.000000  0.792969     0.00    4.1300   1000   105.

STEITZ -A- #1           GAS   PV-PD      1   11-17S-17W   1.000000  0.875000     0.00    4.1300   1000   435.

STEITZ -B- #1           GAS   PV-PD      1   14-17S-17W   1.000000  0.820313     0.00    4.1300   1000   862.

THIELENHAUS #1          GAS   PV-PD      1  14 17S  17W   1.000000  0.875000     0.00    4.1300   1000    57.

THIELENHAUS #1 BP       GAS   PV-BP      1  14 17S  17W   1.000000  0.875000     0.00    4.1300   1000     0.

TORREY #2               GAS   PV-PD      1   19-16S-17W   1.000000  0.861328     0.00    4.1300   1000   193.

URBAN R & A #1          GAS   PV-PD      1   20-16S-17W   1.000000  0.875000     0.00    4.1300   1000    66.

REICHEL EAST FIELD,
RUSH COUNTY, KANSAS
- -------------------

BAHR #1                 GAS   PV-PD      1  35 17S  18W   1.000000  0.875000     0.00    4.1300   1000    78.

REICHEL WEST FIELD,
RUSH COUNTY, KANSAS
- -------------------

LEGLEITER -A- #1-1      GAS   PV-PD      1   11-17S-18W   1.000000  0.738281     0.00    4.1300   1000   960.

LEGLEITER -A- #1-2      GAS   PV-PD      0   11-17S-18W   1.000000  0.738281     0.00    0.0000   N/A      0.

MUTH #1 & 2             GAS   PV-PD      2   1 17S  18W   1.000000  0.722656     0.00    4.1300   1000   833.

RIDGEWAY SOUTH FIELD,
TREGO COUNTY, KANSAS
- ---------------------

SCHOENTHALER #3         OIL   PV-PD      1  34 12S  21W   1.000000  0.820313    27.29    0.0000   N/A    939.

RIGA NORTHEAST FIELD,
TREGO COUNTY, KANSAS
- ---------------------

KELLER LEASE            OIL   PV-PD      2   9 13S  21W   1.000000  0.875000    27.29    0.0000   N/A    396.

KELLER -A- LEASE        OIL   PV-PD      3   9 13S  21W   1.000000  0.875000    27.29    0.0000   N/A   2208.

RUGGELS WEST FIELD,
OSBORNE COUNTY, KANSAS
- ----------------------

MAIER #1                OIL   PV-PD      1  16 10S  15W   0.812500  0.676025     0.00    0.0000   N/A   1638.

MAIER #1 BP             OIL   PV-BP      1  16 10S  15W   0.812500  0.676025    27.29    0.0000   N/A   1638.

SANDFORD FIELD,
BARTON COUNTY, KANSAS
- ---------------------

BEN TEMPERO #1          OIL   PV-PD      1   26-17S-14W   1.000000  0.820312    27.29    0.0000   N/A   1159.

BEN TEMPERO #5 PUD      OIL   PV-UD      1   26-17S-14W   1.000000  0.820312    27.29    0.0000   N/A   1159.
</TABLE>



<PAGE>


                                                                      TABLE C
                                                                    PAGE 8 OF 14


                                 TENGASCO, INC.

                          SUMMARY OF INITIAL BASIC DATA
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
                              RES.      NO.               ----INTERESTS-----   LIQUIDS   --GAS DATA--   GROSS
                        PRI.  TYPE      OF     LOCATION   ----EVALUATED-----    PRICE     PRICE         COST
                        PROD  (A)      WELLS SEC TWP RNG    W.I.      N.R.I.    $/BBL      $(B)  BTU   $/MONTH
                        ----  ----     ----- -----------  --------  --------   -------   ------- ----  -------
<S>                     <C>   <C>        <C> <C>          <C>       <C>         <C>      <C>     <C>    <C>

SCHWINDT FIELD,
RUSH COUNTY, KANSAS
- -------------------

JACOBS -B- #3           OIL   PV-PD      1  30 17S  18W   1.000000  0.875000    27.29    0.0000   N/A    879.

SPRING CREEK FIELD,
TREGO COUNTY, KANSAS
- -------------------

RIDGWAY #1              OIL   PV-PD      1  32 12S  21W   1.000000  0.779300    27.29    0.0000   N/A   1538.

STOCKTON FIELD,
ROOKS COUNTY, KANSAS
- --------------------

HINDMAN #1              OIL   PV-PD      1  35  7S  17W   1.000000  0.809370    27.29    0.0000   N/A    608.

STEBBINS #1             OIL   PV-PD      1  26  7S  17W   0.925000  0.751570    27.29    0.0000   N/A    579.

WATTS #1                OIL   PV-PD      1  26  7S  17W   0.925000  0.809380    27.29    0.0000   N/A    796.

STREMEL FIELD,
RUSH COUNTY, KANSAS
- -------------------

OCHS #1 & 3             OIL   PV-PD      2  30 16S  16W   1.000000  0.875000     0.00    0.0000   N/A   1192.

URBAN -D- LEASE         OIL   PV-PD      2   30-16S-16W   1.000000  0.875000    27.29    0.0000   N/A    478.

THACKER FIELD,
RUSSELL COUNTY, KANSAS
- ----------------------

THACKER #2              OIL   PV-PD      1   29-13S-13W   1.000000  0.847656    27.29    0.0000   N/A    996.

TRAPP FIELD,
BARTON COUNTY, KANSAS
- ---------------------

DEUTSCH                 OIL   PV-PD      1  16 16S  13W   1.000000  0.820313    27.29    0.0000   N/A    760.

HOWLIER #1              OIL   PV-PD      1   8 16S  13W   0.937000  0.768633    27.29    0.0000   N/A    793.

WEBSTER FIELD,
ROOKS COUNTY, KANSAS
- --------------------

CERROW-CERROW -A- #1    OIL   PV-PD      1  33  8S  19W   1.000000  0.875000    27.29    0.0000   N/A    527.

LOWRY #1                OIL   PV-PD      1  33  8S  19W   1.000000  0.847656    27.29    0.0000   N/A    776.

WERTH NORTH FIELD,
ELLIS COUNTY, KANSAS
- --------------------

SCHNELLER LEASE         OIL   PV-PD      3  34 12S  20W   1.000000  0.820313    27.29    0.0000   N/A   1329.

WESTHUSIN FIELD,
ROOKS COUNTY, KANSAS
- --------------------

DOUGHERTY EAST #1       OIL   PV-PD      1  18  9S  16W   0.934400  0.766500    27.29    0.0000   N/A    385.

DOUGHERTY EAST #1 BP    OIL   PV-BP      1  18  9S  16W   0.934400  0.766500    27.29    0.0000   N/A      0.

DOUGHERTY EAST #2 PUD   OIL   PV-UD      1  18  9S  16W   0.934400  0.766500    27.29    0.0000   N/A    385.

YOHE FIELD,
ROOKS COUNTY, KANSAS
- --------------------

FINNESY LEASE           OIL   PV-PD      3  33  8S  18W   1.000000  0.875000    27.29    0.0000   N/A    876.
</TABLE>



<PAGE>


                                                                      TABLE C
                                                                    PAGE 9 OF 14


                                 TENGASCO, INC.

                          SUMMARY OF INITIAL BASIC DATA
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
                               RES.      NO.               ----INTERESTS-----   LIQUIDS   --GAS DATA--   GROSS
                         PRI.  TYPE      OF     LOCATION   ----EVALUATED-----    PRICE     PRICE         COST
                         PROD  (A)      WELLS SEC TWP RNG    W.I.      N.R.I.    $/BBL      $(B)  BTU   $/MONTH
                         ----  ----     ----- -----------  --------  --------   -------   ------- ----  -------
<S>                      <C>   <C>        <C> <C>          <C>       <C>         <C>      <C>     <C>    <C>

YOHE FIELD, ROOKS COUNTY, KANSAS (CONT.)
- ----------------------------------------

MOSHER LEASE             OIL   PV-PD      2  33  8S  18W   1.000000  0.875000    27.29    0.0000   N/A    640.

ALL FIELDS,
RUSH COUNTY, KANSAS
- -------------------

OTIS COMPRESSOR STATION  GAS   PV-PD      0                1.000000  1.000000     0.00    0.0000   N/A   3644.

VARIOUS FIELD,
ALL COUNTY, KANSAS
- ------------------

KANSAS FIXED COSTS 1PDP  OIL   PV-PD      0                1.000000  1.000000     0.00    0.0000   N/A  29630.

KANSAS FIXED COSTS 2PBP  OIL   PV-BP      0                1.000000  1.000000     0.00    0.0000   N/A    370.

KANSAS FIXED COSTS 3PUD  OIL   PV-UD      0                1.000000  1.000000     0.00    0.0000   N/A   2569.

SWAN CREEK FIELD,
HANCOCK COUNTY, TENNESSEE
- -------------------------

ANITA COLSON #1          GAS   PV-SI      0   11-1S-74E    1.000000  0.875000     0.00    0.0000   N/A      0.

ANITA COLSON #1 BP       OIL   PV-BP      1   11-1S-74E    1.000000  0.875000    26.90    4.2200   1000   800.

ANITA COLSON #2          GAS   PV-PD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

BOBBY YEARY #1           GAS   PV-PD      0   12-1S-74E    0.500000  0.437500     0.00    0.0000   N/A      0.

BOBBY YEARY #1BP         GAS   PV-BP      0   12-1S-74E    0.500000  0.437500     0.00    0.0000   N/A      0.

BOBBY YEARY #2           OIL   PV-SI      1   11-1S-74E    0.500000  0.437500    26.90    0.0000   N/A    800.

BOBBY YEARY #3           OIL   PV-SI      0   11-1S-74E    0.500000  0.437500     0.00    0.0000   N/A      0.

CHERYL SMITH #1          OIL   PV-SI      1   11-1S-74E    0.500000  0.437500    26.90    0.0000   N/A    800.

CHERYL SMITH #2          GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

CHEVRON REED #1          GAS   PV-SI      0   11-1S-74E    0.500000  0.437500     0.00    0.0000   N/A      0.

D. SUTTON HEIRS #1       GAS   PV-PD      1   11-1S-74E    1.000000  0.678444     0.00    4.2200   1000   600.

D. SUTTON HEIRS #1 BP    GAS   PV-BP      1   11-1S-74E    1.000000  0.678444     0.00    4.2200   1000   600.

D. SUTTON HEIRS #3       GAS   PV-UD      1   11-1S-74E    1.000000  0.678444     0.00    4.2200   1000   600.

DARNELL SUTTON #1        GAS   PV-PD      0    6-1S-75E    1.000000  0.875000     0.00    0.0000   N/A      0.

DEANNA CROSS #1          GAS   PV-SI      1    6-1S-75E    0.500000  0.437500     0.00    4.2200   1000   600.

DEANNA CROSS #1 BP       GAS   PV-BP      1    6-1S-75E    0.500000  0.437500     0.00    4.2200   1000   600.

DEWEY SUTTON #1          OIL   PV-SI      0    6-1S-75E    0.500000  0.437500     0.00    0.0000   N/A      0.

DORIS HELTON #1          GAS   PV-PD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

DORIS HELTON #1 BP1      GAS   PV-BP      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

DORIS HELTON #1 BP2      GAS   PV-BP      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

F. WELLS #1              GAS   PS-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.
</TABLE>


<PAGE>


                                                                      TABLE C
                                                                   PAGE 10 OF 14


                                 TENGASCO, INC.

                          SUMMARY OF INITIAL BASIC DATA
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
                              RES.      NO.               ----INTERESTS-----   LIQUIDS   --GAS DATA--   GROSS
                        PRI.  TYPE      OF     LOCATION   ----EVALUATED-----    PRICE     PRICE         COST
                        PROD  (A)      WELLS SEC TWP RNG    W.I.      N.R.I.    $/BBL      $(B)  BTU   $/MONTH
                        ----  ----     ----- -----------  --------  --------   -------   ------- ----  -------
<S>                     <C>   <C>        <C> <C>          <C>       <C>         <C>      <C>     <C>    <C>

SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE (CONT.)
- ---------------------------------------------------

FRED PORTRUM #1         GAS   PV-PD      1    7-1S-75E    1.000000  0.875000     0.00    4.2200   1000   600.

FRED PORTRUM #2         GAS   PV-PD      1    7-1S-75E    1.000000  0.875000     0.00    4.2200   1000   600.

GARY PATTON #2          GAS   PV-SI      0    6-1S-75E    1.000000  0.656250     0.00    0.0000   N/A      0.

GARY PATTON #2 BP1      GAS   PV-BP      1    6-1S-75E    1.000000  0.656250     0.00    4.2200   1000   600.

GARY PATTON #2 BP2      OIL   PV-BP      1    6-1S-75E    1.000000  0.656250    26.90    4.2200   1000   800.

GUY TOBEY #1            GAS   PS-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

HAZEL SUTTON #2         GAS   PV-PD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

HUGH ROBERTS #1         GAS   PV-SI      1    8-1S-75E    0.500000  0.437500     0.00    4.2200   1000   600.

HUGH ROBERTS #1 BP      GAS   PV-BP      1    8-1S-75E    0.500000  0.437500     0.00    4.2200   1000   600.

JEFF JOHNSON #1         GAS   PV-PD      1    7-1S-75E    0.500000  0.437500     0.00    4.2200   1000   600.

JEFF JOHNSON #2         GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LANGE #1                GAS   PB-BP      1   12-1S-74E    0.000000  0.062500     0.00    4.2200   1000   600.

LANGE #1 BP             GAS   PB-BP      1   11-1S-74E    0.000000  0.062500     0.00    4.2200   1000   600.

LAURA J. LAWSON #1      GAS   PV-PD      1    6-1S-75E    1.000000  0.875000     0.00    4.2200   1000   600.

LAURA J. LAWSON #2      GAS   PV-PD      1    6-1S-75E    1.000000  0.656250     0.00    4.2200   1000   600.

LAURA J. LAWSON #2 BP   GAS   PV-BP      0    6-1S-75E    1.000000  0.656250     0.00    0.0000   N/A      0.

LAURA J. LAWSON #3      GAS   PV-PD      1   11-1S-74E    0.940000  0.822500     0.00    4.2200   1000   600.

LAURA J. LAWSON #4      GAS   PV-PD      1    6-1S-75E    1.000000  0.875000     0.00    4.2200   1000   600.

LAURA J. LAWSON #4 BP   GAS   PV-BP      1    6-1S-75E    1.000000  0.875000     0.00    4.2200   1000   600.

LAURA J. LAWSON #5      OIL   PV-SI      1   15-1S-75E    1.000000  0.875000    26.90    0.0000   N/A    800.

PAUL REED #1            GAS   PV-PD      1   10-1S-74E    1.000000  0.750000     0.00    4.2200   1000   600.

PAUL REED #2            OIL   PV-SI      0   10-1S-74E    1.000000  0.750000     0.00    0.0000   N/A      0.

PAUL REED #2 BP         GAS   PV-BP      1   10-1S-74E    1.000000  0.750000     0.00    4.2200   1000   600.

PAUL REED #3            GAS   PV-PD      1   10-1S-74E    1.000000  0.656250     0.00    4.2200   1000   600.

PAUL REED #3 BP1        GAS   PV-BP      1   10-1S-74E    1.000000  0.656250     0.00    4.2200   1000   600.

PAUL REED #3 BP2        GAS   PV-BP      1   10-1S-74E    1.000000  0.656250     0.00    4.2200   1000   600.

PAUL REED #4            GAS   PV-PD      1    6-1S-75E    1.000000  0.875000     0.00    4.2200   1000   600.

PAUL REED #4 BP1        GAS   PV-BP      1    6-1S-75E    1.000000  0.875000     0.00    4.2200   1000   600.

PAUL REED #4 BP2        GAS   PV-BP      0    6-1S-75E    1.000000  0.875000     0.00    0.0000   N/A      0.

PAUL REED #5            OIL   PV-PD      1    6-1S-75E    1.000000  0.875000    26.90    0.0000   N/A    800.
</TABLE>



<PAGE>


                                                                      TABLE C
                                                                   PAGE 11 OF 14


                                 TENGASCO, INC.

                          SUMMARY OF INITIAL BASIC DATA
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
                              RES.      NO.               ----INTERESTS-----   LIQUIDS   --GAS DATA--   GROSS
                        PRI.  TYPE      OF     LOCATION   ----EVALUATED-----    PRICE     PRICE         COST
                        PROD  (A)      WELLS SEC TWP RNG    W.I.      N.R.I.    $/BBL      $(B)  BTU   $/MONTH
                        ----  ----     ----- -----------  --------  --------   -------   ------- ----  -------
<S>                     <C>   <C>        <C> <C>          <C>       <C>         <C>      <C>     <C>    <C>

SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE (CONT.)
- ---------------------------------------------------

PAUL REED #6            GAS   PV-PD      1    6-1S-75     1.000000  0.875000     0.00    4.2200   1000   600.

PAUL REED #6 BP         OIL   PV-BP      1    6-1S-75E    1.000000  0.875000    26.90    0.0000   N/A    800.

PAUL REED #7            GAS   PV-PD      1   10-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

PAUL REED #7 BP1        GAS   PV-BP      1   10-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

PAUL REED #7 BP2        GAS   PV-BP      0   10-1S-74E    1.000000  0.875000     0.00    0.0000   N/A      0.

PAUL REED #8            OIL   PV-BP      1    6-1S-75E    1.000000  0.875000    26.90    0.0000   N/A    500.

PAUL REED #8 BP         GAS   PV-BP      1    6-1S-75E    1.000000  0.875000     0.00    4.2200   1000   600.

PAUL REED #9            GAS   PV-UD      1    6-1S-75E    1.000000  0.875000     0.00    4.2200   1000   600.

PURKEY #1               GAS   PV-PD      1   11-1S-74E    0.500000  0.437500     0.00    4.2200   1000   600.

PURKEY #2               OIL   PV-SI      0   12-1S-74E    0.500000  0.437500     0.00    0.0000   N/A      0.

PURKEY #3               GAS   PV-PD      1   12-1S-74E    0.500000  0.437500     0.00    4.2200   1000   600.

PURKEY #3 BP1           GAS   PV-BP      1   12-1S-74E    0.500000  0.437500     0.00    4.2200   1000   600.

PURKEY #3 BP2           GAS   PV-BP      1   12-1S-74E    0.500000  0.437500     0.00    4.2200   1000   600.

PURKEY #4               GAS   PV-UD      1   11-1S-74E    0.500000  0.437500     0.00    4.2200   1000     0.

PURKEY #5               GAS   PV-UD      1   11-1S-74E    0.500000  0.437500     0.00    4.2200   1000   600.

RAY DEAN HELTON #1      GAS   PV-PD      0   10-1S-74E    1.000000  0.875000     0.00    0.0000   N/A      0.

RAY DEAN HELTON #1 BP   GAS   PV-BP      1   10-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

RAY DEAN HELTON #2      OIL   PV-SI      1    6-1S-75E    0.500000  0.437500    26.90    0.0000   N/A    800.

RAY DEAN HELTON #2 BP1  GAS   PV-BP      1    6-1S-75E    0.500000  0.437500     0.00    4.2200   1000   600.

RAY DEAN HELTON #2 BP2  GAS   PV-BP      1    6-1S-75E    0.500000  0.437500     0.00    4.2200   1000   600.

RAY DEAN HELTON #3      OIL   PV-SI      1    6-1S-75E    0.500000  0.437500    26.90    0.0000   N/A    800.

RAY DEAN HELTON #4      GAS   PV-UD      1    6-1S-75E    1.000000  0.875000     0.00    4.2200   1000   600.

RAY DEAN HELTON #6      GAS   PV-UD      1   10-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

ROSE #1                 OIL   PV-SI      0   11-1S-74E    0.500000  0.437500     0.00    0.0000   N/A      0.

STEPHEN LAWSON #1       OIL   PV-PD      1    6-1S-75E    0.500000  0.437500    26.90    0.0000   N/A    800.

STEPHEN LAWSON #2       GAS   PV-SI      0    6-1S-75E    1.000000  0.656250     0.00    0.0000   N/A      0.

STEPHEN LAWSON #3       GAS   PV-PD      1    6-1S-75E    1.000000  0.656250     0.00    4.2200   1000   600.

STEPHEN LAWSON #3 BP    OIL   PV-BP      1    6-1S-75E    1.000000  0.656250    26.90    4.2200   1000   800.

STEPHEN LAWSON #4       GAS   PV-PD      1    7-1S-75E    1.000000  0.656250     0.00    4.2200   1000   600.

STEPHEN LAWSON #4 BP    OIL   PV-BP      1    7-1S-75E    1.000000  0.656250    26.90    4.2200   1000   800.
</TABLE>


<PAGE>


                                                                      TABLE C
                                                                   PAGE 12 OF 14


                                 TENGASCO, INC.

                          SUMMARY OF INITIAL BASIC DATA
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
                              RES.      NO.               ----INTERESTS-----   LIQUIDS   --GAS DATA--   GROSS
                        PRI.  TYPE      OF     LOCATION   ----EVALUATED-----    PRICE     PRICE         COST
                        PROD  (A)      WELLS SEC TWP RNG    W.I.      N.R.I.    $/BBL      $(B)  BTU   $/MONTH
                        ----  ----     ----- -----------  --------  --------   -------   ------- ----  -------
<S>                     <C>   <C>        <C> <C>          <C>       <C>         <C>      <C>     <C>    <C>

SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE (CONT.)
- ---------------------------------------------------

STEPHEN LAWSON #5       GAS   PV-PD      1    6-1S-75E    1.000000  0.656250     0.00    4.2200   1000   600.

STEPHEN LAWSON #5 BP    GAS   PV-BP      1    6-1S-75E    1.000000  0.656250     0.00    4.2200   1000   600.

STEPHEN LAWSON #6       GAS   PV-UD      1    6-1S-75E    1.000000  0.656250     0.00    4.2200   1000   600.

STEPHEN LAWSON #7       GAS   PV-UD      1    7-1S-75E    1.000000  0.656250     0.00    4.2200   1000   600.

T.J. HARRISON #1        OIL   PV-SI      0   10-1S-74E    1.000000  0.875000     0.00    0.0000   N/A      0.

WARREN REED #1          GAS   PV-SI      1    4-1S-75E    1.000000  0.875000     0.00    4.2200   1000   600.

WARREN REED #1 BP       GAS   PV-BP      1    4-1S-75E    1.000000  0.875000     0.00    4.2200   1000   600.

WARREN REED #2          GAS   PV-PD      1   11-1S-74E    1.000000  0.781250     0.00    4.2200   1000   600.

WARREN REED #2 BP1      GAS   PV-BP      1   11-1S-74E    1.000000  0.781250     0.00    4.2200   1000   600.

WARREN REED #2 BP2      GAS   PV-BP      0   11-1S-74E    1.000000  0.781250     0.00    0.0000   N/A      0.

WELLS/YEARY #1          GAS   PV-PD      1   12-1S-74E    0.500000  0.437500     0.00    4.2200   1000   600.

WOODROW DAVIS #1        GAS   PV-SI      1   14-1S-74E    0.500000  0.438125     0.00    4.2200   1000   600.

LOCATION # 4            GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION # 5            GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION # 8            GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #12            GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #13            GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #14            GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #15            GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #16            GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #17            GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #19            GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #20            GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #24            GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #25            GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #26            GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #27            GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #29            GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #32            GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #33            GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.
</TABLE>



<PAGE>


                                                                      TABLE C
                                                                   PAGE 13 OF 14


                                 TENGASCO, INC.

                          SUMMARY OF INITIAL BASIC DATA
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
                              RES.      NO.               ----INTERESTS-----   LIQUIDS   --GAS DATA--   GROSS
                        PRI.  TYPE      OF     LOCATION   ----EVALUATED-----    PRICE     PRICE         COST
                        PROD  (A)      WELLS SEC TWP RNG    W.I.      N.R.I.    $/BBL      $(B)  BTU   $/MONTH
                        ----  ----     ----- -----------  --------  --------   -------   ------- ----  -------
<S>                     <C>   <C>        <C> <C>          <C>       <C>         <C>      <C>     <C>    <C>

SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE (CONT.)
- ---------------------------------------------------

LOCATION #34            GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #35            GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #36            GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #38            GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #39            GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #40            GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #41            GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #42            GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #43            GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #44            GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #45            GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #46            GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #47            GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #48            GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #49            GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #50            GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #51            GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #53            GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #54            GAS   PS-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #55            GAS   PS-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #56            GAS   PS-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #57            GAS   PS-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #58            GAS   PS-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #59            GAS   PS-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #60            GAS   PS-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #61            GAS   PS-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #62            GAS   PS-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #63            GAS   PS-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #65            GAS   PS-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #67            GAS   PS-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.
</TABLE>



<PAGE>


                                                                      TABLE C
                                                                   PAGE 14 OF 14


                                 TENGASCO, INC.

                          SUMMARY OF INITIAL BASIC DATA
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
                              RES.      NO.               ----INTERESTS-----   LIQUIDS   --GAS DATA--   GROSS
                        PRI.  TYPE      OF     LOCATION   ----EVALUATED-----    PRICE     PRICE         COST
                        PROD  (A)      WELLS SEC TWP RNG    W.I.      N.R.I.    $/BBL      $(B)  BTU   $/MONTH
                        ----  ----     ----- -----------  --------  --------   -------   ------- ----  -------
<S>                     <C>   <C>        <C> <C>          <C>       <C>         <C>      <C>     <C>    <C>

SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE (CONT.)
- ---------------------------------------------------

LOCATION #68            GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #69            GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #70            GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #71            GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.

LOCATION #72            GAS   PV-UD      1   11-1S-74E    1.000000  0.875000     0.00    4.2200   1000   600.
</TABLE>













(A) RESERVE TYPES: PV = PROVED         STATUS: PD = PRODUCING
                   PB = PROBABLE               BP = BEHIND PIPE
                   PS = POSSIBLE               SI = SHUT IN
                                               UD = UNDEVELOPED
                                               DP = DEPLETED
                                               PB = PAYBACK
                                               NP = NON-PRODUCING
(B) IF BTU IS SHOWN, GAS PRICE IN $/MMBTU. IF BTU IS N/A, PRICE IS IN $/MCF.


<PAGE>


                                 TENGASCO, INC.                     TABLE      1
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
 GRAND SUMMARY
                                                                                       TOTAL PROVED
     TOTAL PROPERTIES                                                                  ALL CATEGORIES


                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -                                                                                  5.00% -    63,186,507
 FINAL   -                                                                                 10.00% -    46,648,020
 REMARKS -                                                                                 15.00% -    36,681,296
                                                                                           20.00% -    29,900,086
                                                                                           25.00% -    24,979,299
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003   223       162,465           0       1,512         128,750           0       1,170.141      27.19     4.20
 2004   251       157,019           0       2,931         126,057           0       2,246.804      27.21     4.21
 2005   259       144,715           0       2,952         116,911           0       2,343.626      27.22     4.21
 2006   264       123,245           0       3,014         100,389           0       2,421.166      27.24     4.21
 2007   261       110,108           0       2,719          89,869           0       2,193.479      27.25     4.21
 2008   256        98,999           0       2,179          81,112           0       1,736.975      27.26     4.21
 2009   237        88,605           0       1,796          72,807           0       1,420.083      27.27     4.21
 2010   227        82,933           0       1,474          68,295           0       1,153.059      27.27     4.21
 2011   213        76,061           0       1,372          62,703           0       1,075.281      27.28     4.21
 2012   197        71,271           0       1,093          58,742           0         849.300      27.28     4.21
 2013   194        66,531           0       1,001          54,816           0         760.660      27.28     4.21
 2014   187        58,890           0         885          48,768           0         681.751      27.28     4.21
 2015   176        53,579           0         769          44,440           0         588.758      27.28     4.21
 2016   166        49,446           0         617          41,031           0         468.197      27.28     4.20
 2017   156        45,309           0         567          37,630           0         431.461      27.29     4.20

 SUB-TOTAL      1,389,176           0      24,881       1,132,320           0      19,540.741      27.25     4.21
 REMAINDER        423,538           0       9,484         343,579           0       7,057.992      27.23     4.21
 TOTAL          1,812,714           0      34,365       1,475,899           0      26,598.733      27.25     4.21

CUMULATIVE

ULTIMATE
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003        3,500,210           0     4,918,938            0     8,419,148      43,164     136,897     8,239,087
 2004        3,430,852           0     9,459,521            0    12,890,373      36,529     271,481    12,582,363
 2005        3,182,559           0     9,868,688            0    13,051,247      32,204     284,062    12,734,981
 2006        2,734,896           0    10,198,882            0    12,933,778      24,668     295,651    12,613,459
 2007        2,449,264           0     9,239,730            0    11,688,994      20,300     267,809    11,400,885
 2008        2,211,449           0     7,314,905            0     9,526,354      16,950     210,979     9,298,425
 2009        1,985,624           0     5,979,510            0     7,965,134      14,385     171,973     7,778,776
 2010        1,862,594           0     4,854,166            0     6,716,760      13,093     139,047     6,564,620
 2011        1,710,432           0     4,526,679            0     6,237,111      11,760     129,642     6,095,709
 2012        1,602,353           0     3,573,725            0     5,176,078      10,859     101,432     5,063,787
 2013        1,495,478           0     3,200,292            0     4,695,770      10,013      90,583     4,595,174
 2014        1,330,435           0     2,868,254            0     4,198,689       8,845      81,149     4,108,695
 2015        1,212,351           0     2,476,631            0     3,688,982       7,996      69,872     3,611,114
 2016        1,119,599           0     1,968,486            0     3,088,085       7,177      54,959     3,025,949
 2017        1,026,918           0     1,814,059            0     2,840,977       6,328      50,668     2,783,981

 SUB-TOT    30,855,014           0    82,262,466            0   113,117,480     264,271   2,356,204   110,497,005
 REMAIN      9,357,005           0    29,705,172            0    39,062,177      88,671     846,614    38,126,892
 TOTAL      40,212,019           0   111,967,638            0   152,179,657     352,942   3,202,818   148,623,897
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003      1,755,602           0   1,694,750           0     3,450,352      4,788,735     4,788,735     4,524,086
 2004      1,883,813           0   4,395,440           0     6,279,253      6,303,110    11,091,845     5,388,919
 2005      1,958,728           0   2,437,000           0     4,395,728      8,339,253    19,431,098     6,506,524
 2006      2,011,889           0   1,815,000           0     3,826,889      8,786,570    28,217,668     6,200,746
 2007      2,011,678           0     625,000           0     2,636,678      8,764,207    36,981,875     5,599,317
 2008      1,933,220           0      20,000           0     1,953,220      7,345,205    44,327,080     4,256,986
 2009      1,810,357           0           0           0     1,810,357      5,968,419    50,295,499     3,131,058
 2010      1,743,723           0      11,213           0     1,754,936      4,809,684    55,105,183     2,284,180
 2011      1,631,544           0      30,000           0     1,661,544      4,434,165    59,539,348     1,903,687
 2012      1,568,345           0           0           0     1,568,345      3,495,442    63,034,790     1,359,824
 2013      1,540,616           0      10,000           0     1,550,616      3,044,558    66,079,348     1,071,739
 2014      1,460,463           0      25,000           0     1,485,463      2,623,232    68,702,580       836,343
 2015      1,381,703           0           0           0     1,381,703      2,229,411    70,931,991       643,632
 2016      1,292,773           0           0           0     1,292,773      1,733,176    72,665,167       452,635
 2017      1,240,655           0      20,000           0     1,260,655      1,523,326    74,188,493       359,879

 SUBTOT   25,225,109           0  11,083,403           0    36,308,512     74,188,493                  44,519,555
 REMAIN   13,088,381           0     265,000           0    13,353,381     24,773,511    98,962,004     2,128,465
 TOTAL    38,313,490           0  11,348,403           0    49,661,893     98,962,004                  46,648,020

   LIFE OF SUMMARY IS 50.00 YEARS.

   THESE  DATA IN  TABLES 1 THRU 331 ARE PART OF A RIDER  SCOTT  REPORT  AND ARE
   SUBJECT TO THE CONDITIONS IN THE TEXT OF THE REPORT.
</TABLE>

<PAGE>


                                 TENGASCO, INC.                     TABLE      2
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
 GRAND SUMMARY
                                                                                       PROVED
     TOTAL PROPERTIES                                                                  PRODUCING


                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -                                                                                  5.00% -    18,966,582
 FINAL   -                                                                                 10.00% -    14,795,442
 REMARKS -                                                                                 15.00% -    12,190,469
                                                                                           20.00% -    10,394,446
                                                                                           25.00% -     9,074,814
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003   204       122,495           0         755         100,307           0         564.880      27.26     4.19
 2004   200       111,127           0         630          90,944           0         475.336      27.26     4.18
 2005   196       101,460           0         562          83,140           0         417.241      27.27     4.18
 2006   191        93,897           0         492          76,905           0         372.570      27.27     4.18
 2007   185        86,267           0         450          70,597           0         340.574      27.27     4.18
 2008   183        79,146           0         421          64,992           0         313.111      27.27     4.18
 2009   173        71,445           0         385          58,799           0         287.563      27.28     4.18
 2010   169        66,577           0         361          54,863           0         269.087      27.28     4.18
 2011   166        60,594           0         332          49,955           0         251.328      27.28     4.18
 2012   157        56,734           0         314          46,768           0         235.173      27.28     4.18
 2013   157        53,182           0         301          43,805           0         222.155      27.28     4.18
 2014   153        46,973           0         278          38,906           0         208.250      27.28     4.18
 2015   143        42,398           0         259          35,186           0         194.343      27.29     4.18
 2016   140        38,946           0         240          32,339           0         180.644      27.29     4.18
 2017   132        35,735           0         218          29,721           0         168.643      27.29     4.18

 SUB-TOTAL      1,066,976           0       5,998         877,227           0       4,500.898      27.27     4.18
 REMAINDER        276,265           0       2,801         231,066           0       2,091.813      27.29     4.18
 TOTAL          1,343,241           0       8,799       1,108,293           0       6,592.711      27.28     4.18


CUMULATIVE

ULTIMATE
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003        2,734,234           0     2,364,735            0     5,098,969      21,703      60,270     5,016,996
 2004        2,479,598           0     1,988,271            0     4,467,869      19,133      49,776     4,398,960
 2005        2,266,815           0     1,744,434            0     4,011,249      17,023      43,188     3,951,038
 2006        2,097,279           0     1,557,296            0     3,654,575      15,339      38,351     3,600,885
 2007        1,925,342           0     1,423,300            0     3,348,642      13,781      34,908     3,299,953
 2008        1,772,653           0     1,308,463            0     3,081,116      12,440      32,053     3,036,623
 2009        1,603,929           0     1,201,801            0     2,805,730      11,081      29,495     2,765,154
 2010        1,496,538           0     1,124,555            0     2,621,093      10,103      27,582     2,583,408
 2011        1,362,860           0     1,050,258            0     2,413,118       9,040      25,714     2,378,364
 2012        1,275,927           0       982,679            0     2,258,606       8,359      24,021     2,226,226
 2013        1,195,211           0       928,295            0     2,123,506       7,750      22,700     2,093,056
 2014        1,061,512           0       870,295            0     1,931,807       6,837      21,334     1,903,636
 2015          960,010           0       812,201            0     1,772,211       6,143      19,934     1,746,134
 2016          882,602           0       755,012            0     1,637,614       5,466      18,556     1,613,592
 2017          811,078           0       704,967            0     1,516,045       4,951      17,395     1,493,699

 SUB-TOT    23,925,588           0    18,816,562            0    42,742,150     169,149     465,277    42,107,724
 REMAIN      6,305,704           0     8,747,894            0    15,053,598      38,465     217,895    14,797,238
 TOTAL      30,231,292           0    27,564,456            0    57,795,748     207,614     683,172    56,904,962
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003      1,662,491           0           0           0     1,662,491      3,354,505     3,354,505     3,198,668
 2004      1,575,599           0           0           0     1,575,599      2,823,361     6,177,866     2,435,855
 2005      1,520,092           0           0           0     1,520,092      2,430,946     8,608,812     1,898,243
 2006      1,499,099           0           0           0     1,499,099      2,101,786    10,710,598     1,485,533
 2007      1,462,575           0           0           0     1,462,575      1,837,378    12,547,976     1,175,510
 2008      1,427,137           0           0           0     1,427,137      1,609,486    14,157,462       932,141
 2009      1,355,955           0           0           0     1,355,955      1,409,199    15,566,661       738,722
 2010      1,341,828           0           0           0     1,341,828      1,241,580    16,808,241       589,162
 2011      1,286,884           0           0           0     1,286,884      1,091,480    17,899,721       468,866
 2012      1,267,305           0           0           0     1,267,305        958,921    18,858,642       372,866
 2013      1,254,240           0           0           0     1,254,240        838,816    19,697,458       295,271
 2014      1,177,342           0           0           0     1,177,342        726,294    20,423,752       231,437
 2015      1,117,064           0           0           0     1,117,064        629,070    21,052,822       181,462
 2016      1,072,087           0           0           0     1,072,087        541,505    21,594,327       141,403
 2017      1,032,411           0           0           0     1,032,411        461,288    22,055,615       109,044

 SUBTOT   20,052,109           0           0           0    20,052,109     22,055,615                  14,254,183
 REMAIN   10,036,633           0           0           0    10,036,633      4,760,605    26,816,220       541,259
 TOTAL    30,088,742           0           0           0    30,088,742     26,816,220                  14,795,442

   LIFE OF SUMMARY IS 50.00 YEARS.
</TABLE>


<PAGE>


                                 TENGASCO, INC.                     TABLE      3
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
 GRAND SUMMARY
                                                                                       PROVED
     TOTAL PROPERTIES                                                                  SHUT-IN


                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -                                                                                  5.00% -     1,461,339
 FINAL   -                                                                                 10.00% -     1,241,527
 REMARKS -                                                                                 15.00% -     1,075,952
                                                                                           20.00% -       946,156
                                                                                           25.00% -       841,315
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     5        13,365           0          27           5,848           0          11.845      26.90     4.22
 2004     8        12,060           0         156           6,729           0          78.727      26.90     4.22
 2005     7         6,190           0         111           3,944           0          58.492      26.90     4.22
 2006     7         3,465           0          79           2,566           0          43.680      26.90     4.22
 2007     5         2,855           0          43           2,142           0          18.944      26.90     4.22
 2008     4         2,387           0          37           1,803           0          16.395      26.90     4.22
 2009     4         1,995           0          33           1,518           0          14.587      26.90     4.22
 2010     4         1,439           0          31           1,178           0          13.208      26.90     4.22
 2011     3         1,065           0          27             932           0          12.115      26.90     4.22
 2012     3           906           0          26             792           0          11.112      26.90     4.22
 2013     2           769           0          11             673           0           4.720      26.90     4.22
 2014     2           654           0          10             573           0           4.436      26.90     4.22
 2015     2           556           0           9             486           0           4.192      26.90     4.22
 2016     2           473           0           9             414           0           3.977      26.90     4.22
 2017     2           107           0           9              93           0           3.778      26.90     4.22

 SUB-TOTAL         48,286           0         618          29,691           0         300.208      26.90     4.22
 REMAINDER              0           0          47               0           0          20.538       0.00     4.22
 TOTAL             48,286           0         665          29,691           0         320.746      26.90     4.22


CUMULATIVE

ULTIMATE
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003          157,280           0        49,984            0       207,264       4,719       1,500       201,045
 2004          181,031           0       332,228            0       513,259       5,431       9,966       497,862
 2005          106,102           0       246,837            0       352,939       3,183       7,406       342,350
 2006           69,023           0       184,328            0       253,351       2,071       5,530       245,750
 2007           57,620           0        79,946            0       137,566       1,729       2,398       133,439
 2008           48,498           0        69,184            0       117,682       1,454       2,075       114,153
 2009           40,840           0        61,559            0       102,399       1,225       1,847        99,327
 2010           31,676           0        55,738            0        87,414         950       1,672        84,792
 2011           25,072           0        51,125            0        76,197         752       1,534        73,911
 2012           21,311           0        46,894            0        68,205         640       1,406        66,159
 2013           18,114           0        19,917            0        38,031         543         598        36,890
 2014           15,397           0        18,721            0        34,118         462         561        33,095
 2015           13,088           0        17,689            0        30,777         393         531        29,853
 2016           11,124           0        16,783            0        27,907         333         504        27,070
 2017            2,510           0        15,945            0        18,455          76         478        17,901

 SUB-TOT       798,686           0     1,266,878            0     2,065,564      23,961      38,006     2,003,597
 REMAIN              0           0        86,671            0        86,671           0       2,600        84,071
 TOTAL         798,686           0     1,353,549            0     2,152,235      23,961      40,606     2,087,668
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003         11,800           0           0           0        11,800        189,245       189,245       176,680
 2004         40,000           0           0           0        40,000        457,862       647,107       396,301
 2005         37,200           0           0           0        37,200        305,150       952,257       238,573
 2006         29,903           0           0           0        29,903        215,847     1,168,104       152,796
 2007         21,620           0           0           0        21,620        111,819     1,279,923        71,581
 2008         21,600           0           0           0        21,600         92,553     1,372,476        53,622
 2009         21,600           0           0           0        21,600         77,727     1,450,203        40,761
 2010         18,800           0           0           0        18,800         65,992     1,516,195        31,322
 2011         16,800           0           0           0        16,800         57,111     1,573,306        24,533
 2012         16,733           0           0           0        16,733         49,426     1,622,732        19,227
 2013         13,200           0           0           0        13,200         23,690     1,646,422         8,341
 2014         13,200           0           0           0        13,200         19,895     1,666,317         6,341
 2015         13,200           0           0           0        13,200         16,653     1,682,970         4,806
 2016         13,200           0           0           0        13,200         13,870     1,696,840         3,622
 2017          6,000           0           0           0         6,000         11,901     1,708,741         2,812

 SUBTOT      294,856           0           0           0       294,856      1,708,741                   1,231,318
 REMAIN       23,653           0           0           0        23,653         60,418     1,769,159        10,209
 TOTAL       318,509           0           0           0       318,509      1,769,159                   1,241,527

   LIFE OF SUMMARY IS 21.57 YEARS.
</TABLE>


<PAGE>


                                 TENGASCO, INC.                     TABLE      4
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
 GRAND SUMMARY
                                                                                       PROVED
     TOTAL PROPERTIES                                                                  BEHIND PIPE


                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -                                                                                  5.00% -     9,841,842
 FINAL   -                                                                                 10.00% -     6,181,700
 REMARKS -                                                                                 15.00% -     4,566,917
                                                                                           20.00% -     3,635,868
                                                                                           25.00% -     3,021,945
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     5        26,605           0         144          22,595           0         101.825      26.94     4.22
 2004     9        16,080           0         197          13,440           0         148.371      26.96     4.19
 2005    10        17,199           0         183          12,930           0         137.430      26.96     4.18
 2006    11        10,270           0         210           7,683           0         134.593      26.99     4.19
 2007    13         6,279           0         280           4,669           0         200.808      27.04     4.21
 2008    13         3,574           0         246           2,551           0         175.270      27.13     4.21
 2009    10         2,035           0         221           1,376           0         161.261      27.29     4.21
 2010     9         2,504           0         175           1,751           0         125.844      27.29     4.21
 2011     9         2,667           0         334           1,889           0         263.120      27.29     4.22
 2012    10         2,524           0         236           1,793           0         180.651      27.29     4.22
 2013    10         2,072           0         225           1,459           0         154.657      27.29     4.22
 2014     7         1,312           0         171             887           0         120.142      27.29     4.22
 2015     7         1,202           0         139             813           0          97.997      27.29     4.22
 2016     6         1,100           0         118             744           0          84.319      27.29     4.22
 2017     6         1,008           0         113             681           0          82.103      27.29     4.22

 SUB-TOTAL         96,431           0       2,992          75,261           0       2,168.391      27.02     4.21
 REMAINDER         72,048           0       4,539          49,862           0       3,359.804      26.91     4.22
 TOTAL            168,479           0       7,531         125,123           0       5,528.195      26.97     4.22


CUMULATIVE

ULTIMATE
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003          608,696           0       429,701            0     1,038,397      16,742      12,891     1,008,764
 2004          362,391           0       621,781            0       984,172       9,479      16,221       958,472
 2005          348,560           0       574,865            0       923,425       9,182      14,394       899,849
 2006          207,394           0       564,493            0       771,887       5,055      14,984       751,848
 2007          126,230           0       844,582            0       970,812       2,717      23,751       944,344
 2008           69,194           0       737,371            0       806,565       1,097      20,855       784,613
 2009           37,544           0       678,993            0       716,537         229      19,516       696,792
 2010           47,775           0       530,312            0       578,087         291      15,489       562,307
 2011           51,579           0     1,109,711            0     1,161,290         314      32,925     1,128,051
 2012           48,932           0       761,779            0       810,711         299      22,533       787,879
 2013           39,812           0       652,155            0       691,967         243      19,287       672,437
 2014           24,203           0       506,786            0       530,989         147      15,083       515,759
 2015           22,169           0       413,548            0       435,717         136      12,408       423,173
 2016           20,306           0       355,826            0       376,132         123      10,674       365,335
 2017           18,598           0       346,471            0       365,069         114      10,395       354,560

 SUB-TOT     2,033,383           0     9,128,374            0    11,161,757      46,168     261,406    10,854,183
 REMAIN      1,341,563           0    14,178,375            0    15,519,938      39,775     425,350    15,054,813
 TOTAL       3,374,946           0    23,306,749            0    26,681,695      85,943     686,756    25,908,996
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003         50,411           0      94,750           0       145,161        863,603       863,603       821,648
 2004         74,170           0      52,000           0       126,170        832,302     1,695,905       717,423
 2005         88,179           0      37,000           0       125,179        774,670     2,470,575       605,128
 2006         89,986           0      15,000           0       104,986        646,862     3,117,437       456,979
 2007         94,833           0      25,000           0       119,833        824,511     3,941,948       526,614
 2008         79,047           0      20,000           0        99,047        685,566     4,627,514       396,781
 2009         65,959           0           0           0        65,959        630,833     5,258,347       331,120
 2010         62,918           0      11,213           0        74,131        488,176     5,746,523       231,626
 2011         67,700           0      30,000           0        97,700      1,030,351     6,776,874       440,062
 2012         63,924           0           0           0        63,924        723,955     7,500,829       282,116
 2013         59,505           0      10,000           0        69,505        602,932     8,103,761       212,555
 2014         54,862           0      25,000           0        79,862        435,897     8,539,658       139,392
 2015         54,220           0           0           0        54,220        368,953     8,908,611       106,532
 2016         48,370           0           0           0        48,370        316,965     9,225,576        82,752
 2017         48,971           0      20,000           0        68,971        285,589     9,511,165        67,436

 SUBTOT    1,003,055           0     339,963           0     1,343,018      9,511,165                   5,418,164
 REMAIN    1,266,597           0     265,000           0     1,531,597     13,523,216    23,034,381       763,536
 TOTAL     2,269,652           0     604,963           0     2,874,615     23,034,381                   6,181,700

   LIFE OF SUMMARY IS 50.00 YEARS.
</TABLE>


<PAGE>


                                 TENGASCO, INC.                     TABLE      5
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
 GRAND SUMMARY
                                                                                       PROVED
     TOTAL PROPERTIES                                                                  UNDEVELOPED


                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -                                                                                  5.00% -    32,916,744
 FINAL   -                                                                                 10.00% -    24,429,351
 REMARKS -                                                                                 15.00% -    18,847,958
                                                                                           20.00% -    14,923,616
                                                                                           25.00% -    12,041,225
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     9             0           0         586               0           0         491.592       0.00     4.22
 2004    34        17,752           0       1,948          14,944           0       1,544.370      27.29     4.22
 2005    46        19,866           0       2,096          16,897           0       1,730.463      27.29     4.22
 2006    55        15,613           0       2,233          13,235           0       1,870.323      27.29     4.22
 2007    58        14,707           0       1,946          12,461           0       1,633.153      27.29     4.22
 2008    56        13,892           0       1,475          11,766           0       1,232.200      27.29     4.22
 2009    50        13,130           0       1,157          11,114           0         956.673      27.29     4.22
 2010    45        12,413           0         907          10,503           0         744.920      27.29     4.22
 2011    35        11,735           0         679           9,927           0         548.718      27.29     4.22
 2012    27        11,107           0         517           9,389           0         422.363      27.29     4.22
 2013    25        10,508           0         464           8,879           0         379.129      27.29     4.22
 2014    25         9,951           0         426           8,402           0         348.922      27.29     4.22
 2015    24         9,423           0         362           7,955           0         292.226      27.29     4.22
 2016    18         8,927           0         250           7,534           0         199.257      27.29     4.22
 2017    16         8,459           0         227           7,135           0         176.938      27.29     4.22

 SUB-TOTAL        177,483           0      15,273         150,141           0      12,571.247      27.29     4.22
 REMAINDER         75,225           0       2,097          62,651           0       1,585.837      27.29     4.22
 TOTAL            252,708           0      17,370         212,792           0      14,157.084      27.29     4.22


CUMULATIVE

ULTIMATE
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0     2,074,518            0     2,074,518           0      62,236     2,012,282
 2004          407,832           0     6,517,241            0     6,925,073       2,486     195,518     6,727,069
 2005          461,082           0     7,302,552            0     7,763,634       2,816     219,074     7,541,744
 2006          361,200           0     7,892,765            0     8,253,965       2,203     236,786     8,014,976
 2007          340,072           0     6,891,902            0     7,231,974       2,073     206,752     7,023,149
 2008          321,104           0     5,199,887            0     5,520,991       1,959     155,996     5,363,036
 2009          303,311           0     4,037,157            0     4,340,468       1,850     121,115     4,217,503
 2010          286,605           0     3,143,561            0     3,430,166       1,749      94,304     3,334,113
 2011          270,921           0     2,315,585            0     2,586,506       1,654      69,469     2,515,383
 2012          256,183           0     1,782,373            0     2,038,556       1,561      53,472     1,983,523
 2013          242,341           0     1,599,925            0     1,842,266       1,477      47,998     1,792,791
 2014          229,323           0     1,472,452            0     1,701,775       1,399      44,171     1,656,205
 2015          217,084           0     1,233,193            0     1,450,277       1,324      36,999     1,411,954
 2016          205,567           0       840,865            0     1,046,432       1,255      25,225     1,019,952
 2017          194,732           0       746,676            0       941,408       1,187      22,400       917,821

 SUB-TOT     4,097,357           0    53,050,652            0    57,148,009      24,993   1,591,515    55,531,501
 REMAIN      1,709,738           0     6,692,232            0     8,401,970      10,431     200,769     8,190,770
 TOTAL       5,807,095           0    59,742,884            0    65,549,979      35,424   1,792,284    63,722,271
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003         30,900           0   1,600,000           0     1,630,900        381,382       381,382       327,090
 2004        194,044           0   4,343,440           0     4,537,484      2,189,585     2,570,967     1,839,340
 2005        313,257           0   2,400,000           0     2,713,257      4,828,487     7,399,454     3,764,580
 2006        392,901           0   1,800,000           0     2,192,901      5,822,075    13,221,529     4,105,438
 2007        432,650           0     600,000           0     1,032,650      5,990,499    19,212,028     3,825,612
 2008        405,436           0           0           0       405,436      4,957,600    24,169,628     2,874,442
 2009        366,843           0           0           0       366,843      3,850,660    28,020,288     2,020,455
 2010        320,177           0           0           0       320,177      3,013,936    31,034,224     1,432,070
 2011        260,160           0           0           0       260,160      2,255,223    33,289,447       970,226
 2012        220,383           0           0           0       220,383      1,763,140    35,052,587       685,615
 2013        213,671           0           0           0       213,671      1,579,120    36,631,707       555,572
 2014        215,059           0           0           0       215,059      1,441,146    38,072,853       459,173
 2015        197,219           0           0           0       197,219      1,214,735    39,287,588       350,832
 2016        159,116           0           0           0       159,116        860,836    40,148,424       224,858
 2017        153,273           0           0           0       153,273        764,548    40,912,972       180,587

 SUBTOT    3,875,089           0  10,743,440           0    14,618,529     40,912,972                  23,615,890
 REMAIN    1,761,498           0           0           0     1,761,498      6,429,272    47,342,244       813,461
 TOTAL     5,636,587           0  10,743,440           0    16,380,027     47,342,244                  24,429,351

   LIFE OF SUMMARY IS 46.65 YEARS.
</TABLE>


<PAGE>


                                 TENGASCO, INC.                     TABLE      6
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
 GRAND SUMMARY
                                                                                       TOTAL PROBABLE
     TOTAL PROPERTIES                                                                  ALL CATEGORIES


                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -                                                                                  5.00% -       441,915
 FINAL   -                                                                                 10.00% -       292,893
 REMARKS -                                                                                 15.00% -       200,900
                                                                                           20.00% -       140,905
                                                                                           25.00% -       100,066
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     3         5,158           0          27           3,933           0           1.661      27.29     4.22
 2005     3         5,700           0          22           4,330           0           1.375      27.29     4.22
 2006     3         4,911           0          19           3,724           0           1.200      27.29     4.22
 2007     3         4,622           0          17           3,506           0           1.078      27.29     4.22
 2008     3         4,349           0          16           3,299           0           0.987      27.29     4.22
 2009     3         4,093           0          14           3,105           0           0.916      27.29     4.22
 2010     3         3,852           0          14           2,924           0           0.859      27.29     4.22
 2011     3         3,625           0          13           2,750           0           0.802      27.29     4.22
 2012     3         3,413           0          12           2,591           0           0.750      27.29     4.22
 2013     3         3,211           0          11           2,438           0           0.712      27.29     4.22
 2014     3         3,023           0          34           2,295           0           2.061      27.29     4.22
 2015     3         2,844           0          28           2,161           0           1.782      27.29     4.22
 2016     3         2,678           0          19           2,034           0           1.153      27.29     4.22
 2017     3         2,520           0          13           1,914           0           0.810      27.29     4.22

 SUB-TOTAL         53,999           0         259          41,004           0          16.146      27.29     4.22
 REMAINDER         14,972           0           0          11,163           0           0.022      27.29     4.22
 TOTAL             68,971           0         259          52,167           0          16.168      27.29     4.22


CUMULATIVE

ULTIMATE
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004          107,330           0         7,011            0       114,341         654         210       113,477
 2005          118,162           0         5,802            0       123,964         721         174       123,069
 2006          101,640           0         5,063            0       106,703         620         152       105,931
 2007           95,662           0         4,549            0       100,211         584         137        99,490
 2008           90,039           0         4,166            0        94,205         550         125        93,530
 2009           84,748           0         3,867            0        88,615         516         116        87,983
 2010           79,770           0         3,623            0        83,393         487         108        82,798
 2011           75,087           0         3,385            0        78,472         458         102        77,912
 2012           70,680           0         3,165            0        73,845         431          95        73,319
 2013           66,533           0         3,007            0        69,540         406          90        69,044
 2014           62,633           0         8,697            0        71,330         382         261        70,687
 2015           58,961           0         7,520            0        66,481         359         226        65,896
 2016           55,507           0         4,867            0        60,374         340         146        59,888
 2017           52,256           0         3,419            0        55,675         318         102        55,255

 SUB-TOT     1,119,008           0        68,141            0     1,187,149       6,826       2,044     1,178,279
 REMAIN        304,628           0            91            0       304,719       1,858           3       302,858
 TOTAL       1,423,636           0        68,232            0     1,491,868       8,684       2,047     1,481,137
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004         15,016           0     185,313           0       200,329        -86,852       -86,852       -75,873
 2005         30,034           0           0           0        30,034         93,035         6,183        72,891
 2006         30,033           0           0           0        30,033         75,898        82,081        53,623
 2007         30,034           0           0           0        30,034         69,456       151,537        44,420
 2008         30,033           0           0           0        30,033         63,497       215,034        36,760
 2009         30,034           0           0           0        30,034         57,949       272,983        30,370
 2010         30,033           0           0           0        30,033         52,765       325,748        25,032
 2011         30,034           0           0           0        30,034         47,878       373,626        20,562
 2012         30,032           0           0           0        30,032         43,287       416,913        16,828
 2013         30,034           0           0           0        30,034         39,010       455,923        13,728
 2014         30,033           0           0           0        30,033         40,654       496,577        12,923
 2015         30,034           0           0           0        30,034         35,862       532,439        10,349
 2016         30,033           0           0           0        30,033         29,855       562,294         7,797
 2017         30,034           0           0           0        30,034         25,221       587,515         5,963

 SUBTOT      405,451           0     185,313           0       590,764        587,515                     275,373
 REMAIN      189,801           0           0           0       189,801        113,057       700,572        17,520
 TOTAL       595,252           0     185,313           0       780,565        700,572                     292,893

   LIFE OF SUMMARY IS 27.54 YEARS.
</TABLE>


<PAGE>


                                 TENGASCO, INC.                     TABLE      7
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
 GRAND SUMMARY
                                                                                       PROBABLE
     TOTAL PROPERTIES                                                                  BEHIND PIPE


                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -                                                                                  5.00% -        45,647
 FINAL   -                                                                                 10.00% -        32,968
 REMARKS -                                                                                 15.00% -        24,838
                                                                                           20.00% -        19,413
                                                                                           25.00% -        15,646
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     1             0           0          27               0           0           1.661       0.00     4.22
 2005     1             0           0          22               0           0           1.375       0.00     4.22
 2006     1             0           0          19               0           0           1.200       0.00     4.22
 2007     1             0           0          17               0           0           1.078       0.00     4.22
 2008     1             0           0          16               0           0           0.987       0.00     4.22
 2009     1             0           0          14               0           0           0.916       0.00     4.22
 2010     1             0           0          14               0           0           0.859       0.00     4.22
 2011     1             0           0          13               0           0           0.802       0.00     4.22
 2012     1             0           0          12               0           0           0.750       0.00     4.22
 2013     1             0           0          11               0           0           0.712       0.00     4.22
 2014     1             0           0          34               0           0           2.061       0.00     4.22
 2015     1             0           0          28               0           0           1.782       0.00     4.22
 2016     1             0           0          19               0           0           1.153       0.00     4.22
 2017     1             0           0          13               0           0           0.810       0.00     4.22

 SUB-TOTAL              0           0         259               0           0          16.146       0.00     4.22
 REMAINDER              0           0           0               0           0           0.022       0.00     4.22
 TOTAL                  0           0         259               0           0          16.168       0.00     4.22


CUMULATIVE

ULTIMATE
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0         7,011            0         7,011           0         210         6,801
 2005                0           0         5,802            0         5,802           0         174         5,628
 2006                0           0         5,063            0         5,063           0         152         4,911
 2007                0           0         4,549            0         4,549           0         137         4,412
 2008                0           0         4,166            0         4,166           0         125         4,041
 2009                0           0         3,867            0         3,867           0         116         3,751
 2010                0           0         3,623            0         3,623           0         108         3,515
 2011                0           0         3,385            0         3,385           0         102         3,283
 2012                0           0         3,165            0         3,165           0          95         3,070
 2013                0           0         3,007            0         3,007           0          90         2,917
 2014                0           0         8,697            0         8,697           0         261         8,436
 2015                0           0         7,520            0         7,520           0         226         7,294
 2016                0           0         4,867            0         4,867           0         146         4,721
 2017                0           0         3,419            0         3,419           0         102         3,317

 SUB-TOT             0           0        68,141            0        68,141           0       2,044        66,097
 REMAIN              0           0            91            0            91           0           3            88
 TOTAL               0           0        68,232            0        68,232           0       2,047        66,185
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0          6,801         6,801         5,871
 2005              0           0           0           0             0          5,628        12,429         4,395
 2006              0           0           0           0             0          4,911        17,340         3,470
 2007              0           0           0           0             0          4,412        21,752         2,822
 2008              0           0           0           0             0          4,041        25,793         2,339
 2009              0           0           0           0             0          3,751        29,544         1,966
 2010              0           0           0           0             0          3,515        33,059         1,667
 2011              0           0           0           0             0          3,283        36,342         1,410
 2012              0           0           0           0             0          3,070        39,412         1,193
 2013              0           0           0           0             0          2,917        42,329         1,026
 2014              0           0           0           0             0          8,436        50,765         2,659
 2015              0           0           0           0             0          7,294        58,059         2,110
 2016              0           0           0           0             0          4,721        62,780         1,235
 2017              0           0           0           0             0          3,317        66,097           785

 SUBTOT            0           0           0           0             0         66,097                      32,948
 REMAIN            0           0           0           0             0             88        66,185            20
 TOTAL             0           0           0           0             0         66,185                      32,968

   LIFE OF SUMMARY IS 15.03 YEARS.
</TABLE>


<PAGE>


                                 TENGASCO, INC.                     TABLE      8
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
 GRAND SUMMARY
                                                                                       PROBABLE
     TOTAL PROPERTIES                                                                  UNDEVELOPED


                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -                                                                                  5.00% -       396,268
 FINAL   -                                                                                 10.00% -       259,925
 REMARKS -                                                                                 15.00% -       176,062
                                                                                           20.00% -       121,492
                                                                                           25.00% -        84,420
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     2         5,158           0           0           3,933           0           0.000      27.29     0.00
 2005     2         5,700           0           0           4,330           0           0.000      27.29     0.00
 2006     2         4,911           0           0           3,724           0           0.000      27.29     0.00
 2007     2         4,622           0           0           3,506           0           0.000      27.29     0.00
 2008     2         4,349           0           0           3,299           0           0.000      27.29     0.00
 2009     2         4,093           0           0           3,105           0           0.000      27.29     0.00
 2010     2         3,852           0           0           2,924           0           0.000      27.29     0.00
 2011     2         3,625           0           0           2,750           0           0.000      27.29     0.00
 2012     2         3,413           0           0           2,591           0           0.000      27.29     0.00
 2013     2         3,211           0           0           2,438           0           0.000      27.29     0.00
 2014     2         3,023           0           0           2,295           0           0.000      27.29     0.00
 2015     2         2,844           0           0           2,161           0           0.000      27.29     0.00
 2016     2         2,678           0           0           2,034           0           0.000      27.29     0.00
 2017     2         2,520           0           0           1,914           0           0.000      27.29     0.00

 SUB-TOTAL         53,999           0           0          41,004           0           0.000      27.29     0.00
 REMAINDER         14,972           0           0          11,163           0           0.000      27.29     0.00
 TOTAL             68,971           0           0          52,167           0           0.000      27.29     0.00


CUMULATIVE

ULTIMATE
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004          107,330           0             0            0       107,330         654           0       106,676
 2005          118,162           0             0            0       118,162         721           0       117,441
 2006          101,640           0             0            0       101,640         620           0       101,020
 2007           95,662           0             0            0        95,662         584           0        95,078
 2008           90,039           0             0            0        90,039         550           0        89,489
 2009           84,748           0             0            0        84,748         516           0        84,232
 2010           79,770           0             0            0        79,770         487           0        79,283
 2011           75,087           0             0            0        75,087         458           0        74,629
 2012           70,680           0             0            0        70,680         431           0        70,249
 2013           66,533           0             0            0        66,533         406           0        66,127
 2014           62,633           0             0            0        62,633         382           0        62,251
 2015           58,961           0             0            0        58,961         359           0        58,602
 2016           55,507           0             0            0        55,507         340           0        55,167
 2017           52,256           0             0            0        52,256         318           0        51,938

 SUB-TOT     1,119,008           0             0            0     1,119,008       6,826           0     1,112,182
 REMAIN        304,628           0             0            0       304,628       1,858           0       302,770
 TOTAL       1,423,636           0             0            0     1,423,636       8,684           0     1,414,952
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004         15,016           0     185,313           0       200,329        -93,653       -93,653       -81,744
 2005         30,034           0           0           0        30,034         87,407        -6,246        68,496
 2006         30,033           0           0           0        30,033         70,987        64,741        50,153
 2007         30,034           0           0           0        30,034         65,044       129,785        41,598
 2008         30,033           0           0           0        30,033         59,456       189,241        34,421
 2009         30,034           0           0           0        30,034         54,198       243,439        28,404
 2010         30,033           0           0           0        30,033         49,250       292,689        23,365
 2011         30,034           0           0           0        30,034         44,595       337,284        19,152
 2012         30,032           0           0           0        30,032         40,217       377,501        15,635
 2013         30,034           0           0           0        30,034         36,093       413,594        12,702
 2014         30,033           0           0           0        30,033         32,218       445,812        10,264
 2015         30,034           0           0           0        30,034         28,568       474,380         8,239
 2016         30,033           0           0           0        30,033         25,134       499,514         6,562
 2017         30,034           0           0           0        30,034         21,904       521,418         5,178

 SUBTOT      405,451           0     185,313           0       590,764        521,418                     242,425
 REMAIN      189,801           0           0           0       189,801        112,969       634,387        17,500
 TOTAL       595,252           0     185,313           0       780,565        634,387                     259,925

   LIFE OF SUMMARY IS 27.54 YEARS.
</TABLE>


<PAGE>


                                 TENGASCO, INC.                     TABLE      9
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
 GRAND SUMMARY
                                                                                       TOTAL POSSIBLE
     TOTAL PROPERTIES                                                                  UNDEVELOPED


                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -                                                                                  5.00% -     4,284,225
 FINAL   -                                                                                 10.00% -     3,185,002
 REMARKS -                                                                                 15.00% -     2,378,901
                                                                                           20.00% -     1,783,727
                                                                                           25.00% -     1,341,618
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005     4             0           0         106               0           0          93.393       0.00     4.22
 2006    14             0           0         715               0           0         623.939       0.00     4.22
 2007    14             0           0         576               0           0         503.808       0.00     4.22
 2008    14             0           0         409               0           0         360.038       0.00     4.22
 2009    14             0           0         310               0           0         272.546       0.00     4.22
 2010    12             0           0         211               0           0         181.732       0.00     4.22
 2011     8             0           0         109               0           0          94.770       0.00     4.22
 2012     4             0           0          64               0           0          56.899       0.00     4.22
 2013     3             0           0          30               0           0          26.400       0.00     4.22
 2014     1             0           0          16               0           0          14.226       0.00     4.22
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0       2,546               0           0       2,227.751       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0       2,546               0           0       2,227.751       0.00     4.22


CUMULATIVE

ULTIMATE
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0       394,118            0       394,118           0      11,824       382,294
 2006                0           0     2,633,019            0     2,633,019           0      78,990     2,554,029
 2007                0           0     2,126,073            0     2,126,073           0      63,783     2,062,290
 2008                0           0     1,519,360            0     1,519,360           0      45,582     1,473,778
 2009                0           0     1,150,142            0     1,150,142           0      34,503     1,115,639
 2010                0           0       766,907            0       766,907           0      23,004       743,903
 2011                0           0       399,927            0       399,927           0      11,998       387,929
 2012                0           0       240,113            0       240,113           0       7,203       232,910
 2013                0           0       111,408            0       111,408           0       3,343       108,065
 2014                0           0        60,033            0        60,033           0       1,801        58,232
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0     9,401,100            0     9,401,100           0     282,031     9,119,069
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0     9,401,100            0     9,401,100           0     282,031     9,119,069
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005          9,000           0     800,000           0       809,000       -426,706      -426,706      -327,786
 2006         75,000           0   2,000,000           0     2,075,000        479,029        52,323       315,056
 2007        100,800           0           0           0       100,800      1,961,490     2,013,813     1,258,271
 2008        100,800           0           0           0       100,800      1,372,978     3,386,791       796,076
 2009         92,682           0           0           0        92,682      1,022,957     4,409,748       537,271
 2010         68,580           0           0           0        68,580        675,323     5,085,071       321,748
 2011         36,976           0           0           0        36,976        350,953     5,436,024       151,535
 2012         23,269           0           0           0        23,269        209,641     5,645,665        81,700
 2013         11,184           0           0           0        11,184         96,881     5,742,546        34,489
 2014          6,291           0           0           0         6,291         51,941     5,794,487        16,642
 2015              0           0           0           0             0              0     5,794,487             0
 2016              0           0           0           0             0              0     5,794,487             0
 2017              0           0           0           0             0              0     5,794,487             0

 SUBTOT      524,582           0   2,800,000           0     3,324,582      5,794,487                   3,185,002
 REMAIN            0           0           0           0             0              0     5,794,487             0
 TOTAL       524,582           0   2,800,000           0     3,324,582      5,794,487                   3,185,002

   LIFE OF SUMMARY IS 11.87 YEARS.
</TABLE>


<PAGE>


                                 TENGASCO, INC.                     TABLE     10
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
 STATE SUMMARY
                                                                                       TOTAL PROVED
     KANSAS PROPERTIES                                                                 ALL CATEGORIES


                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -                                                                                  5.00% -    13,319,508
 FINAL   -                                                                                 10.00% -    10,417,292
 REMARKS -                                                                                 15.00% -     8,502,010
                                                                                           20.00% -     7,150,018
                                                                                           25.00% -     6,148,596
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003   180       116,451           0         278          94,818           0         211.770      27.29     4.13
 2004   187       124,433           0         311         101,792           0         244.340      27.29     4.13
 2005   184       118,121           0         310          97,023           0         237.946      27.29     4.13
 2006   181       107,263           0         262          87,967           0         204.855      27.29     4.13
 2007   176        99,465           0         236          81,534           0         186.107      27.29     4.13
 2008   174        92,095           0         220          75,732           0         168.136      27.29     4.13
 2009   163        84,060           0         191          69,268           0         147.068      27.29     4.13
 2010   158        79,695           0         171          65,613           0         130.511      27.29     4.13
 2011   156        73,698           0         154          60,635           0         122.224      27.29     4.13
 2012   149        69,337           0         150          57,050           0         114.675      27.29     4.13
 2013   149        64,947           0         142          53,431           0         107.732      27.29     4.13
 2014   144        57,591           0         126          47,630           0          97.064      27.29     4.13
 2015   134        52,512           0         112          43,507           0          88.093      27.29     4.13
 2016   131        48,828           0         105          40,490           0          81.144      27.29     4.13
 2017   125        45,202           0          92          37,537           0          74.500      27.29     4.13

 SUB-TOTAL      1,233,698           0       2,860       1,014,027           0       2,216.165      27.29     4.13
 REMAINDER        352,560           0       1,145         294,440           0         883.994      27.29     4.13
 TOTAL          1,586,258           0       4,005       1,308,467           0       3,100.159      27.29     4.13


CUMULATIVE

ULTIMATE
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003        2,587,495           0       874,612            0     3,462,107      15,781      15,566     3,430,760
 2004        2,778,063           0     1,009,121            0     3,787,184      16,946      17,967     3,752,271
 2005        2,647,602           0       982,719            0     3,630,321      16,156      17,489     3,596,676
 2006        2,400,721           0       846,050            0     3,246,771      14,642      15,061     3,217,068
 2007        2,225,049           0       768,624            0     2,993,673      13,573      13,680     2,966,420
 2008        2,066,747           0       694,402            0     2,761,149      12,609      12,362     2,736,178
 2009        1,890,416           0       607,386            0     2,497,802      11,529      10,814     2,475,459
 2010        1,790,461           0       539,017            0     2,329,478      10,929       9,593     2,308,956
 2011        1,654,803           0       504,782            0     2,159,585      10,092       8,984     2,140,509
 2012        1,556,839           0       473,609            0     2,030,448       9,492       8,430     2,012,526
 2013        1,458,195           0       444,932            0     1,903,127       8,895       7,919     1,886,313
 2014        1,299,854           0       400,876            0     1,700,730       7,928       7,133     1,685,669
 2015        1,187,237           0       363,823            0     1,551,060       7,242       6,480     1,537,338
 2016        1,105,050           0       335,119            0     1,440,169       6,741       5,962     1,427,466
 2017        1,024,408           0       307,688            0     1,332,096       6,252       5,478     1,320,366

 SUB-TOT    27,672,940           0     9,152,760            0    36,825,700     168,807     162,918    36,493,975
 REMAIN      8,035,174           0     3,650,897            0    11,686,071      49,016      64,985    11,572,070
 TOTAL      35,708,114           0    12,803,657            0    48,511,771     217,823     227,903    48,066,045
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003      1,523,734           0       9,750           0     1,533,484      1,897,276     1,897,276     1,807,510
 2004      1,508,917           0     725,440           0     2,234,357      1,517,914     3,415,190     1,305,692
 2005      1,498,860           0      12,000           0     1,510,860      2,085,816     5,501,006     1,630,026
 2006      1,476,318           0           0           0     1,476,318      1,740,750     7,241,756     1,230,321
 2007      1,438,259           0           0           0     1,438,259      1,528,161     8,769,917       977,677
 2008      1,402,820           0           0           0     1,402,820      1,333,358    10,103,275       772,313
 2009      1,330,017           0           0           0     1,330,017      1,145,442    11,248,717       600,620
 2010      1,315,897           0      11,213           0     1,327,110        981,846    12,230,563       465,774
 2011      1,269,198           0           0           0     1,269,198        871,311    13,101,874       374,326
 2012      1,257,095           0           0           0     1,257,095        755,431    13,857,305       293,778
 2013      1,242,850           0           0           0     1,242,850        643,463    14,500,768       226,627
 2014      1,167,077           0           0           0     1,167,077        518,592    15,019,360       165,375
 2015      1,111,564           0           0           0     1,111,564        425,774    15,445,134       122,860
 2016      1,074,930           0           0           0     1,074,930        352,536    15,797,670        92,102
 2017      1,040,255           0           0           0     1,040,255        280,111    16,077,781        66,259

 SUBTOT   19,657,791           0     758,403           0    20,416,194     16,077,781                  10,131,260
 REMAIN    9,486,689           0           0           0     9,486,689      2,085,381    18,163,162       286,032
 TOTAL    29,144,480           0     758,403           0    29,902,883     18,163,162                  10,417,292

   LIFE OF SUMMARY IS 38.00 YEARS.
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     11
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
 STATE SUMMARY
                                                                                       PROVED
     KANSAS PROPERTIES                                                                 PRODUCING


                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -                                                                                  5.00% -    10,625,149
 FINAL   -                                                                                 10.00% -     8,509,047
 REMARKS -                                                                                 15.00% -     7,091,395
                                                                                           20.00% -     6,073,443
                                                                                           25.00% -     5,307,424
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003   179       113,005           0         278          92,488           0         211.770      27.29     4.13
 2004   176       103,524           0         250          84,714           0         196.057      27.29     4.13
 2005   172        95,363           0         240          78,171           0         181.373      27.29     4.13
 2006   169        89,002           0         212          72,942           0         166.090      27.29     4.13
 2007   164        82,332           0         197          67,433           0         154.675      27.29     4.13
 2008   162        75,981           0         188          62,464           0         142.960      27.29     4.13
 2009   152        68,895           0         170          56,778           0         130.115      27.29     4.13
 2010   148        64,778           0         161          53,359           0         122.183      27.29     4.13
 2011   146        59,296           0         145          48,819           0         114.957      27.29     4.13
 2012   139        55,706           0         142          45,868           0         108.336      27.29     4.13
 2013   139        52,367           0         135          43,093           0         102.201      27.29     4.13
 2014   135        46,328           0         123          38,341           0          94.682      27.29     4.13
 2015   126        41,887           0         112          34,739           0          88.093      27.29     4.13
 2016   123        38,801           0         105          32,212           0          81.144      27.29     4.13
 2017   117        35,735           0          92          29,721           0          74.500      27.29     4.13

 SUB-TOTAL      1,023,000           0       2,550         841,142           0       1,969.136      27.29     4.13
 REMAINDER        276,265           0       1,145         231,066           0         883.994      27.29     4.13
 TOTAL          1,299,265           0       3,695       1,072,208           0       2,853.130      27.29     4.13


CUMULATIVE

ULTIMATE
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003        2,523,912           0       874,612            0     3,398,524      15,393      15,566     3,367,565
 2004        2,311,993           0       809,712            0     3,121,705      14,105      14,418     3,093,182
 2005        2,133,177           0       749,073            0     2,882,250      13,014      13,330     2,855,906
 2006        1,990,662           0       685,952            0     2,676,614      12,141      12,210     2,652,263
 2007        1,840,225           0       638,807            0     2,479,032      11,227      11,371     2,456,434
 2008        1,704,653           0       590,427            0     2,295,080      10,400      10,511     2,274,169
 2009        1,549,561           0       537,373            0     2,086,934       9,450       9,567     2,067,917
 2010        1,456,081           0       504,619            0     1,960,700       8,889       8,981     1,942,830
 2011        1,332,303           0       474,772            0     1,807,075       8,124       8,450     1,790,501
 2012        1,251,724           0       447,427            0     1,699,151       7,632       7,964     1,683,555
 2013        1,176,042           0       422,090            0     1,598,132       7,175       7,512     1,583,445
 2014        1,046,328           0       391,036            0     1,437,364       6,382       6,958     1,424,024
 2015          947,984           0       363,823            0     1,311,807       5,782       6,480     1,299,545
 2016          879,177           0       335,119            0     1,214,296       5,363       5,962     1,202,971
 2017          811,078           0       307,688            0     1,118,766       4,951       5,478     1,108,337

 SUB-TOT    22,954,900           0     8,132,530            0    31,087,430     140,028     144,758    30,802,644
 REMAIN      6,305,704           0     3,650,897            0     9,956,601      38,465      64,985     9,853,151
 TOTAL      29,260,604           0    11,783,427            0    41,044,031     178,493     209,743    40,655,795
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003      1,503,323           0           0           0     1,503,323      1,864,242     1,864,242     1,776,453
 2004      1,417,703           0           0           0     1,417,703      1,675,479     3,539,721     1,445,111
 2005      1,372,024           0           0           0     1,372,024      1,483,882     5,023,603     1,158,548
 2006      1,357,931           0           0           0     1,357,931      1,294,332     6,317,935       914,779
 2007      1,322,607           0           0           0     1,322,607      1,133,827     7,451,762       725,406
 2008      1,287,169           0           0           0     1,287,169        987,000     8,438,762       571,688
 2009      1,215,987           0           0           0     1,215,987        851,930     9,290,692       446,639
 2010      1,204,907           0           0           0     1,204,907        737,923    10,028,615       350,224
 2011      1,158,208           0           0           0     1,158,208        632,293    10,660,908       271,687
 2012      1,146,105           0           0           0     1,146,105        537,450    11,198,358       209,043
 2013      1,133,040           0           0           0     1,133,040        450,405    11,648,763       158,614
 2014      1,056,742           0           0           0     1,056,742        367,282    12,016,045       117,097
 2015      1,003,064           0           0           0     1,003,064        296,481    12,312,526        85,578
 2016        970,487           0           0           0       970,487        232,484    12,545,010        60,765
 2017        935,811           0           0           0       935,811        172,526    12,717,536        40,835

 SUBTOT   18,085,108           0           0           0    18,085,108     12,717,536                   8,332,467
 REMAIN    8,416,595           0           0           0     8,416,595      1,436,556    14,154,092       176,580
 TOTAL    26,501,703           0           0           0    26,501,703     14,154,092                   8,509,047

   LIFE OF SUMMARY IS 38.00 YEARS.
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     12
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
 STATE SUMMARY
                                                                                       PROVED
     KANSAS PROPERTIES                                                                 BEHIND PIPE


                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -                                                                                  5.00% -       921,114
 FINAL   -                                                                                 10.00% -       758,620
 REMARKS -                                                                                 15.00% -       634,276
                                                                                           20.00% -       537,228
                                                                                           25.00% -       460,128
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1         3,446           0           0           2,330           0           0.000      27.29     0.00
 2004     4         3,157           0          61           2,134           0          48.283      27.29     4.13
 2005     5         2,892           0          70           1,955           0          56.573      27.29     4.13
 2006     5         2,648           0          50           1,790           0          38.765      27.29     4.13
 2007     5         2,426           0          39           1,640           0          31.433      27.29     4.13
 2008     5         2,222           0          32           1,502           0          25.176      27.29     4.13
 2009     4         2,035           0          21           1,376           0          16.952      27.29     4.13
 2010     3         2,504           0          10           1,751           0           8.329      27.29     4.13
 2011     3         2,667           0           9           1,889           0           7.266      27.29     4.13
 2012     3         2,524           0           8           1,793           0           6.340      27.29     4.13
 2013     3         2,072           0           7           1,459           0           5.531      27.29     4.13
 2014     2         1,312           0           3             887           0           2.382      27.29     4.13
 2015     1         1,202           0           0             813           0           0.000      27.29     0.00
 2016     1         1,100           0           0             744           0           0.000      27.29     0.00
 2017     1         1,008           0           0             681           0           0.000      27.29     0.00

 SUB-TOTAL         33,215           0         310          22,744           0         247.030      27.29     4.13
 REMAINDER          1,070           0           0             723           0           0.000      27.29     0.00
 TOTAL             34,285           0         310          23,467           0         247.030      27.29     4.13


CUMULATIVE

ULTIMATE
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           63,583           0             0            0        63,583         388           0        63,195
 2004           58,238           0       199,409            0       257,647         355       3,549       253,743
 2005           53,343           0       233,646            0       286,989         326       4,159       282,504
 2006           48,859           0       160,098            0       208,957         298       2,851       205,808
 2007           44,752           0       129,817            0       174,569         273       2,309       171,987
 2008           40,990           0       103,975            0       144,965         250       1,851       142,864
 2009           37,544           0        70,013            0       107,557         229       1,247       106,081
 2010           47,775           0        34,398            0        82,173         291         612        81,270
 2011           51,579           0        30,010            0        81,589         314         534        80,741
 2012           48,932           0        26,182            0        75,114         299         466        74,349
 2013           39,812           0        22,842            0        62,654         243         407        62,004
 2014           24,203           0         9,840            0        34,043         147         175        33,721
 2015           22,169           0             0            0        22,169         136           0        22,033
 2016           20,306           0             0            0        20,306         123           0        20,183
 2017           18,598           0             0            0        18,598         114           0        18,484

 SUB-TOT       620,683           0     1,020,230            0     1,640,913       3,786      18,160     1,618,967
 REMAIN         19,732           0             0            0        19,732         120           0        19,612
 TOTAL         640,415           0     1,020,230            0     1,660,645       3,906      18,160     1,638,579
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003         20,411           0       9,750           0        30,161         33,034        33,034        31,057
 2004         36,970           0      32,000           0        68,970        184,773       217,807       158,288
 2005         42,179           0      12,000           0        54,179        228,325       446,132       178,505
 2006         37,486           0           0           0        37,486        168,322       614,454       119,059
 2007         34,751           0           0           0        34,751        137,236       751,690        87,862
 2008         34,750           0           0           0        34,750        108,114       859,804        62,713
 2009         29,959           0           0           0        29,959         76,122       935,926        40,067
 2010         26,918           0      11,213           0        38,131         43,139       979,065        20,309
 2011         26,919           0           0           0        26,919         53,822     1,032,887        23,119
 2012         26,918           0           0           0        26,918         47,431     1,080,318        18,442
 2013         25,739           0           0           0        25,739         36,265     1,116,583        12,845
 2014         21,862           0           0           0        21,862         11,859     1,128,442         3,860
 2015         20,027           0           0           0        20,027          2,006     1,130,448           583
 2016         15,970           0           0           0        15,970          4,213     1,134,661         1,103
 2017         15,971           0           0           0        15,971          2,513     1,137,174           596

 SUBTOT      416,830           0      64,963           0       481,793      1,137,174                     758,408
 REMAIN       18,632           0           0           0        18,632            980     1,138,154           212
 TOTAL       435,462           0      64,963           0       500,425      1,138,154                     758,620

   LIFE OF SUMMARY IS 16.17 YEARS.
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     13
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
 STATE SUMMARY
                                                                                       PROVED
     KANSAS PROPERTIES                                                                 UNDEVELOPED


                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -                                                                                  5.00% -     1,773,245
 FINAL   -                                                                                 10.00% -     1,149,625
 REMARKS -                                                                                 15.00% -       776,339
                                                                                           20.00% -       539,347
                                                                                           25.00% -       381,044
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     7        17,752           0           0          14,944           0           0.000      27.29     0.00
 2005     7        19,866           0           0          16,897           0           0.000      27.29     0.00
 2006     7        15,613           0           0          13,235           0           0.000      27.29     0.00
 2007     7        14,707           0           0          12,461           0           0.000      27.29     0.00
 2008     7        13,892           0           0          11,766           0           0.000      27.29     0.00
 2009     7        13,130           0           0          11,114           0           0.000      27.29     0.00
 2010     7        12,413           0           0          10,503           0           0.000      27.29     0.00
 2011     7        11,735           0           0           9,927           0           0.000      27.29     0.00
 2012     7        11,107           0           0           9,389           0           0.000      27.29     0.00
 2013     7        10,508           0           0           8,879           0           0.000      27.29     0.00
 2014     7         9,951           0           0           8,402           0           0.000      27.29     0.00
 2015     7         9,423           0           0           7,955           0           0.000      27.29     0.00
 2016     7         8,927           0           0           7,534           0           0.000      27.29     0.00
 2017     7         8,459           0           0           7,135           0           0.000      27.29     0.00

 SUB-TOTAL        177,483           0           0         150,141           0           0.000      27.29     0.00
 REMAINDER         75,225           0           0          62,651           0           0.000      27.29     0.00
 TOTAL            252,708           0           0         212,792           0           0.000      27.29     0.00


CUMULATIVE

ULTIMATE
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004          407,832           0             0            0       407,832       2,486           0       405,346
 2005          461,082           0             0            0       461,082       2,816           0       458,266
 2006          361,200           0             0            0       361,200       2,203           0       358,997
 2007          340,072           0             0            0       340,072       2,073           0       337,999
 2008          321,104           0             0            0       321,104       1,959           0       319,145
 2009          303,311           0             0            0       303,311       1,850           0       301,461
 2010          286,605           0             0            0       286,605       1,749           0       284,856
 2011          270,921           0             0            0       270,921       1,654           0       269,267
 2012          256,183           0             0            0       256,183       1,561           0       254,622
 2013          242,341           0             0            0       242,341       1,477           0       240,864
 2014          229,323           0             0            0       229,323       1,399           0       227,924
 2015          217,084           0             0            0       217,084       1,324           0       215,760
 2016          205,567           0             0            0       205,567       1,255           0       204,312
 2017          194,732           0             0            0       194,732       1,187           0       193,545

 SUB-TOT     4,097,357           0             0            0     4,097,357      24,993           0     4,072,364
 REMAIN      1,709,738           0             0            0     1,709,738      10,431           0     1,699,307
 TOTAL       5,807,095           0             0            0     5,807,095      35,424           0     5,771,671
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004         54,244           0     693,440           0       747,684       -342,338      -342,338      -297,707
 2005         84,657           0           0           0        84,657        373,609        31,271       292,973
 2006         80,901           0           0           0        80,901        278,096       309,367       196,483
 2007         80,901           0           0           0        80,901        257,098       566,465       164,409
 2008         80,901           0           0           0        80,901        238,244       804,709       137,912
 2009         84,071           0           0           0        84,071        217,390     1,022,099       113,914
 2010         84,072           0           0           0        84,072        200,784     1,222,883        95,241
 2011         84,071           0           0           0        84,071        185,196     1,408,079        79,520
 2012         84,072           0           0           0        84,072        170,550     1,578,629        66,293
 2013         84,071           0           0           0        84,071        156,793     1,735,422        55,168
 2014         88,473           0           0           0        88,473        139,451     1,874,873        44,418
 2015         88,473           0           0           0        88,473        127,287     2,002,160        36,699
 2016         88,473           0           0           0        88,473        115,839     2,117,999        30,234
 2017         88,473           0           0           0        88,473        105,072     2,223,071        24,828

 SUBTOT    1,155,853           0     693,440           0     1,849,293      2,223,071                   1,040,385
 REMAIN    1,051,462           0           0           0     1,051,462        647,845     2,870,916       109,240
 TOTAL     2,207,315           0     693,440           0     2,900,755      2,870,916                   1,149,625

   LIFE OF SUMMARY IS 33.80 YEARS.
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     14
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
 STATE SUMMARY
                                                                                       TOTAL PROBABLE
     KANSAS PROPERTIES                                                                 UNDEVELOPED


                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -                                                                                  5.00% -       396,268
 FINAL   -                                                                                 10.00% -       259,925
 REMARKS -                                                                                 15.00% -       176,062
                                                                                           20.00% -       121,492
                                                                                           25.00% -        84,420
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     2         5,158           0           0           3,933           0           0.000      27.29     0.00
 2005     2         5,700           0           0           4,330           0           0.000      27.29     0.00
 2006     2         4,911           0           0           3,724           0           0.000      27.29     0.00
 2007     2         4,622           0           0           3,506           0           0.000      27.29     0.00
 2008     2         4,349           0           0           3,299           0           0.000      27.29     0.00
 2009     2         4,093           0           0           3,105           0           0.000      27.29     0.00
 2010     2         3,852           0           0           2,924           0           0.000      27.29     0.00
 2011     2         3,625           0           0           2,750           0           0.000      27.29     0.00
 2012     2         3,413           0           0           2,591           0           0.000      27.29     0.00
 2013     2         3,211           0           0           2,438           0           0.000      27.29     0.00
 2014     2         3,023           0           0           2,295           0           0.000      27.29     0.00
 2015     2         2,844           0           0           2,161           0           0.000      27.29     0.00
 2016     2         2,678           0           0           2,034           0           0.000      27.29     0.00
 2017     2         2,520           0           0           1,914           0           0.000      27.29     0.00

 SUB-TOTAL         53,999           0           0          41,004           0           0.000      27.29     0.00
 REMAINDER         14,972           0           0          11,163           0           0.000      27.29     0.00
 TOTAL             68,971           0           0          52,167           0           0.000      27.29     0.00


CUMULATIVE

ULTIMATE
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004          107,330           0             0            0       107,330         654           0       106,676
 2005          118,162           0             0            0       118,162         721           0       117,441
 2006          101,640           0             0            0       101,640         620           0       101,020
 2007           95,662           0             0            0        95,662         584           0        95,078
 2008           90,039           0             0            0        90,039         550           0        89,489
 2009           84,748           0             0            0        84,748         516           0        84,232
 2010           79,770           0             0            0        79,770         487           0        79,283
 2011           75,087           0             0            0        75,087         458           0        74,629
 2012           70,680           0             0            0        70,680         431           0        70,249
 2013           66,533           0             0            0        66,533         406           0        66,127
 2014           62,633           0             0            0        62,633         382           0        62,251
 2015           58,961           0             0            0        58,961         359           0        58,602
 2016           55,507           0             0            0        55,507         340           0        55,167
 2017           52,256           0             0            0        52,256         318           0        51,938

 SUB-TOT     1,119,008           0             0            0     1,119,008       6,826           0     1,112,182
 REMAIN        304,628           0             0            0       304,628       1,858           0       302,770
 TOTAL       1,423,636           0             0            0     1,423,636       8,684           0     1,414,952
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004         15,016           0     185,313           0       200,329        -93,653       -93,653       -81,744
 2005         30,034           0           0           0        30,034         87,407        -6,246        68,496
 2006         30,033           0           0           0        30,033         70,987        64,741        50,153
 2007         30,034           0           0           0        30,034         65,044       129,785        41,598
 2008         30,033           0           0           0        30,033         59,456       189,241        34,421
 2009         30,034           0           0           0        30,034         54,198       243,439        28,404
 2010         30,033           0           0           0        30,033         49,250       292,689        23,365
 2011         30,034           0           0           0        30,034         44,595       337,284        19,152
 2012         30,032           0           0           0        30,032         40,217       377,501        15,635
 2013         30,034           0           0           0        30,034         36,093       413,594        12,702
 2014         30,033           0           0           0        30,033         32,218       445,812        10,264
 2015         30,034           0           0           0        30,034         28,568       474,380         8,239
 2016         30,033           0           0           0        30,033         25,134       499,514         6,562
 2017         30,034           0           0           0        30,034         21,904       521,418         5,178

 SUBTOT      405,451           0     185,313           0       590,764        521,418                     242,425
 REMAIN      189,801           0           0           0       189,801        112,969       634,387        17,500
 TOTAL       595,252           0     185,313           0       780,565        634,387                     259,925

   LIFE OF SUMMARY IS 27.54 YEARS.
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     15
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 ARPIN SOUTH FIELD, ROOKS COUNTY, KANSAS                             OIL LEASE
   TENGASCO, INC. - OPERATOR   8-T9S-R20W                            PROVED
     THYFAULT #1   (ARBUCKLE)                                        PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.820313                         27.29                               5.00% -        63,097
 FINAL   -   1.000000  0.820313                         27.29                              10.00% -        56,172
 REMARKS -                                                                                 15.00% -        50,437
                                                                                           20.00% -        45,642
                                                                                           25.00% -        41,597
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1         1,266           0           0           1,038           0           0.000      27.29     0.00
 2004     1         1,111           0           0             912           0           0.000      27.29     0.00
 2005     1           978           0           0             803           0           0.000      27.29     0.00
 2006     1           861           0           0             706           0           0.000      27.29     0.00
 2007     1           758           0           0             621           0           0.000      27.29     0.00
 2008     1           667           0           0             547           0           0.000      27.29     0.00
 2009     1           586           0           0             481           0           0.000      27.29     0.00
 2010     1           517           0           0             424           0           0.000      27.29     0.00
 2011     1           309           0           0             254           0           0.000      27.29     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL          7,053           0           0           5,786           0           0.000      27.29     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL              7,053           0           0           5,786           0           0.000      27.29     0.00

 CUMULATIVE        26,608           0           0
 ULTIMATE          33,661           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           28,330           0             0            0        28,330         173           0        28,157
 2004           24,887           0             0            0        24,887         152           0        24,735
 2005           21,900           0             0            0        21,900         133           0        21,767
 2006           19,273           0             0            0        19,273         118           0        19,155
 2007           16,959           0             0            0        16,959         103           0        16,856
 2008           14,925           0             0            0        14,925          91           0        14,834
 2009           13,133           0             0            0        13,133          80           0        13,053
 2010           11,558           0             0            0        11,558          71           0        11,487
 2011            6,924           0             0            0         6,924          42           0         6,882
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT       157,889           0             0            0       157,889         963           0       156,926
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL         157,889           0             0            0       157,889         963           0       156,926
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          9,852           0           0           0         9,852         18,305        18,305        17,453
 2004          9,852           0           0           0         9,852         14,883        33,188        12,845
 2005          9,852           0           0           0         9,852         11,915        45,103         9,311
 2006          9,852           0           0           0         9,852          9,303        54,406         6,582
 2007          9,852           0           0           0         9,852          7,004        61,410         4,488
 2008          9,852           0           0           0         9,852          4,982        66,392         2,891
 2009          9,852           0           0           0         9,852          3,201        69,593         1,683
 2010          9,852           0           0           0         9,852          1,635        71,228           781
 2011          6,568           0           0           0         6,568            314        71,542           138
 2012              0           0           0           0             0              0        71,542             0
 2013              0           0           0           0             0              0        71,542             0
 2014              0           0           0           0             0              0        71,542             0
 2015              0           0           0           0             0              0        71,542             0
 2016              0           0           0           0             0              0        71,542             0
 2017              0           0           0           0             0              0        71,542             0

 SUBTOT       85,384           0           0           0        85,384         71,542                      56,172
 REMAIN            0           0           0           0             0              0        71,542             0
 TOTAL        85,384           0           0           0        85,384         71,542                      56,172

   LIFE OF EVALUATION IS 8.67 YEARS.
   FINAL PRODUCTION RATE: 37 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     16
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 ASH CREEK FIELD, BARTON COUNTY, KANSAS                                OIL LEASE
   TENGASCO, INC. - OPERATOR   30-T20S-R15W                            PROVED
     UNRUH #2   (ARBUCKLE)                                             PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   0.812500                                                                       5.00% -             0
 FINAL   -   0.812500                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE        29,026           0           0
 ULTIMATE          29,026           0           0
</TABLE>






<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     17
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 AXELSON FIELD, ROOKS COUNTY, KANSAS                                   OIL LEASE
   TENGASCO, INC. - OPERATOR   24-T7S-R19W                             PROVED
     AXELSON LEASE   (LANSING)                                         PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.792969                         27.29                               5.00% -       349,091
 FINAL   -   1.000000  0.792969                         27.29                              10.00% -       237,273
 REMARKS -                                                                                 15.00% -       178,088
                                                                                           20.00% -       142,244
                                                                                           25.00% -       118,382
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     2         1,947           0           0           1,544           0           0.000      27.29     0.00
 2004     2         1,883           0           0           1,493           0           0.000      27.29     0.00
 2005     2         1,821           0           0           1,444           0           0.000      27.29     0.00
 2006     2         1,760           0           0           1,396           0           0.000      27.29     0.00
 2007     2         1,703           0           0           1,350           0           0.000      27.29     0.00
 2008     2         1,646           0           0           1,306           0           0.000      27.29     0.00
 2009     2         1,592           0           0           1,262           0           0.000      27.29     0.00
 2010     2         1,540           0           0           1,221           0           0.000      27.29     0.00
 2011     2         1,489           0           0           1,180           0           0.000      27.29     0.00
 2012     2         1,439           0           0           1,142           0           0.000      27.29     0.00
 2013     2         1,392           0           0           1,104           0           0.000      27.29     0.00
 2014     2         1,347           0           0           1,067           0           0.000      27.29     0.00
 2015     2         1,301           0           0           1,033           0           0.000      27.29     0.00
 2016     2         1,259           0           0             998           0           0.000      27.29     0.00
 2017     2         1,217           0           0             965           0           0.000      27.29     0.00

 SUB-TOTAL         23,336           0           0          18,505           0           0.000      27.29     0.00
 REMAINDER         19,183           0           0          15,212           0           0.000      27.29     0.00
 TOTAL             42,519           0           0          33,717           0           0.000      27.29     0.00

 CUMULATIVE        61,741           0           0
 ULTIMATE         104,260           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           42,137           0             0            0        42,137         257           0        41,880
 2004           40,746           0             0            0        40,746         249           0        40,497
 2005           39,401           0             0            0        39,401         240           0        39,161
 2006           38,101           0             0            0        38,101         232           0        37,869
 2007           36,844           0             0            0        36,844         225           0        36,619
 2008           35,628           0             0            0        35,628         217           0        35,411
 2009           34,452           0             0            0        34,452         211           0        34,241
 2010           33,315           0             0            0        33,315         203           0        33,112
 2011           32,216           0             0            0        32,216         196           0        32,020
 2012           31,153           0             0            0        31,153         190           0        30,963
 2013           30,125           0             0            0        30,125         184           0        29,941
 2014           29,130           0             0            0        29,130         178           0        28,952
 2015           28,170           0             0            0        28,170         172           0        27,998
 2016           27,239           0             0            0        27,239         166           0        27,073
 2017           26,341           0             0            0        26,341         160           0        26,181

 SUB-TOT       504,998           0             0            0       504,998       3,080           0       501,918
 REMAIN        415,127           0             0            0       415,127       2,533           0       412,594
 TOTAL         920,125           0             0            0       920,125       5,613           0       914,512
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          8,208           0           0           0         8,208         33,672        33,672        32,061
 2004          8,208           0           0           0         8,208         32,289        65,961        27,829
 2005          8,208           0           0           0         8,208         30,953        96,914        24,150
 2006          8,208           0           0           0         8,208         29,661       126,575        20,948
 2007          8,208           0           0           0         8,208         28,411       154,986        18,163
 2008          8,208           0           0           0         8,208         27,203       182,189        15,743
 2009          8,208           0           0           0         8,208         26,033       208,222        13,638
 2010          8,208           0           0           0         8,208         24,904       233,126        11,809
 2011          8,208           0           0           0         8,208         23,812       256,938        10,222
 2012          8,208           0           0           0         8,208         22,755       279,693         8,842
 2013          8,208           0           0           0         8,208         21,733       301,426         7,644
 2014          8,208           0           0           0         8,208         20,744       322,170         6,605
 2015          8,208           0           0           0         8,208         19,790       341,960         5,704
 2016          8,208           0           0           0         8,208         18,865       360,825         4,922
 2017          8,208           0           0           0         8,208         17,973       378,798         4,245

 SUBTOT      123,120           0           0           0       123,120        378,798                     212,525
 REMAIN      188,784           0           0           0       188,784        223,810       602,608        24,748
 TOTAL       311,904           0           0           0       311,904        602,608                     237,273

   LIFE OF EVALUATION IS 38.00 YEARS.
   FINAL PRODUCTION RATE: 46 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     18
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 BEISEL FIELD, RUSSELL COUNTY, KANSAS                                  OIL LEASE
   TENGASCO, INC. - OPERATOR   15-T14S-R12W                            PROVED
     BEISEL LEASE   (ARBUCKLE)                                         PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.875000                         27.29                               5.00% -        33,873
 FINAL   -   1.000000  0.875000                         27.29                              10.00% -        31,021
 REMARKS -                                                                                 15.00% -        28,537
                                                                                           20.00% -        26,366
                                                                                           25.00% -        24,459
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     5         2,274           0           0           1,990           0           0.000      27.29     0.00
 2004     5         2,169           0           0           1,898           0           0.000      27.29     0.00
 2005     5         2,070           0           0           1,811           0           0.000      27.29     0.00
 2006     5         1,975           0           0           1,728           0           0.000      27.29     0.00
 2007     5         1,883           0           0           1,648           0           0.000      27.29     0.00
 2008     5         1,503           0           0           1,315           0           0.000      27.29     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL         11,874           0           0          10,390           0           0.000      27.29     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL             11,874           0           0          10,390           0           0.000      27.29     0.00

 CUMULATIVE       169,272           0           0
 ULTIMATE         181,146           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           54,301           0             0            0        54,301         331           0        53,970
 2004           51,803           0             0            0        51,803         316           0        51,487
 2005           49,421           0             0            0        49,421         302           0        49,119
 2006           47,147           0             0            0        47,147         287           0        46,860
 2007           44,978           0             0            0        44,978         275           0        44,703
 2008           35,897           0             0            0        35,897         219           0        35,678
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT       283,547           0             0            0       283,547       1,730           0       281,817
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL         283,547           0             0            0       283,547       1,730           0       281,817
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003         41,940           0           0           0        41,940         12,030        12,030        11,470
 2004         41,940           0           0           0        41,940          9,547        21,577         8,243
 2005         41,940           0           0           0        41,940          7,179        28,756         5,614
 2006         41,940           0           0           0        41,940          4,920        33,676         3,486
 2007         41,940           0           0           0        41,940          2,763        36,439         1,777
 2008         34,950           0           0           0        34,950            728        37,167           431
 2009              0           0           0           0             0              0        37,167             0
 2010              0           0           0           0             0              0        37,167             0
 2011              0           0           0           0             0              0        37,167             0
 2012              0           0           0           0             0              0        37,167             0
 2013              0           0           0           0             0              0        37,167             0
 2014              0           0           0           0             0              0        37,167             0
 2015              0           0           0           0             0              0        37,167             0
 2016              0           0           0           0             0              0        37,167             0
 2017              0           0           0           0             0              0        37,167             0

 SUBTOT      244,650           0           0           0       244,650         37,167                      31,021
 REMAIN            0           0           0           0             0              0        37,167             0
 TOTAL       244,650           0           0           0       244,650         37,167                      31,021

   LIFE OF EVALUATION IS 5.83 YEARS.
   FINAL PRODUCTION RATE: 148 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     19
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 BEISEL FIELD, RUSSELL COUNTY, KANSAS                                OIL LEASE
   TENGASCO, INC. - OPERATOR   15-T14S-R12W                          PROVED
     BEISEL #9 PUD   (ARBUCKLE)                                      UNDEVELOPED


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.875000                         27.29                               5.00% -       385,776
 FINAL   -   1.000000  0.875000                         27.29                              10.00% -       254,763
 REMARKS -                                                                                 15.00% -       175,129
                                                                                           20.00% -       123,713
                                                                                           25.00% -        88,911
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     1         1,765           0           0           1,544           0           0.000      27.29     0.00
 2005     1         3,327           0           0           2,912           0           0.000      27.29     0.00
 2006     1         3,075           0           0           2,690           0           0.000      27.29     0.00
 2007     1         2,842           0           0           2,487           0           0.000      27.29     0.00
 2008     1         2,625           0           0           2,297           0           0.000      27.29     0.00
 2009     1         2,427           0           0           2,123           0           0.000      27.29     0.00
 2010     1         2,242           0           0           1,962           0           0.000      27.29     0.00
 2011     1         2,071           0           0           1,813           0           0.000      27.29     0.00
 2012     1         1,915           0           0           1,675           0           0.000      27.29     0.00
 2013     1         1,769           0           0           1,548           0           0.000      27.29     0.00
 2014     1         1,635           0           0           1,430           0           0.000      27.29     0.00
 2015     1         1,511           0           0           1,322           0           0.000      27.29     0.00
 2016     1         1,396           0           0           1,222           0           0.000      27.29     0.00
 2017     1         1,289           0           0           1,128           0           0.000      27.29     0.00

 SUB-TOTAL         29,889           0           0          26,153           0           0.000      27.29     0.00
 REMAINDER          8,835           0           0           7,731           0           0.000      27.29     0.00
 TOTAL             38,724           0           0          33,884           0           0.000      27.29     0.00

 CUMULATIVE             0           0           0
 ULTIMATE          38,724           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004           42,144           0             0            0        42,144         257           0        41,887
 2005           79,457           0             0            0        79,457         485           0        78,972
 2006           73,424           0             0            0        73,424         448           0        72,976
 2007           67,849           0             0            0        67,849         414           0        67,435
 2008           62,697           0             0            0        62,697         382           0        62,315
 2009           57,936           0             0            0        57,936         353           0        57,583
 2010           53,537           0             0            0        53,537         327           0        53,210
 2011           49,472           0             0            0        49,472         302           0        49,170
 2012           45,716           0             0            0        45,716         279           0        45,437
 2013           42,245           0             0            0        42,245         257           0        41,988
 2014           39,037           0             0            0        39,037         238           0        38,799
 2015           36,073           0             0            0        36,073         220           0        35,853
 2016           33,333           0             0            0        33,333         204           0        33,129
 2017           30,803           0             0            0        30,803         188           0        30,615

 SUB-TOT       713,723           0             0            0       713,723       4,354           0       709,369
 REMAIN        210,958           0             0            0       210,958       1,287           0       209,671
 TOTAL         924,681           0             0            0       924,681       5,641           0       919,040
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004          4,194           0     100,000           0       104,194        -62,307       -62,307       -54,094
 2005          8,388           0           0           0         8,388         70,584         8,277        55,090
 2006          8,388           0           0           0         8,388         64,588        72,865        45,633
 2007          8,388           0           0           0         8,388         59,047       131,912        37,764
 2008          8,388           0           0           0         8,388         53,927       185,839        31,220
 2009          8,388           0           0           0         8,388         49,195       235,034        25,782
 2010          8,388           0           0           0         8,388         44,822       279,856        21,263
 2011          8,388           0           0           0         8,388         40,782       320,638        17,513
 2012          8,388           0           0           0         8,388         37,049       357,687        14,403
 2013          8,388           0           0           0         8,388         33,600       391,287        11,823
 2014          8,388           0           0           0         8,388         30,411       421,698         9,687
 2015          8,388           0           0           0         8,388         27,465       449,163         7,920
 2016          8,388           0           0           0         8,388         24,741       473,904         6,458
 2017          8,388           0           0           0         8,388         22,227       496,131         5,252

 SUBTOT      113,238           0     100,000           0       213,238        496,131                     235,714
 REMAIN       87,871           0           0           0        87,871        121,800       617,931        19,049
 TOTAL       201,109           0     100,000           0       301,109        617,931                     254,763

   LIFE OF EVALUATION IS 25.48 YEARS.
   FINAL PRODUCTION RATE: 45 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     20
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 BIELMAN FIELD, ELLIS COUNTY, KANSAS                                   OIL LEASE
   TENGASCO, INC. - OPERATOR   24-T15S-R18W                            PROVED
     GRASS #5   (ARBUCKLE)                                             PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.875000                         27.29                               5.00% -       108,257
 FINAL   -   1.000000  0.875000                         27.29                              10.00% -        93,097
 REMARKS -                                                                                 15.00% -        81,219
                                                                                           20.00% -        71,759
                                                                                           25.00% -        64,108
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1         1,640           0           0           1,435           0           0.000      27.29     0.00
 2004     1         1,498           0           0           1,311           0           0.000      27.29     0.00
 2005     1         1,367           0           0           1,196           0           0.000      27.29     0.00
 2006     1         1,248           0           0           1,092           0           0.000      27.29     0.00
 2007     1         1,140           0           0             997           0           0.000      27.29     0.00
 2008     1         1,040           0           0             911           0           0.000      27.29     0.00
 2009     1           951           0           0             831           0           0.000      27.29     0.00
 2010     1           867           0           0             759           0           0.000      27.29     0.00
 2011     1           792           0           0             693           0           0.000      27.29     0.00
 2012     1           723           0           0             633           0           0.000      27.29     0.00
 2013     1           660           0           0             577           0           0.000      27.29     0.00
 2014     1           408           0           0             357           0           0.000      27.29     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL         12,334           0           0          10,792           0           0.000      27.29     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL             12,334           0           0          10,792           0           0.000      27.29     0.00

 CUMULATIVE       121,911           0           0
 ULTIMATE         134,245           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           39,166           0             0            0        39,166         239           0        38,927
 2004           35,759           0             0            0        35,759         218           0        35,541
 2005           32,648           0             0            0        32,648         199           0        32,449
 2006           29,808           0             0            0        29,808         182           0        29,626
 2007           27,214           0             0            0        27,214         166           0        27,048
 2008           24,847           0             0            0        24,847         152           0        24,695
 2009           22,685           0             0            0        22,685         138           0        22,547
 2010           20,711           0             0            0        20,711         126           0        20,585
 2011           18,910           0             0            0        18,910         116           0        18,794
 2012           17,264           0             0            0        17,264         105           0        17,159
 2013           15,763           0             0            0        15,763          96           0        15,667
 2014            9,738           0             0            0         9,738          60           0         9,678
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT       294,513           0             0            0       294,513       1,797           0       292,716
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL         294,513           0             0            0       294,513       1,797           0       292,716
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003         14,124           0           0           0        14,124         24,803        24,803        23,636
 2004         14,124           0           0           0        14,124         21,417        46,220        18,476
 2005         14,124           0           0           0        14,124         18,325        64,545        14,311
 2006         14,124           0           0           0        14,124         15,502        80,047        10,960
 2007         14,124           0           0           0        14,124         12,924        92,971         8,272
 2008         14,124           0           0           0        14,124         10,571       103,542         6,126
 2009         14,124           0           0           0        14,124          8,423       111,965         4,420
 2010         14,124           0           0           0        14,124          6,461       118,426         3,070
 2011         14,124           0           0           0        14,124          4,670       123,096         2,010
 2012         14,124           0           0           0        14,124          3,035       126,131         1,184
 2013         14,124           0           0           0        14,124          1,543       127,674           547
 2014          9,416           0           0           0         9,416            262       127,936            85
 2015              0           0           0           0             0              0       127,936             0
 2016              0           0           0           0             0              0       127,936             0
 2017              0           0           0           0             0              0       127,936             0

 SUBTOT      164,780           0           0           0       164,780        127,936                      93,097
 REMAIN            0           0           0           0             0              0       127,936             0
 TOTAL       164,780           0           0           0       164,780        127,936                      93,097

   LIFE OF EVALUATION IS 11.67 YEARS.
   FINAL PRODUCTION RATE: 50 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     21
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 CARPENTER FIELD, EDWARDS COUNTY, KANSAS                               OIL LEASE
   TENGASCO, INC. - OPERATOR   1-T24S-R17W                             PROVED
     HENNING #1   (LNSG-PSLV)                                          PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   0.875000  0.708801                         27.29                               5.00% -        46,735
 FINAL   -   0.875000  0.708801                         27.29                              10.00% -        35,472
 REMARKS -                                                                                 15.00% -        28,278
                                                                                           20.00% -        23,394
                                                                                           25.00% -        19,905
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1           506           0           0             358           0           0.000      27.29     0.00
 2004     1           485           0           0             344           0           0.000      27.29     0.00
 2005     1           466           0           0             331           0           0.000      27.29     0.00
 2006     1           447           0           0             317           0           0.000      27.29     0.00
 2007     1           430           0           0             304           0           0.000      27.29     0.00
 2008     1           412           0           0             292           0           0.000      27.29     0.00
 2009     1           396           0           0             281           0           0.000      27.29     0.00
 2010     1           380           0           0             269           0           0.000      27.29     0.00
 2011     1           364           0           0             259           0           0.000      27.29     0.00
 2012     1           351           0           0             248           0           0.000      27.29     0.00
 2013     1           336           0           0             238           0           0.000      27.29     0.00
 2014     1           322           0           0             229           0           0.000      27.29     0.00
 2015     1           310           0           0             219           0           0.000      27.29     0.00
 2016     1           298           0           0             211           0           0.000      27.29     0.00
 2017     1           285           0           0             203           0           0.000      27.29     0.00

 SUB-TOTAL          5,788           0           0           4,103           0           0.000      27.29     0.00
 REMAINDER          2,281           0           0           1,616           0           0.000      27.29     0.00
 TOTAL              8,069           0           0           5,719           0           0.000      27.29     0.00

 CUMULATIVE        17,789           0           0
 ULTIMATE          25,858           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003            9,780           0             0            0         9,780          60           0         9,720
 2004            9,389           0             0            0         9,389          57           0         9,332
 2005            9,013           0             0            0         9,013          55           0         8,958
 2006            8,653           0             0            0         8,653          53           0         8,600
 2007            8,307           0             0            0         8,307          50           0         8,257
 2008            7,974           0             0            0         7,974          49           0         7,925
 2009            7,656           0             0            0         7,656          47           0         7,609
 2010            7,349           0             0            0         7,349          45           0         7,304
 2011            7,055           0             0            0         7,055          43           0         7,012
 2012            6,773           0             0            0         6,773          41           0         6,732
 2013            6,502           0             0            0         6,502          40           0         6,462
 2014            6,242           0             0            0         6,242          38           0         6,204
 2015            5,993           0             0            0         5,993          36           0         5,957
 2016            5,752           0             0            0         5,752          35           0         5,717
 2017            5,523           0             0            0         5,523          34           0         5,489

 SUB-TOT       111,961           0             0            0       111,961         683           0       111,278
 REMAIN         44,123           0             0            0        44,123         269           0        43,854
 TOTAL         156,084           0             0            0       156,084         952           0       155,132
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          3,591           0           0           0         3,591          6,129         6,129         5,837
 2004          3,591           0           0           0         3,591          5,741        11,870         4,949
 2005          3,591           0           0           0         3,591          5,367        17,237         4,188
 2006          3,591           0           0           0         3,591          5,009        22,246         3,539
 2007          3,591           0           0           0         3,591          4,666        26,912         2,983
 2008          3,591           0           0           0         3,591          4,334        31,246         2,509
 2009          3,591           0           0           0         3,591          4,018        35,264         2,106
 2010          3,591           0           0           0         3,591          3,713        38,977         1,761
 2011          3,591           0           0           0         3,591          3,421        42,398         1,469
 2012          3,591           0           0           0         3,591          3,141        45,539         1,221
 2013          3,591           0           0           0         3,591          2,871        48,410         1,010
 2014          3,591           0           0           0         3,591          2,613        51,023           832
 2015          3,591           0           0           0         3,591          2,366        53,389           683
 2016          3,591           0           0           0         3,591          2,126        55,515           554
 2017          3,591           0           0           0         3,591          1,898        57,413           449

 SUBTOT       53,865           0           0           0        53,865         57,413                      34,090
 REMAIN       35,611           0           0           0        35,611          8,243        65,656         1,382
 TOTAL        89,476           0           0           0        89,476         65,656                      35,472

   LIFE OF EVALUATION IS 24.92 YEARS.
   FINAL PRODUCTION RATE: 16 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     22
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 CARROLL FIELD, BARTON COUNTY, KANSAS                                  OIL LEASE
   TENGASCO, INC. - OPERATOR   21-T17S-R14W                            PROVED
     KEENAN -B- LEASE   (ABCK-KSSC-LNSG)                               PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   0.992754  0.868660                         27.29                               5.00% -        34,035
 FINAL   -   0.992754  0.868660                         27.29                              10.00% -        28,873
 REMARKS -                                                                                 15.00% -        24,891
                                                                                           20.00% -        21,766
                                                                                           25.00% -        19,272
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     2         1,005           0           0             873           0           0.000      27.29     0.00
 2004     2           974           0           0             846           0           0.000      27.29     0.00
 2005     2           945           0           0             821           0           0.000      27.29     0.00
 2006     2           917           0           0             797           0           0.000      27.29     0.00
 2007     2           890           0           0             772           0           0.000      27.29     0.00
 2008     2           862           0           0             750           0           0.000      27.29     0.00
 2009     2           837           0           0             727           0           0.000      27.29     0.00
 2010     2           812           0           0             705           0           0.000      27.29     0.00
 2011     2           787           0           0             684           0           0.000      27.29     0.00
 2012     2           764           0           0             663           0           0.000      27.29     0.00
 2013     2           741           0           0             644           0           0.000      27.29     0.00
 2014     2           659           0           0             573           0           0.000      27.29     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL         10,193           0           0           8,855           0           0.000      27.29     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL             10,193           0           0           8,855           0           0.000      27.29     0.00

 CUMULATIVE       114,764           0           0
 ULTIMATE         124,957           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           23,815           0             0            0        23,815         145           0        23,670
 2004           23,101           0             0            0        23,101         141           0        22,960
 2005           22,408           0             0            0        22,408         137           0        22,271
 2006           21,736           0             0            0        21,736         132           0        21,604
 2007           21,083           0             0            0        21,083         129           0        20,954
 2008           20,451           0             0            0        20,451         125           0        20,326
 2009           19,838           0             0            0        19,838         121           0        19,717
 2010           19,242           0             0            0        19,242         117           0        19,125
 2011           18,665           0             0            0        18,665         114           0        18,551
 2012           18,105           0             0            0        18,105         111           0        17,994
 2013           17,562           0             0            0        17,562         107           0        17,455
 2014           15,635           0             0            0        15,635          95           0        15,540
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT       241,641           0             0            0       241,641       1,474           0       240,167
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL         241,641           0             0            0       241,641       1,474           0       240,167
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003         16,726           0           0           0        16,726          6,944         6,944         6,615
 2004         16,726           0           0           0        16,726          6,234        13,178         5,376
 2005         16,726           0           0           0        16,726          5,545        18,723         4,329
 2006         16,726           0           0           0        16,726          4,878        23,601         3,448
 2007         16,726           0           0           0        16,726          4,228        27,829         2,705
 2008         16,726           0           0           0        16,726          3,600        31,429         2,086
 2009         16,725           0           0           0        16,725          2,992        34,421         1,569
 2010         16,726           0           0           0        16,726          2,399        36,820         1,140
 2011         16,726           0           0           0        16,726          1,825        38,645           785
 2012         16,726           0           0           0        16,726          1,268        39,913           494
 2013         16,726           0           0           0        16,726            729        40,642           258
 2014         15,332           0           0           0        15,332            208        40,850            68
 2015              0           0           0           0             0              0        40,850             0
 2016              0           0           0           0             0              0        40,850             0
 2017              0           0           0           0             0              0        40,850             0

 SUBTOT      199,317           0           0           0       199,317         40,850                      28,873
 REMAIN            0           0           0           0             0              0        40,850             0
 TOTAL       199,317           0           0           0       199,317         40,850                      28,873

   LIFE OF EVALUATION IS 11.92 YEARS.
   FINAL PRODUCTION RATE: 59 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     23
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 CENTERVIEW FIELD, STAFFORD COUNTY, KANSAS                             OIL LEASE
   TENGASCO, INC. - OPERATOR   21-T24S-R13W                            PROVED
     BECKERDITE #1   (ARBUCKLE)                                        PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   0.937500  0.807495                         27.29                               5.00% -        74,223
 FINAL   -   0.937500  0.807495                         27.29                              10.00% -        62,903
 REMARKS -                                                                                 15.00% -        54,218
                                                                                           20.00% -        47,427
                                                                                           25.00% -        42,023
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1         1,338           0           0           1,081           0           0.000      27.29     0.00
 2004     1         1,258           0           0           1,015           0           0.000      27.29     0.00
 2005     1         1,182           0           0             955           0           0.000      27.29     0.00
 2006     1         1,112           0           0             898           0           0.000      27.29     0.00
 2007     1         1,045           0           0             843           0           0.000      27.29     0.00
 2008     1           982           0           0             793           0           0.000      27.29     0.00
 2009     1           923           0           0             746           0           0.000      27.29     0.00
 2010     1           868           0           0             700           0           0.000      27.29     0.00
 2011     1           815           0           0             659           0           0.000      27.29     0.00
 2012     1           767           0           0             619           0           0.000      27.29     0.00
 2013     1           721           0           0             582           0           0.000      27.29     0.00
 2014     1           677           0           0             547           0           0.000      27.29     0.00
 2015     1           377           0           0             304           0           0.000      27.29     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL         12,065           0           0           9,742           0           0.000      27.29     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL             12,065           0           0           9,742           0           0.000      27.29     0.00

 CUMULATIVE        27,793           0           0
 ULTIMATE          39,858           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           29,489           0             0            0        29,489         180           0        29,309
 2004           27,719           0             0            0        27,719         169           0        27,550
 2005           26,056           0             0            0        26,056         159           0        25,897
 2006           24,493           0             0            0        24,493         149           0        24,344
 2007           23,023           0             0            0        23,023         141           0        22,882
 2008           21,642           0             0            0        21,642         132           0        21,510
 2009           20,344           0             0            0        20,344         124           0        20,220
 2010           19,122           0             0            0        19,122         117           0        19,005
 2011           17,976           0             0            0        17,976         109           0        17,867
 2012           16,897           0             0            0        16,897         103           0        16,794
 2013           15,883           0             0            0        15,883          97           0        15,786
 2014           14,930           0             0            0        14,930          91           0        14,839
 2015            8,292           0             0            0         8,292          51           0         8,241
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT       265,866           0             0            0       265,866       1,622           0       264,244
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL         265,866           0             0            0       265,866       1,622           0       264,244
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003         13,905           0           0           0        13,905         15,404        15,404        14,676
 2004         13,905           0           0           0        13,905         13,645        29,049        11,769
 2005         13,905           0           0           0        13,905         11,992        41,041         9,363
 2006         13,905           0           0           0        13,905         10,439        51,480         7,378
 2007         13,905           0           0           0        13,905          8,977        60,457         5,745
 2008         13,905           0           0           0        13,905          7,605        68,062         4,406
 2009         13,905           0           0           0        13,905          6,315        74,377         3,312
 2010         13,905           0           0           0        13,905          5,100        79,477         2,422
 2011         13,905           0           0           0        13,905          3,962        83,439         1,704
 2012         13,905           0           0           0        13,905          2,889        86,328         1,126
 2013         13,905           0           0           0        13,905          1,881        88,209           664
 2014         13,905           0           0           0        13,905            934        89,143           300
 2015          8,111           0           0           0         8,111            130        89,273            38
 2016              0           0           0           0             0              0        89,273             0
 2017              0           0           0           0             0              0        89,273             0

 SUBTOT      174,971           0           0           0       174,971         89,273                      62,903
 REMAIN            0           0           0           0             0              0        89,273             0
 TOTAL       174,971           0           0           0       174,971         89,273                      62,903

   LIFE OF EVALUATION IS 12.58 YEARS.
   FINAL PRODUCTION RATE: 53 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     24
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 CHASE-SILICA FIELD, BARTON COUNTY, KANSAS                             OIL LEASE
   TENGASCO, INC. - OPERATOR   10-T20S-R11W                            PROVED
     LANDER #1                                                         PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   0.915630  0.741803                         27.29                               5.00% -       151,446
 FINAL   -   0.915630  0.741803                         27.29                              10.00% -       117,718
 REMARKS -                                                                                 15.00% -        95,299
                                                                                           20.00% -        79,643
                                                                                           25.00% -        68,233
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1         1,737           0           0           1,288           0           0.000      27.29     0.00
 2004     1         1,660           0           0           1,232           0           0.000      27.29     0.00
 2005     1         1,587           0           0           1,177           0           0.000      27.29     0.00
 2006     1         1,517           0           0           1,126           0           0.000      27.29     0.00
 2007     1         1,451           0           0           1,076           0           0.000      27.29     0.00
 2008     1         1,387           0           0           1,028           0           0.000      27.29     0.00
 2009     1         1,325           0           0             984           0           0.000      27.29     0.00
 2010     1         1,268           0           0             940           0           0.000      27.29     0.00
 2011     1         1,211           0           0             899           0           0.000      27.29     0.00
 2012     1         1,159           0           0             859           0           0.000      27.29     0.00
 2013     1         1,107           0           0             822           0           0.000      27.29     0.00
 2014     1         1,059           0           0             785           0           0.000      27.29     0.00
 2015     1         1,012           0           0             751           0           0.000      27.29     0.00
 2016     1           967           0           0             717           0           0.000      27.29     0.00
 2017     1           925           0           0             686           0           0.000      27.29     0.00

 SUB-TOTAL         19,372           0           0          14,370           0           0.000      27.29     0.00
 REMAINDER          5,320           0           0           3,947           0           0.000      27.29     0.00
 TOTAL             24,692           0           0          18,317           0           0.000      27.29     0.00

 CUMULATIVE        24,095           0           0
 ULTIMATE          48,787           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           35,156           0             0            0        35,156         214           0        34,942
 2004           33,609           0             0            0        33,609         205           0        33,404
 2005           32,131           0             0            0        32,131         196           0        31,935
 2006           30,716           0             0            0        30,716         188           0        30,528
 2007           29,366           0             0            0        29,366         179           0        29,187
 2008           28,073           0             0            0        28,073         171           0        27,902
 2009           26,838           0             0            0        26,838         164           0        26,674
 2010           25,657           0             0            0        25,657         156           0        25,501
 2011           24,528           0             0            0        24,528         150           0        24,378
 2012           23,448           0             0            0        23,448         143           0        23,305
 2013           22,418           0             0            0        22,418         137           0        22,281
 2014           21,430           0             0            0        21,430         131           0        21,299
 2015           20,488           0             0            0        20,488         125           0        20,363
 2016           19,586           0             0            0        19,586         119           0        19,467
 2017           18,725           0             0            0        18,725         114           0        18,611

 SUB-TOT       392,169           0             0            0       392,169       2,392           0       389,777
 REMAIN        107,690           0             0            0       107,690         657           0       107,033
 TOTAL         499,859           0             0            0       499,859       3,049           0       496,810
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003         13,361           0           0           0        13,361         21,581        21,581        20,553
 2004         13,361           0           0           0        13,361         20,043        41,624        17,280
 2005         13,361           0           0           0        13,361         18,574        60,198        14,496
 2006         13,360           0           0           0        13,360         17,168        77,366        12,128
 2007         13,361           0           0           0        13,361         15,826        93,192        10,121
 2008         13,361           0           0           0        13,361         14,541       107,733         8,418
 2009         13,361           0           0           0        13,361         13,313       121,046         6,977
 2010         13,361           0           0           0        13,361         12,140       133,186         5,759
 2011         13,361           0           0           0        13,361         11,017       144,203         4,732
 2012         13,361           0           0           0        13,361          9,944       154,147         3,865
 2013         13,361           0           0           0        13,361          8,920       163,067         3,140
 2014         13,360           0           0           0        13,360          7,939       171,006         2,529
 2015         13,361           0           0           0        13,361          7,002       178,008         2,020
 2016         13,361           0           0           0        13,361          6,106       184,114         1,594
 2017         13,361           0           0           0        13,361          5,250       189,364         1,241

 SUBTOT      200,413           0           0           0       200,413        189,364                     114,853
 REMAIN       91,299           0           0           0        91,299         15,734       205,098         2,865
 TOTAL       291,712           0           0           0       291,712        205,098                     117,718

   LIFE OF EVALUATION IS 21.83 YEARS.
   FINAL PRODUCTION RATE: 56 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     25
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 CHASE-SILICA FIELD, BARTON COUNTY, KANSAS                           OIL LEASE
   TENGASCO, INC. - OPERATOR   10-T20S-R11W                          PROBABLE
     LANDER #3 PBUD   (ARBUCKLE)                                     UNDEVELOPED


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   0.915630  0.741803                         27.29                               5.00% -       356,668
 FINAL   -   0.915630  0.741803                         27.29                              10.00% -       239,032
 REMARKS -                                                                                 15.00% -       167,567
                                                                                           20.00% -       121,299
                                                                                           25.00% -        89,809
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     1         3,129           0           0           2,321           0           0.000      27.29     0.00
 2005     1         3,790           0           0           2,812           0           0.000      27.29     0.00
 2006     1         3,375           0           0           2,503           0           0.000      27.29     0.00
 2007     1         3,165           0           0           2,348           0           0.000      27.29     0.00
 2008     1         2,968           0           0           2,202           0           0.000      27.29     0.00
 2009     1         2,784           0           0           2,065           0           0.000      27.29     0.00
 2010     1         2,611           0           0           1,937           0           0.000      27.29     0.00
 2011     1         2,449           0           0           1,816           0           0.000      27.29     0.00
 2012     1         2,297           0           0           1,704           0           0.000      27.29     0.00
 2013     1         2,154           0           0           1,598           0           0.000      27.29     0.00
 2014     1         2,020           0           0           1,498           0           0.000      27.29     0.00
 2015     1         1,894           0           0           1,406           0           0.000      27.29     0.00
 2016     1         1,777           0           0           1,318           0           0.000      27.29     0.00
 2017     1         1,666           0           0           1,236           0           0.000      27.29     0.00

 SUB-TOTAL         36,079           0           0          26,764           0           0.000      27.29     0.00
 REMAINDER         13,902           0           0          10,312           0           0.000      27.29     0.00
 TOTAL             49,981           0           0          37,076           0           0.000      27.29     0.00

 CUMULATIVE             0           0           0
 ULTIMATE          49,981           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004           63,338           0             0            0        63,338         386           0        62,952
 2005           76,728           0             0            0        76,728         468           0        76,260
 2006           68,320           0             0            0        68,320         417           0        67,903
 2007           64,075           0             0            0        64,075         391           0        63,684
 2008           60,093           0             0            0        60,093         367           0        59,726
 2009           56,359           0             0            0        56,359         343           0        56,016
 2010           52,857           0             0            0        52,857         323           0        52,534
 2011           49,572           0             0            0        49,572         302           0        49,270
 2012           46,492           0             0            0        46,492         284           0        46,208
 2013           43,602           0             0            0        43,602         266           0        43,336
 2014           40,894           0             0            0        40,894         249           0        40,645
 2015           38,352           0             0            0        38,352         234           0        38,118
 2016           35,969           0             0            0        35,969         220           0        35,749
 2017           33,734           0             0            0        33,734         205           0        33,529

 SUB-TOT       730,385           0             0            0       730,385       4,455           0       725,930
 REMAIN        281,421           0             0            0       281,421       1,717           0       279,704
 TOTAL       1,011,806           0             0            0     1,011,806       6,172           0     1,005,634
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004          6,680           0      91,563           0        98,243        -35,291       -35,291       -31,157
 2005         13,361           0           0           0        13,361         62,899        27,608        49,204
 2006         13,361           0           0           0        13,361         54,542        82,150        38,532
 2007         13,361           0           0           0        13,361         50,323       132,473        32,182
 2008         13,361           0           0           0        13,361         46,365       178,838        26,840
 2009         13,361           0           0           0        13,361         42,655       221,493        22,353
 2010         13,361           0           0           0        13,361         39,173       260,666        18,582
 2011         13,361           0           0           0        13,361         35,909       296,575        15,420
 2012         13,360           0           0           0        13,360         32,848       329,423        12,769
 2013         13,361           0           0           0        13,361         29,975       359,398        10,547
 2014         13,361           0           0           0        13,361         27,284       386,682         8,691
 2015         13,361           0           0           0        13,361         24,757       411,439         7,138
 2016         13,361           0           0           0        13,361         22,388       433,827         5,844
 2017         13,361           0           0           0        13,361         20,168       453,995         4,766

 SUBTOT      180,372           0      91,563           0       271,935        453,995                     221,711
 REMAIN      167,571           0           0           0       167,571        112,133       566,128        17,321
 TOTAL       347,943           0      91,563           0       439,506        566,128                     239,032

   LIFE OF EVALUATION IS 27.54 YEARS.
   FINAL PRODUCTION RATE: 60 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     26
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 CHASE-SILICA FIELD, BARTON COUNTY, KANSAS                             OIL LEASE
   TENGASCO, INC. - OPERATOR   3-T20S-R11W                             PROVED
     ROSE LEASE                                                        PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                                                                       5.00% -             0
 FINAL   -   1.000000                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE        94,653           0           0
 ULTIMATE          94,653           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     27
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 CHEYENNE FIELD, BARTON COUNTY, KANSAS                                 OIL LEASE
   TENGASCO, INC. - OPERATOR   2-T19S-R12W                             PROVED
     HAMMEKE #1   (SIMPSON)                                            PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.833984                         27.29                               5.00% -        66,998
 FINAL   -   1.000000  0.833984                         27.29                              10.00% -        56,500
 REMARKS -                                                                                 15.00% -        48,808
                                                                                           20.00% -        43,006
                                                                                           25.00% -        38,510
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1         1,290           0           0           1,076           0           0.000      27.29     0.00
 2004     1           912           0           0             761           0           0.000      27.29     0.00
 2005     1           809           0           0             674           0           0.000      27.29     0.00
 2006     1           773           0           0             645           0           0.000      27.29     0.00
 2007     1           740           0           0             617           0           0.000      27.29     0.00
 2008     1           706           0           0             589           0           0.000      27.29     0.00
 2009     1           676           0           0             563           0           0.000      27.29     0.00
 2010     1           646           0           0             539           0           0.000      27.29     0.00
 2011     1           617           0           0             515           0           0.000      27.29     0.00
 2012     1           591           0           0             492           0           0.000      27.29     0.00
 2013     1           564           0           0             471           0           0.000      27.29     0.00
 2014     1           540           0           0             450           0           0.000      27.29     0.00
 2015     1           515           0           0             430           0           0.000      27.29     0.00
 2016     1           493           0           0             411           0           0.000      27.29     0.00
 2017     1           472           0           0             394           0           0.000      27.29     0.00

 SUB-TOTAL         10,344           0           0           8,627           0           0.000      27.29     0.00
 REMAINDER            265           0           0             221           0           0.000      27.29     0.00
 TOTAL             10,609           0           0           8,848           0           0.000      27.29     0.00

 CUMULATIVE        38,684           0           0
 ULTIMATE          49,293           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           29,351           0             0            0        29,351         179           0        29,172
 2004           20,769           0             0            0        20,769         127           0        20,642
 2005           18,410           0             0            0        18,410         112           0        18,298
 2006           17,600           0             0            0        17,600         107           0        17,493
 2007           16,825           0             0            0        16,825         103           0        16,722
 2008           16,085           0             0            0        16,085          98           0        15,987
 2009           15,377           0             0            0        15,377          94           0        15,283
 2010           14,700           0             0            0        14,700          90           0        14,610
 2011           14,054           0             0            0        14,054          85           0        13,969
 2012           13,435           0             0            0        13,435          82           0        13,353
 2013           12,845           0             0            0        12,845          79           0        12,766
 2014           12,279           0             0            0        12,279          75           0        12,204
 2015           11,738           0             0            0        11,738          71           0        11,667
 2016           11,223           0             0            0        11,223          69           0        11,154
 2017           10,728           0             0            0        10,728          65           0        10,663

 SUB-TOT       235,419           0             0            0       235,419       1,436           0       233,983
 REMAIN          6,039           0             0            0         6,039          37           0         6,002
 TOTAL         241,458           0             0            0       241,458       1,473           0       239,985
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003         10,152           0           0           0        10,152         19,020        19,020        18,186
 2004         10,152           0           0           0        10,152         10,490        29,510         9,080
 2005         10,152           0           0           0        10,152          8,146        37,656         6,359
 2006         10,152           0           0           0        10,152          7,341        44,997         5,187
 2007         10,152           0           0           0        10,152          6,570        51,567         4,203
 2008         10,152           0           0           0        10,152          5,835        57,402         3,379
 2009         10,152           0           0           0        10,152          5,131        62,533         2,690
 2010         10,152           0           0           0        10,152          4,458        66,991         2,116
 2011         10,152           0           0           0        10,152          3,817        70,808         1,640
 2012         10,152           0           0           0        10,152          3,201        74,009         1,245
 2013         10,152           0           0           0        10,152          2,614        76,623           921
 2014         10,152           0           0           0        10,152          2,052        78,675           654
 2015         10,152           0           0           0        10,152          1,515        80,190           438
 2016         10,152           0           0           0        10,152          1,002        81,192           262
 2017         10,152           0           0           0        10,152            511        81,703           122

 SUBTOT      152,280           0           0           0       152,280         81,703                      56,482
 REMAIN        5,922           0           0           0         5,922             80        81,783            18
 TOTAL       158,202           0           0           0       158,202         81,783                      56,500

   LIFE OF EVALUATION IS 15.58 YEARS.
   FINAL PRODUCTION RATE: 37 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     28
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 CONVERSE FIELD, BARTON COUNTY, KANSAS                                 OIL LEASE
   TENGASCO, INC. - OPERATOR   19-T20S-R15W                            PROVED
     IANNITTI LEASE   (ARBUCKLE)                                       PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.875000                         27.29                               5.00% -       197,877
 FINAL   -   1.000000  0.875000                         27.29                              10.00% -       161,314
 REMARKS -                                                                                 15.00% -       135,122
                                                                                           20.00% -       115,741
                                                                                           25.00% -       100,976
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     6         2,668           0           0           2,334           0           0.000      27.29     0.00
 2004     6         2,517           0           0           2,203           0           0.000      27.29     0.00
 2005     6         2,378           0           0           2,081           0           0.000      27.29     0.00
 2006     6         2,251           0           0           1,969           0           0.000      27.29     0.00
 2007     6         2,134           0           0           1,867           0           0.000      27.29     0.00
 2008     6         2,025           0           0           1,772           0           0.000      27.29     0.00
 2009     6         1,924           0           0           1,684           0           0.000      27.29     0.00
 2010     6         1,832           0           0           1,603           0           0.000      27.29     0.00
 2011     6         1,745           0           0           1,526           0           0.000      27.29     0.00
 2012     6         1,664           0           0           1,457           0           0.000      27.29     0.00
 2013     6         1,589           0           0           1,390           0           0.000      27.29     0.00
 2014     6         1,519           0           0           1,330           0           0.000      27.29     0.00
 2015     6         1,454           0           0           1,272           0           0.000      27.29     0.00
 2016     6         1,392           0           0           1,218           0           0.000      27.29     0.00
 2017     6         1,335           0           0           1,167           0           0.000      27.29     0.00

 SUB-TOTAL         28,427           0           0          24,873           0           0.000      27.29     0.00
 REMAINDER          2,710           0           0           2,372           0           0.000      27.29     0.00
 TOTAL             31,137           0           0          27,245           0           0.000      27.29     0.00

 CUMULATIVE       118,773           0           0
 ULTIMATE         149,910           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           63,707           0             0            0        63,707         389           0        63,318
 2004           60,101           0             0            0        60,101         366           0        59,735
 2005           56,793           0             0            0        56,793         347           0        56,446
 2006           53,750           0             0            0        53,750         328           0        53,422
 2007           50,945           0             0            0        50,945         310           0        50,635
 2008           48,354           0             0            0        48,354         295           0        48,059
 2009           45,957           0             0            0        45,957         281           0        45,676
 2010           43,733           0             0            0        43,733         266           0        43,467
 2011           41,667           0             0            0        41,667         255           0        41,412
 2012           39,743           0             0            0        39,743         242           0        39,501
 2013           37,950           0             0            0        37,950         231           0        37,719
 2014           36,276           0             0            0        36,276         222           0        36,054
 2015           34,710           0             0            0        34,710         211           0        34,499
 2016           33,243           0             0            0        33,243         203           0        33,040
 2017           31,868           0             0            0        31,868         195           0        31,673

 SUB-TOT       678,797           0             0            0       678,797       4,141           0       674,656
 REMAIN         64,716           0             0            0        64,716         394           0        64,322
 TOTAL         743,513           0             0            0       743,513       4,535           0       738,978
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003         28,440           0           0           0        28,440         34,878        34,878        33,227
 2004         28,440           0           0           0        28,440         31,295        66,173        26,988
 2005         28,440           0           0           0        28,440         28,006        94,179        21,863
 2006         28,440           0           0           0        28,440         24,982       119,161        17,654
 2007         28,440           0           0           0        28,440         22,195       141,356        14,199
 2008         28,440           0           0           0        28,440         19,619       160,975        11,361
 2009         28,440           0           0           0        28,440         17,236       178,211         9,036
 2010         28,440           0           0           0        28,440         15,027       193,238         7,131
 2011         28,440           0           0           0        28,440         12,972       206,210         5,574
 2012         28,440           0           0           0        28,440         11,061       217,271         4,302
 2013         28,440           0           0           0        28,440          9,279       226,550         3,268
 2014         28,440           0           0           0        28,440          7,614       234,164         2,427
 2015         28,440           0           0           0        28,440          6,059       240,223         1,749
 2016         28,440           0           0           0        28,440          4,600       244,823         1,203
 2017         28,440           0           0           0        28,440          3,233       248,056           766

 SUBTOT      426,600           0           0           0       426,600        248,056                     160,748
 REMAIN       61,620           0           0           0        61,620          2,702       250,758           566
 TOTAL       488,220           0           0           0       488,220        250,758                     161,314

   LIFE OF EVALUATION IS 17.17 YEARS.
   FINAL PRODUCTION RATE: 100 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     29
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 CONVERSE FIELD, BARTON COUNTY, KANSAS                               OIL LEASE
   TENGASCO, INC. - OPERATOR   19-T20S-R15W                          PROVED
     IANNITTI #9 PUD   (ARBUCKLE)                                    UNDEVELOPED


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.875000                         27.29                               5.00% -       257,798
 FINAL   -   1.000000  0.875000                         27.29                              10.00% -       177,869
 REMARKS -                                                                                 15.00% -       127,390
                                                                                           20.00% -        93,759
                                                                                           25.00% -        70,361
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     1         3,116           0           0           2,727           0           0.000      27.29     0.00
 2005     1         2,615           0           0           2,288           0           0.000      27.29     0.00
 2006     1         1,978           0           0           1,730           0           0.000      27.29     0.00
 2007     1         1,810           0           0           1,585           0           0.000      27.29     0.00
 2008     1         1,657           0           0           1,449           0           0.000      27.29     0.00
 2009     1         1,517           0           0           1,327           0           0.000      27.29     0.00
 2010     1         1,388           0           0           1,215           0           0.000      27.29     0.00
 2011     1         1,270           0           0           1,111           0           0.000      27.29     0.00
 2012     1         1,163           0           0           1,018           0           0.000      27.29     0.00
 2013     1         1,064           0           0             931           0           0.000      27.29     0.00
 2014     1           974           0           0             852           0           0.000      27.29     0.00
 2015     1           892           0           0             780           0           0.000      27.29     0.00
 2016     1           816           0           0             714           0           0.000      27.29     0.00
 2017     1           746           0           0             654           0           0.000      27.29     0.00

 SUB-TOTAL         21,006           0           0          18,381           0           0.000      27.29     0.00
 REMAINDER          3,987           0           0           3,488           0           0.000      27.29     0.00
 TOTAL             24,993           0           0          21,869           0           0.000      27.29     0.00

 CUMULATIVE             0           0           0
 ULTIMATE          24,993           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004           74,411           0             0            0        74,411         454           0        73,957
 2005           62,438           0             0            0        62,438         381           0        62,057
 2006           47,234           0             0            0        47,234         288           0        46,946
 2007           43,230           0             0            0        43,230         264           0        42,966
 2008           39,566           0             0            0        39,566         241           0        39,325
 2009           36,214           0             0            0        36,214         221           0        35,993
 2010           33,144           0             0            0        33,144         202           0        32,942
 2011           30,335           0             0            0        30,335         185           0        30,150
 2012           27,764           0             0            0        27,764         169           0        27,595
 2013           25,411           0             0            0        25,411         155           0        25,256
 2014           23,258           0             0            0        23,258         142           0        23,116
 2015           21,287           0             0            0        21,287         130           0        21,157
 2016           19,482           0             0            0        19,482         119           0        19,363
 2017           17,832           0             0            0        17,832         109           0        17,723

 SUB-TOT       501,606           0             0            0       501,606       3,060           0       498,546
 REMAIN         95,196           0             0            0        95,196         580           0        94,616
 TOTAL         596,802           0             0            0       596,802       3,640           0       593,162
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004          2,370           0     100,000           0       102,370        -28,413       -28,413       -25,451
 2005          4,740           0           0           0         4,740         57,317        28,904        45,019
 2006          4,740           0           0           0         4,740         42,206        71,110        29,822
 2007          4,740           0           0           0         4,740         38,226       109,336        24,449
 2008          4,740           0           0           0         4,740         34,585       143,921        20,025
 2009          4,740           0           0           0         4,740         31,253       175,174        16,379
 2010          4,740           0           0           0         4,740         28,202       203,376        13,380
 2011          4,740           0           0           0         4,740         25,410       228,786        10,913
 2012          4,740           0           0           0         4,740         22,855       251,641         8,886
 2013          4,740           0           0           0         4,740         20,516       272,157         7,220
 2014          4,740           0           0           0         4,740         18,376       290,533         5,854
 2015          4,740           0           0           0         4,740         16,417       306,950         4,734
 2016          4,740           0           0           0         4,740         14,623       321,573         3,817
 2017          4,740           0           0           0         4,740         12,983       334,556         3,069

 SUBTOT       63,990           0     100,000           0       163,990        334,556                     168,116
 REMAIN       36,499           0           0           0        36,499         58,117       392,673         9,753
 TOTAL       100,489           0     100,000           0       200,489        392,673                     177,869

   LIFE OF EVALUATION IS 22.70 YEARS.
   FINAL PRODUCTION RATE: 30 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     30
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 COOPER FIELD, GRAHAM COUNTY, KANSAS                                   OIL LEASE
   TENGASCO, INC. - OPERATOR   4-T10S-R21W                             PROVED
     DEYOUNG LEASE   (ABCK-TOPK)                                       PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.875000                         27.29                               5.00% -        12,609
 FINAL   -   1.000000  0.875000                         27.29                              10.00% -        11,893
 REMARKS -                                                                                 15.00% -        11,239
                                                                                           20.00% -        10,643
                                                                                           25.00% -        10,097
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     2         1,720           0           0           1,505           0           0.000      27.29     0.00
 2004     2         1,633           0           0           1,429           0           0.000      27.29     0.00
 2005     2         1,552           0           0           1,358           0           0.000      27.29     0.00
 2006     2         1,113           0           0             973           0           0.000      27.29     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL          6,018           0           0           5,265           0           0.000      27.29     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL              6,018           0           0           5,265           0           0.000      27.29     0.00

 CUMULATIVE        60,888           0           0
 ULTIMATE          66,906           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           41,060           0             0            0        41,060         250           0        40,810
 2004           39,007           0             0            0        39,007         238           0        38,769
 2005           37,057           0             0            0        37,057         226           0        36,831
 2006           26,571           0             0            0        26,571         163           0        26,408
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT       143,695           0             0            0       143,695         877           0       142,818
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL         143,695           0             0            0       143,695         877           0       142,818
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003         34,512           0           0           0        34,512          6,298         6,298         6,011
 2004         34,512           0           0           0        34,512          4,257        10,555         3,682
 2005         34,512           0           0           0        34,512          2,319        12,874         1,821
 2006         25,884           0           0           0        25,884            524        13,398           379
 2007              0           0           0           0             0              0        13,398             0
 2008              0           0           0           0             0              0        13,398             0
 2009              0           0           0           0             0              0        13,398             0
 2010              0           0           0           0             0              0        13,398             0
 2011              0           0           0           0             0              0        13,398             0
 2012              0           0           0           0             0              0        13,398             0
 2013              0           0           0           0             0              0        13,398             0
 2014              0           0           0           0             0              0        13,398             0
 2015              0           0           0           0             0              0        13,398             0
 2016              0           0           0           0             0              0        13,398             0
 2017              0           0           0           0             0              0        13,398             0

 SUBTOT      129,420           0           0           0       129,420         13,398                      11,893
 REMAIN            0           0           0           0             0              0        13,398             0
 TOTAL       129,420           0           0           0       129,420         13,398                      11,893

   LIFE OF EVALUATION IS 3.75 YEARS.
   FINAL PRODUCTION RATE: 122 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     31
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 COOPER FIELD, GRAHAM COUNTY, KANSAS                                   OIL LEASE
   TENGASCO, INC. - OPERATOR   9-T10S-R21W                             PROVED
     LEWIS LEASE   (LANSING)                                           PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.875000                         27.29                               5.00% -       174,026
 FINAL   -   1.000000  0.875000                         27.29                              10.00% -       133,562
 REMARKS -                                                                                 15.00% -       107,355
                                                                                           20.00% -        89,360
                                                                                           25.00% -        76,387
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     2         1,390           0           0           1,216           0           0.000      27.29     0.00
 2004     2         1,316           0           0           1,152           0           0.000      27.29     0.00
 2005     2         1,246           0           0           1,090           0           0.000      27.29     0.00
 2006     2         1,181           0           0           1,033           0           0.000      27.29     0.00
 2007     2         1,117           0           0             978           0           0.000      27.29     0.00
 2008     2         1,059           0           0             926           0           0.000      27.29     0.00
 2009     2         1,002           0           0             878           0           0.000      27.29     0.00
 2010     2           950           0           0             830           0           0.000      27.29     0.00
 2011     2           899           0           0             787           0           0.000      27.29     0.00
 2012     2           851           0           0             745           0           0.000      27.29     0.00
 2013     2           806           0           0             705           0           0.000      27.29     0.00
 2014     2           764           0           0             668           0           0.000      27.29     0.00
 2015     2           723           0           0             633           0           0.000      27.29     0.00
 2016     2           685           0           0             599           0           0.000      27.29     0.00
 2017     2           648           0           0             567           0           0.000      27.29     0.00

 SUB-TOTAL         14,637           0           0          12,807           0           0.000      27.29     0.00
 REMAINDER          4,711           0           0           4,122           0           0.000      27.29     0.00
 TOTAL             19,348           0           0          16,929           0           0.000      27.29     0.00

 CUMULATIVE        82,485           0           0
 ULTIMATE         101,833           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           33,187           0             0            0        33,187         202           0        32,985
 2004           31,428           0             0            0        31,428         192           0        31,236
 2005           29,763           0             0            0        29,763         182           0        29,581
 2006           28,185           0             0            0        28,185         172           0        28,013
 2007           26,691           0             0            0        26,691         162           0        26,529
 2008           25,276           0             0            0        25,276         155           0        25,121
 2009           23,937           0             0            0        23,937         146           0        23,791
 2010           22,669           0             0            0        22,669         138           0        22,531
 2011           21,466           0             0            0        21,466         131           0        21,335
 2012           20,330           0             0            0        20,330         124           0        20,206
 2013           19,251           0             0            0        19,251         117           0        19,134
 2014           18,232           0             0            0        18,232         112           0        18,120
 2015           17,265           0             0            0        17,265         105           0        17,160
 2016           16,350           0             0            0        16,350         100           0        16,250
 2017           15,483           0             0            0        15,483          94           0        15,389

 SUB-TOT       349,513           0             0            0       349,513       2,132           0       347,381
 REMAIN        112,487           0             0            0       112,487         686           0       111,801
 TOTAL         462,000           0             0            0       462,000       2,818           0       459,182
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          8,880           0           0           0         8,880         24,105        24,105        22,958
 2004          8,880           0           0           0         8,880         22,356        46,461        19,274
 2005          8,880           0           0           0         8,880         20,701        67,162        16,155
 2006          8,880           0           0           0         8,880         19,133        86,295        13,517
 2007          8,880           0           0           0         8,880         17,649       103,944        11,287
 2008          8,880           0           0           0         8,880         16,241       120,185         9,402
 2009          8,880           0           0           0         8,880         14,911       135,096         7,814
 2010          8,880           0           0           0         8,880         13,651       148,747         6,476
 2011          8,880           0           0           0         8,880         12,455       161,202         5,348
 2012          8,880           0           0           0         8,880         11,326       172,528         4,403
 2013          8,880           0           0           0         8,880         10,254       182,782         3,608
 2014          8,880           0           0           0         8,880          9,240       192,022         2,944
 2015          8,880           0           0           0         8,880          8,280       200,302         2,388
 2016          8,880           0           0           0         8,880          7,370       207,672         1,924
 2017          8,880           0           0           0         8,880          6,509       214,181         1,538

 SUBTOT      133,200           0           0           0       133,200        214,181                     129,036
 REMAIN       85,100           0           0           0        85,100         26,701       240,882         4,526
 TOTAL       218,300           0           0           0       218,300        240,882                     133,562

   LIFE OF EVALUATION IS 24.58 YEARS.
   FINAL PRODUCTION RATE: 31 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     32
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 DAVIDSON FIELD, RUSSELL COUNTY, KANSAS                                OIL LEASE
   TENGASCO, INC. - OPERATOR   33-T15S-R11W                            PROVED
     FOSTER LEASE   (ARBUCKLE)                                         PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.847656                         27.29                               5.00% -       103,114
 FINAL   -   1.000000  0.847656                         27.29                              10.00% -        92,137
 REMARKS -                                                                                 15.00% -        82,969
                                                                                           20.00% -        75,248
                                                                                           25.00% -        68,692
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     4         2,577           0           0           2,184           0           0.000      27.29     0.00
 2004     4         2,344           0           0           1,988           0           0.000      27.29     0.00
 2005     4         2,134           0           0           1,808           0           0.000      27.29     0.00
 2006     4         1,942           0           0           1,646           0           0.000      27.29     0.00
 2007     4         1,767           0           0           1,498           0           0.000      27.29     0.00
 2008     4         1,607           0           0           1,363           0           0.000      27.29     0.00
 2009     4         1,464           0           0           1,240           0           0.000      27.29     0.00
 2010     4         1,331           0           0           1,129           0           0.000      27.29     0.00
 2011     4           105           0           0              89           0           0.000      27.29     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL         15,271           0           0          12,945           0           0.000      27.29     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL             15,271           0           0          12,945           0           0.000      27.29     0.00

 CUMULATIVE       153,269           0           0
 ULTIMATE         168,540           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           59,603           0             0            0        59,603         364           0        59,239
 2004           54,239           0             0            0        54,239         330           0        53,909
 2005           49,357           0             0            0        49,357         302           0        49,055
 2006           44,915           0             0            0        44,915         273           0        44,642
 2007           40,873           0             0            0        40,873         250           0        40,623
 2008           37,194           0             0            0        37,194         227           0        36,967
 2009           33,847           0             0            0        33,847         206           0        33,641
 2010           30,801           0             0            0        30,801         188           0        30,613
 2011            2,438           0             0            0         2,438          15           0         2,423
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT       353,267           0             0            0       353,267       2,155           0       351,112
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL         353,267           0             0            0       353,267       2,155           0       351,112
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003         29,040           0           0           0        29,040         30,199        30,199        28,788
 2004         29,040           0           0           0        29,040         24,869        55,068        21,463
 2005         29,040           0           0           0        29,040         20,015        75,083        15,640
 2006         29,040           0           0           0        29,040         15,602        90,685        11,039
 2007         29,040           0           0           0        29,040         11,583       102,268         7,423
 2008         29,040           0           0           0        29,040          7,927       110,195         4,602
 2009         29,040           0           0           0        29,040          4,601       114,796         2,424
 2010         29,040           0           0           0        29,040          1,573       116,369           756
 2011          2,420           0           0           0         2,420              3       116,372             2
 2012              0           0           0           0             0              0       116,372             0
 2013              0           0           0           0             0              0       116,372             0
 2014              0           0           0           0             0              0       116,372             0
 2015              0           0           0           0             0              0       116,372             0
 2016              0           0           0           0             0              0       116,372             0
 2017              0           0           0           0             0              0       116,372             0

 SUBTOT      234,740           0           0           0       234,740        116,372                      92,137
 REMAIN            0           0           0           0             0              0       116,372             0
 TOTAL       234,740           0           0           0       234,740        116,372                      92,137

   LIFE OF EVALUATION IS 8.08 YEARS.
   FINAL PRODUCTION RATE: 105 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     33
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 DISTRICT 57 FIELD, ELLIS COUNTY, KANSAS                               OIL LEASE
   TENGASCO, INC. - OPERATOR   28-T12S-R20W                            PROVED
     FLAX #1   (KSSC-LNSG)                                             PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.875000                         27.29                               5.00% -        95,846
 FINAL   -   1.000000  0.875000                         27.29                              10.00% -        68,187
 REMARKS -                                                                                 15.00% -        52,301
                                                                                           20.00% -        42,243
                                                                                           25.00% -        35,380
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1           722           0           0             632           0           0.000      27.29     0.00
 2004     1           703           0           0             615           0           0.000      27.29     0.00
 2005     1           683           0           0             598           0           0.000      27.29     0.00
 2006     1           665           0           0             582           0           0.000      27.29     0.00
 2007     1           648           0           0             566           0           0.000      27.29     0.00
 2008     1           629           0           0             551           0           0.000      27.29     0.00
 2009     1           613           0           0             536           0           0.000      27.29     0.00
 2010     1           596           0           0             522           0           0.000      27.29     0.00
 2011     1           580           0           0             507           0           0.000      27.29     0.00
 2012     1           565           0           0             494           0           0.000      27.29     0.00
 2013     1           549           0           0             481           0           0.000      27.29     0.00
 2014     1           534           0           0             467           0           0.000      27.29     0.00
 2015     1           520           0           0             455           0           0.000      27.29     0.00
 2016     1           506           0           0             443           0           0.000      27.29     0.00
 2017     1           492           0           0             431           0           0.000      27.29     0.00

 SUB-TOTAL          9,005           0           0           7,880           0           0.000      27.29     0.00
 REMAINDER          7,145           0           0           6,251           0           0.000      27.29     0.00
 TOTAL             16,150           0           0          14,131           0           0.000      27.29     0.00

 CUMULATIVE        46,663           0           0
 ULTIMATE          62,813           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           17,242           0             0            0        17,242         105           0        17,137
 2004           16,777           0             0            0        16,777         103           0        16,674
 2005           16,324           0             0            0        16,324          99           0        16,225
 2006           15,882           0             0            0        15,882          97           0        15,785
 2007           15,455           0             0            0        15,455          94           0        15,361
 2008           15,036           0             0            0        15,036          92           0        14,944
 2009           14,631           0             0            0        14,631          89           0        14,542
 2010           14,236           0             0            0        14,236          87           0        14,149
 2011           13,852           0             0            0        13,852          85           0        13,767
 2012           13,477           0             0            0        13,477          82           0        13,395
 2013           13,114           0             0            0        13,114          80           0        13,034
 2014           12,759           0             0            0        12,759          78           0        12,681
 2015           12,415           0             0            0        12,415          75           0        12,340
 2016           12,080           0             0            0        12,080          74           0        12,006
 2017           11,754           0             0            0        11,754          72           0        11,682

 SUB-TOT       215,034           0             0            0       215,034       1,312           0       213,722
 REMAIN        170,609           0             0            0       170,609       1,040           0       169,569
 TOTAL         385,643           0             0            0       385,643       2,352           0       383,291
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          6,888           0           0           0         6,888         10,249        10,249         9,759
 2004          6,888           0           0           0         6,888          9,786        20,035         8,435
 2005          6,888           0           0           0         6,888          9,337        29,372         7,285
 2006          6,888           0           0           0         6,888          8,897        38,269         6,284
 2007          6,888           0           0           0         6,888          8,473        46,742         5,417
 2008          6,888           0           0           0         6,888          8,056        54,798         4,662
 2009          6,888           0           0           0         6,888          7,654        62,452         4,010
 2010          6,888           0           0           0         6,888          7,261        69,713         3,443
 2011          6,888           0           0           0         6,888          6,879        76,592         2,953
 2012          6,888           0           0           0         6,888          6,507        83,099         2,529
 2013          6,888           0           0           0         6,888          6,146        89,245         2,162
 2014          6,888           0           0           0         6,888          5,793        95,038         1,845
 2015          6,888           0           0           0         6,888          5,452       100,490         1,571
 2016          6,888           0           0           0         6,888          5,118       105,608         1,336
 2017          6,888           0           0           0         6,888          4,794       110,402         1,132

 SUBTOT      103,320           0           0           0       103,320        110,402                      62,823
 REMAIN      129,724           0           0           0       129,724         39,845       150,247         5,364
 TOTAL       233,044           0           0           0       233,044        150,247                      68,187

   LIFE OF EVALUATION IS 33.83 YEARS.
   FINAL PRODUCTION RATE: 24 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     34
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 DUNES NORTH FIELD, PAWNEE COUNTY, KANSAS                              OIL LEASE
   TENGASCO, INC. - OPERATOR   14-T22S-R15W                            PROVED
     BARSTOW #1   (KSSC-LNSG)                                          PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   0.937500                                                                       5.00% -             0
 FINAL   -   0.937500                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE        75,289           0           0
 ULTIMATE          75,289           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     35
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 DUNES NORTH FIELD, PAWNEE COUNTY, KANSAS                              OIL LEASE
   TENGASCO, INC. - OPERATOR   15-T22S-R15W                            PROVED
     LOVETT #1   (LANSING)                                             PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   0.937000                                                                       5.00% -             0
 FINAL   -   0.937000                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE       107,986           0           0
 ULTIMATE         107,986           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     36
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 ELLIS NW FIELD, TREGO COUNTY, KANSAS                                  OIL LEASE
   TENGASCO, INC. - OPERATOR   23-T12S-R21W                            PROVED
     BAUGHER #1   (ARBUCKLE)                                           PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.765630                         27.29                               5.00% -        28,382
 FINAL   -   1.000000  0.765630                         27.29                              10.00% -        25,211
 REMARKS -                                                                                 15.00% -        22,584
                                                                                           20.00% -        20,387
                                                                                           25.00% -        18,534
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1           989           0           0             757           0           0.000      27.29     0.00
 2004     1           930           0           0             712           0           0.000      27.29     0.00
 2005     1           875           0           0             670           0           0.000      27.29     0.00
 2006     1           822           0           0             629           0           0.000      27.29     0.00
 2007     1           773           0           0             592           0           0.000      27.29     0.00
 2008     1           727           0           0             557           0           0.000      27.29     0.00
 2009     1           683           0           0             523           0           0.000      27.29     0.00
 2010     1           643           0           0             492           0           0.000      27.29     0.00
 2011     1           205           0           0             157           0           0.000      27.29     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL          6,647           0           0           5,089           0           0.000      27.29     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL              6,647           0           0           5,089           0           0.000      27.29     0.00

 CUMULATIVE        76,718           0           0
 ULTIMATE          83,365           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           20,668           0             0            0        20,668         126           0        20,542
 2004           19,433           0             0            0        19,433         119           0        19,314
 2005           18,272           0             0            0        18,272         111           0        18,161
 2006           17,179           0             0            0        17,179         105           0        17,074
 2007           16,152           0             0            0        16,152          98           0        16,054
 2008           15,187           0             0            0        15,187          93           0        15,094
 2009           14,279           0             0            0        14,279          87           0        14,192
 2010           13,425           0             0            0        13,425          82           0        13,343
 2011            4,295           0             0            0         4,295          26           0         4,269
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT       138,890           0             0            0       138,890         847           0       138,043
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL         138,890           0             0            0       138,890         847           0       138,043
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003         12,696           0           0           0        12,696          7,846         7,846         7,478
 2004         12,696           0           0           0        12,696          6,618        14,464         5,710
 2005         12,696           0           0           0        12,696          5,465        19,929         4,270
 2006         12,696           0           0           0        12,696          4,378        24,307         3,097
 2007         12,696           0           0           0        12,696          3,358        27,665         2,151
 2008         12,696           0           0           0        12,696          2,398        30,063         1,392
 2009         12,696           0           0           0        12,696          1,496        31,559           787
 2010         12,696           0           0           0        12,696            647        32,206           310
 2011          4,232           0           0           0         4,232             37        32,243            16
 2012              0           0           0           0             0              0        32,243             0
 2013              0           0           0           0             0              0        32,243             0
 2014              0           0           0           0             0              0        32,243             0
 2015              0           0           0           0             0              0        32,243             0
 2016              0           0           0           0             0              0        32,243             0
 2017              0           0           0           0             0              0        32,243             0

 SUBTOT      105,800           0           0           0       105,800         32,243                      25,211
 REMAIN            0           0           0           0             0              0        32,243             0
 TOTAL       105,800           0           0           0       105,800         32,243                      25,211

   LIFE OF EVALUATION IS 8.33 YEARS.
   FINAL PRODUCTION RATE: 51 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     37
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 FICKEN FIELD, RUSH COUNTY, KANSAS                                     OIL LEASE
   TENGASCO, INC. - OPERATOR   23-T17S-R18W                            PROVED
     SCHWINDT FARMS #1   (LANSING)                                     PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                                                                       5.00% -             0
 FINAL   -   1.000000                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE        19,824           0           0
 ULTIMATE          19,824           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     38
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 GATES NORTH FIELD, STAFFORD COUNTY, KANSAS                            OIL LEASE
   TENGASCO, INC. - OPERATOR   22-T21S-R13W                            PROVED
     HOFFMAN #1   (ARBUCKLE)                                           PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   0.687500                                                                       5.00% -             0
 FINAL   -   0.687500                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE        56,111           0           0
 ULTIMATE          56,111           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     39
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 GATES NORTH FIELD, STAFFORD COUNTY, KANSAS                            OIL LEASE
   TENGASCO, INC. - OPERATOR   22-T21S-R13W                            PROVED
     SCHULZ LEASE   (ARBUCKLE)                                         PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   0.687500  0.554449                         27.29                               5.00% -        58,437
 FINAL   -   0.687500  0.554449                         27.29                              10.00% -        50,048
 REMARKS -                                                                                 15.00% -        43,485
                                                                                           20.00% -        38,268
                                                                                           25.00% -        34,061
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     2         2,375           0           0           1,317           0           0.000      27.29     0.00
 2004     2         2,280           0           0           1,264           0           0.000      27.29     0.00
 2005     2         2,189           0           0           1,214           0           0.000      27.29     0.00
 2006     2         2,102           0           0           1,165           0           0.000      27.29     0.00
 2007     2         2,017           0           0           1,118           0           0.000      27.29     0.00
 2008     2         1,937           0           0           1,074           0           0.000      27.29     0.00
 2009     2         1,859           0           0           1,031           0           0.000      27.29     0.00
 2010     2         1,785           0           0             990           0           0.000      27.29     0.00
 2011     2         1,713           0           0             950           0           0.000      27.29     0.00
 2012     2         1,645           0           0             912           0           0.000      27.29     0.00
 2013     2         1,579           0           0             875           0           0.000      27.29     0.00
 2014     2           385           0           0             214           0           0.000      27.29     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL         21,866           0           0          12,124           0           0.000      27.29     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL             21,866           0           0          12,124           0           0.000      27.29     0.00

 CUMULATIVE       266,028           0           0
 ULTIMATE         287,894           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           35,939           0             0            0        35,939         219           0        35,720
 2004           34,501           0             0            0        34,501         211           0        34,290
 2005           33,121           0             0            0        33,121         202           0        32,919
 2006           31,797           0             0            0        31,797         194           0        31,603
 2007           30,524           0             0            0        30,524         186           0        30,338
 2008           29,304           0             0            0        29,304         179           0        29,125
 2009           28,131           0             0            0        28,131         171           0        27,960
 2010           27,006           0             0            0        27,006         165           0        26,841
 2011           25,926           0             0            0        25,926         158           0        25,768
 2012           24,889           0             0            0        24,889         152           0        24,737
 2013           23,893           0             0            0        23,893         146           0        23,747
 2014            5,823           0             0            0         5,823          35           0         5,788
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT       330,854           0             0            0       330,854       2,018           0       328,836
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL         330,854           0             0            0       330,854       2,018           0       328,836
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003         23,067           0           0           0        23,067         12,653        12,653        12,055
 2004         23,067           0           0           0        23,067         11,223        23,876         9,679
 2005         23,067           0           0           0        23,067          9,852        33,728         7,693
 2006         23,067           0           0           0        23,067          8,536        42,264         6,034
 2007         23,067           0           0           0        23,067          7,271        49,535         4,653
 2008         23,067           0           0           0        23,067          6,058        55,593         3,510
 2009         23,067           0           0           0        23,067          4,893        60,486         2,568
 2010         23,067           0           0           0        23,067          3,774        64,260         1,793
 2011         23,067           0           0           0        23,067          2,701        66,961         1,163
 2012         23,067           0           0           0        23,067          1,670        68,631           651
 2013         23,067           0           0           0        23,067            680        69,311           242
 2014          5,767           0           0           0         5,767             21        69,332             7
 2015              0           0           0           0             0              0        69,332             0
 2016              0           0           0           0             0              0        69,332             0
 2017              0           0           0           0             0              0        69,332             0

 SUBTOT      259,504           0           0           0       259,504         69,332                      50,048
 REMAIN            0           0           0           0             0              0        69,332             0
 TOTAL       259,504           0           0           0       259,504         69,332                      50,048

   LIFE OF EVALUATION IS 11.25 YEARS.
   FINAL PRODUCTION RATE: 128 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     40
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 GIESICK FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   19-T17S-R17W                            PROVED
     GIESICK #2   (TOPEKA)                                             PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.875000                             4.13        5.00% -       180,569
 FINAL   -   1.000000                      0.875000                             4.13       10.00% -       117,745
 REMARKS -                                                                                 15.00% -        86,409
                                                                                           20.00% -        68,132
                                                                                           25.00% -        56,245
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>                     <C>         <C>       <C>               <C>         <C>        <C>          <C>      <C>
 2003     1             0           0           5               0           0           4.153       0.00     4.13
 2004     1             0           0           5               0           0           4.028       0.00     4.13
 2005     1             0           0           5               0           0           3.907       0.00     4.13
 2006     1             0           0           5               0           0           3.790       0.00     4.13
 2007     1             0           0           4               0           0           3.676       0.00     4.13
 2008     1             0           0           5               0           0           3.566       0.00     4.13
 2009     1             0           0           4               0           0           3.459       0.00     4.13
 2010     1             0           0           4               0           0           3.355       0.00     4.13
 2011     1             0           0           4               0           0           3.255       0.00     4.13
 2012     1             0           0           4               0           0           3.157       0.00     4.13
 2013     1             0           0           4               0           0           3.062       0.00     4.13
 2014     1             0           0           4               0           0           2.970       0.00     4.13
 2015     1             0           0           3               0           0           2.881       0.00     4.13
 2016     1             0           0           4               0           0           2.795       0.00     4.13
 2017     1             0           0           3               0           0           2.711       0.00     4.13

 SUB-TOTAL              0           0          63               0           0          50.765       0.00     4.13
 REMAINDER              0           0          55               0           0          44.150       0.00     4.13
 TOTAL                  0           0         118               0           0          94.915       0.00     4.13

 CUMULATIVE             0           0         438    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0         556        SHRINKAGE FACTOR =   8.00 %
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0        17,150            0        17,150           0         305        16,845
 2004                0           0        16,636            0        16,636           0         296        16,340
 2005                0           0        16,136            0        16,136           0         288        15,848
 2006                0           0        15,652            0        15,652           0         278        15,374
 2007                0           0        15,183            0        15,183           0         270        14,913
 2008                0           0        14,727            0        14,727           0         263        14,464
 2009                0           0        14,286            0        14,286           0         254        14,032
 2010                0           0        13,857            0        13,857           0         247        13,610
 2011                0           0        13,441            0        13,441           0         239        13,202
 2012                0           0        13,038            0        13,038           0         232        12,806
 2013                0           0        12,647            0        12,647           0         225        12,422
 2014                0           0        12,267            0        12,267           0         218        12,049
 2015                0           0        11,900            0        11,900           0         212        11,688
 2016                0           0        11,542            0        11,542           0         206        11,336
 2017                0           0        11,196            0        11,196           0         199        10,997

 SUB-TOT             0           0       209,658            0       209,658           0       3,732       205,926
 REMAIN              0           0       182,342            0       182,342           0       3,246       179,096
 TOTAL               0           0       392,000            0       392,000           0       6,978       385,022
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          1,313           0           0           0         1,313         15,532        15,532        14,788
 2004          1,313           0           0           0         1,313         15,027        30,559        12,950
 2005          1,312           0           0           0         1,312         14,536        45,095        11,340
 2006          1,310           0           0           0         1,310         14,064        59,159         9,932
 2007          1,310           0           0           0         1,310         13,603        72,762         8,696
 2008          1,310           0           0           0         1,310         13,154        85,916         7,612
 2009          1,308           0           0           0         1,308         12,724        98,640         6,665
 2010          1,308           0           0           0         1,308         12,302       110,942         5,833
 2011          1,307           0           0           0         1,307         11,895       122,837         5,106
 2012          1,306           0           0           0         1,306         11,500       134,337         4,468
 2013          1,306           0           0           0         1,306         11,116       145,453         3,909
 2014          1,305           0           0           0         1,305         10,744       156,197         3,421
 2015          1,304           0           0           0         1,304         10,384       166,581         2,992
 2016          1,304           0           0           0         1,304         10,032       176,613         2,618
 2017          1,303           0           0           0         1,303          9,694       186,307         2,289

 SUBTOT       19,619           0           0           0        19,619        186,307                     102,619
 REMAIN       29,845           0           0           0        29,845        149,251       335,558        15,126
 TOTAL        49,464           0           0           0        49,464        335,558                     117,745

   LIFE OF EVALUATION IS 38.00 YEARS.
   FINAL PRODUCTION RATE: 0.1 MMCF/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     41
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
 GOTTSCHALK FIELD, ELLIS COUNTY, KANSAS                                                GAS LEASE
   TENGASCO, INC. - OPERATOR   36-T15S-R18W                                            PROVED
     WERTH #1   (OREAD & TOPEKA)                                                       PRODUCING


                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                                                                       5.00% -             0
 FINAL   -   1.000000                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE             0           0         180
 ULTIMATE               0           0         180
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     42
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 HERMAN FIELD, BARTON COUNTY, KANSAS                                   OIL LEASE
   TENGASCO, INC. - OPERATOR   18-T16S-R14W                            PROVED
     H. KARST LEASE (LANSING) PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   0.812500  0.702051                         27.29                               5.00% -         1,415
 FINAL   -   0.812500  0.702051                         27.29                              10.00% -         1,370
 REMARKS -                                                                                 15.00% -         1,329
                                                                                           20.00% -         1,289
                                                                                           25.00% -         1,251
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     2           999           0           0             702           0           0.000      27.29     0.00
 2004     2           960           0           0             673           0           0.000      27.29     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL          1,959           0           0           1,375           0           0.000      27.29     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL              1,959           0           0           1,375           0           0.000      27.29     0.00

 CUMULATIVE        32,570           0           0
 ULTIMATE          34,529           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           19,149           0             0            0        19,149         117           0        19,032
 2004           18,382           0             0            0        18,382         112           0        18,270
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT        37,531           0             0            0        37,531         229           0        37,302
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL          37,531           0             0            0        37,531         229           0        37,302
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003         17,921           0           0           0        17,921          1,111         1,111         1,064
 2004         17,920           0           0           0        17,920            350         1,461           306
 2005              0           0           0           0             0              0         1,461             0
 2006              0           0           0           0             0              0         1,461             0
 2007              0           0           0           0             0              0         1,461             0
 2008              0           0           0           0             0              0         1,461             0
 2009              0           0           0           0             0              0         1,461             0
 2010              0           0           0           0             0              0         1,461             0
 2011              0           0           0           0             0              0         1,461             0
 2012              0           0           0           0             0              0         1,461             0
 2013              0           0           0           0             0              0         1,461             0
 2014              0           0           0           0             0              0         1,461             0
 2015              0           0           0           0             0              0         1,461             0
 2016              0           0           0           0             0              0         1,461             0
 2017              0           0           0           0             0              0         1,461             0

 SUBTOT       35,841           0           0           0        35,841          1,461                       1,370
 REMAIN            0           0           0           0             0              0         1,461             0
 TOTAL        35,841           0           0           0        35,841          1,461                       1,370

   LIFE OF EVALUATION IS 2.00 YEARS.
   FINAL PRODUCTION RATE: 78 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     43
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 HOBROCK FIELD, OSBORNE COUNTY, KANSAS                                 OIL LEASE
   TENGASCO, INC. - OPERATOR   3-T10S-R15W                             PROVED
     HOBROCK #4   (PENNSYLVANIAN)                                      PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   0.593750  0.481947                         27.29                               5.00% -        26,456
 FINAL   -   0.593750  0.481947                         27.29                              10.00% -        21,534
 REMARKS -                                                                                 15.00% -        18,008
                                                                                           20.00% -        15,400
                                                                                           25.00% -        13,414
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1           547           0           0             264           0           0.000      27.29     0.00
 2004     1           514           0           0             247           0           0.000      27.29     0.00
 2005     1           483           0           0             233           0           0.000      27.29     0.00
 2006     1           454           0           0             219           0           0.000      27.29     0.00
 2007     1           427           0           0             206           0           0.000      27.29     0.00
 2008     1           402           0           0             193           0           0.000      27.29     0.00
 2009     1           377           0           0             182           0           0.000      27.29     0.00
 2010     1           355           0           0             171           0           0.000      27.29     0.00
 2011     1           333           0           0             161           0           0.000      27.29     0.00
 2012     1           314           0           0             151           0           0.000      27.29     0.00
 2013     1           294           0           0             142           0           0.000      27.29     0.00
 2014     1           277           0           0             133           0           0.000      27.29     0.00
 2015     1           260           0           0             126           0           0.000      27.29     0.00
 2016     1           245           0           0             118           0           0.000      27.29     0.00
 2017     1           230           0           0             110           0           0.000      27.29     0.00

 SUB-TOTAL          5,512           0           0           2,656           0           0.000      27.29     0.00
 REMAINDER            403           0           0             195           0           0.000      27.29     0.00
 TOTAL              5,915           0           0           2,851           0           0.000      27.29     0.00

 CUMULATIVE        58,038           0           0
 ULTIMATE          63,953           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003            7,193           0             0            0         7,193          44           0         7,149
 2004            6,762           0             0            0         6,762          41           0         6,721
 2005            6,355           0             0            0         6,355          39           0         6,316
 2006            5,975           0             0            0         5,975          36           0         5,939
 2007            5,616           0             0            0         5,616          35           0         5,581
 2008            5,279           0             0            0         5,279          32           0         5,247
 2009            4,962           0             0            0         4,962          30           0         4,932
 2010            4,665           0             0            0         4,665          29           0         4,636
 2011            4,384           0             0            0         4,384          26           0         4,358
 2012            4,122           0             0            0         4,122          25           0         4,097
 2013            3,874           0             0            0         3,874          24           0         3,850
 2014            3,642           0             0            0         3,642          22           0         3,620
 2015            3,423           0             0            0         3,423          21           0         3,402
 2016            3,218           0             0            0         3,218          20           0         3,198
 2017            3,025           0             0            0         3,025          18           0         3,007

 SUB-TOT        72,495           0             0            0        72,495         442           0        72,053
 REMAIN          5,300           0             0            0         5,300          33           0         5,267
 TOTAL          77,795           0             0            0        77,795         475           0        77,320
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          2,586           0           0           0         2,586          4,563         4,563         4,347
 2004          2,587           0           0           0         2,587          4,134         8,697         3,564
 2005          2,586           0           0           0         2,586          3,730        12,427         2,912
 2006          2,587           0           0           0         2,587          3,352        15,779         2,369
 2007          2,586           0           0           0         2,586          2,995        18,774         1,916
 2008          2,586           0           0           0         2,586          2,661        21,435         1,541
 2009          2,587           0           0           0         2,587          2,345        23,780         1,229
 2010          2,586           0           0           0         2,586          2,050        25,830           973
 2011          2,586           0           0           0         2,586          1,772        27,602           761
 2012          2,587           0           0           0         2,587          1,510        29,112           587
 2013          2,586           0           0           0         2,586          1,264        30,376           446
 2014          2,587           0           0           0         2,587          1,033        31,409           329
 2015          2,586           0           0           0         2,586            816        32,225           236
 2016          2,586           0           0           0         2,586            612        32,837           160
 2017          2,587           0           0           0         2,587            420        33,257            99

 SUBTOT       38,796           0           0           0        38,796         33,257                      21,469
 REMAIN        4,957           0           0           0         4,957            310        33,567            65
 TOTAL        43,753           0           0           0        43,753         33,567                      21,534

   LIFE OF EVALUATION IS 16.92 YEARS.
   FINAL PRODUCTION RATE: 17 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     44
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 HOBROCK FIELD, OSBORNE COUNTY, KANSAS                                 OIL LEASE
   TENGASCO, INC. - OPERATOR   10-T10S-R15W                            PROVED
     HOGAN LEASE   (PENNSYLVANIAN)                                     PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   0.593750  0.480972                         27.29                               5.00% -        70,508
 FINAL   -   0.593750  0.480972                         27.29                              10.00% -        63,903
 REMARKS -                                                                                 15.00% -        58,235
                                                                                           20.00% -        53,345
                                                                                           25.00% -        49,104
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     3         2,786           0           0           1,340           0           0.000      27.29     0.00
 2004     3         2,456           0           0           1,181           0           0.000      27.29     0.00
 2005     3         2,168           0           0           1,043           0           0.000      27.29     0.00
 2006     3         1,911           0           0             919           0           0.000      27.29     0.00
 2007     3         1,686           0           0             811           0           0.000      27.29     0.00
 2008     3           831           0           0             400           0           0.000      27.29     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL         11,838           0           0           5,694           0           0.000      27.29     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL             11,838           0           0           5,694           0           0.000      27.29     0.00

 CUMULATIVE       196,208           0           0
 ULTIMATE         208,046           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           36,562           0             0            0        36,562         223           0        36,339
 2004           32,249           0             0            0        32,249         197           0        32,052
 2005           28,445           0             0            0        28,445         173           0        28,272
 2006           25,089           0             0            0        25,089         153           0        24,936
 2007           22,130           0             0            0        22,130         135           0        21,995
 2008           10,907           0             0            0        10,907          67           0        10,840
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT       155,382           0             0            0       155,382         948           0       154,434
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL         155,382           0             0            0       155,382         948           0       154,434
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003         13,744           0           0           0        13,744         22,595        22,595        21,542
 2004         13,744           0           0           0        13,744         18,308        40,903        15,803
 2005         13,744           0           0           0        13,744         14,528        55,431        11,353
 2006         13,745           0           0           0        13,745         11,191        66,622         7,919
 2007         13,744           0           0           0        13,744          8,251        74,873         5,288
 2008          7,466           0           0           0         7,466          3,374        78,247         1,998
 2009              0           0           0           0             0              0        78,247             0
 2010              0           0           0           0             0              0        78,247             0
 2011              0           0           0           0             0              0        78,247             0
 2012              0           0           0           0             0              0        78,247             0
 2013              0           0           0           0             0              0        78,247             0
 2014              0           0           0           0             0              0        78,247             0
 2015              0           0           0           0             0              0        78,247             0
 2016              0           0           0           0             0              0        78,247             0
 2017              0           0           0           0             0              0        78,247             0

 SUBTOT       76,187           0           0           0        76,187         78,247                      63,903
 REMAIN            0           0           0           0             0              0        78,247             0
 TOTAL        76,187           0           0           0        76,187         78,247                      63,903

   LIFE OF EVALUATION IS 5.54 YEARS.
   FINAL PRODUCTION RATE: 124 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     45
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002



 IRVIN FIELD, ELLIS COUNTY, KANSAS                                     OIL LEASE
   TENGASCO, INC. - OPERATOR   8-T14S-R19W                             PROVED
     KINDERKNECHT -B- LEASE   (ARBUCKLE)                               PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.875000                         27.29                               5.00% -            67
 FINAL   -   1.000000  0.875000                         27.29                              10.00% -            66
 REMARKS -                                                                                 15.00% -            66
                                                                                           20.00% -            66
                                                                                           25.00% -            65
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     2           501           0           0             438           0           0.000      27.29     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL            501           0           0             438           0           0.000      27.29     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                501           0           0             438           0           0.000      27.29     0.00

 CUMULATIVE       137,056           0           0
 ULTIMATE         137,557           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           11,964           0             0            0        11,964          73           0        11,891
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT        11,964           0             0            0        11,964          73           0        11,891
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL          11,964           0             0            0        11,964          73           0        11,891
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003         11,824           0           0           0        11,824             67            67            66
 2004              0           0           0           0             0              0            67             0
 2005              0           0           0           0             0              0            67             0
 2006              0           0           0           0             0              0            67             0
 2007              0           0           0           0             0              0            67             0
 2008              0           0           0           0             0              0            67             0
 2009              0           0           0           0             0              0            67             0
 2010              0           0           0           0             0              0            67             0
 2011              0           0           0           0             0              0            67             0
 2012              0           0           0           0             0              0            67             0
 2013              0           0           0           0             0              0            67             0
 2014              0           0           0           0             0              0            67             0
 2015              0           0           0           0             0              0            67             0
 2016              0           0           0           0             0              0            67             0
 2017              0           0           0           0             0              0            67             0

 SUBTOT       11,824           0           0           0        11,824             67                          66
 REMAIN            0           0           0           0             0              0            67             0
 TOTAL        11,824           0           0           0        11,824             67                          66

   LIFE OF EVALUATION IS 0.33 YEARS.
   FINAL PRODUCTION RATE: 125 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     46
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002


 KRAUS FIELD, ELLIS COUNTY, KANSAS                                     OIL LEASE
   TENGASCO, INC. - OPERATOR   22-T14S-R19W                            PROVED
     KRAUS -A- LEASE                                                   PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.820310                         27.29                               5.00% -       851,515
 FINAL   -   1.000000  0.820310                         27.29                              10.00% -       615,354
 REMARKS -                                                                                 15.00% -       478,078
                                                                                           20.00% -       389,952
                                                                                           25.00% -       329,055
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     3         5,287           0           0           4,337           0           0.000      27.29     0.00
 2004     3         5,023           0           0           4,120           0           0.000      27.29     0.00
 2005     3         4,772           0           0           3,915           0           0.000      27.29     0.00
 2006     3         4,533           0           0           3,718           0           0.000      27.29     0.00
 2007     3         4,306           0           0           3,533           0           0.000      27.29     0.00
 2008     3         4,092           0           0           3,356           0           0.000      27.29     0.00
 2009     3         3,886           0           0           3,188           0           0.000      27.29     0.00
 2010     3         3,693           0           0           3,029           0           0.000      27.29     0.00
 2011     3         3,507           0           0           2,877           0           0.000      27.29     0.00
 2012     3         3,332           0           0           2,734           0           0.000      27.29     0.00
 2013     3         3,166           0           0           2,597           0           0.000      27.29     0.00
 2014     3         3,008           0           0           2,467           0           0.000      27.29     0.00
 2015     3         2,857           0           0           2,343           0           0.000      27.29     0.00
 2016     3         2,714           0           0           2,227           0           0.000      27.29     0.00
 2017     3         2,578           0           0           2,115           0           0.000      27.29     0.00

 SUB-TOTAL         56,754           0           0          46,556           0           0.000      27.29     0.00
 REMAINDER         32,729           0           0          26,848           0           0.000      27.29     0.00
 TOTAL             89,483           0           0          73,404           0           0.000      27.29     0.00

 CUMULATIVE       346,204           0           0
 ULTIMATE         435,687           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003          118,362           0             0            0       118,362         722           0       117,640
 2004          112,443           0             0            0       112,443         686           0       111,757
 2005          106,821           0             0            0       106,821         652           0       106,169
 2006          101,481           0             0            0       101,481         619           0       100,862
 2007           96,406           0             0            0        96,406         588           0        95,818
 2008           91,586           0             0            0        91,586         558           0        91,028
 2009           87,006           0             0            0        87,006         531           0        86,475
 2010           82,657           0             0            0        82,657         504           0        82,153
 2011           78,523           0             0            0        78,523         479           0        78,044
 2012           74,597           0             0            0        74,597         455           0        74,142
 2013           70,868           0             0            0        70,868         433           0        70,435
 2014           67,324           0             0            0        67,324         410           0        66,914
 2015           63,958           0             0            0        63,958         390           0        63,568
 2016           60,760           0             0            0        60,760         371           0        60,389
 2017           57,722           0             0            0        57,722         352           0        57,370

 SUB-TOT     1,270,514           0             0            0     1,270,514       7,750           0     1,262,764
 REMAIN        732,674           0             0            0       732,674       4,469           0       728,205
 TOTAL       2,003,188           0             0            0     2,003,188      12,219           0     1,990,969
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003         18,540           0           0           0        18,540         99,100        99,100        94,372
 2004         18,540           0           0           0        18,540         93,217       192,317        80,356
 2005         18,540           0           0           0        18,540         87,629       279,946        68,380
 2006         18,540           0           0           0        18,540         82,322       362,268        58,149
 2007         18,540           0           0           0        18,540         77,278       439,546        49,413
 2008         18,540           0           0           0        18,540         72,488       512,034        41,957
 2009         18,540           0           0           0        18,540         67,935       579,969        35,594
 2010         18,540           0           0           0        18,540         63,613       643,582        30,171
 2011         18,540           0           0           0        18,540         59,504       703,086        25,548
 2012         18,540           0           0           0        18,540         55,602       758,688        21,609
 2013         18,540           0           0           0        18,540         51,895       810,583        18,257
 2014         18,540           0           0           0        18,540         48,374       858,957        15,406
 2015         18,540           0           0           0        18,540         45,028       903,985        12,980
 2016         18,540           0           0           0        18,540         41,849       945,834        10,921
 2017         18,540           0           0           0        18,540         38,830       984,664         9,173

 SUBTOT      278,100           0           0           0       278,100        984,664                     572,286
 REMAIN      398,610           0           0           0       398,610        329,595     1,314,259        43,068
 TOTAL       676,710           0           0           0       676,710      1,314,259                     615,354

   LIFE OF EVALUATION IS 36.50 YEARS.
   FINAL PRODUCTION RATE: 70 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     47
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 KRAUS FIELD, ELLIS COUNTY, KANSAS                                     OIL LEASE
   TENGASCO, INC. - OPERATOR   16-T14S-R19W                            PROVED
     KRAUS -B- LEASE   (ARBUCKLE)                                      PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.875000                         27.29                               5.00% -       109,508
 FINAL   -   1.000000  0.875000                         27.29                              10.00% -        88,098
 REMARKS -                                                                                 15.00% -        73,176
                                                                                           20.00% -        62,351
                                                                                           25.00% -        54,220
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     2         1,203           0           0           1,053           0           0.000      27.29     0.00
 2004     2         1,120           0           0             979           0           0.000      27.29     0.00
 2005     2         1,044           0           0             914           0           0.000      27.29     0.00
 2006     2           977           0           0             855           0           0.000      27.29     0.00
 2007     2           916           0           0             801           0           0.000      27.29     0.00
 2008     2           859           0           0             752           0           0.000      27.29     0.00
 2009     2           809           0           0             708           0           0.000      27.29     0.00
 2010     2           762           0           0             667           0           0.000      27.29     0.00
 2011     2           720           0           0             630           0           0.000      27.29     0.00
 2012     2           681           0           0             596           0           0.000      27.29     0.00
 2013     2           645           0           0             564           0           0.000      27.29     0.00
 2014     2           611           0           0             535           0           0.000      27.29     0.00
 2015     2           581           0           0             508           0           0.000      27.29     0.00
 2016     2           552           0           0             483           0           0.000      27.29     0.00
 2017     2           526           0           0             461           0           0.000      27.29     0.00

 SUB-TOTAL         12,006           0           0          10,506           0           0.000      27.29     0.00
 REMAINDER          2,121           0           0           1,855           0           0.000      27.29     0.00
 TOTAL             14,127           0           0          12,361           0           0.000      27.29     0.00

 CUMULATIVE        98,630           0           0
 ULTIMATE         112,757           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           28,730           0             0            0        28,730         175           0        28,555
 2004           26,736           0             0            0        26,736         163           0        26,573
 2005           24,943           0             0            0        24,943         152           0        24,791
 2006           23,326           0             0            0        23,326         143           0        23,183
 2007           21,859           0             0            0        21,859         133           0        21,726
 2008           20,527           0             0            0        20,527         125           0        20,402
 2009           19,314           0             0            0        19,314         118           0        19,196
 2010           18,204           0             0            0        18,204         111           0        18,093
 2011           17,189           0             0            0        17,189         105           0        17,084
 2012           16,254           0             0            0        16,254          99           0        16,155
 2013           15,395           0             0            0        15,395          94           0        15,301
 2014           14,603           0             0            0        14,603          89           0        14,514
 2015           13,868           0             0            0        13,868          85           0        13,783
 2016           13,190           0             0            0        13,190          80           0        13,110
 2017           12,559           0             0            0        12,559          77           0        12,482

 SUB-TOT       286,697           0             0            0       286,697       1,749           0       284,948
 REMAIN         50,636           0             0            0        50,636         309           0        50,327
 TOTAL         337,333           0             0            0       337,333       2,058           0       335,275
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          9,888           0           0           0         9,888         18,667        18,667        17,784
 2004          9,888           0           0           0         9,888         16,685        35,352        14,389
 2005          9,888           0           0           0         9,888         14,903        50,255        11,634
 2006          9,888           0           0           0         9,888         13,295        63,550         9,395
 2007          9,888           0           0           0         9,888         11,838        75,388         7,573
 2008          9,888           0           0           0         9,888         10,514        85,902         6,088
 2009          9,888           0           0           0         9,888          9,308        95,210         4,880
 2010          9,888           0           0           0         9,888          8,205       103,415         3,893
 2011          9,888           0           0           0         9,888          7,196       110,611         3,091
 2012          9,888           0           0           0         9,888          6,267       116,878         2,437
 2013          9,888           0           0           0         9,888          5,413       122,291         1,906
 2014          9,888           0           0           0         9,888          4,626       126,917         1,474
 2015          9,888           0           0           0         9,888          3,895       130,812         1,124
 2016          9,888           0           0           0         9,888          3,222       134,034           842
 2017          9,888           0           0           0         9,888          2,594       136,628           614

 SUBTOT      148,320           0           0           0       148,320        136,628                      87,124
 REMAIN       45,320           0           0           0        45,320          5,007       141,635           974
 TOTAL       193,640           0           0           0       193,640        141,635                      88,098

   LIFE OF EVALUATION IS 19.58 YEARS.
   FINAL PRODUCTION RATE: 35 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     48
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 KRAUS FIELD, ELLIS COUNTY, KANSAS                                     OIL LEASE
   TENGASCO, INC. - OPERATOR   27-T14S-R19W                            PROVED
     KRAUS -I- LEASE   (ABCK-KSSC-LNSG)                                PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.820313                         27.29                               5.00% -       128,733
 FINAL   -   1.000000  0.820313                         27.29                              10.00% -       108,867
 REMARKS -                                                                                 15.00% -        93,755
                                                                                           20.00% -        82,014
                                                                                           25.00% -        72,710
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     2         2,206           0           0           1,809           0           0.000      27.29     0.00
 2004     2         2,045           0           0           1,678           0           0.000      27.29     0.00
 2005     2         1,902           0           0           1,560           0           0.000      27.29     0.00
 2006     2         1,773           0           0           1,455           0           0.000      27.29     0.00
 2007     2         1,657           0           0           1,359           0           0.000      27.29     0.00
 2008     2         1,552           0           0           1,273           0           0.000      27.29     0.00
 2009     2         1,456           0           0           1,194           0           0.000      27.29     0.00
 2010     2         1,369           0           0           1,124           0           0.000      27.29     0.00
 2011     2         1,290           0           0           1,058           0           0.000      27.29     0.00
 2012     2         1,218           0           0             999           0           0.000      27.29     0.00
 2013     2         1,151           0           0             944           0           0.000      27.29     0.00
 2014     2         1,089           0           0             894           0           0.000      27.29     0.00
 2015     2         1,033           0           0             847           0           0.000      27.29     0.00
 2016     2           497           0           0             407           0           0.000      27.29     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL         20,238           0           0          16,601           0           0.000      27.29     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL             20,238           0           0          16,601           0           0.000      27.29     0.00

 CUMULATIVE       208,702           0           0
 ULTIMATE         228,940           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           49,375           0             0            0        49,375         301           0        49,074
 2004           45,787           0             0            0        45,787         279           0        45,508
 2005           42,577           0             0            0        42,577         260           0        42,317
 2006           39,692           0             0            0        39,692         242           0        39,450
 2007           37,092           0             0            0        37,092         227           0        36,865
 2008           34,738           0             0            0        34,738         211           0        34,527
 2009           32,602           0             0            0        32,602         199           0        32,403
 2010           30,657           0             0            0        30,657         187           0        30,470
 2011           28,881           0             0            0        28,881         177           0        28,704
 2012           27,255           0             0            0        27,255         166           0        27,089
 2013           25,763           0             0            0        25,763         157           0        25,606
 2014           24,389           0             0            0        24,389         149           0        24,240
 2015           23,123           0             0            0        23,123         141           0        22,982
 2016           11,117           0             0            0        11,117          68           0        11,049
 2017                0           0             0            0             0           0           0             0

 SUB-TOT       453,048           0             0            0       453,048       2,764           0       450,284
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL         453,048           0             0            0       453,048       2,764           0       450,284
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003         21,840           0           0           0        21,840         27,234        27,234        25,951
 2004         21,840           0           0           0        21,840         23,668        50,902        20,417
 2005         21,840           0           0           0        21,840         20,477        71,379        15,990
 2006         21,840           0           0           0        21,840         17,610        88,989        12,448
 2007         21,840           0           0           0        21,840         15,025       104,014         9,615
 2008         21,840           0           0           0        21,840         12,687       116,701         7,350
 2009         21,840           0           0           0        21,840         10,563       127,264         5,540
 2010         21,840           0           0           0        21,840          8,630       135,894         4,098
 2011         21,840           0           0           0        21,840          6,864       142,758         2,952
 2012         21,840           0           0           0        21,840          5,249       148,007         2,044
 2013         21,840           0           0           0        21,840          3,766       151,773         1,328
 2014         21,840           0           0           0        21,840          2,400       154,173           767
 2015         21,840           0           0           0        21,840          1,142       155,315           332
 2016         10,920           0           0           0        10,920            129       155,444            35
 2017              0           0           0           0             0              0       155,444             0

 SUBTOT      294,840           0           0           0       294,840        155,444                     108,867
 REMAIN            0           0           0           0             0              0       155,444             0
 TOTAL       294,840           0           0           0       294,840        155,444                     108,867

   LIFE OF EVALUATION IS 13.50 YEARS.
   FINAL PRODUCTION RATE: 82 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     49
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 LEIKER EAST FIELD, ELLIS COUNTY, KANSAS                               OIL LEASE
   TENGASCO, INC. - OPERATOR   14-T15S-R18W                            PROVED
     LEIKER #1   (KSSC-LNSG)                                           PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   0.416670  0.364590                         27.29                               5.00% -        36,077
 FINAL   -   0.416670  0.364590                         27.29                              10.00% -        28,470
 REMARKS -                                                                                 15.00% -        23,288
                                                                                           20.00% -        19,602
                                                                                           25.00% -        16,879
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1           878           0           0             320           0           0.000      27.29     0.00
 2004     1           835           0           0             304           0           0.000      27.29     0.00
 2005     1           793           0           0             290           0           0.000      27.29     0.00
 2006     1           755           0           0             275           0           0.000      27.29     0.00
 2007     1           718           0           0             262           0           0.000      27.29     0.00
 2008     1           683           0           0             249           0           0.000      27.29     0.00
 2009     1           649           0           0             236           0           0.000      27.29     0.00
 2010     1           618           0           0             226           0           0.000      27.29     0.00
 2011     1           587           0           0             214           0           0.000      27.29     0.00
 2012     1           559           0           0             203           0           0.000      27.29     0.00
 2013     1           531           0           0             194           0           0.000      27.29     0.00
 2014     1           505           0           0             184           0           0.000      27.29     0.00
 2015     1           480           0           0             175           0           0.000      27.29     0.00
 2016     1           457           0           0             167           0           0.000      27.29     0.00
 2017     1           434           0           0             158           0           0.000      27.29     0.00

 SUB-TOTAL          9,482           0           0           3,457           0           0.000      27.29     0.00
 REMAINDER          1,928           0           0             703           0           0.000      27.29     0.00
 TOTAL             11,410           0           0           4,160           0           0.000      27.29     0.00

 CUMULATIVE        26,941           0           0
 ULTIMATE          38,351           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003            8,733           0             0            0         8,733          53           0         8,680
 2004            8,306           0             0            0         8,306          51           0         8,255
 2005            7,899           0             0            0         7,899          48           0         7,851
 2006            7,511           0             0            0         7,511          46           0         7,465
 2007            7,144           0             0            0         7,144          44           0         7,100
 2008            6,793           0             0            0         6,793          41           0         6,752
 2009            6,461           0             0            0         6,461          39           0         6,422
 2010            6,144           0             0            0         6,144          38           0         6,106
 2011            5,842           0             0            0         5,842          35           0         5,807
 2012            5,557           0             0            0         5,557          34           0         5,523
 2013            5,284           0             0            0         5,284          33           0         5,251
 2014            5,026           0             0            0         5,026          30           0         4,996
 2015            4,779           0             0            0         4,779          29           0         4,750
 2016            4,545           0             0            0         4,545          28           0         4,517
 2017            4,322           0             0            0         4,322          27           0         4,295

 SUB-TOT        94,346           0             0            0        94,346         576           0        93,770
 REMAIN         19,179           0             0            0        19,179         117           0        19,062
 TOTAL         113,525           0             0            0       113,525         693           0       112,832
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          3,225           0           0           0         3,225          5,455         5,455         5,196
 2004          3,225           0           0           0         3,225          5,030        10,485         4,336
 2005          3,225           0           0           0         3,225          4,626        15,111         3,611
 2006          3,225           0           0           0         3,225          4,240        19,351         2,995
 2007          3,225           0           0           0         3,225          3,875        23,226         2,479
 2008          3,225           0           0           0         3,225          3,527        26,753         2,042
 2009          3,225           0           0           0         3,225          3,197        29,950         1,675
 2010          3,225           0           0           0         3,225          2,881        32,831         1,367
 2011          3,225           0           0           0         3,225          2,582        35,413         1,109
 2012          3,225           0           0           0         3,225          2,298        37,711           894
 2013          3,225           0           0           0         3,225          2,026        39,737           713
 2014          3,225           0           0           0         3,225          1,771        41,508           564
 2015          3,225           0           0           0         3,225          1,525        43,033           440
 2016          3,225           0           0           0         3,225          1,292        44,325           337
 2017          3,225           0           0           0         3,225          1,070        45,395           253

 SUBTOT       48,375           0           0           0        48,375         45,395                      28,011
 REMAIN       16,663           0           0           0        16,663          2,399        47,794           459
 TOTAL        65,038           0           0           0        65,038         47,794                      28,470

   LIFE OF EVALUATION IS 20.17 YEARS.
   FINAL PRODUCTION RATE: 27 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     50
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 LEONHARDT SOUTHEAST FIELD, ELLIS COUNTY, KANSAS                       OIL LEASE
   TENGASCO, INC. - OPERATOR   28-T14S-R18W                            PROVED
     KRAUS LEASE   (KSSC-LNSG)                                         PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.792969                         27.29                               5.00% -         8,719
 FINAL   -   1.000000  0.792969                         27.29                              10.00% -         8,125
 REMARKS -                                                                                 15.00% -         7,594
                                                                                           20.00% -         7,118
                                                                                           25.00% -         6,690
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     2           899           0           0             713           0           0.000      27.29     0.00
 2004     2           851           0           0             675           0           0.000      27.29     0.00
 2005     2           808           0           0             640           0           0.000      27.29     0.00
 2006     2           767           0           0             609           0           0.000      27.29     0.00
 2007     2           491           0           0             389           0           0.000      27.29     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL          3,816           0           0           3,026           0           0.000      27.29     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL              3,816           0           0           3,026           0           0.000      27.29     0.00

 CUMULATIVE        52,987           0           0
 ULTIMATE          56,803           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           19,451           0             0            0        19,451         119           0        19,332
 2004           18,422           0             0            0        18,422         112           0        18,310
 2005           17,477           0             0            0        17,477         107           0        17,370
 2006           16,607           0             0            0        16,607         101           0        16,506
 2007           10,621           0             0            0        10,621          65           0        10,556
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT        82,578           0             0            0        82,578         504           0        82,074
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL          82,578           0             0            0        82,578         504           0        82,074
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003         15,576           0           0           0        15,576          3,756         3,756         3,583
 2004         15,576           0           0           0        15,576          2,734         6,490         2,363
 2005         15,576           0           0           0        15,576          1,794         8,284         1,405
 2006         15,576           0           0           0        15,576            930         9,214           661
 2007         10,384           0           0           0        10,384            172         9,386           113
 2008              0           0           0           0             0              0         9,386             0
 2009              0           0           0           0             0              0         9,386             0
 2010              0           0           0           0             0              0         9,386             0
 2011              0           0           0           0             0              0         9,386             0
 2012              0           0           0           0             0              0         9,386             0
 2013              0           0           0           0             0              0         9,386             0
 2014              0           0           0           0             0              0         9,386             0
 2015              0           0           0           0             0              0         9,386             0
 2016              0           0           0           0             0              0         9,386             0
 2017              0           0           0           0             0              0         9,386             0

 SUBTOT       72,688           0           0           0        72,688          9,386                       8,125
 REMAIN            0           0           0           0             0              0         9,386             0
 TOTAL        72,688           0           0           0        72,688          9,386                       8,125

   LIFE OF EVALUATION IS 4.67 YEARS.
   FINAL PRODUCTION RATE: 60 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     51
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
 LIEBENTHAL FIELD, RUSH COUNTY, KANSAS                                                 GAS LEASE
   TENGASCO, INC. - OPERATOR   23-T16S-R18W                                            PROVED
     DECHANT -B- #2   (KANSAS CITY)                                                    PRODUCING


                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                                                                       5.00% -             0
 FINAL   -   1.000000                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE             0           0          45
 ULTIMATE               0           0          45
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     52
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
 LIEBENTHAL FIELD, RUSH COUNTY, KANSAS                                                 GAS LEASE
   TENGASCO, INC. - OPERATOR   23-T16S-R18W                                            PROVED
     GRAHAM #1   (KC-LANSING)                                                          PRODUCING


                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                                                                       5.00% -             0
 FINAL   -   1.000000                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>                     <C>         <C>         <C>             <C>         <C>         <C>         <C>      <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE             0           0         128    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0         128        SHRINKAGE FACTOR =   8.00 %
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     53
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
 LIEBENTHAL FIELD, RUSH COUNTY, KANSAS                                                 GAS LEASE
   TENGASCO, INC. - OPERATOR   26-T16S-R18W                                            PROVED
     LEGLEITER -B- #1   (KSSC-LNSG)                                                    PRODUCING


                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.875000                             4.13        5.00% -         6,528
 FINAL   -   1.000000                      0.875000                             4.13       10.00% -         5,324
 REMARKS -                                                                                 15.00% -         4,453
                                                                                           20.00% -         3,805
                                                                                           25.00% -         3,310
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>       <C>           <C>         <C>         <C>             <C>         <C>         <C>         <C>      <C>
 2003     1             0           0           1               0           0           0.737       0.00     4.13
 2004     1             0           0           1               0           0           0.715       0.00     4.13
 2005     1             0           0           1               0           0           0.694       0.00     4.13
 2006     1             0           0           1               0           0           0.673       0.00     4.13
 2007     1             0           0           0               0           0           0.653       0.00     4.13
 2008     1             0           0           1               0           0           0.633       0.00     4.13
 2009     1             0           0           1               0           0           0.614       0.00     4.13
 2010     1             0           0           1               0           0           0.596       0.00     4.13
 2011     1             0           0           0               0           0           0.578       0.00     4.13
 2012     1             0           0           1               0           0           0.560       0.00     4.13
 2013     1             0           0           1               0           0           0.544       0.00     4.13
 2014     1             0           0           0               0           0           0.527       0.00     4.13
 2015     1             0           0           1               0           0           0.511       0.00     4.13
 2016     1             0           0           1               0           0           0.496       0.00     4.13
 2017     1             0           0           0               0           0           0.481       0.00     4.13

 SUB-TOTAL              0           0          11               0           0           9.012       0.00     4.13
 REMAINDER              0           0           1               0           0           0.274       0.00     4.13
 TOTAL                  0           0          12               0           0           9.286       0.00     4.13

 CUMULATIVE             0           0          31    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0          43        SHRINKAGE FACTOR =   8.00 %
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0         3,045            0         3,045           0          54         2,991
 2004                0           0         2,953            0         2,953           0          53         2,900
 2005                0           0         2,864            0         2,864           0          51         2,813
 2006                0           0         2,779            0         2,779           0          49         2,730
 2007                0           0         2,695            0         2,695           0          48         2,647
 2008                0           0         2,615            0         2,615           0          47         2,568
 2009                0           0         2,536            0         2,536           0          45         2,491
 2010                0           0         2,460            0         2,460           0          44         2,416
 2011                0           0         2,386            0         2,386           0          42         2,344
 2012                0           0         2,314            0         2,314           0          41         2,273
 2013                0           0         2,245            0         2,245           0          40         2,205
 2014                0           0         2,178            0         2,178           0          39         2,139
 2015                0           0         2,113            0         2,113           0          38         2,075
 2016                0           0         2,049            0         2,049           0          36         2,013
 2017                0           0         1,987            0         1,987           0          36         1,951

 SUB-TOT             0           0        37,219            0        37,219           0         663        36,556
 REMAIN              0           0         1,132            0         1,132           0          20         1,112
 TOTAL               0           0        38,351            0        38,351           0         683        37,668
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          1,889           0           0           0         1,889          1,102         1,102         1,050
 2004          1,889           0           0           0         1,889          1,011         2,113           871
 2005          1,889           0           0           0         1,889            924         3,037           721
 2006          1,889           0           0           0         1,889            841         3,878           595
 2007          1,889           0           0           0         1,889            758         4,636           485
 2008          1,888           0           0           0         1,888            680         5,316           393
 2009          1,888           0           0           0         1,888            603         5,919           316
 2010          1,889           0           0           0         1,889            527         6,446           250
 2011          1,888           0           0           0         1,888            456         6,902           196
 2012          1,888           0           0           0         1,888            385         7,287           150
 2013          1,888           0           0           0         1,888            317         7,604           112
 2014          1,887           0           0           0         1,887            252         7,856            80
 2015          1,888           0           0           0         1,888            187         8,043            54
 2016          1,887           0           0           0         1,887            126         8,169            33
 2017          1,888           0           0           0         1,888             63         8,232            15

 SUBTOT       28,324           0           0           0        28,324          8,232                       5,321
 REMAIN        1,100           0           0           0         1,100             12         8,244             3
 TOTAL        29,424           0           0           0        29,424          8,244                       5,324

   LIFE OF EVALUATION IS 15.58 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     54
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
 LIEBENTHAL FIELD, RUSH COUNTY, KANSAS                                                 GAS LEASE
   TENGASCO, INC. - OPERATOR   24-T16S-R18W                                            PROVED
     LEGLEITER -C- #1   (PLEASONTON)                                                   PRODUCING


                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                                                                       5.00% -             0
 FINAL   -   1.000000                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0
</TABLE>



<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE             0           0          15
 ULTIMATE               0           0          15
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     55
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
 LIEBENTHAL FIELD, RUSH COUNTY, KANSAS                                                 GAS LEASE
   TENGASCO, INC. - OPERATOR   24-T16S-R18W                                            PROVED
     LEGLEITER -C- #2   (PLEASONTON)                                                   PRODUCING


                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>                                                                           <C>                  <C>
 INITIAL -   1.000000                                                                       5.00% -             0
 FINAL   -   1.000000                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>                     <C>         <C>         <C>             <C>         <C>         <C>         <C>      <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE             0           0           3    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0           3        SHRINKAGE FACTOR =   8.00 %
</TABLE>






<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     56
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 LITTLE RIO FIELD, RICE COUNTY, KANSAS                                 OIL LEASE
   TENGASCO, INC. - OPERATOR   19-T19S-R6W                             PROVED
     WHITEMAN-HOLLAND LEASE   (KSSC-LNSG-MSSP)                         PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.820313                         27.29                               5.00% -       171,375
 FINAL   -   1.000000  0.820313                         27.29                              10.00% -       135,168
 REMARKS -                                                                                 15.00% -       110,474
                                                                                           20.00% -        92,905
                                                                                           25.00% -        79,929
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     3         2,044           0           0           1,677           0           0.000      27.29     0.00
 2004     3         1,958           0           0           1,606           0           0.000      27.29     0.00
 2005     3         1,876           0           0           1,538           0           0.000      27.29     0.00
 2006     3         1,797           0           0           1,475           0           0.000      27.29     0.00
 2007     3         1,721           0           0           1,412           0           0.000      27.29     0.00
 2008     3         1,649           0           0           1,353           0           0.000      27.29     0.00
 2009     3         1,580           0           0           1,296           0           0.000      27.29     0.00
 2010     3         1,514           0           0           1,241           0           0.000      27.29     0.00
 2011     3         1,450           0           0           1,190           0           0.000      27.29     0.00
 2012     3         1,389           0           0           1,139           0           0.000      27.29     0.00
 2013     3         1,331           0           0           1,092           0           0.000      27.29     0.00
 2014     3         1,275           0           0           1,046           0           0.000      27.29     0.00
 2015     3         1,221           0           0           1,002           0           0.000      27.29     0.00
 2016     3         1,170           0           0             959           0           0.000      27.29     0.00
 2017     3         1,121           0           0             920           0           0.000      27.29     0.00

 SUB-TOTAL         23,096           0           0          18,946           0           0.000      27.29     0.00
 REMAINDER          4,788           0           0           3,928           0           0.000      27.29     0.00
 TOTAL             27,884           0           0          22,874           0           0.000      27.29     0.00

 CUMULATIVE        62,161           0           0
 ULTIMATE          90,045           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           45,754           0             0            0        45,754         279           0        45,475
 2004           43,832           0             0            0        43,832         267           0        43,565
 2005           41,992           0             0            0        41,992         257           0        41,735
 2006           40,228           0             0            0        40,228         245           0        39,983
 2007           38,538           0             0            0        38,538         235           0        38,303
 2008           36,920           0             0            0        36,920         225           0        36,695
 2009           35,369           0             0            0        35,369         216           0        35,153
 2010           33,883           0             0            0        33,883         207           0        33,676
 2011           32,460           0             0            0        32,460         198           0        32,262
 2012           31,097           0             0            0        31,097         189           0        30,908
 2013           29,791           0             0            0        29,791         182           0        29,609
 2014           28,540           0             0            0        28,540         174           0        28,366
 2015           27,341           0             0            0        27,341         167           0        27,174
 2016           26,193           0             0            0        26,193         160           0        26,033
 2017           25,093           0             0            0        25,093         153           0        24,940

 SUB-TOT       517,031           0             0            0       517,031       3,154           0       513,877
 REMAIN        107,198           0             0            0       107,198         654           0       106,544
 TOTAL         624,229           0             0            0       624,229       3,808           0       620,421
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003         19,836           0           0           0        19,836         25,639        25,639        24,419
 2004         19,836           0           0           0        19,836         23,729        49,368        20,458
 2005         19,836           0           0           0        19,836         21,899        71,267        17,091
 2006         19,836           0           0           0        19,836         20,147        91,414        14,234
 2007         19,836           0           0           0        19,836         18,467       109,881        11,810
 2008         19,836           0           0           0        19,836         16,859       126,740         9,761
 2009         19,836           0           0           0        19,836         15,317       142,057         8,027
 2010         19,836           0           0           0        19,836         13,840       155,897         6,567
 2011         19,836           0           0           0        19,836         12,426       168,323         5,337
 2012         19,836           0           0           0        19,836         11,072       179,395         4,305
 2013         19,836           0           0           0        19,836          9,773       189,168         3,439
 2014         19,836           0           0           0        19,836          8,530       197,698         2,719
 2015         19,836           0           0           0        19,836          7,338       205,036         2,117
 2016         19,836           0           0           0        19,836          6,197       211,233         1,618
 2017         19,836           0           0           0        19,836          5,104       216,337         1,207

 SUBTOT      297,540           0           0           0       297,540        216,337                     133,109
 REMAIN       95,874           0           0           0        95,874         10,670       227,007         2,059
 TOTAL       393,414           0           0           0       393,414        227,007                     135,168

   LIFE OF EVALUATION IS 19.83 YEARS.
   FINAL PRODUCTION RATE: 74 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     57
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 MARCOTTE FIELD, ROOKS COUNTY, KANSAS                                  OIL LEASE
   TENGASCO, INC. - OPERATOR   11-T10S-R20W                            PROVED
     CROFFOOT LEASE   (ARBUCKLE)                                       PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.861328                         27.29                               5.00% -       147,806
 FINAL   -   1.000000  0.861328                         27.29                              10.00% -       127,373
 REMARKS -                                                                                 15.00% -       111,228
                                                                                           20.00% -        98,288
                                                                                           25.00% -        87,775
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     4         3,933           0           0           3,388           0           0.000      27.29     0.00
 2004     4         3,764           0           0           3,241           0           0.000      27.29     0.00
 2005     4         3,602           0           0           3,103           0           0.000      27.29     0.00
 2006     4         3,447           0           0           2,969           0           0.000      27.29     0.00
 2007     4         3,299           0           0           2,841           0           0.000      27.29     0.00
 2008     4         3,157           0           0           2,720           0           0.000      27.29     0.00
 2009     4         3,021           0           0           2,602           0           0.000      27.29     0.00
 2010     4         2,891           0           0           2,490           0           0.000      27.29     0.00
 2011     4         2,767           0           0           2,384           0           0.000      27.29     0.00
 2012     4         2,648           0           0           2,280           0           0.000      27.29     0.00
 2013     4         1,911           0           0           1,646           0           0.000      27.29     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL         34,440           0           0          29,664           0           0.000      27.29     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL             34,440           0           0          29,664           0           0.000      27.29     0.00

 CUMULATIVE       226,899           0           0
 ULTIMATE         261,339           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           92,446           0             0            0        92,446         564           0        91,882
 2004           88,471           0             0            0        88,471         540           0        87,931
 2005           84,667           0             0            0        84,667         516           0        84,151
 2006           81,026           0             0            0        81,026         494           0        80,532
 2007           77,542           0             0            0        77,542         473           0        77,069
 2008           74,208           0             0            0        74,208         453           0        73,755
 2009           71,016           0             0            0        71,016         433           0        70,583
 2010           67,963           0             0            0        67,963         415           0        67,548
 2011           65,041           0             0            0        65,041         397           0        64,644
 2012           62,244           0             0            0        62,244         379           0        61,865
 2013           44,920           0             0            0        44,920         274           0        44,646
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT       809,544           0             0            0       809,544       4,938           0       804,606
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL         809,544           0             0            0       809,544       4,938           0       804,606
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003         58,656           0           0           0        58,656         33,226        33,226        31,657
 2004         58,656           0           0           0        58,656         29,275        62,501        25,250
 2005         58,656           0           0           0        58,656         25,495        87,996        19,909
 2006         58,656           0           0           0        58,656         21,876       109,872        15,465
 2007         58,656           0           0           0        58,656         18,413       128,285        11,785
 2008         58,656           0           0           0        58,656         15,099       143,384         8,750
 2009         58,656           0           0           0        58,656         11,927       155,311         6,259
 2010         58,656           0           0           0        58,656          8,892       164,203         4,227
 2011         58,656           0           0           0        58,656          5,988       170,191         2,579
 2012         58,656           0           0           0        58,656          3,209       173,400         1,256
 2013         43,992           0           0           0        43,992            654       174,054           236
 2014              0           0           0           0             0              0       174,054             0
 2015              0           0           0           0             0              0       174,054             0
 2016              0           0           0           0             0              0       174,054             0
 2017              0           0           0           0             0              0       174,054             0

 SUBTOT      630,552           0           0           0       630,552        174,054                     127,373
 REMAIN            0           0           0           0             0              0       174,054             0
 TOTAL       630,552           0           0           0       630,552        174,054                     127,373

   LIFE OF EVALUATION IS 10.75 YEARS.
   FINAL PRODUCTION RATE: 209 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     58
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 MARCOTTE FIELD, ROOKS COUNTY, KANSAS                                  OIL LEASE
   TENGASCO, INC. - OPERATOR   11-T10S-R20W                            PROVED
     CROFFOOT -A- LEASE   (ARBUCKLE)                                   PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.860369                         27.29                               5.00% -        71,294
 FINAL   -   1.000000  0.860369                         27.29                              10.00% -        56,536
 REMARKS -                                                                                 15.00% -        46,378
                                                                                           20.00% -        39,100
                                                                                           25.00% -        33,698
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     3           846           0           0             728           0           0.000      27.29     0.00
 2004     3           810           0           0             697           0           0.000      27.29     0.00
 2005     3           776           0           0             668           0           0.000      27.29     0.00
 2006     3           744           0           0             639           0           0.000      27.29     0.00
 2007     3           712           0           0             613           0           0.000      27.29     0.00
 2008     3           682           0           0             587           0           0.000      27.29     0.00
 2009     3           654           0           0             563           0           0.000      27.29     0.00
 2010     3           627           0           0             539           0           0.000      27.29     0.00
 2011     3           600           0           0             516           0           0.000      27.29     0.00
 2012     3           574           0           0             494           0           0.000      27.29     0.00
 2013     3           551           0           0             474           0           0.000      27.29     0.00
 2014     3           528           0           0             454           0           0.000      27.29     0.00
 2015     3           505           0           0             435           0           0.000      27.29     0.00
 2016     3           484           0           0             416           0           0.000      27.29     0.00
 2017     3           464           0           0             399           0           0.000      27.29     0.00

 SUB-TOTAL          9,557           0           0           8,222           0           0.000      27.29     0.00
 REMAINDER          1,732           0           0           1,491           0           0.000      27.29     0.00
 TOTAL             11,289           0           0           9,713           0           0.000      27.29     0.00

 CUMULATIVE       219,342           0           0
 ULTIMATE         230,631           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           19,857           0             0            0        19,857         121           0        19,736
 2004           19,023           0             0            0        19,023         116           0        18,907
 2005           18,225           0             0            0        18,225         111           0        18,114
 2006           17,458           0             0            0        17,458         107           0        17,351
 2007           16,726           0             0            0        16,726         102           0        16,624
 2008           16,023           0             0            0        16,023          98           0        15,925
 2009           15,350           0             0            0        15,350          93           0        15,257
 2010           14,705           0             0            0        14,705          90           0        14,615
 2011           14,088           0             0            0        14,088          86           0        14,002
 2012           13,496           0             0            0        13,496          82           0        13,414
 2013           12,930           0             0            0        12,930          79           0        12,851
 2014           12,386           0             0            0        12,386          76           0        12,310
 2015           11,866           0             0            0        11,866          72           0        11,794
 2016           11,367           0             0            0        11,367          69           0        11,298
 2017           10,891           0             0            0        10,891          67           0        10,824

 SUB-TOT       224,391           0             0            0       224,391       1,369           0       223,022
 REMAIN         40,665           0             0            0        40,665         248           0        40,417
 TOTAL         265,056           0             0            0       265,056       1,617           0       263,439
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          8,856           0           0           0         8,856         10,880        10,880        10,362
 2004          8,856           0           0           0         8,856         10,051        20,931         8,666
 2005          8,856           0           0           0         8,856          9,258        30,189         7,226
 2006          8,856           0           0           0         8,856          8,495        38,684         6,001
 2007          8,856           0           0           0         8,856          7,768        46,452         4,969
 2008          8,856           0           0           0         8,856          7,069        53,521         4,092
 2009          8,856           0           0           0         8,856          6,401        59,922         3,355
 2010          8,856           0           0           0         8,856          5,759        65,681         2,733
 2011          8,856           0           0           0         8,856          5,146        70,827         2,210
 2012          8,856           0           0           0         8,856          4,558        75,385         1,772
 2013          8,856           0           0           0         8,856          3,995        79,380         1,406
 2014          8,856           0           0           0         8,856          3,454        82,834         1,101
 2015          8,856           0           0           0         8,856          2,938        85,772           848
 2016          8,856           0           0           0         8,856          2,442        88,214           638
 2017          8,856           0           0           0         8,856          1,968        90,182           465

 SUBTOT      132,840           0           0           0       132,840         90,182                      55,844
 REMAIN       36,900           0           0           0        36,900          3,517        93,699           692
 TOTAL       169,740           0           0           0       169,740         93,699                      56,536

   LIFE OF EVALUATION IS 19.17 YEARS.
   FINAL PRODUCTION RATE: 32 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     59
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 MARCOTTE FIELD, ROOKS COUNTY, KANSAS                                  OIL LEASE
   TENGASCO, INC. - OPERATOR   11-T10S-R20W                            PROVED
     CROFFOOT -B- LEASE   (ARBUCKLE)                                   PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.820313                         27.29                               5.00% -       615,338
 FINAL   -   1.000000  0.820313                         27.29                              10.00% -       483,203
 REMARKS -                                                                                 15.00% -       393,705
                                                                                           20.00% -       330,364
                                                                                           25.00% -       283,773
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     6         7,337           0           0           6,019           0           0.000      27.29     0.00
 2004     6         7,044           0           0           5,778           0           0.000      27.29     0.00
 2005     6         6,762           0           0           5,547           0           0.000      27.29     0.00
 2006     6         6,491           0           0           5,325           0           0.000      27.29     0.00
 2007     6         6,232           0           0           5,112           0           0.000      27.29     0.00
 2008     6         5,983           0           0           4,908           0           0.000      27.29     0.00
 2009     6         5,743           0           0           4,711           0           0.000      27.29     0.00
 2010     6         5,514           0           0           4,523           0           0.000      27.29     0.00
 2011     6         5,293           0           0           4,342           0           0.000      27.29     0.00
 2012     6         5,081           0           0           4,168           0           0.000      27.29     0.00
 2013     6         4,878           0           0           4,001           0           0.000      27.29     0.00
 2014     6         4,683           0           0           3,842           0           0.000      27.29     0.00
 2015     6         4,495           0           0           3,688           0           0.000      27.29     0.00
 2016     6         4,316           0           0           3,540           0           0.000      27.29     0.00
 2017     6         4,143           0           0           3,398           0           0.000      27.29     0.00

 SUB-TOTAL         83,995           0           0          68,902           0           0.000      27.29     0.00
 REMAINDER         19,182           0           0          15,735           0           0.000      27.29     0.00
 TOTAL            103,177           0           0          84,637           0           0.000      27.29     0.00

 CUMULATIVE       509,871           0           0
 ULTIMATE         613,048           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003          164,254           0             0            0       164,254       1,002           0       163,252
 2004          157,683           0             0            0       157,683         962           0       156,721
 2005          151,376           0             0            0       151,376         923           0       150,453
 2006          145,321           0             0            0       145,321         887           0       144,434
 2007          139,508           0             0            0       139,508         851           0       138,657
 2008          133,928           0             0            0       133,928         817           0       133,111
 2009          128,571           0             0            0       128,571         784           0       127,787
 2010          123,428           0             0            0       123,428         753           0       122,675
 2011          118,490           0             0            0       118,490         723           0       117,767
 2012          113,752           0             0            0       113,752         693           0       113,059
 2013          109,201           0             0            0       109,201         667           0       108,534
 2014          104,833           0             0            0       104,833         639           0       104,194
 2015          100,640           0             0            0       100,640         614           0       100,026
 2016           96,614           0             0            0        96,614         589           0        96,025
 2017           92,749           0             0            0        92,749         566           0        92,183

 SUB-TOT     1,880,348           0             0            0     1,880,348      11,470           0     1,868,878
 REMAIN        429,408           0             0            0       429,408       2,620           0       426,788
 TOTAL       2,309,756           0             0            0     2,309,756      14,090           0     2,295,666
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003         72,864           0           0           0        72,864         90,388        90,388        86,085
 2004         72,864           0           0           0        72,864         83,857       174,245        72,296
 2005         72,864           0           0           0        72,864         77,589       251,834        60,554
 2006         72,864           0           0           0        72,864         71,570       323,404        50,562
 2007         72,864           0           0           0        72,864         65,793       389,197        42,077
 2008         72,864           0           0           0        72,864         60,247       449,444        34,879
 2009         72,864           0           0           0        72,864         54,923       504,367        28,784
 2010         72,864           0           0           0        72,864         49,811       554,178        23,632
 2011         72,864           0           0           0        72,864         44,903       599,081        19,285
 2012         72,864           0           0           0        72,864         40,195       639,276        15,627
 2013         72,864           0           0           0        72,864         35,670       674,946        12,555
 2014         72,864           0           0           0        72,864         31,330       706,276         9,983
 2015         72,864           0           0           0        72,864         27,162       733,438         7,835
 2016         72,864           0           0           0        72,864         23,161       756,599         6,049
 2017         72,864           0           0           0        72,864         19,319       775,918         4,568

 SUBTOT    1,092,960           0           0           0     1,092,960        775,918                     474,771
 REMAIN      382,536           0           0           0       382,536         44,252       820,170         8,432
 TOTAL     1,475,496           0           0           0     1,475,496        820,170                     483,203

   LIFE OF EVALUATION IS 20.25 YEARS.
   FINAL PRODUCTION RATE: 273 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     60
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 MARCOTTE FIELD, ROOKS COUNTY, KANSAS                                  OIL LEASE
   TENGASCO, INC. - OPERATOR   11-T10S-R20W                            PROVED
     CROFFOOT -C- LEASE   (ARBUCKLE)                                   PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.806641                         27.29                               5.00% -       142,804
 FINAL   -   1.000000  0.806641                         27.29                              10.00% -       111,546
 REMARKS -                                                                                 15.00% -        90,579
                                                                                           20.00% -        75,842
                                                                                           25.00% -        65,055
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     2         1,609           0           0           1,298           0           0.000      27.29     0.00
 2004     2         1,542           0           0           1,244           0           0.000      27.29     0.00
 2005     2         1,477           0           0           1,191           0           0.000      27.29     0.00
 2006     2         1,415           0           0           1,141           0           0.000      27.29     0.00
 2007     2         1,355           0           0           1,094           0           0.000      27.29     0.00
 2008     2         1,299           0           0           1,047           0           0.000      27.29     0.00
 2009     2         1,244           0           0           1,003           0           0.000      27.29     0.00
 2010     2         1,191           0           0             962           0           0.000      27.29     0.00
 2011     2         1,142           0           0             921           0           0.000      27.29     0.00
 2012     2         1,094           0           0             882           0           0.000      27.29     0.00
 2013     2         1,047           0           0             845           0           0.000      27.29     0.00
 2014     2         1,004           0           0             810           0           0.000      27.29     0.00
 2015     2           962           0           0             775           0           0.000      27.29     0.00
 2016     2           921           0           0             744           0           0.000      27.29     0.00
 2017     2           883           0           0             711           0           0.000      27.29     0.00

 SUB-TOTAL         18,185           0           0          14,668           0           0.000      27.29     0.00
 REMAINDER          4,624           0           0           3,731           0           0.000      27.29     0.00
 TOTAL             22,809           0           0          18,399           0           0.000      27.29     0.00

 CUMULATIVE       124,563           0           0
 ULTIMATE         147,372           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           35,424           0             0            0        35,424         216           0        35,208
 2004           33,937           0             0            0        33,937         207           0        33,730
 2005           32,511           0             0            0        32,511         198           0        32,313
 2006           31,146           0             0            0        31,146         190           0        30,956
 2007           29,837           0             0            0        29,837         182           0        29,655
 2008           28,585           0             0            0        28,585         175           0        28,410
 2009           27,384           0             0            0        27,384         167           0        27,217
 2010           26,233           0             0            0        26,233         160           0        26,073
 2011           25,132           0             0            0        25,132         153           0        24,979
 2012           24,077           0             0            0        24,077         147           0        23,930
 2013           23,065           0             0            0        23,065         141           0        22,924
 2014           22,096           0             0            0        22,096         135           0        21,961
 2015           21,169           0             0            0        21,169         129           0        21,040
 2016           20,279           0             0            0        20,279         123           0        20,156
 2017           19,428           0             0            0        19,428         119           0        19,309

 SUB-TOT       400,303           0             0            0       400,303       2,442           0       397,861
 REMAIN        101,803           0             0            0       101,803         621           0       101,182
 TOTAL         502,106           0             0            0       502,106       3,063           0       499,043
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003         14,568           0           0           0        14,568         20,640        20,640        19,657
 2004         14,568           0           0           0        14,568         19,162        39,802        16,521
 2005         14,568           0           0           0        14,568         17,745        57,547        13,848
 2006         14,568           0           0           0        14,568         16,388        73,935        11,578
 2007         14,568           0           0           0        14,568         15,087        89,022         9,648
 2008         14,568           0           0           0        14,568         13,842       102,864         8,014
 2009         14,568           0           0           0        14,568         12,649       115,513         6,629
 2010         14,568           0           0           0        14,568         11,505       127,018         5,458
 2011         14,568           0           0           0        14,568         10,411       137,429         4,471
 2012         14,568           0           0           0        14,568          9,362       146,791         3,640
 2013         14,568           0           0           0        14,568          8,356       155,147         2,941
 2014         14,568           0           0           0        14,568          7,393       162,540         2,355
 2015         14,568           0           0           0        14,568          6,472       169,012         1,867
 2016         14,568           0           0           0        14,568          5,588       174,600         1,459
 2017         14,568           0           0           0        14,568          4,741       179,341         1,121

 SUBTOT      218,520           0           0           0       218,520        179,341                     109,207
 REMAIN       88,622           0           0           0        88,622         12,560       191,901         2,339
 TOTAL       307,142           0           0           0       307,142        191,901                     111,546

   LIFE OF EVALUATION IS 21.08 YEARS.
   FINAL PRODUCTION RATE: 56 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     61
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 MARCOTTE FIELD, ROOKS COUNTY, KANSAS                                  OIL LEASE
   TENGASCO, INC. - OPERATOR   17-T10S-R19W                            PROVED
     DICK LEASE   (ARBUCKLE)                                           PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.875000                         27.29                               5.00% -       354,865
 FINAL   -   1.000000  0.875000                         27.29                              10.00% -       297,848
 REMARKS -                                                                                 15.00% -       256,758
                                                                                           20.00% -       225,951
                                                                                           25.00% -       202,066
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     3         4,857           0           0           4,250           0           0.000      27.29     0.00
 2004     3         3,815           0           0           3,338           0           0.000      27.29     0.00
 2005     3         3,199           0           0           2,799           0           0.000      27.29     0.00
 2006     3         2,783           0           0           2,435           0           0.000      27.29     0.00
 2007     3         2,481           0           0           2,171           0           0.000      27.29     0.00
 2008     3         2,250           0           0           1,969           0           0.000      27.29     0.00
 2009     3         2,066           0           0           1,808           0           0.000      27.29     0.00
 2010     3         1,915           0           0           1,676           0           0.000      27.29     0.00
 2011     3         1,790           0           0           1,566           0           0.000      27.29     0.00
 2012     3         1,683           0           0           1,472           0           0.000      27.29     0.00
 2013     3         1,590           0           0           1,392           0           0.000      27.29     0.00
 2014     3         1,510           0           0           1,321           0           0.000      27.29     0.00
 2015     3         1,439           0           0           1,259           0           0.000      27.29     0.00
 2016     3         1,376           0           0           1,203           0           0.000      27.29     0.00
 2017     3         1,318           0           0           1,154           0           0.000      27.29     0.00

 SUB-TOTAL         34,072           0           0          29,813           0           0.000      27.29     0.00
 REMAINDER          5,311           0           0           4,647           0           0.000      27.29     0.00
 TOTAL             39,383           0           0          34,460           0           0.000      27.29     0.00

 CUMULATIVE       102,647           0           0
 ULTIMATE         142,030           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003          115,984           0             0            0       115,984         708           0       115,276
 2004           91,098           0             0            0        91,098         555           0        90,543
 2005           76,377           0             0            0        76,377         466           0        75,911
 2006           66,463           0             0            0        66,463         406           0        66,057
 2007           59,250           0             0            0        59,250         361           0        58,889
 2008           53,724           0             0            0        53,724         328           0        53,396
 2009           49,329           0             0            0        49,329         301           0        49,028
 2010           45,737           0             0            0        45,737         279           0        45,458
 2011           42,735           0             0            0        42,735         260           0        42,475
 2012           40,181           0             0            0        40,181         245           0        39,936
 2013           37,978           0             0            0        37,978         232           0        37,746
 2014           36,054           0             0            0        36,054         220           0        35,834
 2015           34,357           0             0            0        34,357         210           0        34,147
 2016           32,846           0             0            0        32,846         200           0        32,646
 2017           31,490           0             0            0        31,490         192           0        31,298

 SUB-TOT       813,603           0             0            0       813,603       4,963           0       808,640
 REMAIN        126,820           0             0            0       126,820         774           0       126,046
 TOTAL         940,423           0             0            0       940,423       5,737           0       934,686
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003         25,488           0           0           0        25,488         89,788        89,788        85,723
 2004         25,488           0           0           0        25,488         65,055       154,843        56,180
 2005         25,488           0           0           0        25,488         50,423       205,266        39,401
 2006         25,488           0           0           0        25,488         40,569       245,835        28,690
 2007         25,488           0           0           0        25,488         33,401       279,236        21,379
 2008         25,488           0           0           0        25,488         27,908       307,144        16,168
 2009         25,488           0           0           0        25,488         23,540       330,684        12,344
 2010         25,488           0           0           0        25,488         19,970       350,654         9,479
 2011         25,488           0           0           0        25,488         16,987       367,641         7,299
 2012         25,488           0           0           0        25,488         14,448       382,089         5,619
 2013         25,488           0           0           0        25,488         12,258       394,347         4,316
 2014         25,488           0           0           0        25,488         10,346       404,693         3,298
 2015         25,488           0           0           0        25,488          8,659       413,352         2,498
 2016         25,488           0           0           0        25,488          7,158       420,510         1,870
 2017         25,488           0           0           0        25,488          5,810       426,320         1,375

 SUBTOT      382,320           0           0           0       382,320        426,320                     295,639
 REMAIN      114,696           0           0           0       114,696         11,350       437,670         2,209
 TOTAL       497,016           0           0           0       497,016        437,670                     297,848

   LIFE OF EVALUATION IS 19.50 YEARS.
   FINAL PRODUCTION RATE: 90 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     62
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 MCHALE FIELD, ROOKS COUNTY, KANSAS                                    OIL LEASE
   TENGASCO, INC. - OPERATOR   17-T9S-R18W                             PROVED
     HARRISON -A- LEASE   (ARBUCKLE)                                   PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.875000                         27.29                               5.00% -       938,819
 FINAL   -   1.000000  0.875000                         27.29                              10.00% -       695,076
 REMARKS -                                                                                 15.00% -       547,395
                                                                                           20.00% -       450,169
                                                                                           25.00% -       381,912
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     4         5,962           0           0           5,217           0           0.000      27.29     0.00
 2004     4         5,634           0           0           4,929           0           0.000      27.29     0.00
 2005     4         5,324           0           0           4,659           0           0.000      27.29     0.00
 2006     4         5,031           0           0           4,402           0           0.000      27.29     0.00
 2007     4         4,754           0           0           4,160           0           0.000      27.29     0.00
 2008     4         4,493           0           0           3,932           0           0.000      27.29     0.00
 2009     4         4,246           0           0           3,715           0           0.000      27.29     0.00
 2010     4         4,013           0           0           3,510           0           0.000      27.29     0.00
 2011     4         3,791           0           0           3,318           0           0.000      27.29     0.00
 2012     4         3,583           0           0           3,135           0           0.000      27.29     0.00
 2013     4         3,386           0           0           2,963           0           0.000      27.29     0.00
 2014     4         3,200           0           0           2,800           0           0.000      27.29     0.00
 2015     4         3,024           0           0           2,646           0           0.000      27.29     0.00
 2016     4         2,858           0           0           2,500           0           0.000      27.29     0.00
 2017     4         2,700           0           0           2,363           0           0.000      27.29     0.00

 SUB-TOTAL         61,999           0           0          54,249           0           0.000      27.29     0.00
 REMAINDER         28,578           0           0          25,006           0           0.000      27.29     0.00
 TOTAL             90,577           0           0          79,255           0           0.000      27.29     0.00

 CUMULATIVE       257,624           0           0
 ULTIMATE         348,201           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003          142,360           0             0            0       142,360         868           0       141,492
 2004          134,530           0             0            0       134,530         821           0       133,709
 2005          127,131           0             0            0       127,131         776           0       126,355
 2006          120,139           0             0            0       120,139         732           0       119,407
 2007          113,531           0             0            0       113,531         693           0       112,838
 2008          107,287           0             0            0       107,287         654           0       106,633
 2009          101,386           0             0            0       101,386         619           0       100,767
 2010           95,809           0             0            0        95,809         584           0        95,225
 2011           90,541           0             0            0        90,541         553           0        89,988
 2012           85,560           0             0            0        85,560         521           0        85,039
 2013           80,855           0             0            0        80,855         494           0        80,361
 2014           76,408           0             0            0        76,408         466           0        75,942
 2015           72,205           0             0            0        72,205         440           0        71,765
 2016           68,234           0             0            0        68,234         416           0        67,818
 2017           64,481           0             0            0        64,481         394           0        64,087

 SUB-TOT     1,480,457           0             0            0     1,480,457       9,031           0     1,471,426
 REMAIN        682,413           0             0            0       682,413       4,163           0       678,250
 TOTAL       2,162,870           0             0            0     2,162,870      13,194           0     2,149,676
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003         23,952           0           0           0        23,952        117,540       117,540       111,939
 2004         23,952           0           0           0        23,952        109,757       227,297        94,620
 2005         23,952           0           0           0        23,952        102,403       329,700        79,913
 2006         23,952           0           0           0        23,952         95,455       425,155        67,431
 2007         23,952           0           0           0        23,952         88,886       514,041        56,839
 2008         23,952           0           0           0        23,952         82,681       596,722        47,860
 2009         23,952           0           0           0        23,952         76,815       673,537        40,250
 2010         23,952           0           0           0        23,952         71,273       744,810        33,806
 2011         23,952           0           0           0        23,952         66,036       810,846        28,354
 2012         23,952           0           0           0        23,952         61,087       871,933        23,744
 2013         23,952           0           0           0        23,952         56,409       928,342        19,847
 2014         23,952           0           0           0        23,952         51,990       980,332        16,558
 2015         23,952           0           0           0        23,952         47,813     1,028,145        13,785
 2016         23,952           0           0           0        23,952         43,866     1,072,011        11,449
 2017         23,952           0           0           0        23,952         40,135     1,112,146         9,482

 SUBTOT      359,280           0           0           0       359,280      1,112,146                     655,877
 REMAIN      405,188           0           0           0       405,188        273,062     1,385,208        39,199
 TOTAL       764,468           0           0           0       764,468      1,385,208                     695,076

   LIFE OF EVALUATION IS 31.92 YEARS.
   FINAL PRODUCTION RATE: 84 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     63
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 MCHALE FIELD, ROOKS COUNTY, KANSAS                                    OIL LEASE
   TENGASCO, INC. - OPERATOR   17-T9S-R18W                             PROVED
     HILGERS -B- LEASE   (ARBUCKLE)                                    PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.875000                         27.29                               5.00% -       101,064
 FINAL   -   1.000000  0.875000                         27.29                              10.00% -        82,222
 REMARKS -                                                                                 15.00% -        68,805
                                                                                           20.00% -        58,920
                                                                                           25.00% -        51,413
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     3         1,393           0           0           1,219           0           0.000      27.29     0.00
 2004     3         1,308           0           0           1,144           0           0.000      27.29     0.00
 2005     3         1,232           0           0           1,078           0           0.000      27.29     0.00
 2006     3         1,164           0           0           1,019           0           0.000      27.29     0.00
 2007     3         1,104           0           0             966           0           0.000      27.29     0.00
 2008     3         1,049           0           0             918           0           0.000      27.29     0.00
 2009     3         1,000           0           0             874           0           0.000      27.29     0.00
 2010     3           954           0           0             836           0           0.000      27.29     0.00
 2011     3           914           0           0             799           0           0.000      27.29     0.00
 2012     3           876           0           0             767           0           0.000      27.29     0.00
 2013     3           841           0           0             735           0           0.000      27.29     0.00
 2014     3           807           0           0             707           0           0.000      27.29     0.00
 2015     3           775           0           0             678           0           0.000      27.29     0.00
 2016     3           744           0           0             650           0           0.000      27.29     0.00
 2017     3           714           0           0             625           0           0.000      27.29     0.00

 SUB-TOTAL         14,875           0           0          13,015           0           0.000      27.29     0.00
 REMAINDER          1,557           0           0           1,363           0           0.000      27.29     0.00
 TOTAL             16,432           0           0          14,378           0           0.000      27.29     0.00

 CUMULATIVE       218,060           0           0
 ULTIMATE         234,492           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           33,271           0             0            0        33,271         203           0        33,068
 2004           31,224           0             0            0        31,224         190           0        31,034
 2005           29,413           0             0            0        29,413         180           0        29,233
 2006           27,801           0             0            0        27,801         169           0        27,632
 2007           26,355           0             0            0        26,355         161           0        26,194
 2008           25,054           0             0            0        25,054         153           0        24,901
 2009           23,872           0             0            0        23,872         146           0        23,726
 2010           22,799           0             0            0        22,799         139           0        22,660
 2011           21,817           0             0            0        21,817         133           0        21,684
 2012           20,916           0             0            0        20,916         127           0        20,789
 2013           20,076           0             0            0        20,076         123           0        19,953
 2014           19,274           0             0            0        19,274         117           0        19,157
 2015           18,502           0             0            0        18,502         113           0        18,389
 2016           17,762           0             0            0        17,762         109           0        17,653
 2017           17,052           0             0            0        17,052         104           0        16,948

 SUB-TOT       355,188           0             0            0       355,188       2,167           0       353,021
 REMAIN         37,182           0             0            0        37,182         226           0        36,956
 TOTAL         392,370           0             0            0       392,370       2,393           0       389,977
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003         15,084           0           0           0        15,084         17,984        17,984        17,134
 2004         15,084           0           0           0        15,084         15,950        33,934        13,756
 2005         15,084           0           0           0        15,084         14,149        48,083        11,047
 2006         15,084           0           0           0        15,084         12,548        60,631         8,867
 2007         15,084           0           0           0        15,084         11,110        71,741         7,108
 2008         15,084           0           0           0        15,084          9,817        81,558         5,685
 2009         15,084           0           0           0        15,084          8,642        90,200         4,530
 2010         15,084           0           0           0        15,084          7,576        97,776         3,595
 2011         15,084           0           0           0        15,084          6,600       104,376         2,836
 2012         15,084           0           0           0        15,084          5,705       110,081         2,218
 2013         15,084           0           0           0        15,084          4,869       114,950         1,715
 2014         15,084           0           0           0        15,084          4,073       119,023         1,298
 2015         15,084           0           0           0        15,084          3,305       122,328           954
 2016         15,084           0           0           0        15,084          2,569       124,897           672
 2017         15,084           0           0           0        15,084          1,864       126,761           441

 SUBTOT      226,260           0           0           0       226,260        126,761                      81,856
 REMAIN       35,196           0           0           0        35,196          1,760       128,521           366
 TOTAL       261,456           0           0           0       261,456        128,521                      82,222

   LIFE OF EVALUATION IS 17.33 YEARS.
   FINAL PRODUCTION RATE: 53 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     64
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 MCHALE FIELD, ROOKS COUNTY, KANSAS                                    OIL LEASE
   TENGASCO, INC. - OPERATOR   16-T9S-R18W                             PROVED
     KABA #2   (ARBUCKLE-LANSING-T)                                    PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                                                                       5.00% -             0
 FINAL   -   1.000000                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE        23,365           0           0
 ULTIMATE          23,365           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     65
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 OMLOR FIELD, STAFFORD COUNTY, KANSAS                                  OIL LEASE
   TENGASCO, INC. - OPERATOR   11-T22S-R14W                            PROVED
     MILLER #1   (KSSC-LNSG)                                           PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   0.875000  0.708801                         27.29                               5.00% -        41,408
 FINAL   -   0.875000  0.708801                         27.29                              10.00% -        35,039
 REMARKS -                                                                                 15.00% -        30,179
                                                                                           20.00% -        26,395
                                                                                           25.00% -        23,392
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1           691           0           0             490           0           0.000      27.29     0.00
 2004     1           635           0           0             450           0           0.000      27.29     0.00
 2005     1           585           0           0             415           0           0.000      27.29     0.00
 2006     1           538           0           0             381           0           0.000      27.29     0.00
 2007     1           495           0           0             351           0           0.000      27.29     0.00
 2008     1           455           0           0             322           0           0.000      27.29     0.00
 2009     1           419           0           0             297           0           0.000      27.29     0.00
 2010     1           385           0           0             273           0           0.000      27.29     0.00
 2011     1           355           0           0             252           0           0.000      27.29     0.00
 2012     1           326           0           0             231           0           0.000      27.29     0.00
 2013     1           300           0           0             213           0           0.000      27.29     0.00
 2014     1           276           0           0             195           0           0.000      27.29     0.00
 2015     1           254           0           0             180           0           0.000      27.29     0.00
 2016     1            24           0           0              17           0           0.000      27.29     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL          5,738           0           0           4,067           0           0.000      27.29     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL              5,738           0           0           4,067           0           0.000      27.29     0.00

 CUMULATIVE        34,002           0           0
 ULTIMATE          39,740           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           13,362           0             0            0        13,362          82           0        13,280
 2004           12,294           0             0            0        12,294          74           0        12,220
 2005           11,309           0             0            0        11,309          69           0        11,240
 2006           10,405           0             0            0        10,405          64           0        10,341
 2007            9,573           0             0            0         9,573          58           0         9,515
 2008            8,807           0             0            0         8,807          54           0         8,753
 2009            8,102           0             0            0         8,102          49           0         8,053
 2010            7,454           0             0            0         7,454          46           0         7,408
 2011            6,858           0             0            0         6,858          42           0         6,816
 2012            6,309           0             0            0         6,309          38           0         6,271
 2013            5,805           0             0            0         5,805          36           0         5,769
 2014            5,340           0             0            0         5,340          32           0         5,308
 2015            4,912           0             0            0         4,912          30           0         4,882
 2016              461           0             0            0           461           3           0           458
 2017                0           0             0            0             0           0           0             0

 SUB-TOT       110,991           0             0            0       110,991         677           0       110,314
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL         110,991           0             0            0       110,991         677           0       110,314
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          4,610           0           0           0         4,610          8,670         8,670         8,261
 2004          4,609           0           0           0         4,609          7,611        16,281         6,565
 2005          4,610           0           0           0         4,610          6,630        22,911         5,177
 2006          4,609           0           0           0         4,609          5,732        28,643         4,052
 2007          4,610           0           0           0         4,610          4,905        33,548         3,138
 2008          4,609           0           0           0         4,609          4,144        37,692         2,401
 2009          4,610           0           0           0         4,610          3,443        41,135         1,806
 2010          4,609           0           0           0         4,609          2,799        43,934         1,329
 2011          4,610           0           0           0         4,610          2,206        46,140           949
 2012          4,609           0           0           0         4,609          1,662        47,802           647
 2013          4,610           0           0           0         4,610          1,159        48,961           409
 2014          4,609           0           0           0         4,609            699        49,660           224
 2015          4,610           0           0           0         4,610            272        49,932            79
 2016            452           0           0           0           452              6        49,938             2
 2017              0           0           0           0             0              0        49,938             0

 SUBTOT       60,376           0           0           0        60,376         49,938                      35,039
 REMAIN            0           0           0           0             0              0        49,938             0
 TOTAL        60,376           0           0           0        60,376         49,938                      35,039

   LIFE OF EVALUATION IS 13.10 YEARS.
   FINAL PRODUCTION RATE: 20 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     66
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 OMLOR FIELD, STAFFORD COUNTY, KANSAS                                  OIL LEASE
   TENGASCO, INC. - OPERATOR   11-T22S-R14W                            PROVED
     WILLIAMS #1   (KSSC-LNSG)                                         PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   0.875000  0.715210                         27.29                               5.00% -        89,039
 FINAL   -   0.875000  0.715210                         27.29                              10.00% -        72,808
 REMARKS -                                                                                 15.00% -        61,144
                                                                                           20.00% -        52,487
                                                                                           25.00% -        45,873
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1         1,094           0           0             782           0           0.000      27.29     0.00
 2004     1         1,006           0           0             720           0           0.000      27.29     0.00
 2005     1           926           0           0             662           0           0.000      27.29     0.00
 2006     1           851           0           0             609           0           0.000      27.29     0.00
 2007     1           784           0           0             561           0           0.000      27.29     0.00
 2008     1           721           0           0             515           0           0.000      27.29     0.00
 2009     1           663           0           0             475           0           0.000      27.29     0.00
 2010     1           610           0           0             436           0           0.000      27.29     0.00
 2011     1           562           0           0             401           0           0.000      27.29     0.00
 2012     1           516           0           0             370           0           0.000      27.29     0.00
 2013     1           475           0           0             340           0           0.000      27.29     0.00
 2014     1           437           0           0             312           0           0.000      27.29     0.00
 2015     1           402           0           0             288           0           0.000      27.29     0.00
 2016     1           370           0           0             264           0           0.000      27.29     0.00
 2017     1           341           0           0             244           0           0.000      27.29     0.00

 SUB-TOTAL          9,758           0           0           6,979           0           0.000      27.29     0.00
 REMAINDER            692           0           0             495           0           0.000      27.29     0.00
 TOTAL             10,450           0           0           7,474           0           0.000      27.29     0.00

 CUMULATIVE       114,978           0           0
 ULTIMATE         125,428           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           21,348           0             0            0        21,348         130           0        21,218
 2004           19,641           0             0            0        19,641         120           0        19,521
 2005           18,069           0             0            0        18,069         110           0        17,959
 2006           16,623           0             0            0        16,623         102           0        16,521
 2007           15,294           0             0            0        15,294          93           0        15,201
 2008           14,070           0             0            0        14,070          86           0        13,984
 2009           12,945           0             0            0        12,945          79           0        12,866
 2010           11,909           0             0            0        11,909          72           0        11,837
 2011           10,956           0             0            0        10,956          67           0        10,889
 2012           10,080           0             0            0        10,080          62           0        10,018
 2013            9,273           0             0            0         9,273          56           0         9,217
 2014            8,532           0             0            0         8,532          52           0         8,480
 2015            7,849           0             0            0         7,849          48           0         7,801
 2016            7,221           0             0            0         7,221          44           0         7,177
 2017            6,644           0             0            0         6,644          41           0         6,603

 SUB-TOT       190,454           0             0            0       190,454       1,162           0       189,292
 REMAIN         13,507           0             0            0        13,507          82           0        13,425
 TOTAL         203,961           0             0            0       203,961       1,244           0       202,717
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          5,208           0           0           0         5,208         16,010        16,010        15,252
 2004          5,208           0           0           0         5,208         14,313        30,323        12,344
 2005          5,208           0           0           0         5,208         12,751        43,074         9,955
 2006          5,208           0           0           0         5,208         11,313        54,387         7,995
 2007          5,208           0           0           0         5,208          9,993        64,380         6,393
 2008          5,208           0           0           0         5,208          8,776        73,156         5,082
 2009          5,208           0           0           0         5,208          7,658        80,814         4,015
 2010          5,208           0           0           0         5,208          6,629        87,443         3,146
 2011          5,208           0           0           0         5,208          5,681        93,124         2,441
 2012          5,208           0           0           0         5,208          4,810        97,934         1,871
 2013          5,208           0           0           0         5,208          4,009       101,943         1,412
 2014          5,208           0           0           0         5,208          3,272       105,215         1,043
 2015          5,208           0           0           0         5,208          2,593       107,808           749
 2016          5,208           0           0           0         5,208          1,969       109,777           515
 2017          5,208           0           0           0         5,208          1,395       111,172           330

 SUBTOT       78,120           0           0           0        78,120        111,172                      72,543
 REMAIN       12,152           0           0           0        12,152          1,273       112,445           265
 TOTAL        90,272           0           0           0        90,272        112,445                      72,808

   LIFE OF EVALUATION IS 17.33 YEARS.
   FINAL PRODUCTION RATE: 22 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     67
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
 OTIS-ALBERT FIELD, RUSH COUNTY, KANSAS                                                GAS LEASE
   TENGASCO, INC. - OPERATOR   2-T18S-R16W                                             PROVED
     HARTMAN -C- #1   (PENNSYLVANIAN)                                                  PRODUCING


                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                                                                       5.00% -             0
 FINAL   -   1.000000                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0

<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE             0           0          73
 ULTIMATE               0           0          73

<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0


<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     68
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 PARADISE CREEK FIELD, ROOKS COUNTY, KANSAS                            OIL LEASE
   TENGASCO, INC. - OPERATOR   21-T9S-R18W                             PROVED
     STAHL LEASE   (ARBUCKLE)                                          PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.843750                         27.29                               5.00% -       640,574
 FINAL   -   1.000000  0.843750                         27.29                              10.00% -       476,630
 REMARKS -                                                                                 15.00% -       375,402
                                                                                           20.00% -       308,227
                                                                                           25.00% -       260,963
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     4         5,285           0           0           4,459           0           0.000      27.29     0.00
 2004     4         5,084           0           0           4,290           0           0.000      27.29     0.00
 2005     4         4,891           0           0           4,127           0           0.000      27.29     0.00
 2006     4         4,705           0           0           3,970           0           0.000      27.29     0.00
 2007     4         4,526           0           0           3,819           0           0.000      27.29     0.00
 2008     4         4,355           0           0           3,674           0           0.000      27.29     0.00
 2009     4         4,189           0           0           3,534           0           0.000      27.29     0.00
 2010     4         4,029           0           0           3,400           0           0.000      27.29     0.00
 2011     4         3,877           0           0           3,271           0           0.000      27.29     0.00
 2012     4         3,729           0           0           3,146           0           0.000      27.29     0.00
 2013     4         3,587           0           0           3,027           0           0.000      27.29     0.00
 2014     4         3,452           0           0           2,912           0           0.000      27.29     0.00
 2015     4         3,320           0           0           2,801           0           0.000      27.29     0.00
 2016     4         3,194           0           0           2,695           0           0.000      27.29     0.00
 2017     4         3,072           0           0           2,593           0           0.000      27.29     0.00

 SUB-TOTAL         61,295           0           0          51,718           0           0.000      27.29     0.00
 REMAINDER         30,319           0           0          25,581           0           0.000      27.29     0.00
 TOTAL             91,614           0           0          77,299           0           0.000      27.29     0.00

 CUMULATIVE       138,112           0           0
 ULTIMATE         229,726           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003          121,691           0             0            0       121,691         742           0       120,949
 2004          117,067           0             0            0       117,067         714           0       116,353
 2005          112,619           0             0            0       112,619         687           0       111,932
 2006          108,339           0             0            0       108,339         661           0       107,678
 2007          104,222           0             0            0       104,222         636           0       103,586
 2008          100,262           0             0            0       100,262         612           0        99,650
 2009           96,451           0             0            0        96,451         588           0        95,863
 2010           92,787           0             0            0        92,787         566           0        92,221
 2011           89,261           0             0            0        89,261         544           0        88,717
 2012           85,868           0             0            0        85,868         524           0        85,344
 2013           82,606           0             0            0        82,606         504           0        82,102
 2014           79,467           0             0            0        79,467         485           0        78,982
 2015           76,447           0             0            0        76,447         466           0        75,981
 2016           73,542           0             0            0        73,542         449           0        73,093
 2017           70,747           0             0            0        70,747         431           0        70,316

 SUB-TOT     1,411,376           0             0            0     1,411,376       8,609           0     1,402,767
 REMAIN        698,118           0             0            0       698,118       4,259           0       693,859
 TOTAL       2,109,494           0             0            0     2,109,494      12,868           0     2,096,626
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003         42,048           0           0           0        42,048         78,901        78,901        75,136
 2004         42,048           0           0           0        42,048         74,305       153,206        64,053
 2005         42,048           0           0           0        42,048         69,884       223,090        54,532
 2006         42,048           0           0           0        42,048         65,630       288,720        46,359
 2007         42,048           0           0           0        42,048         61,538       350,258        39,349
 2008         42,048           0           0           0        42,048         57,602       407,860        33,342
 2009         42,048           0           0           0        42,048         53,815       461,675        28,197
 2010         42,048           0           0           0        42,048         50,173       511,848        23,797
 2011         42,048           0           0           0        42,048         46,669       558,517        20,038
 2012         42,048           0           0           0        42,048         43,296       601,813        16,828
 2013         42,048           0           0           0        42,048         40,054       641,867        14,093
 2014         42,048           0           0           0        42,048         36,934       678,801        11,763
 2015         42,048           0           0           0        42,048         33,933       712,734         9,783
 2016         42,048           0           0           0        42,048         31,045       743,779         8,103
 2017         42,048           0           0           0        42,048         28,268       772,047         6,679

 SUBTOT      630,720           0           0           0       630,720        772,047                     452,052
 REMAIN      536,112           0           0           0       536,112        157,747       929,794        24,578
 TOTAL     1,166,832           0           0           0     1,166,832        929,794                     476,630

   LIFE OF EVALUATION IS 27.75 YEARS.
   FINAL PRODUCTION RATE: 153 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     69
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 PARADISE CREEK FIELD, ROOKS COUNTY, KANSAS                          OIL LEASE
   TENGASCO, INC. - OPERATOR   21-T9S-R18W                           PROVED
     STAHL #7 PUD   (ARBUCKLE)                                       UNDEVELOPED


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.843750                         27.29                               5.00% -       394,468
 FINAL   -   1.000000  0.843750                         27.29                              10.00% -       253,480
 REMARKS -                                                                                 15.00% -       173,973
                                                                                           20.00% -       124,875
                                                                                           25.00% -        92,408
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     1         3,426           0           0           2,891           0           0.000      27.29     0.00
 2005     1         3,228           0           0           2,723           0           0.000      27.29     0.00
 2006     1         2,608           0           0           2,201           0           0.000      27.29     0.00
 2007     1         2,484           0           0           2,096           0           0.000      27.29     0.00
 2008     1         2,367           0           0           1,997           0           0.000      27.29     0.00
 2009     1         2,256           0           0           1,903           0           0.000      27.29     0.00
 2010     1         2,149           0           0           1,813           0           0.000      27.29     0.00
 2011     1         2,047           0           0           1,728           0           0.000      27.29     0.00
 2012     1         1,951           0           0           1,646           0           0.000      27.29     0.00
 2013     1         1,859           0           0           1,568           0           0.000      27.29     0.00
 2014     1         1,771           0           0           1,494           0           0.000      27.29     0.00
 2015     1         1,687           0           0           1,424           0           0.000      27.29     0.00
 2016     1         1,608           0           0           1,357           0           0.000      27.29     0.00
 2017     1         1,532           0           0           1,292           0           0.000      27.29     0.00

 SUB-TOTAL         30,973           0           0          26,133           0           0.000      27.29     0.00
 REMAINDER         16,013           0           0          13,511           0           0.000      27.29     0.00
 TOTAL             46,986           0           0          39,644           0           0.000      27.29     0.00

 CUMULATIVE             0           0           0
 ULTIMATE          46,986           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004           78,886           0             0            0        78,886         481           0        78,405
 2005           74,333           0             0            0        74,333         454           0        73,879
 2006           60,040           0             0            0        60,040         366           0        59,674
 2007           57,205           0             0            0        57,205         349           0        56,856
 2008           54,505           0             0            0        54,505         332           0        54,173
 2009           51,933           0             0            0        51,933         317           0        51,616
 2010           49,482           0             0            0        49,482         302           0        49,180
 2011           47,146           0             0            0        47,146         288           0        46,858
 2012           44,920           0             0            0        44,920         274           0        44,646
 2013           42,801           0             0            0        42,801         261           0        42,540
 2014           40,780           0             0            0        40,780         248           0        40,532
 2015           38,855           0             0            0        38,855         237           0        38,618
 2016           37,022           0             0            0        37,022         226           0        36,796
 2017           35,274           0             0            0        35,274         215           0        35,059

 SUB-TOT       713,182           0             0            0       713,182       4,350           0       708,832
 REMAIN        368,715           0             0            0       368,715       2,250           0       366,465
 TOTAL       1,081,897           0             0            0     1,081,897       6,600           0     1,075,297
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004          5,256           0     100,000           0       105,256        -26,851       -26,851       -24,152
 2005         10,512           0           0           0        10,512         63,367        36,516        49,740
 2006         10,512           0           0           0        10,512         49,162        85,678        34,725
 2007         10,512           0           0           0        10,512         46,344       132,022        29,632
 2008         10,512           0           0           0        10,512         43,661       175,683        25,270
 2009         10,512           0           0           0        10,512         41,104       216,787        21,536
 2010         10,512           0           0           0        10,512         38,668       255,455        18,339
 2011         10,512           0           0           0        10,512         36,346       291,801        15,604
 2012         10,512           0           0           0        10,512         34,134       325,935        13,266
 2013         10,512           0           0           0        10,512         32,028       357,963        11,267
 2014         10,512           0           0           0        10,512         30,020       387,983         9,560
 2015         10,512           0           0           0        10,512         28,106       416,089         8,102
 2016         10,512           0           0           0        10,512         26,284       442,373         6,858
 2017         10,512           0           0           0        10,512         24,547       466,920         5,799

 SUBTOT      141,912           0     100,000           0       241,912        466,920                     225,546
 REMAIN      158,588           0           0           0       158,588        207,877       674,797        27,934
 TOTAL       300,500           0     100,000           0       400,500        674,797                     253,480

   LIFE OF EVALUATION IS 30.09 YEARS.
   FINAL PRODUCTION RATE: 60 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     70
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 PAWNEE ROCK FIELD, PAWNEE COUNTY, KANSAS                              OIL LEASE
   TENGASCO, INC. - OPERATOR   13-T20S-R16W                            PROVED
     O'SCHULTZ #1   (ARBUCKLE)                                         PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   0.937500                                                                       5.00% -             0
 FINAL   -   0.937500                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE        46,727           0           0
 ULTIMATE          46,727           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     71
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 PAWNEE ROCK FIELD, PAWNEE COUNTY, KANSAS                              OIL LEASE
   TENGASCO, INC. - OPERATOR   24-T20S-R16W                            PROVED
     OETKIN LEASE   (ARBUCKLE)                                         PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   0.937500  0.794678                         27.29                               5.00% -         2,175
 FINAL   -   0.937500  0.794678                         27.29                              10.00% -         2,124
 REMARKS -                                                                                 15.00% -         2,076
                                                                                           20.00% -         2,030
                                                                                           25.00% -         1,985
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     2         1,641           0           0           1,304           0           0.000      27.29     0.00
 2004     2           654           0           0             520           0           0.000      27.29     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL          2,295           0           0           1,824           0           0.000      27.29     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL              2,295           0           0           1,824           0           0.000      27.29     0.00

 CUMULATIVE       120,974           0           0
 ULTIMATE         123,269           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           35,582           0             0            0        35,582         217           0        35,365
 2004           14,188           0             0            0        14,188          87           0        14,101
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT        49,770           0             0            0        49,770         304           0        49,466
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL          49,770           0             0            0        49,770         304           0        49,466
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003         33,345           0           0           0        33,345          2,020         2,020         1,940
 2004         13,894           0           0           0        13,894            207         2,227           184
 2005              0           0           0           0             0              0         2,227             0
 2006              0           0           0           0             0              0         2,227             0
 2007              0           0           0           0             0              0         2,227             0
 2008              0           0           0           0             0              0         2,227             0
 2009              0           0           0           0             0              0         2,227             0
 2010              0           0           0           0             0              0         2,227             0
 2011              0           0           0           0             0              0         2,227             0
 2012              0           0           0           0             0              0         2,227             0
 2013              0           0           0           0             0              0         2,227             0
 2014              0           0           0           0             0              0         2,227             0
 2015              0           0           0           0             0              0         2,227             0
 2016              0           0           0           0             0              0         2,227             0
 2017              0           0           0           0             0              0         2,227             0

 SUBTOT       47,239           0           0           0        47,239          2,227                       2,124
 REMAIN            0           0           0           0             0              0         2,227             0
 TOTAL        47,239           0           0           0        47,239          2,227                       2,124

   LIFE OF EVALUATION IS 1.42 YEARS.
   FINAL PRODUCTION RATE: 130 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     72
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 PAWNEE ROCK FIELD, PAWNEE COUNTY, KANSAS                            OIL LEASE
   TENGASCO, INC. - OPERATOR   24-T20S-R16W                          PROBABLE
     OETKIN #8 PBUD   (ARBUCKLE)                                     UNDEVELOPED


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   0.937500  0.794678                         27.29                               5.00% -        39,600
 FINAL   -   0.937500  0.794678                         27.29                              10.00% -        20,893
 REMARKS -                                                                                 15.00% -         8,495
                                                                                           20.00% -           193
                                                                                           25.00% -        -5,389
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     1         2,029           0           0           1,612           0           0.000      27.29     0.00
 2005     1         1,910           0           0           1,518           0           0.000      27.29     0.00
 2006     1         1,536           0           0           1,221           0           0.000      27.29     0.00
 2007     1         1,457           0           0           1,158           0           0.000      27.29     0.00
 2008     1         1,381           0           0           1,097           0           0.000      27.29     0.00
 2009     1         1,309           0           0           1,040           0           0.000      27.29     0.00
 2010     1         1,241           0           0             987           0           0.000      27.29     0.00
 2011     1         1,176           0           0             934           0           0.000      27.29     0.00
 2012     1         1,116           0           0             887           0           0.000      27.29     0.00
 2013     1         1,057           0           0             840           0           0.000      27.29     0.00
 2014     1         1,003           0           0             797           0           0.000      27.29     0.00
 2015     1           950           0           0             755           0           0.000      27.29     0.00
 2016     1           901           0           0             716           0           0.000      27.29     0.00
 2017     1           854           0           0             678           0           0.000      27.29     0.00

 SUB-TOTAL         17,920           0           0          14,240           0           0.000      27.29     0.00
 REMAINDER          1,070           0           0             851           0           0.000      27.29     0.00
 TOTAL             18,990           0           0          15,091           0           0.000      27.29     0.00

 CUMULATIVE             0           0           0
 ULTIMATE          18,990           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004           43,992           0             0            0        43,992         268           0        43,724
 2005           41,434           0             0            0        41,434         253           0        41,181
 2006           33,320           0             0            0        33,320         203           0        33,117
 2007           31,587           0             0            0        31,587         193           0        31,394
 2008           29,946           0             0            0        29,946         183           0        29,763
 2009           28,389           0             0            0        28,389         173           0        28,216
 2010           26,913           0             0            0        26,913         164           0        26,749
 2011           25,515           0             0            0        25,515         156           0        25,359
 2012           24,188           0             0            0        24,188         147           0        24,041
 2013           22,931           0             0            0        22,931         140           0        22,791
 2014           21,739           0             0            0        21,739         133           0        21,606
 2015           20,609           0             0            0        20,609         125           0        20,484
 2016           19,538           0             0            0        19,538         120           0        19,418
 2017           18,522           0             0            0        18,522         113           0        18,409

 SUB-TOT       388,623           0             0            0       388,623       2,371           0       386,252
 REMAIN         23,207           0             0            0        23,207         141           0        23,066
 TOTAL         411,830           0             0            0       411,830       2,512           0       409,318
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004          8,336           0      93,750           0       102,086        -58,362       -58,362       -50,587
 2005         16,673           0           0           0        16,673         24,508       -33,854        19,292
 2006         16,672           0           0           0        16,672         16,445       -17,409        11,621
 2007         16,673           0           0           0        16,673         14,721        -2,688         9,416
 2008         16,672           0           0           0        16,672         13,091        10,403         7,581
 2009         16,673           0           0           0        16,673         11,543        21,946         6,051
 2010         16,672           0           0           0        16,672         10,077        32,023         4,783
 2011         16,673           0           0           0        16,673          8,686        40,709         3,732
 2012         16,672           0           0           0        16,672          7,369        48,078         2,866
 2013         16,673           0           0           0        16,673          6,118        54,196         2,155
 2014         16,672           0           0           0        16,672          4,934        59,130         1,573
 2015         16,673           0           0           0        16,673          3,811        62,941         1,101
 2016         16,672           0           0           0        16,672          2,746        65,687           718
 2017         16,673           0           0           0        16,673          1,736        67,423           412

 SUBTOT      225,079           0      93,750           0       318,829         67,423                      20,714
 REMAIN       22,230           0           0           0        22,230            836        68,259           179
 TOTAL       247,309           0      93,750           0       341,059         68,259                      20,893

   LIFE OF EVALUATION IS 16.33 YEARS.
   FINAL PRODUCTION RATE: 65 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     73
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 PLAINVILLE FIELD, ROOKS COUNTY, KANSAS                                OIL LEASE
   TENGASCO, INC. - OPERATOR   12-T10S-R18W                            PROVED
     ANDERSON -A- #1   (LANSING)                                       PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.875000                         27.29                               5.00% -        30,999
 FINAL   -   1.000000  0.875000                         27.29                              10.00% -        23,889
 REMARKS -                                                                                 15.00% -        19,104
                                                                                           20.00% -        15,762
                                                                                           25.00% -        13,345
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1           308           0           0             270           0           0.000      27.29     0.00
 2004     1           301           0           0             263           0           0.000      27.29     0.00
 2005     1           293           0           0             256           0           0.000      27.29     0.00
 2006     1           286           0           0             250           0           0.000      27.29     0.00
 2007     1           279           0           0             244           0           0.000      27.29     0.00
 2008     1           272           0           0             238           0           0.000      27.29     0.00
 2009     1           265           0           0             232           0           0.000      27.29     0.00
 2010     1           259           0           0             227           0           0.000      27.29     0.00
 2011     1           252           0           0             221           0           0.000      27.29     0.00
 2012     1           246           0           0             215           0           0.000      27.29     0.00
 2013     1           240           0           0             210           0           0.000      27.29     0.00
 2014     1           235           0           0             205           0           0.000      27.29     0.00
 2015     1           228           0           0             200           0           0.000      27.29     0.00
 2016     1           223           0           0             195           0           0.000      27.29     0.00
 2017     1           217           0           0             190           0           0.000      27.29     0.00

 SUB-TOTAL          3,904           0           0           3,416           0           0.000      27.29     0.00
 REMAINDER             32           0           0              28           0           0.000      27.29     0.00
 TOTAL              3,936           0           0           3,444           0           0.000      27.29     0.00

 CUMULATIVE        12,670           0           0
 ULTIMATE          16,606           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003            7,358           0             0            0         7,358          45           0         7,313
 2004            7,177           0             0            0         7,177          44           0         7,133
 2005            7,000           0             0            0         7,000          42           0         6,958
 2006            6,827           0             0            0         6,827          42           0         6,785
 2007            6,659           0             0            0         6,659          41           0         6,618
 2008            6,496           0             0            0         6,496          39           0         6,457
 2009            6,335           0             0            0         6,335          39           0         6,296
 2010            6,179           0             0            0         6,179          38           0         6,141
 2011            6,027           0             0            0         6,027          36           0         5,991
 2012            5,878           0             0            0         5,878          36           0         5,842
 2013            5,734           0             0            0         5,734          35           0         5,699
 2014            5,592           0             0            0         5,592          34           0         5,558
 2015            5,454           0             0            0         5,454          34           0         5,420
 2016            5,320           0             0            0         5,320          32           0         5,288
 2017            5,190           0             0            0         5,190          32           0         5,158

 SUB-TOT        93,226           0             0            0        93,226         569           0        92,657
 REMAIN            761           0             0            0           761           4           0           757
 TOTAL          93,987           0             0            0        93,987         573           0        93,414
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          3,396           0           0           0         3,396          3,917         3,917         3,730
 2004          3,396           0           0           0         3,396          3,737         7,654         3,221
 2005          3,396           0           0           0         3,396          3,562        11,216         2,779
 2006          3,396           0           0           0         3,396          3,389        14,605         2,394
 2007          3,396           0           0           0         3,396          3,222        17,827         2,060
 2008          3,396           0           0           0         3,396          3,061        20,888         1,771
 2009          3,396           0           0           0         3,396          2,900        23,788         1,519
 2010          3,396           0           0           0         3,396          2,745        26,533         1,302
 2011          3,396           0           0           0         3,396          2,595        29,128         1,114
 2012          3,396           0           0           0         3,396          2,446        31,574           951
 2013          3,396           0           0           0         3,396          2,303        33,877           810
 2014          3,396           0           0           0         3,396          2,162        36,039           688
 2015          3,396           0           0           0         3,396          2,024        38,063           584
 2016          3,396           0           0           0         3,396          1,892        39,955           494
 2017          3,396           0           0           0         3,396          1,762        41,717           416

 SUBTOT       50,940           0           0           0        50,940         41,717                      23,833
 REMAIN          505           0           0           0           505            252        41,969            56
 TOTAL        51,445           0           0           0        51,445         41,969                      23,889

   LIFE OF EVALUATION IS 15.15 YEARS.
   FINAL PRODUCTION RATE: 18 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     74
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 PLAINVILLE FIELD, ROOKS COUNTY, KANSAS                                OIL LEASE
   TENGASCO, INC. - OPERATOR   12-T10S-R18W                            PROVED
     BARDOT #1   (KSSC-LNSG)                                           PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                                                                       5.00% -             0
 FINAL   -   1.000000                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE        25,414           0           0
 ULTIMATE          25,414           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     75
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 PLAINVILLE FIELD, ROOKS COUNTY, KANSAS                                OIL LEASE
   TENGASCO, INC. - OPERATOR   18-T10S-R17W                            PROVED
     GARVERT -A- #1   (KANSAS CITY)                                    PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.875000                         27.29                               5.00% -       293,020
 FINAL   -   1.000000  0.875000                         27.29                              10.00% -       191,111
 REMARKS -                                                                                 15.00% -       140,322
                                                                                           20.00% -       110,697
                                                                                           25.00% -        91,423
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1         1,098           0           0             961           0           0.000      27.29     0.00
 2004     1         1,062           0           0             929           0           0.000      27.29     0.00
 2005     1         1,027           0           0             899           0           0.000      27.29     0.00
 2006     1           995           0           0             870           0           0.000      27.29     0.00
 2007     1           961           0           0             842           0           0.000      27.29     0.00
 2008     1           931           0           0             814           0           0.000      27.29     0.00
 2009     1           900           0           0             788           0           0.000      27.29     0.00
 2010     1           872           0           0             762           0           0.000      27.29     0.00
 2011     1           842           0           0             737           0           0.000      27.29     0.00
 2012     1           816           0           0             714           0           0.000      27.29     0.00
 2013     1           789           0           0             690           0           0.000      27.29     0.00
 2014     1           763           0           0             668           0           0.000      27.29     0.00
 2015     1           738           0           0             646           0           0.000      27.29     0.00
 2016     1           715           0           0             625           0           0.000      27.29     0.00
 2017     1           691           0           0             605           0           0.000      27.29     0.00

 SUB-TOTAL         13,200           0           0          11,550           0           0.000      27.29     0.00
 REMAINDER         10,953           0           0           9,584           0           0.000      27.29     0.00
 TOTAL             24,153           0           0          21,134           0           0.000      27.29     0.00

 CUMULATIVE        31,198           0           0
 ULTIMATE          55,351           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           26,213           0             0            0        26,213         160           0        26,053
 2004           25,362           0             0            0        25,362         155           0        25,207
 2005           24,537           0             0            0        24,537         149           0        24,388
 2006           23,739           0             0            0        23,739         145           0        23,594
 2007           22,968           0             0            0        22,968         140           0        22,828
 2008           22,222           0             0            0        22,222         136           0        22,086
 2009           21,499           0             0            0        21,499         131           0        21,368
 2010           20,801           0             0            0        20,801         127           0        20,674
 2011           20,125           0             0            0        20,125         123           0        20,002
 2012           19,470           0             0            0        19,470         118           0        19,352
 2013           18,838           0             0            0        18,838         115           0        18,723
 2014           18,226           0             0            0        18,226         111           0        18,115
 2015           17,633           0             0            0        17,633         108           0        17,525
 2016           17,060           0             0            0        17,060         104           0        16,956
 2017           16,506           0             0            0        16,506         101           0        16,405

 SUB-TOT       315,199           0             0            0       315,199       1,923           0       313,276
 REMAIN        261,550           0             0            0       261,550       1,595           0       259,955
 TOTAL         576,749           0             0            0       576,749       3,518           0       573,231
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003            744           0           0           0           744         25,309        25,309        24,096
 2004            744           0           0           0           744         24,463        49,772        21,083
 2005            744           0           0           0           744         23,644        73,416        18,446
 2006            744           0           0           0           744         22,850        96,266        16,137
 2007            744           0           0           0           744         22,084       118,350        14,117
 2008            744           0           0           0           744         21,342       139,692        12,350
 2009            744           0           0           0           744         20,624       160,316        10,803
 2010            744           0           0           0           744         19,930       180,246         9,451
 2011            744           0           0           0           744         19,258       199,504         8,266
 2012            744           0           0           0           744         18,608       218,112         7,229
 2013            744           0           0           0           744         17,979       236,091         6,324
 2014            744           0           0           0           744         17,371       253,462         5,530
 2015            744           0           0           0           744         16,781       270,243         4,836
 2016            744           0           0           0           744         16,212       286,455         4,230
 2017            744           0           0           0           744         15,661       302,116         3,698

 SUBTOT       11,160           0           0           0        11,160        302,116                     166,596
 REMAIN       17,112           0           0           0        17,112        242,843       544,959        24,515
 TOTAL        28,272           0           0           0        28,272        544,959                     191,111

   LIFE OF EVALUATION IS 38.00 YEARS.
   FINAL PRODUCTION RATE: 27 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     76
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 PLAINVILLE FIELD, ROOKS COUNTY, KANSAS                                OIL LEASE
   TENGASCO, INC. - OPERATOR   13-T10S-R18W                            PROVED
     GARVERT -B- #1   (CNGL-LNSG-PLSN)                                 PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.875000                         27.29                               5.00% -       147,544
 FINAL   -   1.000000  0.875000                         27.29                              10.00% -        95,748
 REMARKS -                                                                                 15.00% -        70,051
                                                                                           20.00% -        55,123
                                                                                           25.00% -        45,444
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1           592           0           0             518           0           0.000      27.29     0.00
 2004     1           576           0           0             504           0           0.000      27.29     0.00
 2005     1           560           0           0             490           0           0.000      27.29     0.00
 2006     1           545           0           0             477           0           0.000      27.29     0.00
 2007     1           530           0           0             464           0           0.000      27.29     0.00
 2008     1           516           0           0             451           0           0.000      27.29     0.00
 2009     1           502           0           0             439           0           0.000      27.29     0.00
 2010     1           488           0           0             427           0           0.000      27.29     0.00
 2011     1           475           0           0             416           0           0.000      27.29     0.00
 2012     1           462           0           0             405           0           0.000      27.29     0.00
 2013     1           450           0           0             393           0           0.000      27.29     0.00
 2014     1           437           0           0             383           0           0.000      27.29     0.00
 2015     1           426           0           0             372           0           0.000      27.29     0.00
 2016     1           414           0           0             363           0           0.000      27.29     0.00
 2017     1           403           0           0             352           0           0.000      27.29     0.00

 SUB-TOTAL          7,376           0           0           6,454           0           0.000      27.29     0.00
 REMAINDER          6,775           0           0           5,928           0           0.000      27.29     0.00
 TOTAL             14,151           0           0          12,382           0           0.000      27.29     0.00

 CUMULATIVE        46,815           0           0
 ULTIMATE          60,966           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           14,132           0             0            0        14,132          86           0        14,046
 2004           13,749           0             0            0        13,749          84           0        13,665
 2005           13,377           0             0            0        13,377          82           0        13,295
 2006           13,014           0             0            0        13,014          79           0        12,935
 2007           12,662           0             0            0        12,662          77           0        12,585
 2008           12,318           0             0            0        12,318          75           0        12,243
 2009           11,985           0             0            0        11,985          74           0        11,911
 2010           11,659           0             0            0        11,659          71           0        11,588
 2011           11,344           0             0            0        11,344          69           0        11,275
 2012           11,036           0             0            0        11,036          67           0        10,969
 2013           10,738           0             0            0        10,738          66           0        10,672
 2014           10,446           0             0            0        10,446          63           0        10,383
 2015           10,163           0             0            0        10,163          62           0        10,101
 2016            9,888           0             0            0         9,888          61           0         9,827
 2017            9,619           0             0            0         9,619          58           0         9,561

 SUB-TOT       176,130           0             0            0       176,130       1,074           0       175,056
 REMAIN        161,771           0             0            0       161,771         987           0       160,784
 TOTAL         337,901           0             0            0       337,901       2,061           0       335,840
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          1,572           0           0           0         1,572         12,474        12,474        11,876
 2004          1,572           0           0           0         1,572         12,093        24,567        10,422
 2005          1,572           0           0           0         1,572         11,723        36,290         9,145
 2006          1,572           0           0           0         1,572         11,363        47,653         8,025
 2007          1,572           0           0           0         1,572         11,013        58,666         7,040
 2008          1,572           0           0           0         1,572         10,671        69,337         6,175
 2009          1,572           0           0           0         1,572         10,339        79,676         5,415
 2010          1,572           0           0           0         1,572         10,016        89,692         4,749
 2011          1,572           0           0           0         1,572          9,703        99,395         4,165
 2012          1,572           0           0           0         1,572          9,397       108,792         3,651
 2013          1,572           0           0           0         1,572          9,100       117,892         3,200
 2014          1,572           0           0           0         1,572          8,811       126,703         2,806
 2015          1,572           0           0           0         1,572          8,529       135,232         2,458
 2016          1,572           0           0           0         1,572          8,255       143,487         2,153
 2017          1,572           0           0           0         1,572          7,989       151,476         1,887

 SUBTOT       23,580           0           0           0        23,580        151,476                      83,167
 REMAIN       36,156           0           0           0        36,156        124,628       276,104        12,581
 TOTAL        59,736           0           0           0        59,736        276,104                      95,748

   LIFE OF EVALUATION IS 38.00 YEARS.
   FINAL PRODUCTION RATE: 18 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     77
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 PLAINVILLE FIELD, ROOKS COUNTY, KANSAS                                OIL LEASE
   TENGASCO, INC. - OPERATOR   12-T10S-R18W                            PROVED
     HARRISON -C- LEASE   (LANSING)                                    PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.875000                         27.29                               5.00% -        64,691
 FINAL   -   1.000000  0.875000                         27.29                              10.00% -        52,111
 REMARKS -                                                                                 15.00% -        43,235
                                                                                           20.00% -        36,752
                                                                                           25.00% -        31,867
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     2           760           0           0             665           0           0.000      27.29     0.00
 2004     2           723           0           0             632           0           0.000      27.29     0.00
 2005     2           686           0           0             601           0           0.000      27.29     0.00
 2006     2           652           0           0             570           0           0.000      27.29     0.00
 2007     2           619           0           0             542           0           0.000      27.29     0.00
 2008     2           588           0           0             515           0           0.000      27.29     0.00
 2009     2           559           0           0             489           0           0.000      27.29     0.00
 2010     2           531           0           0             464           0           0.000      27.29     0.00
 2011     2           505           0           0             442           0           0.000      27.29     0.00
 2012     2           479           0           0             419           0           0.000      27.29     0.00
 2013     2           455           0           0             398           0           0.000      27.29     0.00
 2014     2           433           0           0             379           0           0.000      27.29     0.00
 2015     2           410           0           0             359           0           0.000      27.29     0.00
 2016     2           391           0           0             342           0           0.000      27.29     0.00
 2017     2           371           0           0             324           0           0.000      27.29     0.00

 SUB-TOTAL          8,162           0           0           7,141           0           0.000      27.29     0.00
 REMAINDER            900           0           0             788           0           0.000      27.29     0.00
 TOTAL              9,062           0           0           7,929           0           0.000      27.29     0.00

 CUMULATIVE        26,952           0           0
 ULTIMATE          36,014           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           18,156           0             0            0        18,156         111           0        18,045
 2004           17,248           0             0            0        17,248         105           0        17,143
 2005           16,385           0             0            0        16,385         100           0        16,285
 2006           15,567           0             0            0        15,567          95           0        15,472
 2007           14,788           0             0            0        14,788          90           0        14,698
 2008           14,048           0             0            0        14,048          86           0        13,962
 2009           13,347           0             0            0        13,347          81           0        13,266
 2010           12,678           0             0            0        12,678          78           0        12,600
 2011           12,045           0             0            0        12,045          73           0        11,972
 2012           11,443           0             0            0        11,443          70           0        11,373
 2013           10,871           0             0            0        10,871          66           0        10,805
 2014           10,327           0             0            0        10,327          63           0        10,264
 2015            9,810           0             0            0         9,810          60           0         9,750
 2016            9,321           0             0            0         9,321          57           0         9,264
 2017            8,854           0             0            0         8,854          54           0         8,800

 SUB-TOT       194,888           0             0            0       194,888       1,189           0       193,699
 REMAIN         21,506           0             0            0        21,506         131           0        21,375
 TOTAL         216,394           0             0            0       216,394       1,320           0       215,074
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          7,464           0           0           0         7,464         10,581        10,581        10,078
 2004          7,464           0           0           0         7,464          9,679        20,260         8,346
 2005          7,464           0           0           0         7,464          8,821        29,081         6,885
 2006          7,464           0           0           0         7,464          8,008        37,089         5,658
 2007          7,464           0           0           0         7,464          7,234        44,323         4,628
 2008          7,464           0           0           0         7,464          6,498        50,821         3,762
 2009          7,464           0           0           0         7,464          5,802        56,623         3,041
 2010          7,464           0           0           0         7,464          5,136        61,759         2,437
 2011          7,464           0           0           0         7,464          4,508        66,267         1,937
 2012          7,464           0           0           0         7,464          3,909        70,176         1,520
 2013          7,464           0           0           0         7,464          3,341        73,517         1,177
 2014          7,464           0           0           0         7,464          2,800        76,317           892
 2015          7,464           0           0           0         7,464          2,286        78,603           660
 2016          7,464           0           0           0         7,464          1,800        80,403           470
 2017          7,464           0           0           0         7,464          1,336        81,739           317

 SUBTOT      111,960           0           0           0       111,960         81,739                      51,808
 REMAIN       19,904           0           0           0        19,904          1,471        83,210           303
 TOTAL       131,864           0           0           0       131,864         83,210                      52,111

   LIFE OF EVALUATION IS 17.67 YEARS.
   FINAL PRODUCTION RATE: 26 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     78
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 PLAINVILLE FIELD, ROOKS COUNTY, KANSAS                                OIL LEASE
   TENGASCO, INC. - OPERATOR   13-T10S-R18W                            PROVED
     JACO LEASE   (LANSING)                                            PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.875000                         27.29                               5.00% -       462,327
 FINAL   -   1.000000  0.875000                         27.29                              10.00% -       337,020
 REMARKS -                                                                                 15.00% -       262,887
                                                                                           20.00% -       214,853
                                                                                           25.00% -       181,494
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     4         2,869           0           0           2,510           0           0.000      27.29     0.00
 2004     4         2,731           0           0           2,390           0           0.000      27.29     0.00
 2005     4         2,600           0           0           2,275           0           0.000      27.29     0.00
 2006     4         2,475           0           0           2,166           0           0.000      27.29     0.00
 2007     4         2,357           0           0           2,062           0           0.000      27.29     0.00
 2008     4         2,243           0           0           1,963           0           0.000      27.29     0.00
 2009     4         2,136           0           0           1,868           0           0.000      27.29     0.00
 2010     4         2,033           0           0           1,779           0           0.000      27.29     0.00
 2011     4         1,935           0           0           1,694           0           0.000      27.29     0.00
 2012     4         1,843           0           0           1,612           0           0.000      27.29     0.00
 2013     4         1,754           0           0           1,535           0           0.000      27.29     0.00
 2014     4         1,670           0           0           1,462           0           0.000      27.29     0.00
 2015     4         1,590           0           0           1,391           0           0.000      27.29     0.00
 2016     4         1,514           0           0           1,324           0           0.000      27.29     0.00
 2017     4         1,441           0           0           1,261           0           0.000      27.29     0.00

 SUB-TOTAL         31,191           0           0          27,292           0           0.000      27.29     0.00
 REMAINDER         17,168           0           0          15,022           0           0.000      27.29     0.00
 TOTAL             48,359           0           0          42,314           0           0.000      27.29     0.00

 CUMULATIVE       119,712           0           0
 ULTIMATE         168,071           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           68,505           0             0            0        68,505         418           0        68,087
 2004           65,216           0             0            0        65,216         398           0        64,818
 2005           62,087           0             0            0        62,087         378           0        61,709
 2006           59,106           0             0            0        59,106         361           0        58,745
 2007           56,269           0             0            0        56,269         343           0        55,926
 2008           53,568           0             0            0        53,568         327           0        53,241
 2009           50,997           0             0            0        50,997         311           0        50,686
 2010           48,548           0             0            0        48,548         296           0        48,252
 2011           46,219           0             0            0        46,219         282           0        45,937
 2012           44,000           0             0            0        44,000         269           0        43,731
 2013           41,888           0             0            0        41,888         255           0        41,633
 2014           39,878           0             0            0        39,878         243           0        39,635
 2015           37,963           0             0            0        37,963         232           0        37,731
 2016           36,141           0             0            0        36,141         220           0        35,921
 2017           34,407           0             0            0        34,407         210           0        34,197

 SUB-TOT       744,792           0             0            0       744,792       4,543           0       740,249
 REMAIN        409,960           0             0            0       409,960       2,501           0       407,459
 TOTAL       1,154,752           0             0            0     1,154,752       7,044           0     1,147,708
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003         13,296           0           0           0        13,296         54,791        54,791        52,177
 2004         13,296           0           0           0        13,296         51,522       106,313        44,414
 2005         13,296           0           0           0        13,296         48,413       154,726        37,778
 2006         13,296           0           0           0        13,296         45,449       200,175        32,104
 2007         13,296           0           0           0        13,296         42,630       242,805        27,259
 2008         13,296           0           0           0        13,296         39,945       282,750        23,120
 2009         13,296           0           0           0        13,296         37,390       320,140        19,591
 2010         13,296           0           0           0        13,296         34,956       355,096        16,580
 2011         13,296           0           0           0        13,296         32,641       387,737        14,014
 2012         13,296           0           0           0        13,296         30,435       418,172        11,828
 2013         13,296           0           0           0        13,296         28,337       446,509         9,970
 2014         13,296           0           0           0        13,296         26,339       472,848         8,388
 2015         13,296           0           0           0        13,296         24,435       497,283         7,044
 2016         13,296           0           0           0        13,296         22,625       519,908         5,905
 2017         13,296           0           0           0        13,296         20,901       540,809         4,938

 SUBTOT      199,440           0           0           0       199,440        540,809                     315,110
 REMAIN      248,192           0           0           0       248,192        159,267       700,076        21,910
 TOTAL       447,632           0           0           0       447,632        700,076                     337,020

   LIFE OF EVALUATION IS 33.67 YEARS.
   FINAL PRODUCTION RATE: 47 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     79
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 PLAINVILLE FIELD, ROOKS COUNTY, KANSAS                                OIL LEASE
   TENGASCO, INC. - OPERATOR   12-T10S-R18W                            PROVED
     ROSS LEASE   (LANSING)                                            PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.875000                         27.29                               5.00% -       199,232
 FINAL   -   1.000000  0.875000                         27.29                              10.00% -       154,644
 REMARKS -                                                                                 15.00% -       125,330
                                                                                           20.00% -       104,961
                                                                                           25.00% -        90,136
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     2         1,544           0           0           1,351           0           0.000      27.29     0.00
 2004     2         1,443           0           0           1,262           0           0.000      27.29     0.00
 2005     2         1,349           0           0           1,181           0           0.000      27.29     0.00
 2006     2         1,262           0           0           1,104           0           0.000      27.29     0.00
 2007     2         1,180           0           0           1,032           0           0.000      27.29     0.00
 2008     2         1,103           0           0             965           0           0.000      27.29     0.00
 2009     2         1,031           0           0             903           0           0.000      27.29     0.00
 2010     2           964           0           0             844           0           0.000      27.29     0.00
 2011     2           902           0           0             789           0           0.000      27.29     0.00
 2012     2           843           0           0             737           0           0.000      27.29     0.00
 2013     2           788           0           0             690           0           0.000      27.29     0.00
 2014     2           737           0           0             645           0           0.000      27.29     0.00
 2015     2           689           0           0             603           0           0.000      27.29     0.00
 2016     2           644           0           0             563           0           0.000      27.29     0.00
 2017     2           603           0           0             527           0           0.000      27.29     0.00

 SUB-TOTAL         15,082           0           0          13,196           0           0.000      27.29     0.00
 REMAINDER          3,959           0           0           3,465           0           0.000      27.29     0.00
 TOTAL             19,041           0           0          16,661           0           0.000      27.29     0.00

 CUMULATIVE        72,552           0           0
 ULTIMATE          91,593           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           36,858           0             0            0        36,858         225           0        36,633
 2004           34,462           0             0            0        34,462         210           0        34,252
 2005           32,222           0             0            0        32,222         197           0        32,025
 2006           30,128           0             0            0        30,128         183           0        29,945
 2007           28,170           0             0            0        28,170         172           0        27,998
 2008           26,338           0             0            0        26,338         161           0        26,177
 2009           24,627           0             0            0        24,627         150           0        24,477
 2010           23,025           0             0            0        23,025         141           0        22,884
 2011           21,529           0             0            0        21,529         131           0        21,398
 2012           20,130           0             0            0        20,130         123           0        20,007
 2013           18,821           0             0            0        18,821         114           0        18,707
 2014           17,598           0             0            0        17,598         108           0        17,490
 2015           16,454           0             0            0        16,454         100           0        16,354
 2016           15,385           0             0            0        15,385          94           0        15,291
 2017           14,384           0             0            0        14,384          88           0        14,296

 SUB-TOT       360,131           0             0            0       360,131       2,197           0       357,934
 REMAIN         94,542           0             0            0        94,542         577           0        93,965
 TOTAL         454,673           0             0            0       454,673       2,774           0       451,899
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          7,488           0           0           0         7,488         29,145        29,145        27,760
 2004          7,488           0           0           0         7,488         26,764        55,909        23,076
 2005          7,488           0           0           0         7,488         24,537        80,446        19,151
 2006          7,488           0           0           0         7,488         22,457       102,903        15,866
 2007          7,488           0           0           0         7,488         20,510       123,413        13,118
 2008          7,488           0           0           0         7,488         18,689       142,102        10,820
 2009          7,488           0           0           0         7,488         16,989       159,091         8,904
 2010          7,488           0           0           0         7,488         15,396       174,487         7,304
 2011          7,488           0           0           0         7,488         13,910       188,397         5,974
 2012          7,488           0           0           0         7,488         12,519       200,916         4,867
 2013          7,488           0           0           0         7,488         11,219       212,135         3,948
 2014          7,488           0           0           0         7,488         10,002       222,137         3,187
 2015          7,488           0           0           0         7,488          8,866       231,003         2,557
 2016          7,488           0           0           0         7,488          7,803       238,806         2,037
 2017          7,488           0           0           0         7,488          6,808       245,614         1,609

 SUBTOT      112,320           0           0           0       112,320        245,614                     150,178
 REMAIN       68,016           0           0           0        68,016         25,949       271,563         4,466
 TOTAL       180,336           0           0           0       180,336        271,563                     154,644

   LIFE OF EVALUATION IS 24.08 YEARS.
   FINAL PRODUCTION RATE: 26 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     80
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

<TABLE>
<CAPTION>
 PLEASANT FIELD, RUSH COUNTY, KANSAS                                                   GAS LEASE
   TENGASCO, INC. - OPERATOR   10-T16S-R17W                                            PROVED
     BASGALL -C- #4   (DOVER)                                                          PRODUCING


                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                                                                       5.00% -             0
 FINAL   -   1.000000                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE             0           0          13
 ULTIMATE               0           0          13
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     81
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 PLEASANT FIELD, ELLIS COUNTY, KANSAS                                  OIL LEASE
   TENGASCO, INC. - OPERATOR   22-T13S-R20W                            PROVED
     HONAS #3   (ARBUCKLE)                                             PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.820310                         27.29                               5.00% -         1,651
 FINAL   -   1.000000  0.820310                         27.29                              10.00% -         1,583
 REMARKS -                                                                                 15.00% -         1,520
                                                                                           20.00% -         1,461
                                                                                           25.00% -         1,405
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1           384           0           0             315           0           0.000      27.29     0.00
 2004     1           361           0           0             296           0           0.000      27.29     0.00
 2005     1           228           0           0             188           0           0.000      27.29     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL            973           0           0             799           0           0.000      27.29     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                973           0           0             799           0           0.000      27.29     0.00

 CUMULATIVE        66,108           0           0
 ULTIMATE          67,081           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003            8,596           0             0            0         8,596          52           0         8,544
 2004            8,081           0             0            0         8,081          50           0         8,031
 2005            5,116           0             0            0         5,116          31           0         5,085
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT        21,793           0             0            0        21,793         133           0        21,660
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL          21,793           0             0            0        21,793         133           0        21,660
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          7,476           0           0           0         7,476          1,068         1,068         1,021
 2004          7,476           0           0           0         7,476            555         1,623           481
 2005          4,984           0           0           0         4,984            101         1,724            81
 2006              0           0           0           0             0              0         1,724             0
 2007              0           0           0           0             0              0         1,724             0
 2008              0           0           0           0             0              0         1,724             0
 2009              0           0           0           0             0              0         1,724             0
 2010              0           0           0           0             0              0         1,724             0
 2011              0           0           0           0             0              0         1,724             0
 2012              0           0           0           0             0              0         1,724             0
 2013              0           0           0           0             0              0         1,724             0
 2014              0           0           0           0             0              0         1,724             0
 2015              0           0           0           0             0              0         1,724             0
 2016              0           0           0           0             0              0         1,724             0
 2017              0           0           0           0             0              0         1,724             0

 SUBTOT       19,936           0           0           0        19,936          1,724                       1,583
 REMAIN            0           0           0           0             0              0         1,724             0
 TOTAL        19,936           0           0           0        19,936          1,724                       1,583

   LIFE OF EVALUATION IS 2.67 YEARS.
   FINAL PRODUCTION RATE: 28 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     82
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 PLEASANT VIEW FIELD, RUSH COUNTY, KANSAS                              OIL LEASE
   TENGASCO, INC. - OPERATOR   10-T16S-R17W                            PROVED
     URBAN -K- #5   (KSSC-LNSG)                                        PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.875000                         27.29                               5.00% -        81,744
 FINAL   -   1.000000  0.875000                         27.29                              10.00% -        58,649
 REMARKS -                                                                                 15.00% -        45,076
                                                                                           20.00% -        36,414
                                                                                           25.00% -        30,495
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1           447           0           0             391           0           0.000      27.29     0.00
 2004     1           429           0           0             375           0           0.000      27.29     0.00
 2005     1           412           0           0             361           0           0.000      27.29     0.00
 2006     1           395           0           0             346           0           0.000      27.29     0.00
 2007     1           379           0           0             332           0           0.000      27.29     0.00
 2008     1           365           0           0             318           0           0.000      27.29     0.00
 2009     1           349           0           0             306           0           0.000      27.29     0.00
 2010     1           336           0           0             294           0           0.000      27.29     0.00
 2011     1           323           0           0             282           0           0.000      27.29     0.00
 2012     1           309           0           0             271           0           0.000      27.29     0.00
 2013     1           297           0           0             260           0           0.000      27.29     0.00
 2014     1           285           0           0             249           0           0.000      27.29     0.00
 2015     1           274           0           0             240           0           0.000      27.29     0.00
 2016     1           263           0           0             230           0           0.000      27.29     0.00
 2017     1           252           0           0             221           0           0.000      27.29     0.00

 SUB-TOTAL          5,115           0           0           4,476           0           0.000      27.29     0.00
 REMAINDER          1,940           0           0           1,697           0           0.000      27.29     0.00
 TOTAL              7,055           0           0           6,173           0           0.000      27.29     0.00

 CUMULATIVE        24,417           0           0
 ULTIMATE          31,472           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           10,669           0             0            0        10,669          65           0        10,604
 2004           10,243           0             0            0        10,243          63           0        10,180
 2005            9,833           0             0            0         9,833          60           0         9,773
 2006            9,440           0             0            0         9,440          57           0         9,383
 2007            9,062           0             0            0         9,062          55           0         9,007
 2008            8,699           0             0            0         8,699          53           0         8,646
 2009            8,352           0             0            0         8,352          51           0         8,301
 2010            8,018           0             0            0         8,018          49           0         7,969
 2011            7,696           0             0            0         7,696          47           0         7,649
 2012            7,389           0             0            0         7,389          45           0         7,344
 2013            7,094           0             0            0         7,094          44           0         7,050
 2014            6,809           0             0            0         6,809          41           0         6,768
 2015            6,538           0             0            0         6,538          40           0         6,498
 2016            6,275           0             0            0         6,275          38           0         6,237
 2017            6,025           0             0            0         6,025          37           0         5,988

 SUB-TOT       122,142           0             0            0       122,142         745           0       121,397
 REMAIN         46,323           0             0            0        46,323         283           0        46,040
 TOTAL         168,465           0             0            0       168,465       1,028           0       167,437
</TABLE>


<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          1,740           0           0           0         1,740          8,864         8,864         8,440
 2004          1,740           0           0           0         1,740          8,440        17,304         7,275
 2005          1,740           0           0           0         1,740          8,033        25,337         6,268
 2006          1,740           0           0           0         1,740          7,643        32,980         5,398
 2007          1,740           0           0           0         1,740          7,267        40,247         4,646
 2008          1,740           0           0           0         1,740          6,906        47,153         3,997
 2009          1,740           0           0           0         1,740          6,561        53,714         3,437
 2010          1,740           0           0           0         1,740          6,229        59,943         2,954
 2011          1,740           0           0           0         1,740          5,909        65,852         2,537
 2012          1,740           0           0           0         1,740          5,604        71,456         2,178
 2013          1,740           0           0           0         1,740          5,310        76,766         1,868
 2014          1,740           0           0           0         1,740          5,028        81,794         1,601
 2015          1,740           0           0           0         1,740          4,758        86,552         1,371
 2016          1,740           0           0           0         1,740          4,497        91,049         1,173
 2017          1,740           0           0           0         1,740          4,248        95,297         1,004

 SUBTOT       26,100           0           0           0        26,100         95,297                      54,147
 REMAIN       16,461           0           0           0        16,461         29,579       124,876         4,502
 TOTAL        42,561           0           0           0        42,561        124,876                      58,649

   LIFE OF EVALUATION IS 24.46 YEARS.
   FINAL PRODUCTION RATE: 14 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     83
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002


 PLEASANT VIEW FIELD, RUSH COUNTY, KANSAS                            GAS LEASE
   TENGASCO, INC. - OPERATOR   10-T16S-R17W                          PROVED
     URBAN -K- #5 BP   (DOVER)                                       BEHIND PIPE

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.875000                             4.13        5.00% -       119,225
 FINAL   -   1.000000                      0.875000                             4.13       10.00% -        99,520
 REMARKS -                                                                                 15.00% -        83,451
                                                                                           20.00% -        70,281
                                                                                           25.00% -        59,434
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005     1             0           0          21               0           0          17.074       0.00     4.13
 2006     1             0           0          10               0           0           8.099       0.00     4.13
 2007     1             0           0           9               0           0           6.821       0.00     4.13
 2008     1             0           0           7               0           0           5.745       0.00     4.13
 2009     1             0           0           3               0           0           2.530       0.00     4.13
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0          50               0           0          40.269       0.00     4.13
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0          50               0           0          40.269       0.00     4.13

 CUMULATIVE             0           0           0    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0          50        SHRINKAGE FACTOR =   8.00 %
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0        70,515            0        70,515           0       1,255        69,260
 2006                0           0        33,448            0        33,448           0         596        32,852
 2007                0           0        28,170            0        28,170           0         501        27,669
 2008                0           0        23,725            0        23,725           0         422        23,303
 2009                0           0        10,447            0        10,447           0         186        10,261
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       166,305            0       166,305           0       2,960       163,345
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       166,305            0       166,305           0       2,960       163,345
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005          1,740           0      12,000           0        13,740         55,520        55,520        43,393
 2006          1,740           0           0           0         1,740         31,112        86,632        21,998
 2007          1,740           0           0           0         1,740         25,929       112,561        16,595
 2008          1,740           0           0           0         1,740         21,563       134,124        12,494
 2009            872           0           0           0           872          9,389       143,513         5,040
 2010              0           0           0           0             0              0       143,513             0
 2011              0           0           0           0             0              0       143,513             0
 2012              0           0           0           0             0              0       143,513             0
 2013              0           0           0           0             0              0       143,513             0
 2014              0           0           0           0             0              0       143,513             0
 2015              0           0           0           0             0              0       143,513             0
 2016              0           0           0           0             0              0       143,513             0
 2017              0           0           0           0             0              0       143,513             0

 SUBTOT        7,832           0      12,000           0        19,832        143,513                      99,520
 REMAIN            0           0           0           0             0              0       143,513             0
 TOTAL         7,832           0      12,000           0        19,832        143,513                      99,520

   LIFE OF EVALUATION IS 6.50 YEARS.
   FINAL PRODUCTION RATE: 0.5 MMCF/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     84
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 PLEASANT VIEW NW FIELD, RUSH COUNTY, KANSAS                           OIL LEASE
   TENGASCO, INC. - OPERATOR   10-T16S-R17W                            PROVED
     URBAN #1, 2 & 5   (KSSC-LNSG)                                     PRODUCING


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.875000                         27.29                               5.00% -       310,809
 FINAL   -   1.000000  0.875000                         27.29                              10.00% -       234,981
 REMARKS -                                                                                 15.00% -       187,311
                                                                                           20.00% -       155,187
                                                                                           25.00% -       132,293
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     3         2,167           0           0           1,896           0           0.000      27.29     0.00
 2004     3         2,041           0           0           1,786           0           0.000      27.29     0.00
 2005     3         1,922           0           0           1,682           0           0.000      27.29     0.00
 2006     3         1,811           0           0           1,585           0           0.000      27.29     0.00
 2007     3         1,706           0           0           1,492           0           0.000      27.29     0.00
 2008     3         1,607           0           0           1,407           0           0.000      27.29     0.00
 2009     3         1,514           0           0           1,324           0           0.000      27.29     0.00
 2010     3         1,426           0           0           1,248           0           0.000      27.29     0.00
 2011     3         1,344           0           0           1,175           0           0.000      27.29     0.00
 2012     3         1,265           0           0           1,108           0           0.000      27.29     0.00
 2013     3         1,192           0           0           1,043           0           0.000      27.29     0.00
 2014     3         1,123           0           0             982           0           0.000      27.29     0.00
 2015     3         1,058           0           0             926           0           0.000      27.29     0.00
 2016     3           996           0           0             872           0           0.000      27.29     0.00
 2017     3           939           0           0             821           0           0.000      27.29     0.00

 SUB-TOTAL         22,111           0           0          19,347           0           0.000      27.29     0.00
 REMAINDER          8,234           0           0           7,205           0           0.000      27.29     0.00
 TOTAL             30,345           0           0          26,552           0           0.000      27.29     0.00

 CUMULATIVE        79,145           0           0
 ULTIMATE         109,490           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           51,736           0             0            0        51,736         316           0        51,420
 2004           48,736           0             0            0        48,736         297           0        48,439
 2005           45,909           0             0            0        45,909         280           0        45,629
 2006           43,246           0             0            0        43,246         264           0        42,982
 2007           40,738           0             0            0        40,738         248           0        40,490
 2008           38,375           0             0            0        38,375         234           0        38,141
 2009           36,150           0             0            0        36,150         221           0        35,929
 2010           34,053           0             0            0        34,053         208           0        33,845
 2011           32,077           0             0            0        32,077         195           0        31,882
 2012           30,217           0             0            0        30,217         185           0        30,032
 2013           28,465           0             0            0        28,465         173           0        28,292
 2014           26,814           0             0            0        26,814         164           0        26,650
 2015           25,258           0             0            0        25,258         154           0        25,104
 2016           23,794           0             0            0        23,794         145           0        23,649
 2017           22,413           0             0            0        22,413         137           0        22,276

 SUB-TOT       527,981           0             0            0       527,981       3,221           0       524,760
 REMAIN        196,611           0             0            0       196,611       1,199           0       195,412
 TOTAL         724,592           0             0            0       724,592       4,420           0       720,172
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          9,936           0           0           0         9,936         41,484        41,484        39,509
 2004          9,936           0           0           0         9,936         38,503        79,987        33,195
 2005          9,936           0           0           0         9,936         35,693       115,680        27,855
 2006          9,936           0           0           0         9,936         33,046       148,726        23,346
 2007          9,936           0           0           0         9,936         30,554       179,280        19,539
 2008          9,936           0           0           0         9,936         28,205       207,485        16,328
 2009          9,936           0           0           0         9,936         25,993       233,478        13,621
 2010          9,936           0           0           0         9,936         23,909       257,387        11,341
 2011          9,936           0           0           0         9,936         21,946       279,333         9,424
 2012          9,936           0           0           0         9,936         20,096       299,429         7,811
 2013          9,936           0           0           0         9,936         18,356       317,785         6,460
 2014          9,936           0           0           0         9,936         16,714       334,499         5,323
 2015          9,936           0           0           0         9,936         15,168       349,667         4,374
 2016          9,936           0           0           0         9,936         13,713       363,380         3,579
 2017          9,936           0           0           0         9,936         12,340       375,720         2,916

 SUBTOT      149,040           0           0           0       149,040        375,720                     224,621
 REMAIN      129,168           0           0           0       129,168         66,244       441,964        10,360
 TOTAL       278,208           0           0           0       278,208        441,964                     234,981

   LIFE OF EVALUATION IS 28.00 YEARS.
   FINAL PRODUCTION RATE: 35 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     85
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 PLEASANT VIEW NW FIELD, RUSH COUNTY, KANSAS                         OIL LEASE
   TENGASCO, INC. - OPERATOR   10-T16S-R17W                          PROVED
     URBAN #6 PUD   (KSSC-LNSG)                                      UNDEVELOPED


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.875000                         27.29                               5.00% -       283,290
 FINAL   -   1.000000  0.875000                         27.29                              10.00% -       174,722
 REMARKS -                                                                                 15.00% -       113,229
                                                                                           20.00% -        75,836
                                                                                           25.00% -        51,724
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     1         2,028           0           0           1,775           0           0.000      27.29     0.00
 2005     1         2,449           0           0           2,142           0           0.000      27.29     0.00
 2006     1         1,657           0           0           1,451           0           0.000      27.29     0.00
 2007     1         1,591           0           0           1,391           0           0.000      27.29     0.00
 2008     1         1,526           0           0           1,336           0           0.000      27.29     0.00
 2009     1         1,465           0           0           1,281           0           0.000      27.29     0.00
 2010     1         1,405           0           0           1,230           0           0.000      27.29     0.00
 2011     1         1,348           0           0           1,179           0           0.000      27.29     0.00
 2012     1         1,294           0           0           1,132           0           0.000      27.29     0.00
 2013     1         1,241           0           0           1,086           0           0.000      27.29     0.00
 2014     1         1,191           0           0           1,042           0           0.000      27.29     0.00
 2015     1         1,143           0           0           1,000           0           0.000      27.29     0.00
 2016     1         1,096           0           0             960           0           0.000      27.29     0.00
 2017     1         1,052           0           0             920           0           0.000      27.29     0.00

 SUB-TOTAL         20,486           0           0          17,925           0           0.000      27.29     0.00
 REMAINDER          7,509           0           0           6,570           0           0.000      27.29     0.00
 TOTAL             27,995           0           0          24,495           0           0.000      27.29     0.00

 CUMULATIVE             0           0           0
 ULTIMATE          27,995           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004           48,432           0             0            0        48,432         295           0        48,137
 2005           58,464           0             0            0        58,464         357           0        58,107
 2006           39,586           0             0            0        39,586         242           0        39,344
 2007           37,983           0             0            0        37,983         231           0        37,752
 2008           36,444           0             0            0        36,444         223           0        36,221
 2009           34,969           0             0            0        34,969         213           0        34,756
 2010           33,552           0             0            0        33,552         205           0        33,347
 2011           32,194           0             0            0        32,194         196           0        31,998
 2012           30,889           0             0            0        30,889         188           0        30,701
 2013           29,639           0             0            0        29,639         181           0        29,458
 2014           28,438           0             0            0        28,438         174           0        28,264
 2015           27,287           0             0            0        27,287         166           0        27,121
 2016           26,181           0             0            0        26,181         160           0        26,021
 2017           25,121           0             0            0        25,121         153           0        24,968

 SUB-TOT       489,179           0             0            0       489,179       2,984           0       486,195
 REMAIN        179,296           0             0            0       179,296       1,094           0       178,202
 TOTAL         668,475           0             0            0       668,475       4,078           0       664,397
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004          1,656           0     100,000           0       101,656        -53,519       -53,519       -46,660
 2005          3,312           0           0           0         3,312         54,795         1,276        42,993
 2006          3,312           0           0           0         3,312         36,032        37,308        25,448
 2007          3,312           0           0           0         3,312         34,440        71,748        22,018
 2008          3,312           0           0           0         3,312         32,909       104,657        19,045
 2009          3,312           0           0           0         3,312         31,444       136,101        16,473
 2010          3,312           0           0           0         3,312         30,035       166,136        14,243
 2011          3,312           0           0           0         3,312         28,686       194,822        12,314
 2012          3,312           0           0           0         3,312         27,389       222,211        10,642
 2013          3,312           0           0           0         3,312         26,146       248,357         9,197
 2014          3,312           0           0           0         3,312         24,952       273,309         7,945
 2015          3,312           0           0           0         3,312         23,809       297,118         6,862
 2016          3,312           0           0           0         3,312         22,709       319,827         5,925
 2017          3,312           0           0           0         3,312         21,656       341,483         5,114

 SUBTOT       44,712           0     100,000           0       144,712        341,483                     151,559
 REMAIN       28,718           0           0           0        28,718        149,484       490,967        23,163
 TOTAL        73,430           0     100,000           0       173,430        490,967                     174,722

   LIFE OF EVALUATION IS 23.67 YEARS.
   FINAL PRODUCTION RATE: 60 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE     86
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 PLEASANT VIEW NW FIELD, RUSH COUNTY, KANSAS                         OIL LEASE
   TENGASCO, INC. - OPERATOR   10-T16S-R17W                          PROVED
     URBAN #7 PUD   (KSSC-LNSG)                                      UNDEVELOPED


<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
 <S>         <C>        <C>      <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.875000                         27.29                               5.00% -       279,778
 FINAL   -   1.000000  0.875000                         27.29                              10.00% -       170,426
 REMARKS -                                                                                 15.00% -       109,087
                                                                                           20.00% -        72,167
                                                                                           25.00% -        48,621
</TABLE>



<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
 <S>  <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     1         1,102           0           0             964           0           0.000      27.29     0.00
 2005     1         2,911           0           0           2,548           0           0.000      27.29     0.00
 2006     1         1,713           0           0           1,499           0           0.000      27.29     0.00
 2007     1         1,608           0           0           1,406           0           0.000      27.29     0.00
 2008     1         1,542           0           0           1,349           0           0.000      27.29     0.00
 2009     1         1,479           0           0           1,295           0           0.000      27.29     0.00
 2010     1         1,420           0           0           1,242           0           0.000      27.29     0.00
 2011     1         1,362           0           0           1,192           0           0.000      27.29     0.00
 2012     1         1,307           0           0           1,144           0           0.000      27.29     0.00
 2013     1         1,254           0           0           1,097           0           0.000      27.29     0.00
 2014     1         1,204           0           0           1,053           0           0.000      27.29     0.00
 2015     1         1,154           0           0           1,010           0           0.000      27.29     0.00
 2016     1         1,108           0           0             970           0           0.000      27.29     0.00
 2017     1         1,063           0           0             930           0           0.000      27.29     0.00

 SUB-TOTAL         20,227           0           0          17,699           0           0.000      27.29     0.00
 REMAINDER          7,768           0           0           6,796           0           0.000      27.29     0.00
 TOTAL             27,995           0           0          24,495           0           0.000      27.29     0.00

 CUMULATIVE             0           0           0
 ULTIMATE          27,995           0           0
</TABLE>





<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
 <S>    <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004           26,309           0             0            0        26,309         160           0        26,149
 2005           69,525           0             0            0        69,525         425           0        69,100
 2006           40,904           0             0            0        40,904         249           0        40,655
 2007           38,378           0             0            0        38,378         234           0        38,144
 2008           36,823           0             0            0        36,823         225           0        36,598
 2009           35,332           0             0            0        35,332         215           0        35,117
 2010           33,901           0             0            0        33,901         207           0        33,694
 2011           32,528           0             0            0        32,528         199           0        32,329
 2012           31,210           0             0            0        31,210         190           0        31,020
 2013           29,947           0             0            0        29,947         183           0        29,764
 2014           28,733           0             0            0        28,733         175           0        28,558
 2015           27,570           0             0            0        27,570         168           0        27,402
 2016           26,454           0             0            0        26,454         161           0        26,293
 2017           25,382           0             0            0        25,382         155           0        25,227

 SUB-TOT       482,996           0             0            0       482,996       2,946           0       480,050
 REMAIN        185,479           0             0            0       185,479       1,132           0       184,347
 TOTAL         668,475           0             0            0       668,475       4,078           0       664,397
</TABLE>





<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004            828           0     100,000           0       100,828        -74,679       -74,679       -62,643
 2005          3,312           0           0           0         3,312         65,788        -8,891        51,615
 2006          3,312           0           0           0         3,312         37,343        28,452        26,401
 2007          3,312           0           0           0         3,312         34,832        63,284        22,268
 2008          3,312           0           0           0         3,312         33,286        96,570        19,264
 2009          3,312           0           0           0         3,312         31,805       128,375        16,661
 2010          3,312           0           0           0         3,312         30,382       158,757        14,408
 2011          3,312           0           0           0         3,312         29,017       187,774        12,455
 2012          3,312           0           0           0         3,312         27,708       215,482        10,767
 2013          3,312           0           0           0         3,312         26,452       241,934         9,304
 2014          3,312           0           0           0         3,312         25,246       267,180         8,039
 2015          3,312           0           0           0         3,312         24,090       291,270         6,943
 2016          3,312           0           0           0         3,312         22,981       314,251         5,996
 2017          3,312           0           0           0         3,312         21,915       336,166         5,176

 SUBTOT       43,884           0     100,000           0       143,884        336,166                     146,654
 REMAIN       29,546           0           0           0        29,546        154,801       490,967        23,772
 TOTAL        73,430           0     100,000           0       173,430        490,967                     170,426

   LIFE OF EVALUATION IS 23.92 YEARS.
   FINAL PRODUCTION RATE: 60 BBLS/MO
</TABLE>

<PAGE>

                                  TENGASCO, INC.                        TABLE 87
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   33-T16S-R16W                            PROVED
     ALLEN #1 A&D   (SHAWNEE)                                          PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.875000                             4.13        5.00% -       460,190
 FINAL   -   1.000000                      0.875000                             4.13       10.00% -       315,496
 REMARKS -                                                                                 15.00% -       239,678
                                                                                           20.00% -       193,797
                                                                                           25.00% -       163,123
</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0          17               0           0          13.500       0.00     4.13
 2004     1             0           0          15               0           0          12.285       0.00     4.13
 2005     1             0           0          14               0           0          11.179       0.00     4.13
 2006     1             0           0          13               0           0          10.173       0.00     4.13
 2007     1             0           0          11               0           0           9.504       0.00     4.13
 2008     1             0           0          12               0           0           9.124       0.00     4.13
 2009     1             0           0          11               0           0           8.759       0.00     4.13
 2010     1             0           0          10               0           0           8.409       0.00     4.13
 2011     1             0           0          10               0           0           8.072       0.00     4.13
 2012     1             0           0          10               0           0           7.749       0.00     4.13
 2013     1             0           0           9               0           0           7.439       0.00     4.13
 2014     1             0           0           9               0           0           7.142       0.00     4.13
 2015     1             0           0           8               0           0           6.856       0.00     4.13
 2016     1             0           0           8               0           0           6.582       0.00     4.13
 2017     1             0           0           8               0           0           6.319       0.00     4.13

 SUB-TOTAL              0           0         165               0           0         133.092       0.00     4.13
 REMAINDER              0           0         115               0           0          92.345       0.00     4.13
 TOTAL                  0           0         280               0           0         225.437       0.00     4.13

 CUMULATIVE             0           0         181    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0         461        SHRINKAGE FACTOR =   8.00 %
</TABLE>

<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0        55,754            0        55,754           0         992        54,762
 2004                0           0        50,736            0        50,736           0         904        49,832
 2005                0           0        46,171            0        46,171           0         821        45,350
 2006                0           0        42,014            0        42,014           0         748        41,266
 2007                0           0        39,252            0        39,252           0         699        38,553
 2008                0           0        37,682            0        37,682           0         671        37,011
 2009                0           0        36,175            0        36,175           0         644        35,531
 2010                0           0        34,728            0        34,728           0         618        34,110
 2011                0           0        33,338            0        33,338           0         593        32,745
 2012                0           0        32,005            0        32,005           0         570        31,435
 2013                0           0        30,725            0        30,725           0         547        30,178
 2014                0           0        29,496            0        29,496           0         525        28,971
 2015                0           0        28,316            0        28,316           0         504        27,812
 2016                0           0        27,183            0        27,183           0         484        26,699
 2017                0           0        26,096            0        26,096           0         464        25,632

 SUB-TOT             0           0       549,671            0       549,671           0       9,784       539,887
 REMAIN              0           0       381,385            0       381,385           0       6,789       374,596
 TOTAL               0           0       931,056            0       931,056           0      16,573       914,483
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003          3,168           0           0           0         3,168         51,594        51,594        49,148
 2004          3,159           0           0           0         3,159         46,673        98,267        40,247
 2005          3,151           0           0           0         3,151         42,199       140,466        32,940
 2006          3,144           0           0           0         3,144         38,122       178,588        26,937
 2007          3,139           0           0           0         3,139         35,414       214,002        22,640
 2008          3,137           0           0           0         3,137         33,874       247,876        19,604
 2009          3,134           0           0           0         3,134         32,397       280,273        16,971
 2010          3,131           0           0           0         3,131         30,979       311,252        14,691
 2011          3,129           0           0           0         3,129         29,616       340,868        12,713
 2012          3,127           0           0           0         3,127         28,308       369,176        10,999
 2013          3,125           0           0           0         3,125         27,053       396,229         9,516
 2014          3,123           0           0           0         3,123         25,848       422,077         8,230
 2015          3,120           0           0           0         3,120         24,692       446,769         7,117
 2016          3,119           0           0           0         3,119         23,580       470,349         6,152
 2017          3,116           0           0           0         3,116         22,516       492,865         5,317

 SUBTOT       47,022           0           0           0        47,022        492,865                     283,222
 REMAIN       71,310           0           0           0        71,310        303,286       796,151        32,274
 TOTAL       118,332           0           0           0       118,332        796,151                     315,496

   LIFE OF EVALUATION IS 38.00 YEARS.
   FINAL PRODUCTION RATE: 0.3 MMCF/MO

</TABLE>

<PAGE>





                                  TENGASCO, INC.                    TABLE     88
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    OIL LEASE
   TENGASCO, INC. - OPERATOR   28-T16S-R16W                            PROVED
     ANDRE #1   (KSSC-LNSG)                                            PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                                                                       5.00% -             0
 FINAL   -   1.000000                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE           139           0           0
 ULTIMATE             139           0           0
</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0 BBLS/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE     89
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   10-T17S-R17W                            PROVED
     APPL #1   (TOPEKA)                                                PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.875000                             4.13        5.00% -        77,776
 FINAL   -   1.000000                      0.875000                             4.13       10.00% -        51,531
 REMARKS -                                                                                 15.00% -        38,143
                                                                                           20.00% -        30,221
                                                                                           25.00% -        25,023
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           3               0           0           2.036       0.00     4.13
 2004     1             0           0           2               0           0           1.975       0.00     4.13
 2005     1             0           0           2               0           0           1.915       0.00     4.13
 2006     1             0           0           3               0           0           1.858       0.00     4.13
 2007     1             0           0           2               0           0           1.802       0.00     4.13
 2008     1             0           0           2               0           0           1.748       0.00     4.13
 2009     1             0           0           2               0           0           1.696       0.00     4.13
 2010     1             0           0           2               0           0           1.645       0.00     4.13
 2011     1             0           0           2               0           0           1.595       0.00     4.13
 2012     1             0           0           2               0           0           1.548       0.00     4.13
 2013     1             0           0           2               0           0           1.501       0.00     4.13
 2014     1             0           0           2               0           0           1.456       0.00     4.13
 2015     1             0           0           2               0           0           1.412       0.00     4.13
 2016     1             0           0           1               0           0           1.370       0.00     4.13
 2017     1             0           0           2               0           0           1.329       0.00     4.13

 SUB-TOTAL              0           0          31               0           0          24.886       0.00     4.13
 REMAINDER              0           0          27               0           0          21.643       0.00     4.13
 TOTAL                  0           0          58               0           0          46.529       0.00     4.13

 CUMULATIVE             0           0         575    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0         633        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0         8,407            0         8,407           0         150         8,257
 2004                0           0         8,155            0         8,155           0         145         8,010
 2005                0           0         7,910            0         7,910           0         141         7,769
 2006                0           0         7,673            0         7,673           0         136         7,537
 2007                0           0         7,443            0         7,443           0         133         7,310
 2008                0           0         7,219            0         7,219           0         128         7,091
 2009                0           0         7,003            0         7,003           0         125         6,878
 2010                0           0         6,792            0         6,792           0         121         6,671
 2011                0           0         6,589            0         6,589           0         117         6,472
 2012                0           0         6,392            0         6,392           0         114         6,278
 2013                0           0         6,199            0         6,199           0         110         6,089
 2014                0           0         6,014            0         6,014           0         107         5,907
 2015                0           0         5,833            0         5,833           0         104         5,729
 2016                0           0         5,658            0         5,658           0         101         5,557
 2017                0           0         5,488            0         5,488           0          97         5,391

 SUB-TOT             0           0       102,775            0       102,775           0       1,829       100,946
 REMAIN              0           0        89,385            0        89,385           0       1,591        87,794
 TOTAL               0           0       192,160            0       192,160           0       3,420       188,740
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003          1,274           0           0           0         1,274          6,983         6,983         6,649
 2004          1,274           0           0           0         1,274          6,736        13,719         5,805
 2005          1,274           0           0           0         1,274          6,495        20,214         5,067
 2006          1,273           0           0           0         1,273          6,264        26,478         4,424
 2007          1,273           0           0           0         1,273          6,037        32,515         3,859
 2008          1,272           0           0           0         1,272          5,819        38,334         3,367
 2009          1,272           0           0           0         1,272          5,606        43,940         2,937
 2010          1,272           0           0           0         1,272          5,399        49,339         2,560
 2011          1,271           0           0           0         1,271          5,201        54,540         2,233
 2012          1,271           0           0           0         1,271          5,007        59,547         1,945
 2013          1,271           0           0           0         1,271          4,818        64,365         1,695
 2014          1,270           0           0           0         1,270          4,637        69,002         1,476
 2015          1,270           0           0           0         1,270          4,459        73,461         1,285
 2016          1,270           0           0           0         1,270          4,287        77,748         1,118
 2017          1,269           0           0           0         1,269          4,122        81,870           974

 SUBTOT       19,076           0           0           0        19,076         81,870                      45,394
 REMAIN       29,133           0           0           0        29,133         58,661       140,531         6,137
 TOTAL        48,209           0           0           0        48,209        140,531                      51,531

   LIFE OF EVALUATION IS 38.00 YEARS.
   FINAL PRODUCTION RATE: 0.1 MMCF/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE     90
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   10-T17S-R17W                            PROVED
     APPL #2   (TOPEKA)                                                PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.820313                             4.13        5.00% -       107,768
 FINAL   -   1.000000                      0.820313                             4.13       10.00% -        82,678
 REMARKS -                                                                                 15.00% -        66,559
                                                                                           20.00% -        55,538
                                                                                           25.00% -        47,602
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           5               0           0           4.083       0.00     4.13
 2004     1             0           0           5               0           0           3.756       0.00     4.13
 2005     1             0           0           5               0           0           3.456       0.00     4.13
 2006     1             0           0           4               0           0           3.179       0.00     4.13
 2007     1             0           0           4               0           0           2.925       0.00     4.13
 2008     1             0           0           4               0           0           2.691       0.00     4.13
 2009     1             0           0           3               0           0           2.476       0.00     4.13
 2010     1             0           0           3               0           0           2.277       0.00     4.13
 2011     1             0           0           3               0           0           2.095       0.00     4.13
 2012     1             0           0           2               0           0           1.928       0.00     4.13
 2013     1             0           0           3               0           0           1.773       0.00     4.13
 2014     1             0           0           2               0           0           1.632       0.00     4.13
 2015     1             0           0           2               0           0           1.501       0.00     4.13
 2016     1             0           0           2               0           0           1.381       0.00     4.13
 2017     1             0           0           1               0           0           1.270       0.00     4.13

 SUB-TOTAL              0           0          48               0           0          36.423       0.00     4.13
 REMAINDER              0           0           9               0           0           6.622       0.00     4.13
 TOTAL                  0           0          57               0           0          43.045       0.00     4.13

 CUMULATIVE             0           0         455    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0         512        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0        16,861            0        16,861           0         300        16,561
 2004                0           0        15,512            0        15,512           0         276        15,236
 2005                0           0        14,272            0        14,272           0         254        14,018
 2006                0           0        13,129            0        13,129           0         234        12,895
 2007                0           0        12,079            0        12,079           0         215        11,864
 2008                0           0        11,113            0        11,113           0         198        10,915
 2009                0           0        10,224            0        10,224           0         182        10,042
 2010                0           0         9,406            0         9,406           0         167         9,239
 2011                0           0         8,654            0         8,654           0         154         8,500
 2012                0           0         7,961            0         7,961           0         142         7,819
 2013                0           0         7,324            0         7,324           0         130         7,194
 2014                0           0         6,738            0         6,738           0         120         6,618
 2015                0           0         6,200            0         6,200           0         111         6,089
 2016                0           0         5,703            0         5,703           0         101         5,602
 2017                0           0         5,247            0         5,247           0          94         5,153

 SUB-TOT             0           0       150,423            0       150,423           0       2,678       147,745
 REMAIN              0           0        27,348            0        27,348           0         486        26,862
 TOTAL               0           0       177,771            0       177,771           0       3,164       174,607
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003          1,135           0           0           0         1,135         15,426        15,426        14,694
 2004          1,132           0           0           0         1,132         14,104        29,530        12,161
 2005          1,130           0           0           0         1,130         12,888        42,418        10,059
 2006          1,128           0           0           0         1,128         11,767        54,185         8,313
 2007          1,126           0           0           0         1,126         10,738        64,923         6,868
 2008          1,125           0           0           0         1,125          9,790        74,713         5,668
 2009          1,122           0           0           0         1,122          8,920        83,633         4,675
 2010          1,122           0           0           0         1,122          8,117        91,750         3,850
 2011          1,119           0           0           0         1,119          7,381        99,131         3,170
 2012          1,119           0           0           0         1,119          6,700       105,831         2,605
 2013          1,117           0           0           0         1,117          6,077       111,908         2,138
 2014          1,117           0           0           0         1,117          5,501       117,409         1,752
 2015          1,115           0           0           0         1,115          4,974       122,383         1,435
 2016          1,114           0           0           0         1,114          4,488       126,871         1,171
 2017          1,114           0           0           0         1,114          4,039       130,910           954

 SUBTOT       16,835           0           0           0        16,835        130,910                      79,513
 REMAIN        8,043           0           0           0         8,043         18,819       149,729         3,165
 TOTAL        24,878           0           0           0        24,878        149,729                      82,678

   LIFE OF EVALUATION IS 22.24 YEARS.
   FINAL PRODUCTION RATE: 0.1 MMCF/MO
</TABLE>

<PAGE>

                                   TENGASCO, INC.                   TABLE     91
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   36-T17S-R17W                            PROVED
     BEAHM #1   (LANSING)                                              PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                                                                       5.00% -             0
 FINAL   -   1.000000                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE             0           0         282    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0         282        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE     92
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   15-T17S-R17W                            PROVED
     BIEBER #1   (TOPEKA)                                              PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.820313                             4.13        5.00% -        53,694
 FINAL   -   1.000000                      0.820313                             4.13       10.00% -        42,490
 REMARKS -                                                                                 15.00% -        34,823
                                                                                           20.00% -        29,352
                                                                                           25.00% -        25,299
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           4               0           0           3.216       0.00     4.13
 2004     1             0           0           4               0           0           3.056       0.00     4.13
 2005     1             0           0           4               0           0           2.903       0.00     4.13
 2006     1             0           0           4               0           0           2.758       0.00     4.13
 2007     1             0           0           3               0           0           2.620       0.00     4.13
 2008     1             0           0           4               0           0           2.489       0.00     4.13
 2009     1             0           0           3               0           0           2.364       0.00     4.13
 2010     1             0           0           3               0           0           2.246       0.00     4.13
 2011     1             0           0           3               0           0           2.134       0.00     4.13
 2012     1             0           0           2               0           0           2.027       0.00     4.13
 2013     1             0           0           3               0           0           1.926       0.00     4.13
 2014     1             0           0           2               0           0           1.830       0.00     4.13
 2015     1             0           0           2               0           0           1.738       0.00     4.13
 2016     1             0           0           3               0           0           1.651       0.00     4.13
 2017     1             0           0           2               0           0           1.569       0.00     4.13

 SUB-TOTAL              0           0          46               0           0          34.527       0.00     4.13
 REMAINDER              0           0           9               0           0           6.643       0.00     4.13
 TOTAL                  0           0          55               0           0          41.170       0.00     4.13

 CUMULATIVE             0           0          81    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0         136        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0        13,284            0        13,284           0         236        13,048
 2004                0           0        12,620            0        12,620           0         225        12,395
 2005                0           0        11,988            0        11,988           0         213        11,775
 2006                0           0        11,390            0        11,390           0         203        11,187
 2007                0           0        10,820            0        10,820           0         193        10,627
 2008                0           0        10,278            0        10,278           0         183        10,095
 2009                0           0         9,765            0         9,765           0         174         9,591
 2010                0           0         9,277            0         9,277           0         165         9,112
 2011                0           0         8,813            0         8,813           0         157         8,656
 2012                0           0         8,372            0         8,372           0         149         8,223
 2013                0           0         7,954            0         7,954           0         141         7,813
 2014                0           0         7,556            0         7,556           0         135         7,421
 2015                0           0         7,178            0         7,178           0         127         7,051
 2016                0           0         6,819            0         6,819           0         122         6,697
 2017                0           0         6,478            0         6,478           0         115         6,363

 SUB-TOT             0           0       142,592            0       142,592           0       2,538       140,054
 REMAIN              0           0        27,437            0        27,437           0         489        26,948
 TOTAL               0           0       170,029            0       170,029           0       3,027       167,002
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003          4,836           0           0           0         4,836          8,212         8,212         7,822
 2004          4,835           0           0           0         4,835          7,560        15,772         6,518
 2005          4,834           0           0           0         4,834          6,941        22,713         5,417
 2006          4,833           0           0           0         4,833          6,354        29,067         4,489
 2007          4,832           0           0           0         4,832          5,795        34,862         3,707
 2008          4,831           0           0           0         4,831          5,264        40,126         3,047
 2009          4,830           0           0           0         4,830          4,761        44,887         2,496
 2010          4,829           0           0           0         4,829          4,283        49,170         2,032
 2011          4,828           0           0           0         4,828          3,828        52,998         1,644
 2012          4,827           0           0           0         4,827          3,396        56,394         1,320
 2013          4,827           0           0           0         4,827          2,986        59,380         1,052
 2014          4,825           0           0           0         4,825          2,596        61,976           827
 2015          4,825           0           0           0         4,825          2,226        64,202           642
 2016          4,825           0           0           0         4,825          1,872        66,074           489
 2017          4,824           0           0           0         4,824          1,539        67,613           364

 SUBTOT       72,441           0           0           0        72,441         67,613                      41,866
 REMAIN       23,709           0           0           0        23,709          3,239        70,852           624
 TOTAL        96,150           0           0           0        96,150         70,852                      42,490

   LIFE OF EVALUATION IS 19.92 YEARS.
   FINAL PRODUCTION RATE: 0.1 MMCF/MO
</TABLE>


<PAGE>

                                    TENGASCO, INC.                  TABLE     93
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   15-T17S-R17W                            PROVED
     BIEBER -A- #1   (TOPEKA)                                          PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.820313                             4.13        5.00% -       126,598
 FINAL   -   1.000000                      0.820313                             4.13       10.00% -        86,720
 REMARKS -                                                                                 15.00% -        65,444
                                                                                           20.00% -        52,471
                                                                                           25.00% -        43,788
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           5               0           0           3.552       0.00     4.13
 2004     1             0           0           4               0           0           3.410       0.00     4.13
 2005     1             0           0           5               0           0           3.274       0.00     4.13
 2006     1             0           0           4               0           0           3.143       0.00     4.13
 2007     1             0           0           4               0           0           3.017       0.00     4.13
 2008     1             0           0           4               0           0           2.896       0.00     4.13
 2009     1             0           0           3               0           0           2.780       0.00     4.13
 2010     1             0           0           4               0           0           2.669       0.00     4.13
 2011     1             0           0           3               0           0           2.562       0.00     4.13
 2012     1             0           0           3               0           0           2.460       0.00     4.13
 2013     1             0           0           4               0           0           2.362       0.00     4.13
 2014     1             0           0           3               0           0           2.267       0.00     4.13
 2015     1             0           0           2               0           0           2.176       0.00     4.13
 2016     1             0           0           3               0           0           2.089       0.00     4.13
 2017     1             0           0           3               0           0           2.006       0.00     4.13

 SUB-TOTAL              0           0          54               0           0          40.663       0.00     4.13
 REMAINDER              0           0          39               0           0          29.313       0.00     4.13
 TOTAL                  0           0          93               0           0          69.976       0.00     4.13

 CUMULATIVE             0           0          80    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0         173        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0        14,670            0        14,670           0         261        14,409
 2004                0           0        14,083            0        14,083           0         251        13,832
 2005                0           0        13,520            0        13,520           0         240        13,280
 2006                0           0        12,979            0        12,979           0         231        12,748
 2007                0           0        12,460            0        12,460           0         222        12,238
 2008                0           0        11,961            0        11,961           0         213        11,748
 2009                0           0        11,483            0        11,483           0         205        11,278
 2010                0           0        11,024            0        11,024           0         196        10,828
 2011                0           0        10,583            0        10,583           0         188        10,395
 2012                0           0        10,159            0        10,159           0         181         9,978
 2013                0           0         9,753            0         9,753           0         174         9,579
 2014                0           0         9,363            0         9,363           0         166         9,197
 2015                0           0         8,989            0         8,989           0         160         8,829
 2016                0           0         8,628            0         8,628           0         154         8,474
 2017                0           0         8,284            0         8,284           0         147         8,137

 SUB-TOT             0           0       167,939            0       167,939           0       2,989       164,950
 REMAIN              0           0       121,064            0       121,064           0       2,155       118,909
 TOTAL               0           0       289,003            0       289,003           0       5,144       283,859
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003          1,791           0           0           0         1,791         12,618        12,618        12,015
 2004          1,790           0           0           0         1,790         12,042        24,660        10,379
 2005          1,788           0           0           0         1,788         11,492        36,152         8,966
 2006          1,788           0           0           0         1,788         10,960        47,112         7,741
 2007          1,787           0           0           0         1,787         10,451        57,563         6,682
 2008          1,786           0           0           0         1,786          9,962        67,525         5,765
 2009          1,785           0           0           0         1,785          9,493        77,018         4,973
 2010          1,784           0           0           0         1,784          9,044        86,062         4,289
 2011          1,783           0           0           0         1,783          8,612        94,674         3,697
 2012          1,783           0           0           0         1,783          8,195       102,869         3,185
 2013          1,782           0           0           0         1,782          7,797       110,666         2,742
 2014          1,781           0           0           0         1,781          7,416       118,082         2,362
 2015          1,780           0           0           0         1,780          7,049       125,131         2,031
 2016          1,780           0           0           0         1,780          6,694       131,825         1,747
 2017          1,779           0           0           0         1,779          6,358       138,183         1,501

 SUBTOT       26,767           0           0           0        26,767        138,183                      78,075
 REMAIN       40,794           0           0           0        40,794         78,115       216,298         8,645
 TOTAL        67,561           0           0           0        67,561        216,298                      86,720

   LIFE OF EVALUATION IS 38.00 YEARS.
   FINAL PRODUCTION RATE: 0.1 MMCF/MO
</TABLE>


<PAGE>

                                   TENGASCO, INC.                   TABLE     94
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   34-T17S-R16W                            PROVED
     BRACK -A- #3   (GRANITE WASH)                                     PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.875000                             4.13        5.00% -           813
 FINAL   -   1.000000                      0.875000                             4.13       10.00% -           775
 REMARKS -                                                                                 15.00% -           739
                                                                                           20.00% -           706
                                                                                           25.00% -           675
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           1               0           0           0.478       0.00     4.13
 2004     1             0           0           0               0           0           0.430       0.00     4.13
 2005     1             0           0           1               0           0           0.387       0.00     4.13
 2006     1             0           0           0               0           0           0.052       0.00     4.13
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           2               0           0           1.347       0.00     4.13
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           2               0           0           1.347       0.00     4.13

 CUMULATIVE             0           0          30    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0          32        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0         1,974            0         1,974           0          35         1,939
 2004                0           0         1,777            0         1,777           0          32         1,745
 2005                0           0         1,599            0         1,599           0          28         1,571
 2006                0           0           216            0           216           0           4           212
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0         5,566            0         5,566           0          99         5,467
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0         5,566            0         5,566           0          99         5,467
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003          1,467           0           0           0         1,467            472           472           451
 2004          1,467           0           0           0         1,467            278           750           241
 2005          1,467           0           0           0         1,467            104           854            82
 2006            210           0           0           0           210              2           856             1
 2007              0           0           0           0             0              0           856             0
 2008              0           0           0           0             0              0           856             0
 2009              0           0           0           0             0              0           856             0
 2010              0           0           0           0             0              0           856             0
 2011              0           0           0           0             0              0           856             0
 2012              0           0           0           0             0              0           856             0
 2013              0           0           0           0             0              0           856             0
 2014              0           0           0           0             0              0           856             0
 2015              0           0           0           0             0              0           856             0
 2016              0           0           0           0             0              0           856             0
 2017              0           0           0           0             0              0           856             0

 SUBTOT        4,611           0           0           0         4,611            856                         775
 REMAIN            0           0           0           0             0              0           856             0
 TOTAL         4,611           0           0           0         4,611            856                         775

   LIFE OF EVALUATION IS 3.14 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO
</TABLE>


<PAGE>

                                   TENGASCO, INC.                   TABLE     95
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   7-T16S-R17W                             PROVED
     BREIT #1   (TOPEKA)                                               PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.875000                             4.13        5.00% -        49,822
 FINAL   -   1.000000                      0.875000                             4.13       10.00% -        32,846
 REMARKS -                                                                                 15.00% -        24,236
                                                                                           20.00% -        19,164
                                                                                           25.00% -        15,846
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           2               0           0           1.334       0.00     4.13
 2004     1             0           0           1               0           0           1.298       0.00     4.13
 2005     1             0           0           2               0           0           1.263       0.00     4.13
 2006     1             0           0           1               0           0           1.228       0.00     4.13
 2007     1             0           0           2               0           0           1.195       0.00     4.13
 2008     1             0           0           1               0           0           1.163       0.00     4.13
 2009     1             0           0           2               0           0           1.131       0.00     4.13
 2010     1             0           0           1               0           0           1.100       0.00     4.13
 2011     1             0           0           1               0           0           1.070       0.00     4.13
 2012     1             0           0           2               0           0           1.041       0.00     4.13
 2013     1             0           0           1               0           0           1.013       0.00     4.13
 2014     1             0           0           1               0           0           0.985       0.00     4.13
 2015     1             0           0           1               0           0           0.958       0.00     4.13
 2016     1             0           0           2               0           0           0.932       0.00     4.13
 2017     1             0           0           1               0           0           0.907       0.00     4.13

 SUB-TOTAL              0           0          21               0           0          16.618       0.00     4.13
 REMAINDER              0           0          19               0           0          15.233       0.00     4.13
 TOTAL                  0           0          40               0           0          31.851       0.00     4.13

 CUMULATIVE            23           0          33    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE              23           0          73        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0         5,511            0         5,511           0          98         5,413
 2004                0           0         5,361            0         5,361           0          96         5,265
 2005                0           0         5,215            0         5,215           0          92         5,123
 2006                0           0         5,073            0         5,073           0          91         4,982
 2007                0           0         4,935            0         4,935           0          87         4,848
 2008                0           0         4,801            0         4,801           0          86         4,715
 2009                0           0         4,671            0         4,671           0          83         4,588
 2010                0           0         4,544            0         4,544           0          81         4,463
 2011                0           0         4,420            0         4,420           0          79         4,341
 2012                0           0         4,300            0         4,300           0          76         4,224
 2013                0           0         4,183            0         4,183           0          75         4,108
 2014                0           0         4,069            0         4,069           0          72         3,997
 2015                0           0         3,959            0         3,959           0          71         3,888
 2016                0           0         3,850            0         3,850           0          68         3,782
 2017                0           0         3,747            0         3,747           0          67         3,680

 SUB-TOT             0           0        68,639            0        68,639           0       1,222        67,417
 REMAIN              0           0        62,913            0        62,913           0       1,120        61,793
 TOTAL               0           0       131,552            0       131,552           0       2,342       129,210
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003          1,017           0           0           0         1,017          4,396         4,396         4,185
 2004          1,018           0           0           0         1,018          4,247         8,643         3,661
 2005          1,017           0           0           0         1,017          4,106        12,749         3,203
 2006          1,016           0           0           0         1,016          3,966        16,715         2,801
 2007          1,017           0           0           0         1,017          3,831        20,546         2,449
 2008          1,016           0           0           0         1,016          3,699        24,245         2,140
 2009          1,016           0           0           0         1,016          3,572        27,817         1,871
 2010          1,016           0           0           0         1,016          3,447        31,264         1,635
 2011          1,015           0           0           0         1,015          3,326        34,590         1,427
 2012          1,016           0           0           0         1,016          3,208        37,798         1,247
 2013          1,015           0           0           0         1,015          3,093        40,891         1,088
 2014          1,015           0           0           0         1,015          2,982        43,873           949
 2015          1,015           0           0           0         1,015          2,873        46,746           828
 2016          1,014           0           0           0         1,014          2,768        49,514           722
 2017          1,015           0           0           0         1,015          2,665        52,179           629

 SUBTOT       15,238           0           0           0        15,238         52,179                      28,835
 REMAIN       23,280           0           0           0        23,280         38,513        90,692         4,011
 TOTAL        38,518           0           0           0        38,518         90,692                      32,846

   LIFE OF EVALUATION IS 37.99 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO
</TABLE>


<PAGE>

                                   TENGASCO, INC.                   TABLE     96
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    OIL LEASE
   TENGASCO, INC. - OPERATOR   7-T16S-R17W                             PROVED
     BREIT-HOLZMEISTER -B-   (TOPEKA)                                  PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.861328                         27.29                               5.00% -        32,684
 FINAL   -   1.000000  0.861328                         27.29                              10.00% -        27,481
 REMARKS -                                                                                 15.00% -        23,435
                                                                                           20.00% -        20,251
                                                                                           25.00% -        17,713
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1           282           0           0             243           0           0.000      27.29     0.00
 2004     1           271           0           0             233           0           0.000      27.29     0.00
 2005     1           260           0           0             224           0           0.000      27.29     0.00
 2006     1           250           0           0             215           0           0.000      27.29     0.00
 2007     1           240           0           0             207           0           0.000      27.29     0.00
 2008     1           230           0           0             198           0           0.000      27.29     0.00
 2009     1           221           0           0             190           0           0.000      27.29     0.00
 2010     1           212           0           0             183           0           0.000      27.29     0.00
 2011     1            86           0           0              74           0           0.000      27.29     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL          2,052           0           0           1,767           0           0.000      27.29     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL              2,052           0           0           1,767           0           0.000      27.29     0.00

 CUMULATIVE        14,236           0           0
 ULTIMATE          16,288           0           0
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003            6,633           0             0            0         6,633          40           0         6,593
 2004            6,368           0             0            0         6,368          39           0         6,329
 2005            6,114           0             0            0         6,114          38           0         6,076
 2006            5,868           0             0            0         5,868          35           0         5,833
 2007            5,634           0             0            0         5,634          35           0         5,599
 2008            5,409           0             0            0         5,409          33           0         5,376
 2009            5,192           0             0            0         5,192          31           0         5,161
 2010            4,985           0             0            0         4,985          31           0         4,954
 2011            2,031           0             0            0         2,031          12           0         2,019
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT        48,234           0             0            0        48,234         294           0        47,940
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL          48,234           0             0            0        48,234         294           0        47,940
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003          1,008           0           0           0         1,008          5,585         5,585         5,318
 2004          1,008           0           0           0         1,008          5,321        10,906         4,586
 2005          1,008           0           0           0         1,008          5,068        15,974         3,955
 2006          1,008           0           0           0         1,008          4,825        20,799         3,407
 2007          1,008           0           0           0         1,008          4,591        25,390         2,936
 2008          1,008           0           0           0         1,008          4,368        29,758         2,528
 2009          1,008           0           0           0         1,008          4,153        33,911         2,175
 2010          1,008           0           0           0         1,008          3,946        37,857         1,872
 2011            423           0           0           0           423          1,596        39,453           704
 2012              0           0           0           0             0              0        39,453             0
 2013              0           0           0           0             0              0        39,453             0
 2014              0           0           0           0             0              0        39,453             0
 2015              0           0           0           0             0              0        39,453             0
 2016              0           0           0           0             0              0        39,453             0
 2017              0           0           0           0             0              0        39,453             0

 SUBTOT        8,487           0           0           0         8,487         39,453                      27,481
 REMAIN            0           0           0           0             0              0        39,453             0
 TOTAL         8,487           0           0           0         8,487         39,453                      27,481

   LIFE OF EVALUATION IS 8.42 YEARS.
   FINAL PRODUCTION RATE: 17 BBLS/MO
</TABLE>


<PAGE>

                                   TENGASCO, INC.                   TABLE     97
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   8-T17S-R16W                             PROVED
     DECKER -A- #1   (SHAWNEE)                                         PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.868164                             4.13        5.00% -       354,306
 FINAL   -   1.000000                      0.868164                             4.13       10.00% -       248,657
 REMARKS -                                                                                 15.00% -       187,575
                                                                                           20.00% -       149,344
                                                                                           25.00% -       123,709
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0          12               0           0           9.234       0.00     4.13
 2004     1             0           0          11               0           0           8.957       0.00     4.13
 2005     1             0           0          11               0           0           8.688       0.00     4.13
 2006     1             0           0          10               0           0           8.427       0.00     4.13
 2007     1             0           0          10               0           0           8.175       0.00     4.13
 2008     1             0           0          10               0           0           7.929       0.00     4.13
 2009     1             0           0          10               0           0           7.691       0.00     4.13
 2010     1             0           0           9               0           0           7.461       0.00     4.13
 2011     1             0           0           9               0           0           7.237       0.00     4.13
 2012     1             0           0           9               0           0           7.020       0.00     4.13
 2013     1             0           0           9               0           0           6.809       0.00     4.13
 2014     1             0           0           8               0           0           6.605       0.00     4.13
 2015     1             0           0           8               0           0           6.407       0.00     4.13
 2016     1             0           0           8               0           0           6.215       0.00     4.13
 2017     1             0           0           7               0           0           6.028       0.00     4.13

 SUB-TOTAL              0           0         141               0           0         112.883       0.00     4.13
 REMAINDER              0           0          52               0           0          41.498       0.00     4.13
 TOTAL                  0           0         193               0           0         154.381       0.00     4.13

 CUMULATIVE             0           0         553    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0         746        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0        38,135            0        38,135           0         679        37,456
 2004                0           0        36,992            0        36,992           0         658        36,334
 2005                0           0        35,882            0        35,882           0         639        35,243
 2006                0           0        34,805            0        34,805           0         619        34,186
 2007                0           0        33,761            0        33,761           0         601        33,160
 2008                0           0        32,748            0        32,748           0         583        32,165
 2009                0           0        31,766            0        31,766           0         566        31,200
 2010                0           0        30,813            0        30,813           0         548        30,265
 2011                0           0        29,888            0        29,888           0         532        29,356
 2012                0           0        28,992            0        28,992           0         516        28,476
 2013                0           0        28,122            0        28,122           0         501        27,621
 2014                0           0        27,278            0        27,278           0         485        26,793
 2015                0           0        26,460            0        26,460           0         471        25,989
 2016                0           0        25,666            0        25,666           0         457        25,209
 2017                0           0        24,897            0        24,897           0         443        24,454

 SUB-TOT             0           0       466,205            0       466,205           0       8,298       457,907
 REMAIN              0           0       171,388            0       171,388           0       3,051       168,337
 TOTAL               0           0       637,593            0       637,593           0      11,349       626,244
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003          3,210           0           0           0         3,210         34,246        34,246        32,605
 2004          3,208           0           0           0         3,208         33,126        67,372        28,549
 2005          3,206           0           0           0         3,206         32,037        99,409        24,993
 2006          3,204           0           0           0         3,204         30,982       130,391        21,880
 2007          3,202           0           0           0         3,202         29,958       160,349        19,151
 2008          3,201           0           0           0         3,201         28,964       189,313        16,760
 2009          3,199           0           0           0         3,199         28,001       217,314        14,667
 2010          3,197           0           0           0         3,197         27,068       244,382        12,835
 2011          3,196           0           0           0         3,196         26,160       270,542        11,228
 2012          3,194           0           0           0         3,194         25,282       295,824         9,823
 2013          3,192           0           0           0         3,192         24,429       320,253         8,592
 2014          3,191           0           0           0         3,191         23,602       343,855         7,514
 2015          3,190           0           0           0         3,190         22,799       366,654         6,571
 2016          3,189           0           0           0         3,189         22,020       388,674         5,744
 2017          3,187           0           0           0         3,187         21,267       409,941         5,022

 SUBTOT       47,966           0           0           0        47,966        409,941                     225,934
 REMAIN       25,008           0           0           0        25,008        143,329       553,270        22,723
 TOTAL        72,974           0           0           0        72,974        553,270                     248,657

   LIFE OF EVALUATION IS 22.86 YEARS.
   FINAL PRODUCTION RATE: 0.5 MMCF/MO
</TABLE>


<PAGE>

                                   TENGASCO, INC.                   TABLE     98
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   35-T16S-R17W                            PROVED
     EDWARDS #1   (LANSING)                                            PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.875000                             4.13        5.00% -        54,867
 FINAL   -   1.000000                      0.875000                             4.13       10.00% -        44,602
 REMARKS -                                                                                 15.00% -        37,352
                                                                                           20.00% -        32,031
                                                                                           25.00% -        27,994
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           4               0           0           2.819       0.00     4.13
 2004     1             0           0           3               0           0           2.537       0.00     4.13
 2005     1             0           0           2               0           0           2.283       0.00     4.13
 2006     1             0           0           3               0           0           2.055       0.00     4.13
 2007     1             0           0           2               0           0           1.850       0.00     4.13
 2008     1             0           0           2               0           0           1.665       0.00     4.13
 2009     1             0           0           2               0           0           1.498       0.00     4.13
 2010     1             0           0           2               0           0           1.348       0.00     4.13
 2011     1             0           0           1               0           0           1.214       0.00     4.13
 2012     1             0           0           2               0           0           1.092       0.00     4.13
 2013     1             0           0           1               0           0           0.983       0.00     4.13
 2014     1             0           0           1               0           0           0.885       0.00     4.13
 2015     1             0           0           1               0           0           0.796       0.00     4.13
 2016     1             0           0           1               0           0           0.717       0.00     4.13
 2017     1             0           0           1               0           0           0.645       0.00     4.13

 SUB-TOTAL              0           0          28               0           0          22.387       0.00     4.13
 REMAINDER              0           0           3               0           0           2.254       0.00     4.13
 TOTAL                  0           0          31               0           0          24.641       0.00     4.13

 CUMULATIVE             0           0          94    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0         125        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0        11,643            0        11,643           0         207        11,436
 2004                0           0        10,478            0        10,478           0         187        10,291
 2005                0           0         9,431            0         9,431           0         168         9,263
 2006                0           0         8,487            0         8,487           0         151         8,336
 2007                0           0         7,639            0         7,639           0         136         7,503
 2008                0           0         6,875            0         6,875           0         122         6,753
 2009                0           0         6,187            0         6,187           0         110         6,077
 2010                0           0         5,569            0         5,569           0          99         5,470
 2011                0           0         5,012            0         5,012           0          90         4,922
 2012                0           0         4,510            0         4,510           0          80         4,430
 2013                0           0         4,060            0         4,060           0          72         3,988
 2014                0           0         3,653            0         3,653           0          65         3,588
 2015                0           0         3,288            0         3,288           0          59         3,229
 2016                0           0         2,960            0         2,960           0          52         2,908
 2017                0           0         2,663            0         2,663           0          48         2,615

 SUB-TOT             0           0        92,455            0        92,455           0       1,646        90,809
 REMAIN              0           0         9,311            0         9,311           0         165         9,146
 TOTAL               0           0       101,766            0       101,766           0       1,811        99,955
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003          1,532           0           0           0         1,532          9,904         9,904         9,436
 2004          1,530           0           0           0         1,530          8,761        18,665         7,556
 2005          1,528           0           0           0         1,528          7,735        26,400         6,039
 2006          1,527           0           0           0         1,527          6,809        33,209         4,813
 2007          1,525           0           0           0         1,525          5,978        39,187         3,824
 2008          1,524           0           0           0         1,524          5,229        44,416         3,029
 2009          1,522           0           0           0         1,522          4,555        48,971         2,388
 2010          1,522           0           0           0         1,522          3,948        52,919         1,873
 2011          1,520           0           0           0         1,520          3,402        56,321         1,462
 2012          1,520           0           0           0         1,520          2,910        59,231         1,132
 2013          1,519           0           0           0         1,519          2,469        61,700           869
 2014          1,518           0           0           0         1,518          2,070        63,770           660
 2015          1,518           0           0           0         1,518          1,711        65,481           494
 2016          1,517           0           0           0         1,517          1,391        66,872           363
 2017          1,517           0           0           0         1,517          1,098        67,970           260

 SUBTOT       22,839           0           0           0        22,839         67,970                      44,198
 REMAIN        7,071           0           0           0         7,071          2,075        70,045           404
 TOTAL        29,910           0           0           0        29,910         70,045                      44,602

   LIFE OF EVALUATION IS 19.67 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE     99
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   19-T17S-R16W                            PROVED
     ELDER #19   (TOPEKA)                                              PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                                                                       5.00% -             0
 FINAL   -   1.000000                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE             0           0          56    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0          56        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO
</TABLE>


<PAGE>

                                   TENGASCO, INC.                   TABLE    100
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   25-T17S-R17W                            PROVED
     FOOS #1   (LANSING)                                               PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.820313                             4.13        5.00% -       175,318
 FINAL   -   1.000000                      0.820313                             4.13       10.00% -       127,321
 REMARKS -                                                                                 15.00% -        99,164
                                                                                           20.00% -        80,996
                                                                                           25.00% -        68,404
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           8               0           0           6.137       0.00     4.13
 2004     1             0           0           8               0           0           5.830       0.00     4.13
 2005     1             0           0           7               0           0           5.539       0.00     4.13
 2006     1             0           0           7               0           0           5.262       0.00     4.13
 2007     1             0           0           7               0           0           4.999       0.00     4.13
 2008     1             0           0           6               0           0           4.749       0.00     4.13
 2009     1             0           0           6               0           0           4.511       0.00     4.13
 2010     1             0           0           6               0           0           4.286       0.00     4.13
 2011     1             0           0           5               0           0           4.071       0.00     4.13
 2012     1             0           0           5               0           0           3.868       0.00     4.13
 2013     1             0           0           5               0           0           3.674       0.00     4.13
 2014     1             0           0           5               0           0           3.491       0.00     4.13
 2015     1             0           0           4               0           0           3.316       0.00     4.13
 2016     1             0           0           4               0           0           3.150       0.00     4.13
 2017     1             0           0           4               0           0           2.993       0.00     4.13

 SUB-TOTAL              0           0          87               0           0          65.876       0.00     4.13
 REMAINDER              0           0          49               0           0          36.738       0.00     4.13
 TOTAL                  0           0         136               0           0         102.614       0.00     4.13

 CUMULATIVE             0           0         108    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0         244        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0        25,345            0        25,345           0         451        24,894
 2004                0           0        24,079            0        24,079           0         429        23,650
 2005                0           0        22,874            0        22,874           0         407        22,467
 2006                0           0        21,730            0        21,730           0         387        21,343
 2007                0           0        20,644            0        20,644           0         367        20,277
 2008                0           0        19,612            0        19,612           0         349        19,263
 2009                0           0        18,631            0        18,631           0         332        18,299
 2010                0           0        17,700            0        17,700           0         315        17,385
 2011                0           0        16,815            0        16,815           0         299        16,516
 2012                0           0        15,973            0        15,973           0         285        15,688
 2013                0           0        15,176            0        15,176           0         270        14,906
 2014                0           0        14,416            0        14,416           0         256        14,160
 2015                0           0        13,696            0        13,696           0         244        13,452
 2016                0           0        13,011            0        13,011           0         232        12,779
 2017                0           0        12,360            0        12,360           0         220        12,140

 SUB-TOT             0           0       272,062            0       272,062           0       4,843       267,219
 REMAIN              0           0       151,730            0       151,730           0       2,700       149,030
 TOTAL               0           0       423,792            0       423,792           0       7,543       416,249
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003          4,234           0           0           0         4,234         20,660        20,660        19,675
 2004          4,232           0           0           0         4,232         19,418        40,078        16,739
 2005          4,230           0           0           0         4,230         18,237        58,315        14,230
 2006          4,228           0           0           0         4,228         17,115        75,430        12,090
 2007          4,226           0           0           0         4,226         16,051        91,481        10,263
 2008          4,224           0           0           0         4,224         15,039       106,520         8,705
 2009          4,222           0           0           0         4,222         14,077       120,597         7,376
 2010          4,220           0           0           0         4,220         13,165       133,762         6,244
 2011          4,219           0           0           0         4,219         12,297       146,059         5,280
 2012          4,217           0           0           0         4,217         11,471       157,530         4,458
 2013          4,216           0           0           0         4,216         10,690       168,220         3,761
 2014          4,214           0           0           0         4,214          9,946       178,166         3,167
 2015          4,213           0           0           0         4,213          9,239       187,405         2,664
 2016          4,212           0           0           0         4,212          8,567       195,972         2,236
 2017          4,211           0           0           0         4,211          7,929       203,901         1,873

 SUBTOT       63,318           0           0           0        63,318        203,901                     118,761
 REMAIN       85,084           0           0           0        85,084         63,946       267,847         8,560
 TOTAL       148,402           0           0           0       148,402        267,847                     127,321

   LIFE OF EVALUATION IS 35.25 YEARS.
   FINAL PRODUCTION RATE: 0.1 MMCF/MO
</TABLE>


<PAGE>

                                   TENGASCO, INC.                   TABLE    101
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                   GAS LEASE
   TENGASCO, INC. - OPERATOR   22-T17S-R17W                           PROVED
     FOOS -A- #1   (LANSING)                                          PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.820313                             4.13        5.00% -        21,431
 FINAL   -   1.000000                      0.820313                             4.13       10.00% -        18,096
 REMARKS -                                                                                 15.00% -        15,549
                                                                                           20.00% -        13,567
                                                                                           25.00% -        11,995
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           3               0           0           2.299       0.00     4.13
 2004     1             0           0           3               0           0           2.184       0.00     4.13
 2005     1             0           0           3               0           0           2.075       0.00     4.13
 2006     1             0           0           2               0           0           1.971       0.00     4.13
 2007     1             0           0           3               0           0           1.873       0.00     4.13
 2008     1             0           0           2               0           0           1.779       0.00     4.13
 2009     1             0           0           2               0           0           1.690       0.00     4.13
 2010     1             0           0           3               0           0           1.606       0.00     4.13
 2011     1             0           0           2               0           0           1.525       0.00     4.13
 2012     1             0           0           1               0           0           1.449       0.00     4.13
 2013     1             0           0           2               0           0           1.377       0.00     4.13
 2014     1             0           0           2               0           0           1.308       0.00     4.13
 2015     1             0           0           1               0           0           0.835       0.00     4.13
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0          29               0           0          21.971       0.00     4.13
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0          29               0           0          21.971       0.00     4.13

 CUMULATIVE             0           0         446    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0         475        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0         9,497            0         9,497           0         169         9,328
 2004                0           0         9,021            0         9,021           0         161         8,860
 2005                0           0         8,571            0         8,571           0         152         8,419
 2006                0           0         8,142            0         8,142           0         145         7,997
 2007                0           0         7,735            0         7,735           0         138         7,597
 2008                0           0         7,348            0         7,348           0         131         7,217
 2009                0           0         6,981            0         6,981           0         124         6,857
 2010                0           0         6,632            0         6,632           0         118         6,514
 2011                0           0         6,300            0         6,300           0         112         6,188
 2012                0           0         5,985            0         5,985           0         107         5,878
 2013                0           0         5,686            0         5,686           0         101         5,585
 2014                0           0         5,402            0         5,402           0          96         5,306
 2015                0           0         3,450            0         3,450           0          61         3,389
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0        90,750            0        90,750           0       1,615        89,135
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0        90,750            0        90,750           0       1,615        89,135
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003          4,997           0           0           0         4,997          4,331         4,331         4,126
 2004          4,997           0           0           0         4,997          3,863         8,194         3,332
 2005          4,996           0           0           0         4,996          3,423        11,617         2,672
 2006          4,994           0           0           0         4,994          3,003        14,620         2,123
 2007          4,995           0           0           0         4,995          2,602        17,222         1,664
 2008          4,993           0           0           0         4,993          2,224        19,446         1,289
 2009          4,993           0           0           0         4,993          1,864        21,310           978
 2010          4,992           0           0           0         4,992          1,522        22,832           722
 2011          4,991           0           0           0         4,991          1,197        24,029           515
 2012          4,991           0           0           0         4,991            887        24,916           346
 2013          4,991           0           0           0         4,991            594        25,510           209
 2014          4,990           0           0           0         4,990            316        25,826           102
 2015          3,326           0           0           0         3,326             63        25,889            18
 2016              0           0           0           0             0              0        25,889             0
 2017              0           0           0           0             0              0        25,889             0

 SUBTOT       63,246           0           0           0        63,246         25,889                      18,096
 REMAIN            0           0           0           0             0              0        25,889             0
 TOTAL        63,246           0           0           0        63,246         25,889                      18,096

   LIFE OF EVALUATION IS 12.67 YEARS.
   FINAL PRODUCTION RATE: 0.1 MMCF/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE    102
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   4-T17S-R17W                             PROVED
     FRYE #2   (TOPEKA)                                                PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.875000                             4.13        5.00% -         1,392
 FINAL   -   1.000000                      0.875000                             4.13       10.00% -         1,252
 REMARKS -                                                                                 15.00% -         1,133
                                                                                           20.00% -         1,032
                                                                                           25.00% -           946
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           0               0           0           0.238       0.00     4.13
 2004     1             0           0           1               0           0           0.219       0.00     4.13
 2005     1             0           0           0               0           0           0.202       0.00     4.13
 2006     1             0           0           0               0           0           0.186       0.00     4.13
 2007     1             0           0           0               0           0           0.171       0.00     4.13
 2008     1             0           0           0               0           0           0.157       0.00     4.13
 2009     1             0           0           1               0           0           0.145       0.00     4.13
 2010     1             0           0           0               0           0           0.068       0.00     4.13
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           2               0           0           1.386       0.00     4.13
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           2               0           0           1.386       0.00     4.13

 CUMULATIVE             0           0          13    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0          15        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0           985            0           985           0          18           967
 2004                0           0           905            0           905           0          16           889
 2005                0           0           834            0           834           0          14           820
 2006                0           0           766            0           766           0          14           752
 2007                0           0           705            0           705           0          13           692
 2008                0           0           649            0           649           0          11           638
 2009                0           0           597            0           597           0          11           586
 2010                0           0           281            0           281           0           5           276
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0         5,722            0         5,722           0         102         5,620
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0         5,722            0         5,722           0         102         5,620
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003            542           0           0           0           542            425           425           405
 2004            541           0           0           0           541            348           773           301
 2005            542           0           0           0           542            278         1,051           217
 2006            541           0           0           0           541            211         1,262           149
 2007            541           0           0           0           541            151         1,413            97
 2008            541           0           0           0           541             97         1,510            56
 2009            541           0           0           0           541             45         1,555            24
 2010            271           0           0           0           271              5         1,560             3
 2011              0           0           0           0             0              0         1,560             0
 2012              0           0           0           0             0              0         1,560             0
 2013              0           0           0           0             0              0         1,560             0
 2014              0           0           0           0             0              0         1,560             0
 2015              0           0           0           0             0              0         1,560             0
 2016              0           0           0           0             0              0         1,560             0
 2017              0           0           0           0             0              0         1,560             0

 SUBTOT        4,060           0           0           0         4,060          1,560                       1,252
 REMAIN            0           0           0           0             0              0         1,560             0
 TOTAL         4,060           0           0           0         4,060          1,560                       1,252

   LIFE OF EVALUATION IS 7.50 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO
</TABLE>


<PAGE>

                                   TENGASCO, INC.                   TABLE    103
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   19-T17S-R16W                            PROVED
     GIESICK #1   (KANSAS CITY)                                        PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.875000                             4.13        5.00% -       219,977
 FINAL   -   1.000000                      0.875000                             4.13       10.00% -       187,422
 REMARKS -                                                                                 15.00% -       162,460
                                                                                           20.00% -       142,917
                                                                                           25.00% -       127,321
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0          19               0           0          15.021       0.00     4.13
 2004     1             0           0          16               0           0          13.218       0.00     4.13
 2005     1             0           0          15               0           0          11.632       0.00     4.13
 2006     1             0           0          12               0           0          10.236       0.00     4.13
 2007     1             0           0          11               0           0           9.008       0.00     4.13
 2008     1             0           0          10               0           0           7.927       0.00     4.13
 2009     1             0           0           9               0           0           6.976       0.00     4.13
 2010     1             0           0           8               0           0           6.139       0.00     4.13
 2011     1             0           0           6               0           0           5.402       0.00     4.13
 2012     1             0           0           6               0           0           4.754       0.00     4.13
 2013     1             0           0           5               0           0           4.183       0.00     4.13
 2014     1             0           0           5               0           0           3.681       0.00     4.13
 2015     1             0           0           4               0           0           3.240       0.00     4.13
 2016     1             0           0           2               0           0           1.941       0.00     4.13
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         128               0           0         103.358       0.00     4.13
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         128               0           0         103.358       0.00     4.13

 CUMULATIVE             0           0         880    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0       1,008        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0        62,037            0        62,037           0       1,104        60,933
 2004                0           0        54,592            0        54,592           0         972        53,620
 2005                0           0        48,041            0        48,041           0         855        47,186
 2006                0           0        42,276            0        42,276           0         753        41,523
 2007                0           0        37,203            0        37,203           0         662        36,541
 2008                0           0        32,739            0        32,739           0         583        32,156
 2009                0           0        28,810            0        28,810           0         512        28,298
 2010                0           0        25,353            0        25,353           0         452        24,901
 2011                0           0        22,310            0        22,310           0         397        21,913
 2012                0           0        19,633            0        19,633           0         349        19,284
 2013                0           0        17,278            0        17,278           0         308        16,970
 2014                0           0        15,204            0        15,204           0         270        14,934
 2015                0           0        13,379            0        13,379           0         239        13,140
 2016                0           0         8,015            0         8,015           0         142         7,873
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       426,870            0       426,870           0       7,598       419,272
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       426,870            0       426,870           0       7,598       419,272
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003         11,458           0           0           0        11,458         49,475        49,475        47,152
 2004         11,446           0           0           0        11,446         42,174        91,649        36,386
 2005         11,434           0           0           0        11,434         35,752       127,401        27,922
 2006         11,425           0           0           0        11,425         30,098       157,499        21,280
 2007         11,416           0           0           0        11,416         25,125       182,624        16,082
 2008         11,408           0           0           0        11,408         20,748       203,372        12,022
 2009         11,401           0           0           0        11,401         16,897       220,269         8,864
 2010         11,396           0           0           0        11,396         13,505       233,774         6,414
 2011         11,390           0           0           0        11,390         10,523       244,297         4,526
 2012         11,385           0           0           0        11,385          7,899       252,196         3,076
 2013         11,382           0           0           0        11,382          5,588       257,784         1,971
 2014         11,378           0           0           0        11,378          3,556       261,340         1,136
 2015         11,375           0           0           0        11,375          1,765       263,105           513
 2016          7,582           0           0           0         7,582            291       263,396            78
 2017              0           0           0           0             0              0       263,396             0

 SUBTOT      155,876           0           0           0       155,876        263,396                     187,422
 REMAIN            0           0           0           0             0              0       263,396             0
 TOTAL       155,876           0           0           0       155,876        263,396                     187,422

   LIFE OF EVALUATION IS 13.67 YEARS.
   FINAL PRODUCTION RATE: 0.3 MMCF/MO
</TABLE>


<PAGE>

                                   TENGASCO, INC.                   TABLE    104
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   24-T17S-R17W                            PROVED
     GILLIG #1   (TOPEKA)                                              PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.875000                             4.13        5.00% -       111,660
 FINAL   -   1.000000                      0.875000                             4.13       10.00% -        76,090
 REMARKS -                                                                                 15.00% -        57,347
                                                                                           20.00% -        45,982
                                                                                           25.00% -        38,390
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           3               0           0           2.808       0.00     4.13
 2004     1             0           0           4               0           0           2.676       0.00     4.13
 2005     1             0           0           3               0           0           2.551       0.00     4.13
 2006     1             0           0           3               0           0           2.431       0.00     4.13
 2007     1             0           0           3               0           0           2.317       0.00     4.13
 2008     1             0           0           3               0           0           2.208       0.00     4.13
 2009     1             0           0           2               0           0           2.104       0.00     4.13
 2010     1             0           0           3               0           0           2.005       0.00     4.13
 2011     1             0           0           2               0           0           1.911       0.00     4.13
 2012     1             0           0           2               0           0           1.821       0.00     4.13
 2013     1             0           0           3               0           0           1.735       0.00     4.13
 2014     1             0           0           2               0           0           1.654       0.00     4.13
 2015     1             0           0           2               0           0           1.576       0.00     4.13
 2016     1             0           0           1               0           0           1.502       0.00     4.13
 2017     1             0           0           2               0           0           1.431       0.00     4.13

 SUB-TOTAL              0           0          38               0           0          30.730       0.00     4.13
 REMAINDER              0           0          24               0           0          19.432       0.00     4.13
 TOTAL                  0           0          62               0           0          50.162       0.00     4.13

 CUMULATIVE             0           0         321    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0         383        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0        11,599            0        11,599           0         206        11,393
 2004                0           0        11,053            0        11,053           0         197        10,856
 2005                0           0        10,534            0        10,534           0         188        10,346
 2006                0           0        10,039            0        10,039           0         178         9,861
 2007                0           0         9,568            0         9,568           0         171         9,397
 2008                0           0         9,117            0         9,117           0         162         8,955
 2009                0           0         8,689            0         8,689           0         155         8,534
 2010                0           0         8,281            0         8,281           0         147         8,134
 2011                0           0         7,891            0         7,891           0         141         7,750
 2012                0           0         7,521            0         7,521           0         133         7,388
 2013                0           0         7,167            0         7,167           0         128         7,039
 2014                0           0         6,830            0         6,830           0         122         6,708
 2015                0           0         6,509            0         6,509           0         115         6,394
 2016                0           0         6,203            0         6,203           0         111         6,092
 2017                0           0         5,912            0         5,912           0         105         5,807

 SUB-TOT             0           0       126,913            0       126,913           0       2,259       124,654
 REMAIN              0           0        80,255            0        80,255           0       1,429        78,826
 TOTAL               0           0       207,168            0       207,168           0       3,688       203,480
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003            272           0           0           0           272         11,121        11,121        10,589
 2004            271           0           0           0           271         10,585        21,706         9,124
 2005            270           0           0           0           270         10,076        31,782         7,862
 2006            269           0           0           0           269          9,592        41,374         6,775
 2007            269           0           0           0           269          9,128        50,502         5,836
 2008            267           0           0           0           267          8,688        59,190         5,028
 2009            267           0           0           0           267          8,267        67,457         4,331
 2010            266           0           0           0           266          7,868        75,325         3,731
 2011            266           0           0           0           266          7,484        82,809         3,213
 2012            265           0           0           0           265          7,123        89,932         2,767
 2013            264           0           0           0           264          6,775        96,707         2,384
 2014            264           0           0           0           264          6,444       103,151         2,051
 2015            263           0           0           0           263          6,131       109,282         1,768
 2016            262           0           0           0           262          5,830       115,112         1,521
 2017            263           0           0           0           263          5,544       120,656         1,309

 SUBTOT        3,998           0           0           0         3,998        120,656                      68,289
 REMAIN        5,933           0           0           0         5,933         72,893       193,549         7,801
 TOTAL         9,931           0           0           0         9,931        193,549                      76,090

   LIFE OF EVALUATION IS 38.00 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO
</TABLE>


<PAGE>

                                   TENGASCO, INC.                   TABLE    105
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   9-T17S-R17W                             PROVED
     GRUMBEIN -A- #1   (KSSC-LNSG)                                     PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.875000                             4.13        5.00% -        94,615
 FINAL   -   1.000000                      0.875000                             4.13       10.00% -        65,675
 REMARKS -                                                                                 15.00% -        49,985
                                                                                           20.00% -        40,303
                                                                                           25.00% -        33,767
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           3               0           0           2.642       0.00     4.13
 2004     1             0           0           3               0           0           2.516       0.00     4.13
 2005     1             0           0           3               0           0           2.395       0.00     4.13
 2006     1             0           0           3               0           0           2.280       0.00     4.13
 2007     1             0           0           3               0           0           2.170       0.00     4.13
 2008     1             0           0           2               0           0           2.066       0.00     4.13
 2009     1             0           0           3               0           0           1.967       0.00     4.13
 2010     1             0           0           2               0           0           1.873       0.00     4.13
 2011     1             0           0           2               0           0           1.783       0.00     4.13
 2012     1             0           0           3               0           0           1.697       0.00     4.13
 2013     1             0           0           2               0           0           1.616       0.00     4.13
 2014     1             0           0           1               0           0           1.538       0.00     4.13
 2015     1             0           0           2               0           0           1.464       0.00     4.13
 2016     1             0           0           2               0           0           1.394       0.00     4.13
 2017     1             0           0           2               0           0           1.327       0.00     4.13

 SUB-TOTAL              0           0          36               0           0          28.728       0.00     4.13
 REMAINDER              0           0          22               0           0          17.831       0.00     4.13
 TOTAL                  0           0          58               0           0          46.559       0.00     4.13

 CUMULATIVE             0           0         124    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0         182        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0        10,913            0        10,913           0         194        10,719
 2004                0           0        10,390            0        10,390           0         185        10,205
 2005                0           0         9,891            0         9,891           0         176         9,715
 2006                0           0         9,416            0         9,416           0         168         9,248
 2007                0           0         8,964            0         8,964           0         159         8,805
 2008                0           0         8,534            0         8,534           0         152         8,382
 2009                0           0         8,124            0         8,124           0         145         7,979
 2010                0           0         7,734            0         7,734           0         138         7,596
 2011                0           0         7,363            0         7,363           0         131         7,232
 2012                0           0         7,010            0         7,010           0         124         6,886
 2013                0           0         6,673            0         6,673           0         119         6,554
 2014                0           0         6,353            0         6,353           0         113         6,240
 2015                0           0         6,048            0         6,048           0         108         5,940
 2016                0           0         5,757            0         5,757           0         102         5,655
 2017                0           0         5,481            0         5,481           0          98         5,383

 SUB-TOT             0           0       118,651            0       118,651           0       2,112       116,539
 REMAIN              0           0        73,642            0        73,642           0       1,311        72,331
 TOTAL               0           0       192,293            0       192,293           0       3,423       188,870
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003            811           0           0           0           811          9,908         9,908         9,435
 2004            810           0           0           0           810          9,395        19,303         8,098
 2005            808           0           0           0           808          8,907        28,210         6,950
 2006            809           0           0           0           809          8,439        36,649         5,960
 2007            807           0           0           0           807          7,998        44,647         5,114
 2008            807           0           0           0           807          7,575        52,222         4,384
 2009            806           0           0           0           806          7,173        59,395         3,758
 2010            805           0           0           0           805          6,791        66,186         3,221
 2011            804           0           0           0           804          6,428        72,614         2,759
 2012            804           0           0           0           804          6,082        78,696         2,364
 2013            804           0           0           0           804          5,750        84,446         2,022
 2014            803           0           0           0           803          5,437        89,883         1,732
 2015            802           0           0           0           802          5,138        95,021         1,481
 2016            802           0           0           0           802          4,853        99,874         1,266
 2017            801           0           0           0           801          4,582       104,456         1,082

 SUBTOT       12,083           0           0           0        12,083        104,456                      59,626
 REMAIN       18,343           0           0           0        18,343         53,988       158,444         6,049
 TOTAL        30,426           0           0           0        30,426        158,444                      65,675

   LIFE OF EVALUATION IS 38.00 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO
</TABLE>


<PAGE>

                                   TENGASCO, INC.                   TABLE    106
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   24-T17S-R17W                            PROVED
     HANHARDT #1   (TOPEKA)                                            PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.820313                             4.13        5.00% -        73,608
 FINAL   -   1.000000                      0.820313                             4.13       10.00% -        50,341
 REMARKS -                                                                                 15.00% -        37,959
                                                                                           20.00% -        30,421
                                                                                           25.00% -        25,380
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           3               0           0           2.045       0.00     4.13
 2004     1             0           0           2               0           0           1.963       0.00     4.13
 2005     1             0           0           3               0           0           1.884       0.00     4.13
 2006     1             0           0           2               0           0           1.809       0.00     4.13
 2007     1             0           0           3               0           0           1.737       0.00     4.13
 2008     1             0           0           2               0           0           1.667       0.00     4.13
 2009     1             0           0           2               0           0           1.600       0.00     4.13
 2010     1             0           0           2               0           0           1.536       0.00     4.13
 2011     1             0           0           2               0           0           1.475       0.00     4.13
 2012     1             0           0           2               0           0           1.416       0.00     4.13
 2013     1             0           0           2               0           0           1.359       0.00     4.13
 2014     1             0           0           1               0           0           1.305       0.00     4.13
 2015     1             0           0           2               0           0           1.253       0.00     4.13
 2016     1             0           0           1               0           0           1.203       0.00     4.13
 2017     1             0           0           2               0           0           1.155       0.00     4.13

 SUB-TOTAL              0           0          31               0           0          23.407       0.00     4.13
 REMAINDER              0           0          22               0           0          16.873       0.00     4.13
 TOTAL                  0           0          53               0           0          40.280       0.00     4.13

 CUMULATIVE             0           0         626    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0         679        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0         8,444            0         8,444           0         150         8,294
 2004                0           0         8,106            0         8,106           0         145         7,961
 2005                0           0         7,782            0         7,782           0         138         7,644
 2006                0           0         7,471            0         7,471           0         133         7,338
 2007                0           0         7,172            0         7,172           0         128         7,044
 2008                0           0         6,885            0         6,885           0         122         6,763
 2009                0           0         6,609            0         6,609           0         118         6,491
 2010                0           0         6,345            0         6,345           0         113         6,232
 2011                0           0         6,092            0         6,092           0         108         5,984
 2012                0           0         5,848            0         5,848           0         104         5,744
 2013                0           0         5,613            0         5,613           0         100         5,513
 2014                0           0         5,390            0         5,390           0          96         5,294
 2015                0           0         5,173            0         5,173           0          92         5,081
 2016                0           0         4,967            0         4,967           0          89         4,878
 2017                0           0         4,768            0         4,768           0          85         4,683

 SUB-TOT             0           0        96,665            0        96,665           0       1,721        94,944
 REMAIN              0           0        69,684            0        69,684           0       1,240        68,444
 TOTAL               0           0       166,349            0       166,349           0       2,961       163,388
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003            987           0           0           0           987          7,307         7,307         6,958
 2004            987           0           0           0           987          6,974        14,281         6,011
 2005            986           0           0           0           986          6,658        20,939         5,194
 2006            986           0           0           0           986          6,352        27,291         4,487
 2007            985           0           0           0           985          6,059        33,350         3,873
 2008            985           0           0           0           985          5,778        39,128         3,344
 2009            984           0           0           0           984          5,507        44,635         2,885
 2010            984           0           0           0           984          5,248        49,883         2,489
 2011            983           0           0           0           983          5,001        54,884         2,147
 2012            982           0           0           0           982          4,762        59,646         1,850
 2013            983           0           0           0           983          4,530        64,176         1,593
 2014            982           0           0           0           982          4,312        68,488         1,373
 2015            981           0           0           0           981          4,100        72,588         1,182
 2016            981           0           0           0           981          3,897        76,485         1,017
 2017            981           0           0           0           981          3,702        80,187           874

 SUBTOT       14,757           0           0           0        14,757         80,187                      45,277
 REMAIN       22,483           0           0           0        22,483         45,961       126,148         5,064
 TOTAL        37,240           0           0           0        37,240        126,148                      50,341

   LIFE OF EVALUATION IS 38.00 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO
</TABLE>


<PAGE>

                                   TENGASCO, INC.                  TABLE    107
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   24-T17S-R17W                            PROVED
     HANHARDT -A- #1   (TOPEKA)                                        PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.820313                             4.13        5.00% -       181,305
 FINAL   -   1.000000                      0.820313                             4.13       10.00% -       130,764
 REMARKS -                                                                                 15.00% -       101,618
                                                                                           20.00% -        82,952
                                                                                           25.00% -        70,056
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           8               0           0           5.904       0.00     4.13
 2004     1             0           0           7               0           0           5.579       0.00     4.13
 2005     1             0           0           7               0           0           5.272       0.00     4.13
 2006     1             0           0           7               0           0           4.982       0.00     4.13
 2007     1             0           0           6               0           0           4.708       0.00     4.13
 2008     1             0           0           6               0           0           4.449       0.00     4.13
 2009     1             0           0           6               0           0           4.204       0.00     4.13
 2010     1             0           0           5               0           0           3.973       0.00     4.13
 2011     1             0           0           5               0           0           3.755       0.00     4.13
 2012     1             0           0           4               0           0           3.548       0.00     4.13
 2013     1             0           0           5               0           0           3.353       0.00     4.13
 2014     1             0           0           4               0           0           3.169       0.00     4.13
 2015     1             0           0           4               0           0           2.994       0.00     4.13
 2016     1             0           0           4               0           0           2.830       0.00     4.13
 2017     1             0           0           3               0           0           2.674       0.00     4.13

 SUB-TOTAL              0           0          81               0           0          61.394       0.00     4.13
 REMAINDER              0           0          45               0           0          33.437       0.00     4.13
 TOTAL                  0           0         126               0           0          94.831       0.00     4.13

 CUMULATIVE             0           0         501    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0         627        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0        24,382            0        24,382           0         434        23,948
 2004                0           0        23,040            0        23,040           0         410        22,630
 2005                0           0        21,774            0        21,774           0         388        21,386
 2006                0           0        20,576            0        20,576           0         366        20,210
 2007                0           0        19,444            0        19,444           0         346        19,098
 2008                0           0        18,375            0        18,375           0         327        18,048
 2009                0           0        17,364            0        17,364           0         309        17,055
 2010                0           0        16,410            0        16,410           0         292        16,118
 2011                0           0        15,506            0        15,506           0         276        15,230
 2012                0           0        14,654            0        14,654           0         261        14,393
 2013                0           0        13,848            0        13,848           0         247        13,601
 2014                0           0        13,086            0        13,086           0         233        12,853
 2015                0           0        12,367            0        12,367           0         220        12,147
 2016                0           0        11,686            0        11,686           0         208        11,478
 2017                0           0        11,044            0        11,044           0         196        10,848

 SUB-TOT             0           0       253,556            0       253,556           0       4,513       249,043
 REMAIN              0           0       138,094            0       138,094           0       2,458       135,636
 TOTAL               0           0       391,650            0       391,650           0       6,971       384,679
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003          2,721           0           0           0         2,721         21,227        21,227        20,215
 2004          2,718           0           0           0         2,718         19,912        41,139        17,165
 2005          2,716           0           0           0         2,716         18,670        59,809        14,569
 2006          2,713           0           0           0         2,713         17,497        77,306        12,360
 2007          2,712           0           0           0         2,712         16,386        93,692        10,477
 2008          2,709           0           0           0         2,709         15,339       109,031         8,879
 2009          2,708           0           0           0         2,708         14,347       123,378         7,517
 2010          2,706           0           0           0         2,706         13,412       136,790         6,361
 2011          2,704           0           0           0         2,704         12,526       149,316         5,378
 2012          2,703           0           0           0         2,703         11,690       161,006         4,544
 2013          2,702           0           0           0         2,702         10,899       171,905         3,834
 2014          2,700           0           0           0         2,700         10,153       182,058         3,233
 2015          2,698           0           0           0         2,698          9,449       191,507         2,724
 2016          2,697           0           0           0         2,697          8,781       200,288         2,292
 2017          2,697           0           0           0         2,697          8,151       208,439         1,925

 SUBTOT       40,604           0           0           0        40,604        208,439                     121,473
 REMAIN       61,800           0           0           0        61,800         73,836       282,275         9,291
 TOTAL       102,404           0           0           0       102,404        282,275                     130,764

   LIFE OF EVALUATION IS 38.00 YEARS.
   FINAL PRODUCTION RATE: 0.1 MMCF/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE    108
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                  GAS LEASE
   TENGASCO, INC. - OPERATOR   24-T17S-R17W                          PROVED
     HANHARDT -A- #1BP   (TOPEKA)                                    BEHIND PIPE

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.820313                             4.13        5.00% -       121,094
 FINAL   -   1.000000                      0.820313                             4.13       10.00% -       104,378
 REMARKS - OPERATING COSTS CARRIED WITH PROVED PRODUCING.                                  15.00% -        90,262
                                                                                           20.00% -        78,297
                                                                                           25.00% -        68,119
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     1             0           0          12               0           0           9.191       0.00     4.13
 2005     1             0           0          17               0           0          12.971       0.00     4.13
 2006     1             0           0          11               0           0           8.073       0.00     4.13
 2007     1             0           0           7               0           0           5.024       0.00     4.13
 2008     1             0           0           3               0           0           2.448       0.00     4.13
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0          50               0           0          37.707       0.00     4.13
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0          50               0           0          37.707       0.00     4.13

 CUMULATIVE             0           0           0    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0          50        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0        37,960            0        37,960           0         676        37,284
 2005                0           0        53,572            0        53,572           0         953        52,619
 2006                0           0        33,341            0        33,341           0         594        32,747
 2007                0           0        20,751            0        20,751           0         369        20,382
 2008                0           0        10,111            0        10,111           0         180         9,931
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       155,735            0       155,735           0       2,772       152,963
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       155,735            0       155,735           0       2,772       152,963
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0      12,000           0        12,000         25,284        25,284        21,062
 2005              0           0           0           0             0         52,619        77,903        41,199
 2006              0           0           0           0             0         32,747       110,650        23,209
 2007              0           0           0           0             0         20,382       131,032        13,077
 2008              0           0           0           0             0          9,931       140,963         5,831
 2009              0           0           0           0             0              0       140,963             0
 2010              0           0           0           0             0              0       140,963             0
 2011              0           0           0           0             0              0       140,963             0
 2012              0           0           0           0             0              0       140,963             0
 2013              0           0           0           0             0              0       140,963             0
 2014              0           0           0           0             0              0       140,963             0
 2015              0           0           0           0             0              0       140,963             0
 2016              0           0           0           0             0              0       140,963             0
 2017              0           0           0           0             0              0       140,963             0

 SUBTOT            0           0      12,000           0        12,000        140,963                     104,378
 REMAIN            0           0           0           0             0              0       140,963             0
 TOTAL             0           0      12,000           0        12,000        140,963                     104,378

   LIFE OF EVALUATION IS 5.74 YEARS.
   FINAL PRODUCTION RATE: 0.3 MMCF/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE    109
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   29-T16S-R17W                            PROVED
     HOFFMAN #3   (CHASE)                                              PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.820313                             4.13        5.00% -       195,301
 FINAL   -   1.000000                      0.820313                             4.13       10.00% -       126,456
 REMARKS -                                                                                 15.00% -        92,444
                                                                                           20.00% -        72,729
                                                                                           25.00% -        59,958
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           6               0           0           4.220       0.00     4.13
 2004     1             0           0           5               0           0           4.094       0.00     4.13
 2005     1             0           0           5               0           0           3.971       0.00     4.13
 2006     1             0           0           5               0           0           3.852       0.00     4.13
 2007     1             0           0           5               0           0           3.736       0.00     4.13
 2008     1             0           0           5               0           0           3.624       0.00     4.13
 2009     1             0           0           5               0           0           3.516       0.00     4.13
 2010     1             0           0           4               0           0           3.410       0.00     4.13
 2011     1             0           0           5               0           0           3.308       0.00     4.13
 2012     1             0           0           4               0           0           3.209       0.00     4.13
 2013     1             0           0           4               0           0           3.112       0.00     4.13
 2014     1             0           0           4               0           0           3.019       0.00     4.13
 2015     1             0           0           4               0           0           2.928       0.00     4.13
 2016     1             0           0           4               0           0           2.840       0.00     4.13
 2017     1             0           0           3               0           0           2.755       0.00     4.13

 SUB-TOTAL              0           0          68               0           0          51.594       0.00     4.13
 REMAINDER              0           0          60               0           0          44.873       0.00     4.13
 TOTAL                  0           0         128               0           0          96.467       0.00     4.13

 CUMULATIVE             0           0         177    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0         305        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0        17,430            0        17,430           0         310        17,120
 2004                0           0        16,908            0        16,908           0         301        16,607
 2005                0           0        16,400            0        16,400           0         292        16,108
 2006                0           0        15,909            0        15,909           0         283        15,626
 2007                0           0        15,431            0        15,431           0         275        15,156
 2008                0           0        14,968            0        14,968           0         266        14,702
 2009                0           0        14,519            0        14,519           0         259        14,260
 2010                0           0        14,084            0        14,084           0         251        13,833
 2011                0           0        13,661            0        13,661           0         243        13,418
 2012                0           0        13,251            0        13,251           0         236        13,015
 2013                0           0        12,853            0        12,853           0         228        12,625
 2014                0           0        12,469            0        12,469           0         222        12,247
 2015                0           0        12,094            0        12,094           0         216        11,878
 2016                0           0        11,731            0        11,731           0         208        11,523
 2017                0           0        11,379            0        11,379           0         203        11,176

 SUB-TOT             0           0       213,087            0       213,087           0       3,793       209,294
 REMAIN              0           0       185,323            0       185,323           0       3,299       182,024
 TOTAL               0           0       398,410            0       398,410           0       7,092       391,318
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003            644           0           0           0           644         16,476        16,476        15,686
 2004            643           0           0           0           643         15,964        32,440        13,758
 2005            642           0           0           0           642         15,466        47,906        12,066
 2006            641           0           0           0           641         14,985        62,891        10,582
 2007            640           0           0           0           640         14,516        77,407         9,279
 2008            639           0           0           0           639         14,063        91,470         8,138
 2009            639           0           0           0           639         13,621       105,091         7,135
 2010            638           0           0           0           638         13,195       118,286         6,256
 2011            637           0           0           0           637         12,781       131,067         5,486
 2012            636           0           0           0           636         12,379       143,446         4,810
 2013            636           0           0           0           636         11,989       155,435         4,216
 2014            634           0           0           0           634         11,613       167,048         3,697
 2015            634           0           0           0           634         11,244       178,292         3,241
 2016            634           0           0           0           634         10,889       189,181         2,840
 2017            633           0           0           0           633         10,543       199,724         2,490

 SUBTOT        9,570           0           0           0         9,570        199,724                     109,680
 REMAIN       14,415           0           0           0        14,415        167,609       367,333        16,776
 TOTAL        23,985           0           0           0        23,985        367,333                     126,456

   LIFE OF EVALUATION IS 38.00 YEARS.
   FINAL PRODUCTION RATE: 0.1 MMCF/MO
</TABLE>


<PAGE>

                                   TENGASCO, INC.                   TABLE    110
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   8-T16S-R17W                             PROVED
     HOLZMEISTER #1   (SHAWNEE)                                        PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                                                                       5.00% -             0
 FINAL   -   1.000000                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE             0           0          87    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0          87        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO
</TABLE>


<PAGE>

                                   TENGASCO, INC.                   TABLE    111
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   27-T16S-R17W                            PROVED
     HOLZMEISTER -A- #1   (KC-LANSING)                                 PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                                                                       5.00% -             0
 FINAL   -   1.000000                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE             0           0          21
 ULTIMATE               0           0          21
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO
</TABLE>


<PAGE>

                                   TENGASCO, INC.                   TABLE    112
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   7-T16S-R17W                             PROVED
     HOLZMEISTER -B- #1   (KC-LANSING)                                 PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                                                                       5.00% -             0
 FINAL   -   1.000000                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE             0           0          24    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0          24        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE    113
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   10-T17S-R17W                            PROVED
     HONDERICK -C- #1   (LANSING)                                      PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.875000                             4.13        5.00% -        59,878
 FINAL   -   1.000000                      0.875000                             4.13       10.00% -        39,523
 REMARKS -                                                                                 15.00% -        29,195
                                                                                           20.00% -        23,106
                                                                                           25.00% -        19,118
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           2               0           0           1.522       0.00     4.13
 2004     1             0           0           2               0           0           1.476       0.00     4.13
 2005     1             0           0           2               0           0           1.432       0.00     4.13
 2006     1             0           0           1               0           0           1.389       0.00     4.13
 2007     1             0           0           2               0           0           1.347       0.00     4.13
 2008     1             0           0           2               0           0           1.307       0.00     4.13
 2009     1             0           0           1               0           0           1.268       0.00     4.13
 2010     1             0           0           2               0           0           1.230       0.00     4.13
 2011     1             0           0           1               0           0           1.193       0.00     4.13
 2012     1             0           0           2               0           0           1.157       0.00     4.13
 2013     1             0           0           1               0           0           1.122       0.00     4.13
 2014     1             0           0           1               0           0           1.088       0.00     4.13
 2015     1             0           0           2               0           0           1.056       0.00     4.13
 2016     1             0           0           1               0           0           1.024       0.00     4.13
 2017     1             0           0           1               0           0           0.993       0.00     4.13

 SUB-TOTAL              0           0          23               0           0          18.604       0.00     4.13
 REMAINDER              0           0          20               0           0          16.179       0.00     4.13
 TOTAL                  0           0          43               0           0          34.783       0.00     4.13

 CUMULATIVE             0           0          95    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0         138        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0         6,285            0         6,285           0         112         6,173
 2004                0           0         6,096            0         6,096           0         108         5,988
 2005                0           0         5,913            0         5,913           0         106         5,807
 2006                0           0         5,736            0         5,736           0         102         5,634
 2007                0           0         5,564            0         5,564           0          99         5,465
 2008                0           0         5,397            0         5,397           0          96         5,301
 2009                0           0         5,235            0         5,235           0          93         5,142
 2010                0           0         5,078            0         5,078           0          90         4,988
 2011                0           0         4,925            0         4,925           0          88         4,837
 2012                0           0         4,778            0         4,778           0          85         4,693
 2013                0           0         4,635            0         4,635           0          83         4,552
 2014                0           0         4,495            0         4,495           0          80         4,415
 2015                0           0         4,361            0         4,361           0          77         4,284
 2016                0           0         4,230            0         4,230           0          76         4,154
 2017                0           0         4,103            0         4,103           0          73         4,030

 SUB-TOT             0           0        76,831            0        76,831           0       1,368        75,463
 REMAIN              0           0        66,820            0        66,820           0       1,189        65,631
 TOTAL               0           0       143,651            0       143,651           0       2,557       141,094
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003            851           0           0           0           851          5,322         5,322         5,067
 2004            850           0           0           0           850          5,138        10,460         4,428
 2005            850           0           0           0           850          4,957        15,417         3,867
 2006            850           0           0           0           850          4,784        20,201         3,379
 2007            850           0           0           0           850          4,615        24,816         2,950
 2008            849           0           0           0           849          4,452        29,268         2,576
 2009            849           0           0           0           849          4,293        33,561         2,249
 2010            849           0           0           0           849          4,139        37,700         1,963
 2011            848           0           0           0           848          3,989        41,689         1,712
 2012            848           0           0           0           848          3,845        45,534         1,494
 2013            848           0           0           0           848          3,704        49,238         1,303
 2014            848           0           0           0           848          3,567        52,805         1,135
 2015            847           0           0           0           847          3,437        56,242           991
 2016            848           0           0           0           848          3,306        59,548           862
 2017            847           0           0           0           847          3,183        62,731           752

 SUBTOT       12,732           0           0           0        12,732         62,731                      34,728
 REMAIN       19,434           0           0           0        19,434         46,197       108,928         4,795
 TOTAL        32,166           0           0           0        32,166        108,928                      39,523

   LIFE OF EVALUATION IS 38.00 YEARS.
   FINAL PRODUCTION RATE: 0.1 MMCF/MO
</TABLE>


<PAGE>

                                 TENGASCO, INC.                     TABLE    114
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   19-T16S-R17W                            PROVED
     HOOFER #1   (KSSC-LNSG)                                           PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                                                                       5.00% -             0
 FINAL   -   1.000000                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE             0           0         357
 ULTIMATE               0           0         357
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE    115
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   7-T17S-R16W                             PROVED
     JANSON -A- #2   (SHAWNEE)                                         PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                                                                       5.00% -             0
 FINAL   -   1.000000                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE             0           0          29
 ULTIMATE               0           0          29
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO
</TABLE>


<PAGE>

                                   TENGASCO, INC                    TABLE    116
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   2-T17S-R17W                             PROVED
     KAISER #2   (TOPEKA)                                              PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.875000                             4.13        5.00% -        74,921
 FINAL   -   1.000000                      0.875000                             4.13       10.00% -        54,807
 REMARKS -                                                                                 15.00% -        42,911
                                                                                           20.00% -        35,181
                                                                                           25.00% -        29,795
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           3               0           0           2.583       0.00     4.13
 2004     1             0           0           3               0           0           2.436       0.00     4.13
 2005     1             0           0           3               0           0           2.297       0.00     4.13
 2006     1             0           0           3               0           0           2.166       0.00     4.13
 2007     1             0           0           2               0           0           2.042       0.00     4.13
 2008     1             0           0           3               0           0           1.926       0.00     4.13
 2009     1             0           0           2               0           0           1.816       0.00     4.13
 2010     1             0           0           2               0           0           1.713       0.00     4.13
 2011     1             0           0           2               0           0           1.615       0.00     4.13
 2012     1             0           0           2               0           0           1.523       0.00     4.13
 2013     1             0           0           2               0           0           1.436       0.00     4.13
 2014     1             0           0           1               0           0           1.354       0.00     4.13
 2015     1             0           0           2               0           0           1.277       0.00     4.13
 2016     1             0           0           2               0           0           1.204       0.00     4.13
 2017     1             0           0           1               0           0           1.136       0.00     4.13

 SUB-TOTAL              0           0          33               0           0          26.524       0.00     4.13
 REMAINDER              0           0          16               0           0          13.175       0.00     4.13
 TOTAL                  0           0          49               0           0          39.699       0.00     4.13

 CUMULATIVE             0           0          89    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0         138        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0        10,667            0        10,667           0         190        10,477
 2004                0           0        10,059            0        10,059           0         179         9,880
 2005                0           0         9,486            0         9,486           0         169         9,317
 2006                0           0         8,945            0         8,945           0         159         8,786
 2007                0           0         8,436            0         8,436           0         150         8,286
 2008                0           0         7,954            0         7,954           0         142         7,812
 2009                0           0         7,501            0         7,501           0         133         7,368
 2010                0           0         7,074            0         7,074           0         126         6,948
 2011                0           0         6,670            0         6,670           0         119         6,551
 2012                0           0         6,290            0         6,290           0         112         6,178
 2013                0           0         5,932            0         5,932           0         105         5,827
 2014                0           0         5,593            0         5,593           0         100         5,493
 2015                0           0         5,275            0         5,275           0          94         5,181
 2016                0           0         4,974            0         4,974           0          88         4,886
 2017                0           0         4,690            0         4,690           0          84         4,606

 SUB-TOT             0           0       109,546            0       109,546           0       1,950       107,596
 REMAIN              0           0        54,413            0        54,413           0         968        53,445
 TOTAL               0           0       163,959            0       163,959           0       2,918       161,041
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003          1,350           0           0           0         1,350          9,127         9,127         8,692
 2004          1,350           0           0           0         1,350          8,530        17,657         7,354
 2005          1,348           0           0           0         1,348          7,969        25,626         6,218
 2006          1,347           0           0           0         1,347          7,439        33,065         5,255
 2007          1,347           0           0           0         1,347          6,939        40,004         4,438
 2008          1,345           0           0           0         1,345          6,467        46,471         3,743
 2009          1,345           0           0           0         1,345          6,023        52,494         3,156
 2010          1,344           0           0           0         1,344          5,604        58,098         2,658
 2011          1,344           0           0           0         1,344          5,207        63,305         2,236
 2012          1,342           0           0           0         1,342          4,836        68,141         1,879
 2013          1,343           0           0           0         1,343          4,484        72,625         1,578
 2014          1,341           0           0           0         1,341          4,152        76,777         1,322
 2015          1,341           0           0           0         1,341          3,840        80,617         1,107
 2016          1,341           0           0           0         1,341          3,545        84,162           925
 2017          1,340           0           0           0         1,340          3,266        87,428           772

 SUBTOT       20,168           0           0           0        20,168         87,428                      51,333
 REMAIN       27,510           0           0           0        27,510         25,935       113,363         3,474
 TOTAL        47,678           0           0           0        47,678        113,363                      54,807

   LIFE OF EVALUATION IS 35.58 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE    117
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    OIL LEASE
   TENGASCO, INC. - OPERATOR   28-T16S-R16W                            PROVED
     KAISER -A- #1   (KSSC-LNSG)                                       PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.875000                         27.29                               5.00% -         6,316
 FINAL   -   1.000000  0.875000                         27.29                              10.00% -         5,952
 REMARKS -                                                                                 15.00% -         5,619
                                                                                           20.00% -         5,312
                                                                                           25.00% -         5,029
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1           248           0           0             217           0           0.000      27.29     0.00
 2004     1           238           0           0             209           0           0.000      27.29     0.00
 2005     1           128           0           0             111           0           0.000      27.29     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL            614           0           0             537           0           0.000      27.29     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                614           0           0             537           0           0.000      27.29     0.00

 CUMULATIVE        14,212           0           0
 ULTIMATE          14,826           0           0
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003            5,912           0             0            0         5,912          36           0         5,876
 2004            5,704           0             0            0         5,704          35           0         5,669
 2005            3,046           0             0            0         3,046          18           0         3,028
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT        14,662           0             0            0        14,662          89           0        14,573
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL          14,662           0             0            0        14,662          89           0        14,573
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003          3,084           0           0           0         3,084          2,792         2,792         2,659
 2004          3,084           0           0           0         3,084          2,585         5,377         2,229
 2005          1,693           0           0           0         1,693          1,335         6,712         1,064
 2006              0           0           0           0             0              0         6,712             0
 2007              0           0           0           0             0              0         6,712             0
 2008              0           0           0           0             0              0         6,712             0
 2009              0           0           0           0             0              0         6,712             0
 2010              0           0           0           0             0              0         6,712             0
 2011              0           0           0           0             0              0         6,712             0
 2012              0           0           0           0             0              0         6,712             0
 2013              0           0           0           0             0              0         6,712             0
 2014              0           0           0           0             0              0         6,712             0
 2015              0           0           0           0             0              0         6,712             0
 2016              0           0           0           0             0              0         6,712             0
 2017              0           0           0           0             0              0         6,712             0

 SUBTOT        7,861           0           0           0         7,861          6,712                       5,952
 REMAIN            0           0           0           0             0              0         6,712             0
 TOTAL         7,861           0           0           0         7,861          6,712                       5,952

   LIFE OF EVALUATION IS 2.55 YEARS.
   FINAL PRODUCTION RATE: 19 BBLS/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE    118
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   25-T17S-R17W                            PROVED
     KLEWENO #1-21   (TOPEKA)                                          PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.820313                             4.13        5.00% -        68,282
 FINAL   -   1.000000                      0.820313                             4.13       10.00% -        52,654
 REMARKS -                                                                                 15.00% -        42,378
                                                                                           20.00% -        35,279
                                                                                           25.00% -        30,155
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           3               0           0           2.370       0.00     4.13
 2004     1             0           0           3               0           0           2.180       0.00     4.13
 2005     1             0           0           3               0           0           2.006       0.00     4.13
 2006     1             0           0           2               0           0           1.845       0.00     4.13
 2007     1             0           0           2               0           0           1.698       0.00     4.13
 2008     1             0           0           2               0           0           1.562       0.00     4.13
 2009     1             0           0           2               0           0           1.437       0.00     4.13
 2010     1             0           0           2               0           0           1.322       0.00     4.13
 2011     1             0           0           2               0           0           1.216       0.00     4.13
 2012     1             0           0           1               0           0           1.119       0.00     4.13
 2013     1             0           0           2               0           0           1.029       0.00     4.13
 2014     1             0           0           1               0           0           0.947       0.00     4.13
 2015     1             0           0           1               0           0           0.871       0.00     4.13
 2016     1             0           0           1               0           0           0.802       0.00     4.13
 2017     1             0           0           1               0           0           0.738       0.00     4.13

 SUB-TOTAL              0           0          28               0           0          21.142       0.00     4.13
 REMAINDER              0           0           3               0           0           1.911       0.00     4.13
 TOTAL                  0           0          31               0           0          23.053       0.00     4.13

 CUMULATIVE             0           0         313    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0         344        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0         9,788            0         9,788           0         174         9,614
 2004                0           0         9,004            0         9,004           0         161         8,843
 2005                0           0         8,285            0         8,285           0         147         8,138
 2006                0           0         7,621            0         7,621           0         136         7,485
 2007                0           0         7,012            0         7,012           0         124         6,888
 2008                0           0         6,451            0         6,451           0         115         6,336
 2009                0           0         5,935            0         5,935           0         106         5,829
 2010                0           0         5,460            0         5,460           0          97         5,363
 2011                0           0         5,023            0         5,023           0          90         4,933
 2012                0           0         4,622            0         4,622           0          82         4,540
 2013                0           0         4,252            0         4,252           0          75         4,177
 2014                0           0         3,911            0         3,911           0          70         3,841
 2015                0           0         3,599            0         3,599           0          64         3,535
 2016                0           0         3,310            0         3,310           0          59         3,251
 2017                0           0         3,046            0         3,046           0          54         2,992

 SUB-TOT             0           0        87,319            0        87,319           0       1,554        85,765
 REMAIN              0           0         7,893            0         7,893           0         141         7,752
 TOTAL               0           0        95,212            0        95,212           0       1,695        93,517
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003             18           0           0           0            18          9,596         9,596         9,140
 2004             16           0           0           0            16          8,827        18,423         7,610
 2005             16           0           0           0            16          8,122        26,545         6,339
 2006             13           0           0           0            13          7,472        34,017         5,279
 2007             13           0           0           0            13          6,875        40,892         4,397
 2008             12           0           0           0            12          6,324        47,216         3,661
 2009             11           0           0           0            11          5,818        53,034         3,049
 2010             10           0           0           0            10          5,353        58,387         2,539
 2011              9           0           0           0             9          4,924        63,311         2,114
 2012              9           0           0           0             9          4,531        67,842         1,762
 2013              7           0           0           0             7          4,170        72,012         1,467
 2014              7           0           0           0             7          3,834        75,846         1,221
 2015              7           0           0           0             7          3,528        79,374         1,017
 2016              6           0           0           0             6          3,245        82,619           847
 2017              6           0           0           0             6          2,986        85,605           705

 SUBTOT          160           0           0           0           160         85,605                      51,147
 REMAIN           14           0           0           0            14          7,738        93,343         1,507
 TOTAL           174           0           0           0           174         93,343                      52,654

   LIFE OF EVALUATION IS 18.06 YEARS.
   FINAL PRODUCTION RATE: 0.1 MMCF/MO
</TABLE>


<PAGE>

                                   TENGASCO, INC.                   TABLE    119
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   23-T17S-R17W                            PROVED
     KLEWENO -A- #1   (TOPEKA)                                         PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.875000                             4.13        5.00% -        36,840
 FINAL   -   1.000000                      0.875000                             4.13       10.00% -        28,261
 REMARKS -                                                                                 15.00% -        22,714
                                                                                           20.00% -        18,909
                                                                                           25.00% -        16,167
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           2               0           0           1.686       0.00     4.13
 2004     1             0           0           2               0           0           1.593       0.00     4.13
 2005     1             0           0           2               0           0           1.506       0.00     4.13
 2006     1             0           0           2               0           0           1.423       0.00     4.13
 2007     1             0           0           1               0           0           1.345       0.00     4.13
 2008     1             0           0           2               0           0           1.271       0.00     4.13
 2009     1             0           0           1               0           0           1.201       0.00     4.13
 2010     1             0           0           2               0           0           1.135       0.00     4.13
 2011     1             0           0           1               0           0           1.072       0.00     4.13
 2012     1             0           0           1               0           0           1.013       0.00     4.13
 2013     1             0           0           2               0           0           0.958       0.00     4.13
 2014     1             0           0           1               0           0           0.905       0.00     4.13
 2015     1             0           0           1               0           0           0.855       0.00     4.13
 2016     1             0           0           1               0           0           0.808       0.00     4.13
 2017     1             0           0           1               0           0           0.764       0.00     4.13

 SUB-TOTAL              0           0          22               0           0          17.535       0.00     4.13
 REMAINDER              0           0           7               0           0           5.634       0.00     4.13
 TOTAL                  0           0          29               0           0          23.169       0.00     4.13

 CUMULATIVE             0           0          37    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0          66        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0         6,963            0         6,963           0         124         6,839
 2004                0           0         6,581            0         6,581           0         117         6,464
 2005                0           0         6,218            0         6,218           0         111         6,107
 2006                0           0         5,876            0         5,876           0         104         5,772
 2007                0           0         5,554            0         5,554           0          99         5,455
 2008                0           0         5,247            0         5,247           0          94         5,153
 2009                0           0         4,959            0         4,959           0          88         4,871
 2010                0           0         4,687            0         4,687           0          83         4,604
 2011                0           0         4,428            0         4,428           0          79         4,349
 2012                0           0         4,185            0         4,185           0          75         4,110
 2013                0           0         3,955            0         3,955           0          70         3,885
 2014                0           0         3,738            0         3,738           0          67         3,671
 2015                0           0         3,531            0         3,531           0          62         3,469
 2016                0           0         3,338            0         3,338           0          60         3,278
 2017                0           0         3,154            0         3,154           0          56         3,098

 SUB-TOT             0           0        72,414            0        72,414           0       1,289        71,125
 REMAIN              0           0        23,267            0        23,267           0         414        22,853
 TOTAL               0           0        95,681            0        95,681           0       1,703        93,978
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003          1,728           0           0           0         1,728          5,111         5,111         4,868
 2004          1,727           0           0           0         1,727          4,737         9,848         4,084
 2005          1,727           0           0           0         1,727          4,380        14,228         3,418
 2006          1,726           0           0           0         1,726          4,046        18,274         2,858
 2007          1,725           0           0           0         1,725          3,730        22,004         2,386
 2008          1,725           0           0           0         1,725          3,428        25,432         1,984
 2009          1,725           0           0           0         1,725          3,146        28,578         1,649
 2010          1,724           0           0           0         1,724          2,880        31,458         1,366
 2011          1,724           0           0           0         1,724          2,625        34,083         1,127
 2012          1,723           0           0           0         1,723          2,387        36,470           928
 2013          1,723           0           0           0         1,723          2,162        38,632           761
 2014          1,722           0           0           0         1,722          1,949        40,581           621
 2015          1,722           0           0           0         1,722          1,747        42,328           504
 2016          1,722           0           0           0         1,722          1,556        43,884           406
 2017          1,721           0           0           0         1,721          1,377        45,261           325

 SUBTOT       25,864           0           0           0        25,864         45,261                      27,285
 REMAIN       17,057           0           0           0        17,057          5,796        51,057           976
 TOTAL        42,921           0           0           0        42,921         51,057                      28,261

   LIFE OF EVALUATION IS 24.92 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO
</TABLE>


<PAGE>

                                   TENGASCO, INC.                   TABLE    120
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   6-T18S-R16W                             PROVED
     KOBER #1   (KSSC-LNSG)                                            PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.875000                             4.13        5.00% -        88,526
 FINAL   -   1.000000                      0.875000                             4.13       10.00% -        66,974
 REMARKS -                                                                                 15.00% -        53,424
                                                                                           20.00% -        44,288
                                                                                           25.00% -        37,774
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           4               0           0           3.577       0.00     4.13
 2004     1             0           0           5               0           0           3.363       0.00     4.13
 2005     1             0           0           4               0           0           3.161       0.00     4.13
 2006     1             0           0           3               0           0           2.971       0.00     4.13
 2007     1             0           0           4               0           0           2.793       0.00     4.13
 2008     1             0           0           3               0           0           2.625       0.00     4.13
 2009     1             0           0           3               0           0           2.468       0.00     4.13
 2010     1             0           0           3               0           0           2.320       0.00     4.13
 2011     1             0           0           3               0           0           2.181       0.00     4.13
 2012     1             0           0           2               0           0           2.050       0.00     4.13
 2013     1             0           0           3               0           0           1.927       0.00     4.13
 2014     1             0           0           2               0           0           1.811       0.00     4.13
 2015     1             0           0           2               0           0           1.702       0.00     4.13
 2016     1             0           0           2               0           0           1.600       0.00     4.13
 2017     1             0           0           2               0           0           1.504       0.00     4.13

 SUB-TOTAL              0           0          45               0           0          36.053       0.00     4.13
 REMAINDER              0           0          16               0           0          13.186       0.00     4.13
 TOTAL                  0           0          61               0           0          49.239       0.00     4.13

 CUMULATIVE             0           0         115    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0         176        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0        14,774            0        14,774           0         263        14,511
 2004                0           0        13,888            0        13,888           0         247        13,641
 2005                0           0        13,054            0        13,054           0         233        12,821
 2006                0           0        12,271            0        12,271           0         218        12,053
 2007                0           0        11,535            0        11,535           0         205        11,330
 2008                0           0        10,842            0        10,842           0         193        10,649
 2009                0           0        10,193            0        10,193           0         182        10,011
 2010                0           0         9,580            0         9,580           0         170         9,410
 2011                0           0         9,006            0         9,006           0         161         8,845
 2012                0           0         8,465            0         8,465           0         150         8,315
 2013                0           0         7,958            0         7,958           0         142         7,816
 2014                0           0         7,480            0         7,480           0         133         7,347
 2015                0           0         7,031            0         7,031           0         125         6,906
 2016                0           0         6,610            0         6,610           0         118         6,492
 2017                0           0         6,213            0         6,213           0         110         6,103

 SUB-TOT             0           0       148,900            0       148,900           0       2,650       146,250
 REMAIN              0           0        54,458            0        54,458           0         970        53,488
 TOTAL               0           0       203,358            0       203,358           0       3,620       199,738
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003          2,629           0           0           0         2,629         11,882        11,882        11,317
 2004          2,628           0           0           0         2,628         11,013        22,895         9,494
 2005          2,627           0           0           0         2,627         10,194        33,089         7,956
 2006          2,625           0           0           0         2,625          9,428        42,517         6,660
 2007          2,623           0           0           0         2,623          8,707        51,224         5,569
 2008          2,623           0           0           0         2,623          8,026        59,250         4,646
 2009          2,621           0           0           0         2,621          7,390        66,640         3,872
 2010          2,621           0           0           0         2,621          6,789        73,429         3,221
 2011          2,619           0           0           0         2,619          6,226        79,655         2,673
 2012          2,619           0           0           0         2,619          5,696        85,351         2,215
 2013          2,617           0           0           0         2,617          5,199        90,550         1,829
 2014          2,617           0           0           0         2,617          4,730        95,280         1,507
 2015          2,616           0           0           0         2,616          4,290        99,570         1,237
 2016          2,616           0           0           0         2,616          3,876       103,446         1,011
 2017          2,614           0           0           0         2,614          3,489       106,935           825

 SUBTOT       39,315           0           0           0        39,315        106,935                      64,032
 REMAIN       34,596           0           0           0        34,596         18,892       125,827         2,942
 TOTAL        73,911           0           0           0        73,911        125,827                      66,974

   LIFE OF EVALUATION IS 28.25 YEARS.
   FINAL PRODUCTION RATE: 0.1 MMCF/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE    121
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   21-T17S-R17W                            PROVED
     LEBSACK -A- #1   (KSSC-LNSG)                                      PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                                                                       5.00% -             0
 FINAL   -   1.000000                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE             0           0         126    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0         126        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE    122
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   19-T16S-R17W                            PROVED
     LIPPERT #2   (KSSC-LNSG)                                          PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                                                                       5.00% -             0
 FINAL   -   1.000000                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE             0           0       2,213
 ULTIMATE               0           0       2,213
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO
</TABLE>


<PAGE>

                                   TENGASCO, INC.                   TABLE    123
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   19-T16S-R17W                            PROVED
     LIPPERT #3   (COTTONWOOD)                                         PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.875000                             4.13        5.00% -       140,292
 FINAL   -   1.000000                      0.875000                             4.13       10.00% -       101,428
 REMARKS -                                                                                 15.00% -        78,638
                                                                                           20.00% -        63,984
                                                                                           25.00% -        53,871
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           7               0           0           5.422       0.00     4.13
 2004     1             0           0           6               0           0           5.211       0.00     4.13
 2005     1             0           0           6               0           0           5.007       0.00     4.13
 2006     1             0           0           6               0           0           4.812       0.00     4.13
 2007     1             0           0           6               0           0           4.624       0.00     4.13
 2008     1             0           0           6               0           0           4.444       0.00     4.13
 2009     1             0           0           5               0           0           4.271       0.00     4.13
 2010     1             0           0           5               0           0           4.104       0.00     4.13
 2011     1             0           0           5               0           0           3.944       0.00     4.13
 2012     1             0           0           5               0           0           3.790       0.00     4.13
 2013     1             0           0           4               0           0           3.642       0.00     4.13
 2014     1             0           0           5               0           0           3.500       0.00     4.13
 2015     1             0           0           4               0           0           3.364       0.00     4.13
 2016     1             0           0           4               0           0           3.233       0.00     4.13
 2017     1             0           0           4               0           0           3.107       0.00     4.13

 SUB-TOTAL              0           0          78               0           0          62.475       0.00     4.13
 REMAINDER              0           0          49               0           0          39.512       0.00     4.13
 TOTAL                  0           0         127               0           0         101.987       0.00     4.13

 CUMULATIVE             0           0         182    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0         309        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0        22,393            0        22,393           0         399        21,994
 2004                0           0        21,519            0        21,519           0         383        21,136
 2005                0           0        20,680            0        20,680           0         368        20,312
 2006                0           0        19,874            0        19,874           0         353        19,521
 2007                0           0        19,099            0        19,099           0         340        18,759
 2008                0           0        18,354            0        18,354           0         327        18,027
 2009                0           0        17,637            0        17,637           0         314        17,323
 2010                0           0        16,951            0        16,951           0         302        16,649
 2011                0           0        16,289            0        16,289           0         290        15,999
 2012                0           0        15,653            0        15,653           0         278        15,375
 2013                0           0        15,044            0        15,044           0         268        14,776
 2014                0           0        14,456            0        14,456           0         257        14,199
 2015                0           0        13,893            0        13,893           0         248        13,645
 2016                0           0        13,351            0        13,351           0         237        13,114
 2017                0           0        12,830            0        12,830           0         229        12,601

 SUB-TOT             0           0       258,023            0       258,023           0       4,593       253,430
 REMAIN              0           0       163,185            0       163,185           0       2,904       160,281
 TOTAL               0           0       421,208            0       421,208           0       7,497       413,711
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003          6,002           0           0           0         6,002         15,992        15,992        15,228
 2004          6,001           0           0           0         6,001         15,135        31,127        13,047
 2005          6,000           0           0           0         6,000         14,312        45,439        11,167
 2006          5,998           0           0           0         5,998         13,523        58,962         9,552
 2007          5,997           0           0           0         5,997         12,762        71,724         8,160
 2008          5,995           0           0           0         5,995         12,032        83,756         6,964
 2009          5,994           0           0           0         5,994         11,329        95,085         5,935
 2010          5,993           0           0           0         5,993         10,656       105,741         5,054
 2011          5,992           0           0           0         5,992         10,007       115,748         4,296
 2012          5,991           0           0           0         5,991          9,384       125,132         3,647
 2013          5,990           0           0           0         5,990          8,786       133,918         3,091
 2014          5,989           0           0           0         5,989          8,210       142,128         2,615
 2015          5,987           0           0           0         5,987          7,658       149,786         2,207
 2016          5,987           0           0           0         5,987          7,127       156,913         1,860
 2017          5,986           0           0           0         5,986          6,615       163,528         1,563

 SUBTOT       89,902           0           0           0        89,902        163,528                      94,386
 REMAIN      109,123           0           0           0       109,123         51,158       214,686         7,042
 TOTAL       199,025           0           0           0       199,025        214,686                     101,428

   LIFE OF EVALUATION IS 33.25 YEARS.
   FINAL PRODUCTION RATE: 0.2 MMCF/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE    124
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                  GAS LEASE
   TENGASCO, INC. - OPERATOR   19-T16S-R17W                          PROVED
     LIPPERT #3 BP   (WINFIELD)                                      BEHIND PIPE

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.875000                             4.13        5.00% -       175,853
 FINAL   -   1.000000                      0.875000                             4.13       10.00% -       150,324
 REMARKS - OPERATING COSTS CARRIED WITH PROVED PRODUCING.                                  15.00% -       129,416
                                                                                           20.00% -       112,162
                                                                                           25.00% -        97,816
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     1             0           0          20               0           0          16.097       0.00     4.13
 2005     1             0           0          12               0           0          10.051       0.00     4.13
 2006     1             0           0          11               0           0           8.218       0.00     4.13
 2007     1             0           0           8               0           0           7.046       0.00     4.13
 2008     1             0           0           8               0           0           6.041       0.00     4.13
 2009     1             0           0           6               0           0           4.876       0.00     4.13
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0          65               0           0          52.329       0.00     4.13
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0          65               0           0          52.329       0.00     4.13

 CUMULATIVE             0           0           0    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0          65        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0        66,479            0        66,479           0       1,183        65,296
 2005                0           0        41,510            0        41,510           0         739        40,771
 2006                0           0        33,940            0        33,940           0         604        33,336
 2007                0           0        29,099            0        29,099           0         518        28,581
 2008                0           0        24,949            0        24,949           0         444        24,505
 2009                0           0        20,140            0        20,140           0         359        19,781
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       216,117            0       216,117           0       3,847       212,270
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       216,117            0       216,117           0       3,847       212,270
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0       5,000           0         5,000         60,296        60,296        51,987
 2005              0           0           0           0             0         40,771       101,067        31,887
 2006              0           0           0           0             0         33,336       134,403        23,565
 2007              0           0           0           0             0         28,581       162,984        18,289
 2008              0           0           0           0             0         24,505       187,489        14,194
 2009              0           0           0           0             0         19,781       207,270        10,402
 2010              0           0           0           0             0              0       207,270             0
 2011              0           0           0           0             0              0       207,270             0
 2012              0           0           0           0             0              0       207,270             0
 2013              0           0           0           0             0              0       207,270             0
 2014              0           0           0           0             0              0       207,270             0
 2015              0           0           0           0             0              0       207,270             0
 2016              0           0           0           0             0              0       207,270             0
 2017              0           0           0           0             0              0       207,270             0

 SUBTOT            0           0       5,000           0         5,000        207,270                     150,324
 REMAIN            0           0           0           0             0              0       207,270             0
 TOTAL             0           0       5,000           0         5,000        207,270                     150,324

   LIFE OF EVALUATION IS 6.94 YEARS.
   FINAL PRODUCTION RATE: 0.5 MMCF/MO
</TABLE>


<PAGE>

                                   TENGASCO, INC.                   TABLE    125
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   29-T16S-R17W                            PROVED
     LIPPERT -B- #1   (PENNSYLVANIAN)                                  PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                                                                       5.00% -             0
 FINAL   -   1.000000                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE             0           0       1,224
 ULTIMATE               0           0       1,224
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE    126
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   29-T16S-R17W                            PROVED
     LIPPERT -B- #2   (PENNSYLVANIAN)                                  PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.755625                             4.13        5.00% -        24,052
 FINAL   -   1.000000                      0.755625                             4.13       10.00% -        17,695
 REMARKS -                                                                                 15.00% -        13,763
                                                                                           20.00% -        11,177
                                                                                           25.00% -         9,382
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           1               0           0           0.677       0.00     4.13
 2004     1             0           0           1               0           0           0.643       0.00     4.13
 2005     1             0           0           1               0           0           0.611       0.00     4.13
 2006     1             0           0           1               0           0           0.580       0.00     4.13
 2007     1             0           0           0               0           0           0.551       0.00     4.13
 2008     1             0           0           1               0           0           0.524       0.00     4.13
 2009     1             0           0           1               0           0           0.497       0.00     4.13
 2010     1             0           0           1               0           0           0.473       0.00     4.13
 2011     1             0           0           0               0           0           0.449       0.00     4.13
 2012     1             0           0           1               0           0           0.426       0.00     4.13
 2013     1             0           0           0               0           0           0.405       0.00     4.13
 2014     1             0           0           1               0           0           0.385       0.00     4.13
 2015     1             0           0           0               0           0           0.366       0.00     4.13
 2016     1             0           0           1               0           0           0.347       0.00     4.13
 2017     1             0           0           0               0           0           0.330       0.00     4.13

 SUB-TOTAL              0           0          10               0           0           7.264       0.00     4.13
 REMAINDER              0           0           2               0           0           1.386       0.00     4.13
 TOTAL                  0           0          12               0           0           8.650       0.00     4.13

 CUMULATIVE             0           0          14    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0          26        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0         2,795            0         2,795           0          50         2,745
 2004                0           0         2,654            0         2,654           0          47         2,607
 2005                0           0         2,522            0         2,522           0          45         2,477
 2006                0           0         2,396            0         2,396           0          43         2,353
 2007                0           0         2,277            0         2,277           0          40         2,237
 2008                0           0         2,162            0         2,162           0          39         2,123
 2009                0           0         2,054            0         2,054           0          36         2,018
 2010                0           0         1,952            0         1,952           0          35         1,917
 2011                0           0         1,854            0         1,854           0          33         1,821
 2012                0           0         1,761            0         1,761           0          31         1,730
 2013                0           0         1,673            0         1,673           0          30         1,643
 2014                0           0         1,590            0         1,590           0          28         1,562
 2015                0           0         1,510            0         1,510           0          27         1,483
 2016                0           0         1,434            0         1,434           0          26         1,408
 2017                0           0         1,363            0         1,363           0          24         1,339

 SUB-TOT             0           0        29,997            0        29,997           0         534        29,463
 REMAIN              0           0         5,723            0         5,723           0         102         5,621
 TOTAL               0           0        35,720            0        35,720           0         636        35,084
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003              6           0           0           0             6          2,739         2,739         2,608
 2004              5           0           0           0             5          2,602         5,341         2,243
 2005              5           0           0           0             5          2,472         7,813         1,929
 2006              5           0           0           0             5          2,348        10,161         1,658
 2007              4           0           0           0             4          2,233        12,394         1,428
 2008              4           0           0           0             4          2,119        14,513         1,226
 2009              4           0           0           0             4          2,014        16,527         1,055
 2010              4           0           0           0             4          1,913        18,440           908
 2011              4           0           0           0             4          1,817        20,257           780
 2012              4           0           0           0             4          1,726        21,983           670
 2013              3           0           0           0             3          1,640        23,623           577
 2014              3           0           0           0             3          1,559        25,182           497
 2015              3           0           0           0             3          1,480        26,662           426
 2016              3           0           0           0             3          1,405        28,067           367
 2017              3           0           0           0             3          1,336        29,403           315

 SUBTOT           60           0           0           0            60         29,403                      16,687
 REMAIN           11           0           0           0            11          5,610        35,013         1,008
 TOTAL            71           0           0           0            71         35,013                      17,695

   LIFE OF EVALUATION IS 19.87 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE    127
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   32-T16S-R17W                            PROVED
     LIPPERT -C- #1   (TOPEKA)                                         PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.765625                             4.13        5.00% -        68,793
 FINAL   -   1.000000                      0.765625                             4.13       10.00% -        47,386
 REMARKS -                                                                                 15.00% -        35,937
                                                                                           20.00% -        28,926
                                                                                           25.00% -        24,212
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           3               0           0           1.804       0.00     4.13
 2004     1             0           0           2               0           0           1.714       0.00     4.13
 2005     1             0           0           2               0           0           1.628       0.00     4.13
 2006     1             0           0           3               0           0           1.547       0.00     4.13
 2007     1             0           0           2               0           0           1.470       0.00     4.13
 2008     1             0           0           2               0           0           1.396       0.00     4.13
 2009     1             0           0           1               0           0           1.326       0.00     4.13
 2010     1             0           0           2               0           0           1.260       0.00     4.13
 2011     1             0           0           2               0           0           1.197       0.00     4.13
 2012     1             0           0           2               0           0           1.137       0.00     4.13
 2013     1             0           0           1               0           0           1.080       0.00     4.13
 2014     1             0           0           2               0           0           1.026       0.00     4.13
 2015     1             0           0           1               0           0           0.975       0.00     4.13
 2016     1             0           0           1               0           0           0.926       0.00     4.13
 2017     1             0           0           1               0           0           0.880       0.00     4.13

 SUB-TOTAL              0           0          27               0           0          19.366       0.00     4.13
 REMAINDER              0           0          17               0           0          11.580       0.00     4.13
 TOTAL                  0           0          44               0           0          30.946       0.00     4.13

 CUMULATIVE             0           0         200    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0         244        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0         7,452            0         7,452           0         133         7,319
 2004                0           0         7,079            0         7,079           0         126         6,953
 2005                0           0         6,726            0         6,726           0         119         6,607
 2006                0           0         6,389            0         6,389           0         114         6,275
 2007                0           0         6,069            0         6,069           0         108         5,961
 2008                0           0         5,767            0         5,767           0         103         5,664
 2009                0           0         5,477            0         5,477           0          97         5,380
 2010                0           0         5,204            0         5,204           0          93         5,111
 2011                0           0         4,944            0         4,944           0          88         4,856
 2012                0           0         4,697            0         4,697           0          84         4,613
 2013                0           0         4,461            0         4,461           0          79         4,382
 2014                0           0         4,239            0         4,239           0          75         4,164
 2015                0           0         4,027            0         4,027           0          72         3,955
 2016                0           0         3,825            0         3,825           0          68         3,757
 2017                0           0         3,634            0         3,634           0          65         3,569

 SUB-TOT             0           0        79,990            0        79,990           0       1,424        78,566
 REMAIN              0           0        47,826            0        47,826           0         851        46,975
 TOTAL               0           0       127,816            0       127,816           0       2,275       125,541
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003            231           0           0           0           231          7,088         7,088         6,749
 2004            229           0           0           0           229          6,724        13,812         5,796
 2005            230           0           0           0           230          6,377        20,189         4,976
 2006            228           0           0           0           228          6,047        26,236         4,271
 2007            228           0           0           0           228          5,733        31,969         3,666
 2008            227           0           0           0           227          5,437        37,406         3,146
 2009            227           0           0           0           227          5,153        42,559         2,700
 2010            226           0           0           0           226          4,885        47,444         2,317
 2011            226           0           0           0           226          4,630        52,074         1,987
 2012            225           0           0           0           225          4,388        56,462         1,705
 2013            225           0           0           0           225          4,157        60,619         1,463
 2014            224           0           0           0           224          3,940        64,559         1,254
 2015            224           0           0           0           224          3,731        68,290         1,076
 2016            224           0           0           0           224          3,533        71,823           922
 2017            223           0           0           0           223          3,346        75,169           790

 SUBTOT        3,397           0           0           0         3,397         75,169                      42,818
 REMAIN        5,061           0           0           0         5,061         41,914       117,083         4,568
 TOTAL         8,458           0           0           0         8,458        117,083                      47,386

   LIFE OF EVALUATION IS 38.00 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO
</TABLE>


<PAGE>

                                   TENGASCO, INC.                   TABLE    128
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   3-T17S-R17W                             PROVED
     MCGILL #2   (SHAWNEE)                                             PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                                                                       5.00% -             0
 FINAL   -   1.000000                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE             0           0         436
 ULTIMATE               0           0         436
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE    129
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   34-T16S-R17W                            PROVED
     O'DELL #1   (SHAWNEE)                                             PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                                                                       5.00% -             0
 FINAL   -   1.000000                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE             0           0         116    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0         116        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO
</TABLE>


<PAGE>

                                   TENGASCO, INC.                   TABLE    130
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   28-T16S-R16W                            PROVED
     OCHS -A- #1   (SHAWNEE)                                           PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.875000                             4.13        5.00% -       165,347
 FINAL   -   1.000000                      0.875000                             4.13       10.00% -       107,681
 REMARKS -                                                                                 15.00% -        78,968
                                                                                           20.00% -        62,240
                                                                                           25.00% -        51,369
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           5               0           0           3.761       0.00     4.13
 2004     1             0           0           4               0           0           3.648       0.00     4.13
 2005     1             0           0           5               0           0           3.538       0.00     4.13
 2006     1             0           0           4               0           0           3.432       0.00     4.13
 2007     1             0           0           4               0           0           3.329       0.00     4.13
 2008     1             0           0           4               0           0           3.229       0.00     4.13
 2009     1             0           0           4               0           0           3.133       0.00     4.13
 2010     1             0           0           4               0           0           3.039       0.00     4.13
 2011     1             0           0           3               0           0           2.947       0.00     4.13
 2012     1             0           0           4               0           0           2.859       0.00     4.13
 2013     1             0           0           3               0           0           2.773       0.00     4.13
 2014     1             0           0           4               0           0           2.690       0.00     4.13
 2015     1             0           0           3               0           0           2.609       0.00     4.13
 2016     1             0           0           3               0           0           2.531       0.00     4.13
 2017     1             0           0           3               0           0           2.455       0.00     4.13

 SUB-TOTAL              0           0          57               0           0          45.973       0.00     4.13
 REMAINDER              0           0          50               0           0          39.984       0.00     4.13
 TOTAL                  0           0         107               0           0          85.957       0.00     4.13

 CUMULATIVE             0           0         227    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0         334        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0        15,531            0        15,531           0         276        15,255
 2004                0           0        15,066            0        15,066           0         269        14,797
 2005                0           0        14,614            0        14,614           0         260        14,354
 2006                0           0        14,175            0        14,175           0         252        13,923
 2007                0           0        13,750            0        13,750           0         245        13,505
 2008                0           0        13,337            0        13,337           0         237        13,100
 2009                0           0        12,937            0        12,937           0         231        12,706
 2010                0           0        12,549            0        12,549           0         223        12,326
 2011                0           0        12,173            0        12,173           0         217        11,956
 2012                0           0        11,808            0        11,808           0         210        11,598
 2013                0           0        11,453            0        11,453           0         204        11,249
 2014                0           0        11,110            0        11,110           0         197        10,913
 2015                0           0        10,776            0        10,776           0         192        10,584
 2016                0           0        10,453            0        10,453           0         186        10,267
 2017                0           0        10,140            0        10,140           0         181         9,959

 SUB-TOT             0           0       189,872            0       189,872           0       3,380       186,492
 REMAIN              0           0       165,133            0       165,133           0       2,939       162,194
 TOTAL               0           0       355,005            0       355,005           0       6,319       348,686
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003          1,083           0           0           0         1,083         14,172        14,172        13,493
 2004          1,081           0           0           0         1,081         13,716        27,888        11,821
 2005          1,082           0           0           0         1,082         13,272        41,160        10,354
 2006          1,080           0           0           0         1,080         12,843        54,003         9,069
 2007          1,079           0           0           0         1,079         12,426        66,429         7,944
 2008          1,079           0           0           0         1,079         12,021        78,450         6,956
 2009          1,078           0           0           0         1,078         11,628        90,078         6,091
 2010          1,078           0           0           0         1,078         11,248       101,326         5,333
 2011          1,077           0           0           0         1,077         10,879       112,205         4,670
 2012          1,076           0           0           0         1,076         10,522       122,727         4,088
 2013          1,076           0           0           0         1,076         10,173       132,900         3,578
 2014          1,075           0           0           0         1,075          9,838       142,738         3,132
 2015          1,074           0           0           0         1,074          9,510       152,248         2,740
 2016          1,074           0           0           0         1,074          9,193       161,441         2,399
 2017          1,074           0           0           0         1,074          8,885       170,326         2,098

 SUBTOT       16,166           0           0           0        16,166        170,326                      93,766
 REMAIN       24,571           0           0           0        24,571        137,623       307,949        13,915
 TOTAL        40,737           0           0           0        40,737        307,949                     107,681

   LIFE OF EVALUATION IS 38.00 YEARS.
   FINAL PRODUCTION RATE: 0.1 MMCF/MO
</TABLE>


<PAGE>

                                   TENGASCO, INC.                   TABLE    131
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   8-T16S-R17W                             PROVED
     PFEIFER -B- #1   (WABAUNSEE)                                      PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                                                                       5.00% -             0
 FINAL   -   1.000000                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE             0           0          16
 ULTIMATE               0           0          16
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO
</TABLE>


<PAGE>

                                   TENGASCO, INC.                   TABLE    132
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   10-T17S-R17W                            PROVED
     RAU #1   (TOPEKA)                                                 PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.820313                             4.13        5.00% -       210,986
 FINAL   -   1.000000                      0.820313                             4.13       10.00% -       157,104
 REMARKS -                                                                                 15.00% -       124,473
                                                                                           20.00% -       102,898
                                                                                           25.00% -        87,665
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0          10               0           0           7.434       0.00     4.13
 2004     1             0           0           9               0           0           6.913       0.00     4.13
 2005     1             0           0           9               0           0           6.429       0.00     4.13
 2006     1             0           0           7               0           0           5.979       0.00     4.13
 2007     1             0           0           8               0           0           5.561       0.00     4.13
 2008     1             0           0           7               0           0           5.172       0.00     4.13
 2009     1             0           0           6               0           0           4.810       0.00     4.13
 2010     1             0           0           6               0           0           4.473       0.00     4.13
 2011     1             0           0           5               0           0           4.160       0.00     4.13
 2012     1             0           0           6               0           0           3.869       0.00     4.13
 2013     1             0           0           4               0           0           3.598       0.00     4.13
 2014     1             0           0           5               0           0           3.346       0.00     4.13
 2015     1             0           0           4               0           0           3.112       0.00     4.13
 2016     1             0           0           4               0           0           2.894       0.00     4.13
 2017     1             0           0           3               0           0           2.691       0.00     4.13

 SUB-TOTAL              0           0          93               0           0          70.441       0.00     4.13
 REMAINDER              0           0          37               0           0          27.482       0.00     4.13
 TOTAL                  0           0         130               0           0          97.923       0.00     4.13

 CUMULATIVE             0           0       2,019    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0       2,149        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0        30,702            0        30,702           0         546        30,156
 2004                0           0        28,552            0        28,552           0         509        28,043
 2005                0           0        26,554            0        26,554           0         472        26,082
 2006                0           0        24,695            0        24,695           0         440        24,255
 2007                0           0        22,966            0        22,966           0         409        22,557
 2008                0           0        21,359            0        21,359           0         380        20,979
 2009                0           0        19,863            0        19,863           0         354        19,509
 2010                0           0        18,473            0        18,473           0         328        18,145
 2011                0           0        17,180            0        17,180           0         306        16,874
 2012                0           0        15,978            0        15,978           0         285        15,693
 2013                0           0        14,859            0        14,859           0         264        14,595
 2014                0           0        13,819            0        13,819           0         246        13,573
 2015                0           0        12,851            0        12,851           0         229        12,622
 2016                0           0        11,952            0        11,952           0         212        11,740
 2017                0           0        11,115            0        11,115           0         198        10,917

 SUB-TOT             0           0       290,918            0       290,918           0       5,178       285,740
 REMAIN              0           0       113,500            0       113,500           0       2,021       111,479
 TOTAL               0           0       404,418            0       404,418           0       7,199       397,219
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003          2,492           0           0           0         2,492         27,664        27,664        26,348
 2004          2,488           0           0           0         2,488         25,555        53,219        22,033
 2005          2,485           0           0           0         2,485         23,597        76,816        18,416
 2006          2,481           0           0           0         2,481         21,774        98,590        15,382
 2007          2,478           0           0           0         2,478         20,079       118,669        12,841
 2008          2,475           0           0           0         2,475         18,504       137,173        10,712
 2009          2,472           0           0           0         2,472         17,037       154,210         8,928
 2010          2,470           0           0           0         2,470         15,675       169,885         7,435
 2011          2,468           0           0           0         2,468         14,406       184,291         6,186
 2012          2,465           0           0           0         2,465         13,228       197,519         5,142
 2013          2,463           0           0           0         2,463         12,132       209,651         4,269
 2014          2,461           0           0           0         2,461         11,112       220,763         3,539
 2015          2,460           0           0           0         2,460         10,162       230,925         2,930
 2016          2,458           0           0           0         2,458          9,282       240,207         2,423
 2017          2,456           0           0           0         2,456          8,461       248,668         1,999

 SUBTOT       37,072           0           0           0        37,072        248,668                     148,583
 REMAIN       49,333           0           0           0        49,333         62,146       310,814         8,521
 TOTAL        86,405           0           0           0        86,405        310,814                     157,104

   LIFE OF EVALUATION IS 35.17 YEARS.
   FINAL PRODUCTION RATE: 0.1 MMCF/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE    133
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   23-T17S-R17W                            PROVED
     REICHEL #1   (KANSAS CITY)                                        PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.875000                             4.13        5.00% -       321,415
 FINAL   -   1.000000                      0.875000                             4.13       10.00% -       247,121
 REMARKS -                                                                                 15.00% -       199,545
                                                                                           20.00% -       166,956
                                                                                           25.00% -       143,408
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0          16               0           0          12.799       0.00     4.13
 2004     1             0           0          15               0           0          11.775       0.00     4.13
 2005     1             0           0          13               0           0          10.833       0.00     4.13
 2006     1             0           0          12               0           0           9.966       0.00     4.13
 2007     1             0           0          12               0           0           9.169       0.00     4.13
 2008     1             0           0          10               0           0           8.436       0.00     4.13
 2009     1             0           0          10               0           0           7.761       0.00     4.13
 2010     1             0           0           9               0           0           7.140       0.00     4.13
 2011     1             0           0           8               0           0           6.569       0.00     4.13
 2012     1             0           0           7               0           0           6.043       0.00     4.13
 2013     1             0           0           7               0           0           5.560       0.00     4.13
 2014     1             0           0           7               0           0           5.115       0.00     4.13
 2015     1             0           0           6               0           0           4.706       0.00     4.13
 2016     1             0           0           5               0           0           4.329       0.00     4.13
 2017     1             0           0           5               0           0           3.983       0.00     4.13

 SUB-TOTAL              0           0         142               0           0         114.184       0.00     4.13
 REMAINDER              0           0          39               0           0          31.250       0.00     4.13
 TOTAL                  0           0         181               0           0         145.434       0.00     4.13

 CUMULATIVE             0           0         292    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0         473        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0        52,860            0        52,860           0         941        51,919
 2004                0           0        48,631            0        48,631           0         866        47,765
 2005                0           0        44,741            0        44,741           0         796        43,945
 2006                0           0        41,162            0        41,162           0         733        40,429
 2007                0           0        37,868            0        37,868           0         674        37,194
 2008                0           0        34,839            0        34,839           0         620        34,219
 2009                0           0        32,052            0        32,052           0         570        31,482
 2010                0           0        29,488            0        29,488           0         525        28,963
 2011                0           0        27,129            0        27,129           0         483        26,646
 2012                0           0        24,959            0        24,959           0         444        24,515
 2013                0           0        22,961            0        22,961           0         409        22,552
 2014                0           0        21,125            0        21,125           0         376        20,749
 2015                0           0        19,435            0        19,435           0         346        19,089
 2016                0           0        17,880            0        17,880           0         318        17,562
 2017                0           0        16,450            0        16,450           0         293        16,157

 SUB-TOT             0           0       471,580            0       471,580           0       8,394       463,186
 REMAIN              0           0       129,062            0       129,062           0       2,297       126,765
 TOTAL               0           0       600,642            0       600,642           0      10,691       589,951
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003          5,011           0           0           0         5,011         46,908        46,908        44,682
 2004          5,003           0           0           0         5,003         42,762        89,670        36,872
 2005          4,997           0           0           0         4,997         38,948       128,618        30,400
 2006          4,990           0           0           0         4,990         35,439       164,057        25,039
 2007          4,985           0           0           0         4,985         32,209       196,266        20,601
 2008          4,980           0           0           0         4,980         29,239       225,505        16,928
 2009          4,975           0           0           0         4,975         26,507       252,012        13,892
 2010          4,970           0           0           0         4,970         23,993       276,005        11,383
 2011          4,967           0           0           0         4,967         21,679       297,684         9,311
 2012          4,963           0           0           0         4,963         19,552       317,236         7,601
 2013          4,959           0           0           0         4,959         17,593       334,829         6,191
 2014          4,956           0           0           0         4,956         15,793       350,622         5,031
 2015          4,954           0           0           0         4,954         14,135       364,757         4,076
 2016          4,950           0           0           0         4,950         12,612       377,369         3,293
 2017          4,949           0           0           0         4,949         11,208       388,577         2,648

 SUBTOT       74,609           0           0           0        74,609        388,577                     237,948
 REMAIN       67,871           0           0           0        67,871         58,894       447,471         9,173
 TOTAL       142,480           0           0           0       142,480        447,471                     247,121

   LIFE OF EVALUATION IS 28.75 YEARS.
   FINAL PRODUCTION RATE: 0.1 MMCF/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE    134
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                   GAS LEASE
   TENGASCO, INC. - OPERATOR   31-T17S-R16W                           PROVED
     ROTHE #1-31   (TOPEKA)                                           PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.875000                             4.13        5.00% -        71,369
 FINAL   -   1.000000                      0.875000                             4.13       10.00% -        65,061
 REMARKS -                                                                                 15.00% -        59,615
                                                                                           20.00% -        54,890
                                                                                           25.00% -        50,768
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0          12               0           0           9.833       0.00     4.13
 2004     1             0           0          11               0           0           8.486       0.00     4.13
 2005     1             0           0           9               0           0           7.324       0.00     4.13
 2006     1             0           0           8               0           0           6.320       0.00     4.13
 2007     1             0           0           6               0           0           5.454       0.00     4.13
 2008     1             0           0           4               0           0           3.122       0.00     4.13
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0          50               0           0          40.539       0.00     4.13
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0          50               0           0          40.539       0.00     4.13

 CUMULATIVE             0           0         470    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0         520        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0        40,611            0        40,611           0         723        39,888
 2004                0           0        35,048            0        35,048           0         624        34,424
 2005                0           0        30,246            0        30,246           0         538        29,708
 2006                0           0        26,103            0        26,103           0         465        25,638
 2007                0           0        22,526            0        22,526           0         401        22,125
 2008                0           0        12,895            0        12,895           0         229        12,666
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       167,429            0       167,429           0       2,980       164,449
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       167,429            0       167,429           0       2,980       164,449
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003         15,202           0           0           0        15,202         24,686        24,686        23,543
 2004         15,192           0           0           0        15,192         19,232        43,918        16,606
 2005         15,184           0           0           0        15,184         14,524        58,442        11,356
 2006         15,176           0           0           0        15,176         10,462        68,904         7,408
 2007         15,171           0           0           0        15,171          6,954        75,858         4,461
 2008          9,807           0           0           0         9,807          2,859        78,717         1,687
 2009              0           0           0           0             0              0        78,717             0
 2010              0           0           0           0             0              0        78,717             0
 2011              0           0           0           0             0              0        78,717             0
 2012              0           0           0           0             0              0        78,717             0
 2013              0           0           0           0             0              0        78,717             0
 2014              0           0           0           0             0              0        78,717             0
 2015              0           0           0           0             0              0        78,717             0
 2016              0           0           0           0             0              0        78,717             0
 2017              0           0           0           0             0              0        78,717             0

 SUBTOT       85,732           0           0           0        85,732         78,717                      65,061
 REMAIN            0           0           0           0             0              0        78,717             0
 TOTAL        85,732           0           0           0        85,732         78,717                      65,061

   LIFE OF EVALUATION IS 5.65 YEARS.
   FINAL PRODUCTION RATE: 0.5 MMCF/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE    135
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   20-T17S-R16W                            PROVED
     ROTHE, R. #1   (KANSAS CITY)                                      PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.820313                             4.13        5.00% -        76,046
 FINAL   -   1.000000                      0.820313                             4.13       10.00% -        63,378
 REMARKS -                                                                                 15.00% -        54,058
                                                                                           20.00% -        46,995
                                                                                           25.00% -        41,500
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           6               0           0           4.366       0.00     4.13
 2004     1             0           0           5               0           0           3.842       0.00     4.13
 2005     1             0           0           4               0           0           3.381       0.00     4.13
 2006     1             0           0           4               0           0           2.976       0.00     4.13
 2007     1             0           0           4               0           0           2.618       0.00     4.13
 2008     1             0           0           3               0           0           2.304       0.00     4.13
 2009     1             0           0           3               0           0           2.028       0.00     4.13
 2010     1             0           0           2               0           0           1.784       0.00     4.13
 2011     1             0           0           2               0           0           1.570       0.00     4.13
 2012     1             0           0           2               0           0           1.382       0.00     4.13
 2013     1             0           0           1               0           0           1.216       0.00     4.13
 2014     1             0           0           2               0           0           1.070       0.00     4.13
 2015     1             0           0           1               0           0           0.942       0.00     4.13
 2016     1             0           0           1               0           0           0.829       0.00     4.13
 2017     1             0           0           1               0           0           0.729       0.00     4.13

 SUB-TOTAL              0           0          41               0           0          31.037       0.00     4.13
 REMAINDER              0           0           2               0           0           1.162       0.00     4.13
 TOTAL                  0           0          43               0           0          32.199       0.00     4.13

 CUMULATIVE             0           0         474    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0         517        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0        18,033            0        18,033           0         321        17,712
 2004                0           0        15,869            0        15,869           0         282        15,587
 2005                0           0        13,965            0        13,965           0         249        13,716
 2006                0           0        12,289            0        12,289           0         219        12,070
 2007                0           0        10,814            0        10,814           0         192        10,622
 2008                0           0         9,517            0         9,517           0         170         9,347
 2009                0           0         8,375            0         8,375           0         149         8,226
 2010                0           0         7,369            0         7,369           0         131         7,238
 2011                0           0         6,485            0         6,485           0         115         6,370
 2012                0           0         5,708            0         5,708           0         102         5,606
 2013                0           0         5,022            0         5,022           0          89         4,933
 2014                0           0         4,419            0         4,419           0          79         4,340
 2015                0           0         3,890            0         3,890           0          69         3,821
 2016                0           0         3,422            0         3,422           0          61         3,361
 2017                0           0         3,012            0         3,012           0          54         2,958

 SUB-TOT             0           0       128,189            0       128,189           0       2,282       125,907
 REMAIN              0           0         4,799            0         4,799           0          85         4,714
 TOTAL               0           0       132,988            0       132,988           0       2,367       130,621
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003          2,193           0           0           0         2,193         15,519        15,519        14,789
 2004          2,189           0           0           0         2,189         13,398        28,917        11,558
 2005          2,186           0           0           0         2,186         11,530        40,447         9,004
 2006          2,182           0           0           0         2,182          9,888        50,335         6,989
 2007          2,180           0           0           0         2,180          8,442        58,777         5,403
 2008          2,177           0           0           0         2,177          7,170        65,947         4,153
 2009          2,176           0           0           0         2,176          6,050        71,997         3,173
 2010          2,173           0           0           0         2,173          5,065        77,062         2,405
 2011          2,172           0           0           0         2,172          4,198        81,260         1,804
 2012          2,170           0           0           0         2,170          3,436        84,696         1,337
 2013          2,169           0           0           0         2,169          2,764        87,460           973
 2014          2,169           0           0           0         2,169          2,171        89,631           693
 2015          2,167           0           0           0         2,167          1,654        91,285           478
 2016          2,166           0           0           0         2,166          1,195        92,480           312
 2017          2,165           0           0           0         2,165            793        93,273           188

 SUBTOT       32,634           0           0           0        32,634         93,273                      63,259
 REMAIN        4,149           0           0           0         4,149            565        93,838           119
 TOTAL        36,783           0           0           0        36,783         93,838                      63,378

   LIFE OF EVALUATION IS 16.92 YEARS.
   FINAL PRODUCTION RATE: 0.1 MMCF/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE    136
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   4-T17S-R17W                             PROVED
     SCHEUERMAN #56   (GRWS-SHWN)                                      PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.875000                             4.13        5.00% -       147,033
 FINAL   -   1.000000                      0.875000                             4.13       10.00% -        93,499
 REMARKS -                                                                                 15.00% -        67,621
                                                                                           20.00% -        52,852
                                                                                           25.00% -        43,385
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           4               0           0           2.992       0.00     4.13
 2004     1             0           0           3               0           0           2.917       0.00     4.13
 2005     1             0           0           4               0           0           2.844       0.00     4.13
 2006     1             0           0           3               0           0           2.773       0.00     4.13
 2007     1             0           0           4               0           0           2.704       0.00     4.13
 2008     1             0           0           3               0           0           2.636       0.00     4.13
 2009     1             0           0           3               0           0           2.570       0.00     4.13
 2010     1             0           0           3               0           0           2.506       0.00     4.13
 2011     1             0           0           3               0           0           2.444       0.00     4.13
 2012     1             0           0           3               0           0           2.382       0.00     4.13
 2013     1             0           0           3               0           0           2.323       0.00     4.13
 2014     1             0           0           3               0           0           2.265       0.00     4.13
 2015     1             0           0           3               0           0           2.208       0.00     4.13
 2016     1             0           0           2               0           0           2.153       0.00     4.13
 2017     1             0           0           3               0           0           2.099       0.00     4.13

 SUB-TOTAL              0           0          47               0           0          37.816       0.00     4.13
 REMAINDER              0           0          45               0           0          36.135       0.00     4.13
 TOTAL                  0           0          92               0           0          73.951       0.00     4.13

 CUMULATIVE             0           0         436    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0         528        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0        12,357            0        12,357           0         220        12,137
 2004                0           0        12,049            0        12,049           0         214        11,835
 2005                0           0        11,747            0        11,747           0         210        11,537
 2006                0           0        11,454            0        11,454           0         203        11,251
 2007                0           0        11,167            0        11,167           0         199        10,968
 2008                0           0        10,888            0        10,888           0         194        10,694
 2009                0           0        10,616            0        10,616           0         189        10,427
 2010                0           0        10,350            0        10,350           0         184        10,166
 2011                0           0        10,092            0        10,092           0         180         9,912
 2012                0           0         9,840            0         9,840           0         175         9,665
 2013                0           0         9,593            0         9,593           0         171         9,422
 2014                0           0         9,354            0         9,354           0         166         9,188
 2015                0           0         9,119            0         9,119           0         163         8,956
 2016                0           0         8,892            0         8,892           0         158         8,734
 2017                0           0         8,670            0         8,670           0         154         8,516

 SUB-TOT             0           0       156,188            0       156,188           0       2,780       153,408
 REMAIN              0           0       149,239            0       149,239           0       2,657       146,582
 TOTAL               0           0       305,427            0       305,427           0       5,437       299,990
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003            417           0           0           0           417         11,720        11,720        11,158
 2004            417           0           0           0           417         11,418        23,138         9,840
 2005            416           0           0           0           416         11,121        34,259         8,675
 2006            416           0           0           0           416         10,835        45,094         7,651
 2007            415           0           0           0           415         10,553        55,647         6,746
 2008            414           0           0           0           414         10,280        65,927         5,948
 2009            415           0           0           0           415         10,012        75,939         5,244
 2010            413           0           0           0           413          9,753        85,692         4,625
 2011            414           0           0           0           414          9,498        95,190         4,076
 2012            413           0           0           0           413          9,252       104,442         3,594
 2013            412           0           0           0           412          9,010       113,452         3,169
 2014            412           0           0           0           412          8,776       122,228         2,794
 2015            412           0           0           0           412          8,544       130,772         2,462
 2016            411           0           0           0           411          8,323       139,095         2,171
 2017            411           0           0           0           411          8,105       147,200         1,914

 SUBTOT        6,208           0           0           0         6,208        147,200                      80,067
 REMAIN        9,364           0           0           0         9,364        137,218       284,418        13,432
 TOTAL        15,572           0           0           0        15,572        284,418                      93,499

   LIFE OF EVALUATION IS 38.00 YEARS.
   FINAL PRODUCTION RATE: 0.1 MMCF/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE    137
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   18-T16S-R17W                            PROVED
     SCHLITTER #2   (PENNSYLVANIAN)                                    PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.861328                             4.13        5.00% -        11,963
 FINAL   -   1.000000                      0.861328                             4.13       10.00% -        10,082
 REMARKS -                                                                                 15.00% -         8,650
                                                                                           20.00% -         7,539
                                                                                           25.00% -         6,659
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           2               0           0           1.246       0.00     4.13
 2004     1             0           0           1               0           0           1.183       0.00     4.13
 2005     1             0           0           1               0           0           1.123       0.00     4.13
 2006     1             0           0           2               0           0           1.067       0.00     4.13
 2007     1             0           0           1               0           0           1.013       0.00     4.13
 2008     1             0           0           1               0           0           0.961       0.00     4.13
 2009     1             0           0           1               0           0           0.913       0.00     4.13
 2010     1             0           0           2               0           0           0.867       0.00     4.13
 2011     1             0           0           1               0           0           0.823       0.00     4.13
 2012     1             0           0           1               0           0           0.781       0.00     4.13
 2013     1             0           0           1               0           0           0.742       0.00     4.13
 2014     1             0           0           0               0           0           0.704       0.00     4.13
 2015     1             0           0           1               0           0           0.614       0.00     4.13
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0          15               0           0          12.037       0.00     4.13
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0          15               0           0          12.037       0.00     4.13

 CUMULATIVE             0           0         179    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0         194        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0         5,147            0         5,147           0          92         5,055
 2004                0           0         4,887            0         4,887           0          87         4,800
 2005                0           0         4,640            0         4,640           0          82         4,558
 2006                0           0         4,405            0         4,405           0          79         4,326
 2007                0           0         4,183            0         4,183           0          74         4,109
 2008                0           0         3,971            0         3,971           0          71         3,900
 2009                0           0         3,769            0         3,769           0          67         3,702
 2010                0           0         3,580            0         3,580           0          64         3,516
 2011                0           0         3,398            0         3,398           0          60         3,338
 2012                0           0         3,226            0         3,226           0          57         3,169
 2013                0           0         3,063            0         3,063           0          55         3,008
 2014                0           0         2,909            0         2,909           0          52         2,857
 2015                0           0         2,536            0         2,536           0          45         2,491
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0        49,714            0        49,714           0         885        48,829
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0        49,714            0        49,714           0         885        48,829
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003          2,661           0           0           0         2,661          2,394         2,394         2,281
 2004          2,660           0           0           0         2,660          2,140         4,534         1,845
 2005          2,661           0           0           0         2,661          1,897         6,431         1,481
 2006          2,659           0           0           0         2,659          1,667         8,098         1,179
 2007          2,660           0           0           0         2,660          1,449         9,547           927
 2008          2,658           0           0           0         2,658          1,242        10,789           719
 2009          2,659           0           0           0         2,659          1,043        11,832           547
 2010          2,658           0           0           0         2,658            858        12,690           408
 2011          2,658           0           0           0         2,658            680        13,370           292
 2012          2,658           0           0           0         2,658            511        13,881           199
 2013          2,657           0           0           0         2,657            351        14,232           124
 2014          2,657           0           0           0         2,657            200        14,432            64
 2015          2,436           0           0           0         2,436             55        14,487            16
 2016              0           0           0           0             0              0        14,487             0
 2017              0           0           0           0             0              0        14,487             0

 SUBTOT       34,342           0           0           0        34,342         14,487                      10,082
 REMAIN            0           0           0           0             0              0        14,487             0
 TOTAL        34,342           0           0           0        34,342         14,487                      10,082

   LIFE OF EVALUATION IS 12.92 YEARS.
   FINAL PRODUCTION RATE: 0.1 MMCF/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE    138
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   13-T17S-R17W                            PROVED
     SCHNEIDER #1   (KANSAS CITY)                                      PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.820313                             4.13        5.00% -       246,092
 FINAL   -   1.000000                      0.820313                             4.13       10.00% -       200,253
 REMARKS -                                                                                 15.00% -       168,265
                                                                                           20.00% -       144,897
                                                                                           25.00% -       127,169
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0          16               0           0          12.025       0.00     4.13
 2004     1             0           0          14               0           0          10.462       0.00     4.13
 2005     1             0           0          12               0           0           9.102       0.00     4.13
 2006     1             0           0          10               0           0           7.918       0.00     4.13
 2007     1             0           0           9               0           0           6.889       0.00     4.13
 2008     1             0           0           8               0           0           5.993       0.00     4.13
 2009     1             0           0           7               0           0           5.214       0.00     4.13
 2010     1             0           0           6               0           0           4.536       0.00     4.13
 2011     1             0           0           6               0           0           3.947       0.00     4.13
 2012     1             0           0           4               0           0           3.434       0.00     4.13
 2013     1             0           0           4               0           0           2.987       0.00     4.13
 2014     1             0           0           4               0           0           2.599       0.00     4.13
 2015     1             0           0           3               0           0           2.261       0.00     4.13
 2016     1             0           0           2               0           0           1.967       0.00     4.13
 2017     1             0           0           2               0           0           1.711       0.00     4.13

 SUB-TOTAL              0           0         107               0           0          81.045       0.00     4.13
 REMAINDER              0           0          11               0           0           8.067       0.00     4.13
 TOTAL                  0           0         118               0           0          89.112       0.00     4.13

 CUMULATIVE             0           0         430    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0         548        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0        49,662            0        49,662           0         884        48,778
 2004                0           0        43,206            0        43,206           0         769        42,437
 2005                0           0        37,589            0        37,589           0         669        36,920
 2006                0           0        32,703            0        32,703           0         582        32,121
 2007                0           0        28,451            0        28,451           0         507        27,944
 2008                0           0        24,753            0        24,753           0         440        24,313
 2009                0           0        21,535            0        21,535           0         384        21,151
 2010                0           0        18,735            0        18,735           0         333        18,402
 2011                0           0        16,300            0        16,300           0         290        16,010
 2012                0           0        14,180            0        14,180           0         253        13,927
 2013                0           0        12,337            0        12,337           0         219        12,118
 2014                0           0        10,734            0        10,734           0         191        10,543
 2015                0           0         9,338            0         9,338           0         167         9,171
 2016                0           0         8,124            0         8,124           0         144         7,980
 2017                0           0         7,068            0         7,068           0         126         6,942

 SUB-TOT             0           0       334,715            0       334,715           0       5,958       328,757
 REMAIN              0           0        33,316            0        33,316           0         593        32,723
 TOTAL               0           0       368,031            0       368,031           0       6,551       361,480
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003          1,999           0           0           0         1,999         46,779        46,779        44,578
 2004          1,987           0           0           0         1,987         40,450        87,229        34,894
 2005          1,977           0           0           0         1,977         34,943       122,172        27,286
 2006          1,967           0           0           0         1,967         30,154       152,326        21,314
 2007          1,960           0           0           0         1,960         25,984       178,310        16,627
 2008          1,954           0           0           0         1,954         22,359       200,669        12,951
 2009          1,947           0           0           0         1,947         19,204       219,873        10,069
 2010          1,942           0           0           0         1,942         16,460       236,333         7,812
 2011          1,938           0           0           0         1,938         14,072       250,405         6,046
 2012          1,934           0           0           0         1,934         11,993       262,398         4,665
 2013          1,931           0           0           0         1,931         10,187       272,585         3,587
 2014          1,927           0           0           0         1,927          8,616       281,201         2,746
 2015          1,925           0           0           0         1,925          7,246       288,447         2,091
 2016          1,923           0           0           0         1,923          6,057       294,504         1,582
 2017          1,921           0           0           0         1,921          5,021       299,525         1,187

 SUBTOT       29,232           0           0           0        29,232        299,525                     197,435
 REMAIN       16,756           0           0           0        16,756         15,967       315,492         2,818
 TOTAL        45,988           0           0           0        45,988        315,492                     200,253

   LIFE OF EVALUATION IS 23.75 YEARS.
   FINAL PRODUCTION RATE: 0.1 MMCF/MO
</TABLE>


<PAGE>

                                   TENGASCO, INC.                   TABLE    139
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   25-T16S-R17W                            PROVED
     SHERWOOD #1   (SHAWNEE)                                           PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.792969                             4.13        5.00% -        98,765
 FINAL   -   1.000000                      0.792969                             4.13       10.00% -        64,273
 REMARKS -                                                                                 15.00% -        47,094
                                                                                           20.00% -        37,090
                                                                                           25.00% -        30,593
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           3               0           0           2.386       0.00     4.13
 2004     1             0           0           3               0           0           2.322       0.00     4.13
 2005     1             0           0           4               0           0           2.259       0.00     4.13
 2006     1             0           0           3               0           0           2.198       0.00     4.13
 2007     1             0           0           2               0           0           2.139       0.00     4.13
 2008     1             0           0           3               0           0           2.081       0.00     4.13
 2009     1             0           0           3               0           0           2.025       0.00     4.13
 2010     1             0           0           3               0           0           1.970       0.00     4.13
 2011     1             0           0           2               0           0           1.917       0.00     4.13
 2012     1             0           0           3               0           0           1.865       0.00     4.13
 2013     1             0           0           2               0           0           1.815       0.00     4.13
 2014     1             0           0           3               0           0           1.766       0.00     4.13
 2015     1             0           0           2               0           0           1.718       0.00     4.13
 2016     1             0           0           3               0           0           1.672       0.00     4.13
 2017     1             0           0           2               0           0           1.627       0.00     4.13

 SUB-TOTAL              0           0          41               0           0          29.760       0.00     4.13
 REMAINDER              0           0          37               0           0          27.383       0.00     4.13
 TOTAL                  0           0          78               0           0          57.143       0.00     4.13

 CUMULATIVE             0           0         224    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0         302        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0         9,855            0         9,855           0         175         9,680
 2004                0           0         9,588            0         9,588           0         171         9,417
 2005                0           0         9,330            0         9,330           0         166         9,164
 2006                0           0         9,078            0         9,078           0         162         8,916
 2007                0           0         8,832            0         8,832           0         157         8,675
 2008                0           0         8,595            0         8,595           0         153         8,442
 2009                0           0         8,362            0         8,362           0         149         8,213
 2010                0           0         8,136            0         8,136           0         145         7,991
 2011                0           0         7,917            0         7,917           0         141         7,776
 2012                0           0         7,703            0         7,703           0         137         7,566
 2013                0           0         7,495            0         7,495           0         133         7,362
 2014                0           0         7,292            0         7,292           0         130         7,162
 2015                0           0         7,096            0         7,096           0         126         6,970
 2016                0           0         6,904            0         6,904           0         123         6,781
 2017                0           0         6,718            0         6,718           0         120         6,598

 SUB-TOT             0           0       122,901            0       122,901           0       2,188       120,713
 REMAIN              0           0       113,094            0       113,094           0       2,013       111,081
 TOTAL               0           0       235,995            0       235,995           0       4,201       231,794
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003          1,267           0           0           0         1,267          8,413         8,413         8,010
 2004          1,266           0           0           0         1,266          8,151        16,564         7,024
 2005          1,265           0           0           0         1,265          7,899        24,463         6,163
 2006          1,266           0           0           0         1,266          7,650        32,113         5,402
 2007          1,264           0           0           0         1,264          7,411        39,524         4,737
 2008          1,265           0           0           0         1,265          7,177        46,701         4,153
 2009          1,263           0           0           0         1,263          6,950        53,651         3,641
 2010          1,264           0           0           0         1,264          6,727        60,378         3,190
 2011          1,263           0           0           0         1,263          6,513        66,891         2,795
 2012          1,262           0           0           0         1,262          6,304        73,195         2,449
 2013          1,263           0           0           0         1,263          6,099        79,294         2,145
 2014          1,261           0           0           0         1,261          5,901        85,195         1,879
 2015          1,262           0           0           0         1,262          5,708        90,903         1,645
 2016          1,261           0           0           0         1,261          5,520        96,423         1,440
 2017          1,261           0           0           0         1,261          5,337       101,760         1,260

 SUBTOT       18,953           0           0           0        18,953        101,760                      55,933
 REMAIN       28,917           0           0           0        28,917         82,164       183,924         8,340
 TOTAL        47,870           0           0           0        47,870        183,924                      64,273

   LIFE OF EVALUATION IS 38.00 YEARS.
   FINAL PRODUCTION RATE: 0.1 MMCF/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE    140
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T17S-R17W                            PROVED
     STEITZ -A- #1   (KANSAS CITY)                                     PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.875000                             4.13        5.00% -        20,460
 FINAL   -   1.000000                      0.875000                             4.13       10.00% -        18,781
 REMARKS -                                                                                 15.00% -        17,320
                                                                                           20.00% -        16,041
                                                                                           25.00% -        14,917
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           4               0           0           3.178       0.00     4.13
 2004     1             0           0           3               0           0           2.705       0.00     4.13
 2005     1             0           0           3               0           0           2.302       0.00     4.13
 2006     1             0           0           3               0           0           1.959       0.00     4.13
 2007     1             0           0           2               0           0           1.667       0.00     4.13
 2008     1             0           0           1               0           0           1.418       0.00     4.13
 2009     1             0           0           1               0           0           0.108       0.00     4.13
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0          17               0           0          13.337       0.00     4.13
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0          17               0           0          13.337       0.00     4.13

 CUMULATIVE             0           0         297    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0         314        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0        13,126            0        13,126           0         234        12,892
 2004                0           0        11,170            0        11,170           0         198        10,972
 2005                0           0         9,506            0         9,506           0         170         9,336
 2006                0           0         8,089            0         8,089           0         144         7,945
 2007                0           0         6,884            0         6,884           0         122         6,762
 2008                0           0         5,859            0         5,859           0         104         5,755
 2009                0           0           447            0           447           0           8           439
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0        55,081            0        55,081           0         980        54,101
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0        55,081            0        55,081           0         980        54,101
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003          5,219           0           0           0         5,219          7,673         7,673         7,320
 2004          5,215           0           0           0         5,215          5,757        13,430         4,972
 2005          5,212           0           0           0         5,212          4,124        17,554         3,226
 2006          5,210           0           0           0         5,210          2,735        20,289         1,939
 2007          5,208           0           0           0         5,208          1,554        21,843           999
 2008          5,206           0           0           0         5,206            549        22,392           322
 2009            433           0           0           0           433              6        22,398             3
 2010              0           0           0           0             0              0        22,398             0
 2011              0           0           0           0             0              0        22,398             0
 2012              0           0           0           0             0              0        22,398             0
 2013              0           0           0           0             0              0        22,398             0
 2014              0           0           0           0             0              0        22,398             0
 2015              0           0           0           0             0              0        22,398             0
 2016              0           0           0           0             0              0        22,398             0
 2017              0           0           0           0             0              0        22,398             0

 SUBTOT       31,703           0           0           0        31,703         22,398                      18,781
 REMAIN            0           0           0           0             0              0        22,398             0
 TOTAL        31,703           0           0           0        31,703         22,398                      18,781

   LIFE OF EVALUATION IS 6.08 YEARS.
   FINAL PRODUCTION RATE: 0.1 MMCF/MO
</TABLE>


<PAGE>

                                   TENGASCO, INC.                   TABLE    141
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   14-T17S-R17W                            PROVED
     STEITZ -B- #1   (TOPEKA)                                          PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.820313                             4.13        5.00% -         2,816
 FINAL   -   1.000000                      0.820313                             4.13       10.00% -         2,692
 REMARKS -                                                                                 15.00% -         2,576
                                                                                           20.00% -         2,468
                                                                                           25.00% -         2,368
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           4               0           0           2.978       0.00     4.13
 2004     1             0           0           4               0           0           2.790       0.00     4.13
 2005     1             0           0           3               0           0           2.190       0.00     4.13
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0          11               0           0           7.958       0.00     4.13
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0          11               0           0           7.958       0.00     4.13

 CUMULATIVE             0           0         353    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0         364        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0        12,298            0        12,298           0         219        12,079
 2004                0           0        11,524            0        11,524           0         205        11,319
 2005                0           0         9,047            0         9,047           0         161         8,886
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0        32,869            0        32,869           0         585        32,284
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0        32,869            0        32,869           0         585        32,284
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003         10,354           0           0           0        10,354          1,725         1,725         1,648
 2004         10,354           0           0           0        10,354            965         2,690           837
 2005          8,626           0           0           0         8,626            260         2,950           207
 2006              0           0           0           0             0              0         2,950             0
 2007              0           0           0           0             0              0         2,950             0
 2008              0           0           0           0             0              0         2,950             0
 2009              0           0           0           0             0              0         2,950             0
 2010              0           0           0           0             0              0         2,950             0
 2011              0           0           0           0             0              0         2,950             0
 2012              0           0           0           0             0              0         2,950             0
 2013              0           0           0           0             0              0         2,950             0
 2014              0           0           0           0             0              0         2,950             0
 2015              0           0           0           0             0              0         2,950             0
 2016              0           0           0           0             0              0         2,950             0
 2017              0           0           0           0             0              0         2,950             0

 SUBTOT       29,334           0           0           0        29,334          2,950                       2,692
 REMAIN            0           0           0           0             0              0         2,950             0
 TOTAL        29,334           0           0           0        29,334          2,950                       2,692

   LIFE OF EVALUATION IS 2.83 YEARS.
   FINAL PRODUCTION RATE: 0.3 MMCF/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE    142
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   14-T17S-R17W                            PROVED
     THIELENHAUS #1   (TOPEKA)                                         PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.875000                             4.13        5.00% -        75,371
 FINAL   -   1.000000                      0.875000                             4.13       10.00% -        60,475
 REMARKS -                                                                                 15.00% -        49,955
                                                                                           20.00% -        42,291
                                                                                           25.00% -        36,543
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           4               0           0           3.134       0.00     4.13
 2004     1             0           0           3               0           0           2.871       0.00     4.13
 2005     1             0           0           4               0           0           2.629       0.00     4.13
 2006     1             0           0           3               0           0           2.409       0.00     4.13
 2007     1             0           0           2               0           0           2.206       0.00     4.13
 2008     1             0           0           3               0           0           2.021       0.00     4.13
 2009     1             0           0           2               0           0           1.851       0.00     4.13
 2010     1             0           0           2               0           0           1.696       0.00     4.13
 2011     1             0           0           2               0           0           1.553       0.00     4.13
 2012     1             0           0           2               0           0           1.423       0.00     4.13
 2013     1             0           0           2               0           0           1.303       0.00     4.13
 2014     1             0           0           1               0           0           1.194       0.00     4.13
 2015     1             0           0           2               0           0           1.093       0.00     4.13
 2016     1             0           0           1               0           0           0.917       0.00     4.13
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0          33               0           0          26.300       0.00     4.13
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0          33               0           0          26.300       0.00     4.13

 CUMULATIVE             0           0       1,138    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0       1,171        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0        12,943            0        12,943           0         230        12,713
 2004                0           0        11,855            0        11,855           0         211        11,644
 2005                0           0        10,860            0        10,860           0         194        10,666
 2006                0           0         9,947            0         9,947           0         177         9,770
 2007                0           0         9,112            0         9,112           0         162         8,950
 2008                0           0         8,346            0         8,346           0         149         8,197
 2009                0           0         7,645            0         7,645           0         136         7,509
 2010                0           0         7,004            0         7,004           0         124         6,880
 2011                0           0         6,414            0         6,414           0         114         6,300
 2012                0           0         5,876            0         5,876           0         105         5,771
 2013                0           0         5,383            0         5,383           0          96         5,287
 2014                0           0         4,930            0         4,930           0          88         4,842
 2015                0           0         4,516            0         4,516           0          80         4,436
 2016                0           0         3,788            0         3,788           0          67         3,721
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       108,619            0       108,619           0       1,933       106,686
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       108,619            0       108,619           0       1,933       106,686
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003            694           0           0           0           694         12,019        12,019        11,449
 2004            693           0           0           0           693         10,951        22,970         9,442
 2005            690           0           0           0           690          9,976        32,946         7,787
 2006            689           0           0           0           689          9,081        42,027         6,416
 2007            688           0           0           0           688          8,262        50,289         5,284
 2008            686           0           0           0           686          7,511        57,800         4,349
 2009            685           0           0           0           685          6,824        64,624         3,576
 2010            684           0           0           0           684          6,196        70,820         2,939
 2011            683           0           0           0           683          5,617        76,437         2,413
 2012            682           0           0           0           682          5,089        81,526         1,978
 2013            682           0           0           0           682          4,605        86,131         1,620
 2014            680           0           0           0           680          4,162        90,293         1,326
 2015            680           0           0           0           680          3,756        94,049         1,083
 2016            619           0           0           0           619          3,102        97,151           813
 2017              0           0           0           0             0              0        97,151             0

 SUBTOT        9,535           0           0           0         9,535         97,151                      60,475
 REMAIN            0           0           0           0             0              0        97,151             0
 TOTAL         9,535           0           0           0         9,535         97,151                      60,475

   LIFE OF EVALUATION IS 13.91 YEARS.
   FINAL PRODUCTION RATE: 0.1 MMCF/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE    143
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                  GAS LEASE
   TENGASCO, INC. - OPERATOR   14-T17S-R17W                          PROVED
     THIELENHAUS #1 BP   (TOPEKA)                                    BEHIND PIPE

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.875000                             4.13        5.00% -       360,372
 FINAL   -   1.000000                      0.875000                             4.13       10.00% -       288,894
 REMARKS - OPERATING COSTS CARRIED WITH PROVED PRODUCING.                                  15.00% -       235,726
                                                                                           20.00% -       195,376
                                                                                           25.00% -       164,164
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     1             0           0          29               0           0          22.995       0.00     4.13
 2005     1             0           0          20               0           0          16.477       0.00     4.13
 2006     1             0           0          18               0           0          14.375       0.00     4.13
 2007     1             0           0          15               0           0          12.542       0.00     4.13
 2008     1             0           0          14               0           0          10.942       0.00     4.13
 2009     1             0           0          12               0           0           9.546       0.00     4.13
 2010     1             0           0          10               0           0           8.329       0.00     4.13
 2011     1             0           0           9               0           0           7.266       0.00     4.13
 2012     1             0           0           8               0           0           6.340       0.00     4.13
 2013     1             0           0           7               0           0           5.531       0.00     4.13
 2014     1             0           0           3               0           0           2.382       0.00     4.13
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         145               0           0         116.725       0.00     4.13
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         145               0           0         116.725       0.00     4.13

 CUMULATIVE             0           0           0    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0         145        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0        94,970            0        94,970           0       1,690        93,280
 2005                0           0        68,049            0        68,049           0       1,212        66,837
 2006                0           0        59,369            0        59,369           0       1,057        58,312
 2007                0           0        51,797            0        51,797           0         921        50,876
 2008                0           0        45,190            0        45,190           0         805        44,385
 2009                0           0        39,426            0        39,426           0         702        38,724
 2010                0           0        34,398            0        34,398           0         612        33,786
 2011                0           0        30,010            0        30,010           0         534        29,476
 2012                0           0        26,182            0        26,182           0         466        25,716
 2013                0           0        22,842            0        22,842           0         407        22,435
 2014                0           0         9,840            0         9,840           0         175         9,665
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       482,073            0       482,073           0       8,581       473,492
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       482,073            0       482,073           0       8,581       473,492
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0      15,000           0        15,000         78,280        78,280        67,185
 2005              0           0           0           0             0         66,837       145,117        52,186
 2006              0           0           0           0             0         58,312       203,429        41,215
 2007              0           0           0           0             0         50,876       254,305        32,551
 2008              0           0           0           0             0         44,385       298,690        25,705
 2009              0           0           0           0             0         38,724       337,414        20,302
 2010              0           0           0           0             0         33,786       371,200        16,033
 2011              0           0           0           0             0         29,476       400,676        12,663
 2012              0           0           0           0             0         25,716       426,392        10,000
 2013              0           0           0           0             0         22,435       448,827         7,897
 2014              0           0           0           0             0          9,665       458,492         3,157
 2015              0           0           0           0             0              0       458,492             0
 2016              0           0           0           0             0              0       458,492             0
 2017              0           0           0           0             0              0       458,492             0

 SUBTOT            0           0      15,000           0        15,000        458,492                     288,894
 REMAIN            0           0           0           0             0              0       458,492             0
 TOTAL             0           0      15,000           0        15,000        458,492                     288,894

   LIFE OF EVALUATION IS 11.48 YEARS.
   FINAL PRODUCTION RATE: 0.5 MMCF/MO
</TABLE>


<PAGE>

                                   TENGASCO, INC.                   TABLE    144
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   19-T16S-R17W                            PROVED
     TORREY #2   (KSSC-LNSG)                                           PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.861328                             4.13        5.00% -       436,792
 FINAL   -   1.000000                      0.861328                             4.13       10.00% -       302,438
 REMARKS -                                                                                 15.00% -       229,987
                                                                                           20.00% -       185,396
                                                                                           25.00% -       155,324
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0          15               0           0          11.819       0.00     4.13
 2004     1             0           0          14               0           0          11.228       0.00     4.13
 2005     1             0           0          14               0           0          10.666       0.00     4.13
 2006     1             0           0          12               0           0          10.133       0.00     4.13
 2007     1             0           0          12               0           0           9.626       0.00     4.13
 2008     1             0           0          12               0           0           9.145       0.00     4.13
 2009     1             0           0          11               0           0           8.688       0.00     4.13
 2010     1             0           0          10               0           0           8.253       0.00     4.13
 2011     1             0           0          10               0           0           7.841       0.00     4.13
 2012     1             0           0          10               0           0           7.449       0.00     4.13
 2013     1             0           0           9               0           0           7.076       0.00     4.13
 2014     1             0           0           8               0           0           6.722       0.00     4.13
 2015     1             0           0           8               0           0           6.386       0.00     4.13
 2016     1             0           0           8               0           0           6.067       0.00     4.13
 2017     1             0           0           7               0           0           5.764       0.00     4.13

 SUB-TOTAL              0           0         160               0           0         126.863       0.00     4.13
 REMAINDER              0           0          96               0           0          75.852       0.00     4.13
 TOTAL                  0           0         256               0           0         202.715       0.00     4.13

 CUMULATIVE             0           0       2,894    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0       3,150        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0        48,811            0        48,811           0         869        47,942
 2004                0           0        46,371            0        46,371           0         825        45,546
 2005                0           0        44,052            0        44,052           0         784        43,268
 2006                0           0        41,850            0        41,850           0         745        41,105
 2007                0           0        39,757            0        39,757           0         708        39,049
 2008                0           0        37,770            0        37,770           0         672        37,098
 2009                0           0        35,880            0        35,880           0         639        35,241
 2010                0           0        34,087            0        34,087           0         607        33,480
 2011                0           0        32,383            0        32,383           0         576        31,807
 2012                0           0        30,763            0        30,763           0         548        30,215
 2013                0           0        29,225            0        29,225           0         520        28,705
 2014                0           0        27,764            0        27,764           0         494        27,270
 2015                0           0        26,376            0        26,376           0         470        25,906
 2016                0           0        25,057            0        25,057           0         446        24,611
 2017                0           0        23,804            0        23,804           0         423        23,381

 SUB-TOT             0           0       523,950            0       523,950           0       9,326       514,624
 REMAIN              0           0       313,267            0       313,267           0       5,576       307,691
 TOTAL               0           0       837,217            0       837,217           0      14,902       822,315
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003          2,317           0           0           0         2,317         45,625        45,625        43,446
 2004          2,313           0           0           0         2,313         43,233        88,858        37,266
 2005          2,309           0           0           0         2,309         40,959       129,817        31,959
 2006          2,304           0           0           0         2,304         38,801       168,618        27,406
 2007          2,302           0           0           0         2,302         36,747       205,365        23,495
 2008          2,297           0           0           0         2,297         34,801       240,166        20,141
 2009          2,295           0           0           0         2,295         32,946       273,112        17,261
 2010          2,291           0           0           0         2,291         31,189       304,301        14,791
 2011          2,289           0           0           0         2,289         29,518       333,819        12,672
 2012          2,285           0           0           0         2,285         27,930       361,749        10,854
 2013          2,283           0           0           0         2,283         26,422       388,171         9,294
 2014          2,281           0           0           0         2,281         24,989       413,160         7,957
 2015          2,277           0           0           0         2,277         23,629       436,789         6,811
 2016          2,276           0           0           0         2,276         22,335       459,124         5,828
 2017          2,274           0           0           0         2,274         21,107       480,231         4,985

 SUBTOT       34,393           0           0           0        34,393        480,231                     274,166
 REMAIN       51,881           0           0           0        51,881        255,810       736,041        28,272
 TOTAL        86,274           0           0           0        86,274        736,041                     302,438

   LIFE OF EVALUATION IS 38.00 YEARS.
   FINAL PRODUCTION RATE: 0.2 MMCF/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE    145
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL FIELD, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR   20-T16S-R17W                            PROVED
     URBAN R & A #1   (WABAUNSEE)                                      PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.875000                             4.13        5.00% -        40,948
 FINAL   -   1.000000                      0.875000                             4.13       10.00% -        31,748
 REMARKS -                                                                                 15.00% -        25,760
                                                                                           20.00% -        21,615
                                                                                           25.00% -        18,601
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           2               0           0           1.705       0.00     4.13
 2004     1             0           0           2               0           0           1.569       0.00     4.13
 2005     1             0           0           2               0           0           1.443       0.00     4.13
 2006     1             0           0           2               0           0           1.328       0.00     4.13
 2007     1             0           0           1               0           0           1.221       0.00     4.13
 2008     1             0           0           1               0           0           1.124       0.00     4.13
 2009     1             0           0           2               0           0           1.034       0.00     4.13
 2010     1             0           0           1               0           0           0.951       0.00     4.13
 2011     1             0           0           1               0           0           0.875       0.00     4.13
 2012     1             0           0           1               0           0           0.805       0.00     4.13
 2013     1             0           0           1               0           0           0.741       0.00     4.13
 2014     1             0           0           1               0           0           0.681       0.00     4.13
 2015     1             0           0           1               0           0           0.627       0.00     4.13
 2016     1             0           0           0               0           0           0.577       0.00     4.13
 2017     1             0           0           1               0           0           0.531       0.00     4.13

 SUB-TOTAL              0           0          19               0           0          15.212       0.00     4.13
 REMAINDER              0           0           5               0           0           3.795       0.00     4.13
 TOTAL                  0           0          24               0           0          19.007       0.00     4.13

 CUMULATIVE             0           0          72    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0          96        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0         7,042            0         7,042           0         125         6,917
 2004                0           0         6,478            0         6,478           0         116         6,362
 2005                0           0         5,960            0         5,960           0         106         5,854
 2006                0           0         5,483            0         5,483           0          97         5,386
 2007                0           0         5,045            0         5,045           0          90         4,955
 2008                0           0         4,641            0         4,641           0          83         4,558
 2009                0           0         4,269            0         4,269           0          76         4,193
 2010                0           0         3,928            0         3,928           0          70         3,858
 2011                0           0         3,614            0         3,614           0          64         3,550
 2012                0           0         3,325            0         3,325           0          59         3,266
 2013                0           0         3,059            0         3,059           0          55         3,004
 2014                0           0         2,814            0         2,814           0          50         2,764
 2015                0           0         2,589            0         2,589           0          46         2,543
 2016                0           0         2,382            0         2,382           0          42         2,340
 2017                0           0         2,191            0         2,191           0          39         2,152

 SUB-TOT             0           0        62,820            0        62,820           0       1,118        61,702
 REMAIN              0           0        15,674            0        15,674           0         279        15,395
 TOTAL               0           0        78,494            0        78,494           0       1,397        77,097
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003            792           0           0           0           792          6,125         6,125         5,834
 2004            791           0           0           0           791          5,571        11,696         4,804
 2005            790           0           0           0           790          5,064        16,760         3,953
 2006            790           0           0           0           790          4,596        21,356         3,247
 2007            788           0           0           0           788          4,167        25,523         2,665
 2008            788           0           0           0           788          3,770        29,293         2,183
 2009            788           0           0           0           788          3,405        32,698         1,785
 2010            786           0           0           0           786          3,072        35,770         1,457
 2011            787           0           0           0           787          2,763        38,533         1,187
 2012            785           0           0           0           785          2,481        41,014           964
 2013            786           0           0           0           786          2,218        43,232           781
 2014            784           0           0           0           784          1,980        45,212           631
 2015            785           0           0           0           785          1,758        46,970           507
 2016            784           0           0           0           784          1,556        48,526           406
 2017            784           0           0           0           784          1,368        49,894           323

 SUBTOT       11,808           0           0           0        11,808         49,894                      30,727
 REMAIN        9,127           0           0           0         9,127          6,268        56,162         1,021
 TOTAL        20,935           0           0           0        20,935         56,162                      31,748

   LIFE OF EVALUATION IS 26.67 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE    146
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL EAST FIELD, RUSH COUNTY, KANSAS                               GAS LEASE
   TENGASCO, INC. - OPERATOR   35-T17S-R18W                            PROVED
     BAHR #1   (KSSC-LNSG)                                             PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.875000                             4.13        5.00% -       146,354
 FINAL   -   1.000000                      0.875000                             4.13       10.00% -        96,951
 REMARKS -                                                                                 15.00% -        71,818
                                                                                           20.00% -        56,955
                                                                                           25.00% -        47,198
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           4               0           0           3.494       0.00     4.13
 2004     1             0           0           5               0           0           3.372       0.00     4.13
 2005     1             0           0           4               0           0           3.254       0.00     4.13
 2006     1             0           0           3               0           0           3.140       0.00     4.13
 2007     1             0           0           4               0           0           3.030       0.00     4.13
 2008     1             0           0           4               0           0           2.924       0.00     4.13
 2009     1             0           0           3               0           0           2.822       0.00     4.13
 2010     1             0           0           4               0           0           2.723       0.00     4.13
 2011     1             0           0           3               0           0           2.628       0.00     4.13
 2012     1             0           0           3               0           0           2.536       0.00     4.13
 2013     1             0           0           3               0           0           2.447       0.00     4.13
 2014     1             0           0           3               0           0           2.361       0.00     4.13
 2015     1             0           0           3               0           0           2.279       0.00     4.13
 2016     1             0           0           3               0           0           2.199       0.00     4.13
 2017     1             0           0           2               0           0           2.122       0.00     4.13

 SUB-TOTAL              0           0          51               0           0          41.331       0.00     4.13
 REMAINDER              0           0          41               0           0          32.724       0.00     4.13
 TOTAL                  0           0          92               0           0          74.055       0.00     4.13

 CUMULATIVE             0           0         141    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0         233        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0        14,432            0        14,432           0         257        14,175
 2004                0           0        13,927            0        13,927           0         248        13,679
 2005                0           0        13,439            0        13,439           0         239        13,200
 2006                0           0        12,969            0        12,969           0         231        12,738
 2007                0           0        12,515            0        12,515           0         223        12,292
 2008                0           0        12,077            0        12,077           0         215        11,862
 2009                0           0        11,654            0        11,654           0         207        11,447
 2010                0           0        11,246            0        11,246           0         200        11,046
 2011                0           0        10,853            0        10,853           0         193        10,660
 2012                0           0        10,473            0        10,473           0         187        10,286
 2013                0           0        10,106            0        10,106           0         180         9,926
 2014                0           0         9,753            0         9,753           0         173         9,580
 2015                0           0         9,411            0         9,411           0         168         9,243
 2016                0           0         9,082            0         9,082           0         161         8,921
 2017                0           0         8,764            0         8,764           0         156         8,608

 SUB-TOT             0           0       170,701            0       170,701           0       3,038       167,663
 REMAIN              0           0       135,151            0       135,151           0       2,406       132,745
 TOTAL               0           0       305,852            0       305,852           0       5,444       300,408
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003            937           0           0           0           937         13,238        13,238        12,604
 2004            936           0           0           0           936         12,743        25,981        10,983
 2005            935           0           0           0           935         12,265        38,246         9,569
 2006            934           0           0           0           934         11,804        50,050         8,336
 2007            933           0           0           0           933         11,359        61,409         7,262
 2008            933           0           0           0           933         10,929        72,338         6,324
 2009            932           0           0           0           932         10,515        82,853         5,508
 2010            931           0           0           0           931         10,115        92,968         4,797
 2011            931           0           0           0           931          9,729       102,697         4,176
 2012            930           0           0           0           930          9,356       112,053         3,635
 2013            929           0           0           0           929          8,997       121,050         3,164
 2014            929           0           0           0           929          8,651       129,701         2,755
 2015            928           0           0           0           928          8,315       138,016         2,396
 2016            928           0           0           0           928          7,993       146,009         2,085
 2017            927           0           0           0           927          7,681       153,690         1,814

 SUBTOT       13,973           0           0           0        13,973        153,690                      85,408
 REMAIN       21,207           0           0           0        21,207        111,538       265,228        11,543
 TOTAL        35,180           0           0           0        35,180        265,228                      96,951

   LIFE OF EVALUATION IS 38.00 YEARS.
   FINAL PRODUCTION RATE: 0.1 MMCF/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE    147
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL WEST FIELD, RUSH COUNTY, KANSAS                               GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T17S-R18W                            PROVED
     LEGLEITER -A- #1-1   (CHASE)                                      PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.738281                             4.13        5.00% -       254,562
 FINAL   -   1.000000                      0.738281                             4.13       10.00% -       185,525
 REMARKS -                                                                                 15.00% -       144,480
                                                                                           20.00% -       117,867
                                                                                           25.00% -        99,405
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0          15               0           0          10.161       0.00     4.13
 2004     1             0           0          14               0           0           9.754       0.00     4.13
 2005     1             0           0          14               0           0           9.364       0.00     4.13
 2006     1             0           0          13               0           0           8.990       0.00     4.13
 2007     1             0           0          13               0           0           8.630       0.00     4.13
 2008     1             0           0          12               0           0           8.285       0.00     4.13
 2009     1             0           0          12               0           0           7.953       0.00     4.13
 2010     1             0           0          11               0           0           7.635       0.00     4.13
 2011     1             0           0          11               0           0           7.330       0.00     4.13
 2012     1             0           0          10               0           0           7.037       0.00     4.13
 2013     1             0           0          10               0           0           6.755       0.00     4.13
 2014     1             0           0          10               0           0           6.485       0.00     4.13
 2015     1             0           0           9               0           0           6.226       0.00     4.13
 2016     1             0           0           9               0           0           5.977       0.00     4.13
 2017     1             0           0           8               0           0           5.737       0.00     4.13

 SUB-TOTAL              0           0         171               0           0         116.319       0.00     4.13
 REMAINDER              0           0         101               0           0          68.437       0.00     4.13
 TOTAL                  0           0         272               0           0         184.756       0.00     4.13

 CUMULATIVE             0           0         267    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0         539        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0        41,964            0        41,964           0         747        41,217
 2004                0           0        40,285            0        40,285           0         717        39,568
 2005                0           0        38,673            0        38,673           0         688        37,985
 2006                0           0        37,127            0        37,127           0         661        36,466
 2007                0           0        35,641            0        35,641           0         635        35,006
 2008                0           0        34,216            0        34,216           0         609        33,607
 2009                0           0        32,848            0        32,848           0         584        32,264
 2010                0           0        31,533            0        31,533           0         562        30,971
 2011                0           0        30,272            0        30,272           0         539        29,733
 2012                0           0        29,061            0        29,061           0         517        28,544
 2013                0           0        27,899            0        27,899           0         496        27,403
 2014                0           0        26,783            0        26,783           0         477        26,306
 2015                0           0        25,711            0        25,711           0         458        25,253
 2016                0           0        24,683            0        24,683           0         439        24,244
 2017                0           0        23,696            0        23,696           0         422        23,274

 SUB-TOT             0           0       480,392            0       480,392           0       8,551       471,841
 REMAIN              0           0       282,644            0       282,644           0       5,031       277,613
 TOTAL               0           0       763,036            0       763,036           0      13,582       749,454
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003         11,521           0           0           0        11,521         29,696        29,696        28,278
 2004         11,518           0           0           0        11,518         28,050        57,746        24,180
 2005         11,515           0           0           0        11,515         26,470        84,216        20,654
 2006         11,511           0           0           0        11,511         24,955       109,171        17,627
 2007         11,509           0           0           0        11,509         23,497       132,668        15,024
 2008         11,505           0           0           0        11,505         22,102       154,770        12,793
 2009         11,503           0           0           0        11,503         20,761       175,531        10,877
 2010         11,500           0           0           0        11,500         19,471       195,002         9,235
 2011         11,497           0           0           0        11,497         18,236       213,238         7,829
 2012         11,495           0           0           0        11,495         17,049       230,287         6,626
 2013         11,493           0           0           0        11,493         15,910       246,197         5,598
 2014         11,491           0           0           0        11,491         14,815       261,012         4,718
 2015         11,488           0           0           0        11,488         13,765       274,777         3,968
 2016         11,486           0           0           0        11,486         12,758       287,535         3,329
 2017         11,484           0           0           0        11,484         11,790       299,325         2,786

 SUBTOT      172,516           0           0           0       172,516        299,325                     173,522
 REMAIN      193,080           0           0           0       193,080         84,533       383,858        12,003
 TOTAL       365,596           0           0           0       365,596        383,858                     185,525

   LIFE OF EVALUATION IS 31.83 YEARS.
   FINAL PRODUCTION RATE: 0.3 MMCF/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE    148
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL WEST FIELD, RUSH COUNTY, KANSAS                               GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T17S-R18W                            PROVED
     LEGLEITER -A- #1-2   (CHASE)                                      PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                                                                       5.00% -             0
 FINAL   -   1.000000                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE             0           0           2
 ULTIMATE               0           0           2
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO
</TABLE>


<PAGE>

                                   TENGASCO, INC.                   TABLE    149
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 REICHEL WEST FIELD, RUSH COUNTY, KANSAS                               GAS LEASE
   TENGASCO, INC. - OPERATOR   1-T17S-R18W                             PROVED
     MUTH #1 & 2   (CHSE-SHWN)                                         PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                      0.722656                             4.13        5.00% -       174,392
 FINAL   -   1.000000                      0.722656                             4.13       10.00% -       149,457
 REMARKS -                                                                                 15.00% -       130,099
                                                                                           20.00% -       114,795
                                                                                           25.00% -       102,492
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     2             0           0          19               0           0          12.362       0.00     4.13
 2004     2             0           0          16               0           0          10.879       0.00     4.13
 2005     2             0           0          14               0           0           9.573       0.00     4.13
 2006     2             0           0          13               0           0           8.424       0.00     4.13
 2007     2             0           0          11               0           0           7.413       0.00     4.13
 2008     2             0           0          10               0           0           6.524       0.00     4.13
 2009     2             0           0           9               0           0           5.741       0.00     4.13
 2010     2             0           0           7               0           0           5.052       0.00     4.13
 2011     2             0           0           7               0           0           4.446       0.00     4.13
 2012     2             0           0           6               0           0           3.912       0.00     4.13
 2013     2             0           0           5               0           0           3.443       0.00     4.13
 2014     2             0           0           2               0           0           1.203       0.00     4.13
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         119               0           0          78.972       0.00     4.13
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         119               0           0          78.972       0.00     4.13

 CUMULATIVE             0           0         619    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE               0           0         738        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0        51,055            0        51,055           0         909        50,146
 2004                0           0        44,929            0        44,929           0         800        44,129
 2005                0           0        39,537            0        39,537           0         703        38,834
 2006                0           0        34,793            0        34,793           0         620        34,173
 2007                0           0        30,617            0        30,617           0         545        30,072
 2008                0           0        26,944            0        26,944           0         479        26,465
 2009                0           0        23,710            0        23,710           0         422        23,288
 2010                0           0        20,865            0        20,865           0         372        20,493
 2011                0           0        18,361            0        18,361           0         326        18,035
 2012                0           0        16,158            0        16,158           0         288        15,870
 2013                0           0        14,219            0        14,219           0         253        13,966
 2014                0           0         4,966            0         4,966           0          89         4,877
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       326,154            0       326,154           0       5,806       320,348
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       326,154            0       326,154           0       5,806       320,348
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003          9,994           0           0           0         9,994         40,152        40,152        38,268
 2004          9,981           0           0           0         9,981         34,148        74,300        29,461
 2005          9,970           0           0           0         9,970         28,864       103,164        22,544
 2006          9,961           0           0           0         9,961         24,212       127,376        17,119
 2007          9,951           0           0           0         9,951         20,121       147,497        12,879
 2008          9,944           0           0           0         9,944         16,521       164,018         9,574
 2009          9,937           0           0           0         9,937         13,351       177,369         7,004
 2010          9,932           0           0           0         9,932         10,561       187,930         5,016
 2011          9,926           0           0           0         9,926          8,109       196,039         3,488
 2012          9,921           0           0           0         9,921          5,949       201,988         2,317
 2013          9,918           0           0           0         9,918          4,048       206,036         1,429
 2014          3,785           0           0           0         3,785          1,092       207,128           358
 2015              0           0           0           0             0              0       207,128             0
 2016              0           0           0           0             0              0       207,128             0
 2017              0           0           0           0             0              0       207,128             0

 SUBTOT      113,220           0           0           0       113,220        207,128                     149,457
 REMAIN            0           0           0           0             0              0       207,128             0
 TOTAL       113,220           0           0           0       113,220        207,128                     149,457

   LIFE OF EVALUATION IS 11.38 YEARS.
   FINAL PRODUCTION RATE: 0.4 MMCF/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE    150
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 RIDGEWAY SOUTH FIELD, TREGO COUNTY, KANSAS                            OIL LEASE
   TENGASCO, INC. - OPERATOR   34-T12S-R21W                            PROVED
     SCHOENTHALER #3   (ARBUCKLE)                                      PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.820313                         27.29                               5.00% -       110,924
 FINAL   -   1.000000  0.820313                         27.29                              10.00% -        95,923
 REMARKS -                                                                                 15.00% -        84,138
                                                                                           20.00% -        74,727
                                                                                           25.00% -        67,095
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1         1,768           0           0           1,450           0           0.000      27.29     0.00
 2004     1         1,481           0           0           1,216           0           0.000      27.29     0.00
 2005     1         1,334           0           0           1,093           0           0.000      27.29     0.00
 2006     1         1,200           0           0             985           0           0.000      27.29     0.00
 2007     1         1,079           0           0             885           0           0.000      27.29     0.00
 2008     1           972           0           0             798           0           0.000      27.29     0.00
 2009     1           875           0           0             717           0           0.000      27.29     0.00
 2010     1           787           0           0             646           0           0.000      27.29     0.00
 2011     1           709           0           0             581           0           0.000      27.29     0.00
 2012     1           638           0           0             523           0           0.000      27.29     0.00
 2013     1           573           0           0             471           0           0.000      27.29     0.00
 2014     1           351           0           0             287           0           0.000      27.29     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL         11,767           0           0           9,652           0           0.000      27.29     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL             11,767           0           0           9,652           0           0.000      27.29     0.00

 CUMULATIVE        50,223           0           0
 ULTIMATE          61,990           0           0
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003           39,582           0             0            0        39,582         241           0        39,341
 2004           33,162           0             0            0        33,162         203           0        32,959
 2005           29,846           0             0            0        29,846         182           0        29,664
 2006           26,861           0             0            0        26,861         164           0        26,697
 2007           24,175           0             0            0        24,175         147           0        24,028
 2008           21,757           0             0            0        21,757         133           0        21,624
 2009           19,582           0             0            0        19,582         119           0        19,463
 2010           17,624           0             0            0        17,624         108           0        17,516
 2011           15,861           0             0            0        15,861          97           0        15,764
 2012           14,275           0             0            0        14,275          87           0        14,188
 2013           12,847           0             0            0        12,847          78           0        12,769
 2014            7,843           0             0            0         7,843          48           0         7,795
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT       263,415           0             0            0       263,415       1,607           0       261,808
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL         263,415           0             0            0       263,415       1,607           0       261,808
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003         11,268           0           0           0        11,268         28,073        28,073        26,795
 2004         11,268           0           0           0        11,268         21,691        49,764        18,714
 2005         11,268           0           0           0        11,268         18,396        68,160        14,368
 2006         11,268           0           0           0        11,268         15,429        83,589        10,909
 2007         11,268           0           0           0        11,268         12,760        96,349         8,168
 2008         11,268           0           0           0        11,268         10,356       106,705         6,002
 2009         11,268           0           0           0        11,268          8,195       114,900         4,300
 2010         11,268           0           0           0        11,268          6,248       121,148         2,969
 2011         11,268           0           0           0        11,268          4,496       125,644         1,935
 2012         11,268           0           0           0        11,268          2,920       128,564         1,139
 2013         11,268           0           0           0        11,268          1,501       130,065           532
 2014          7,512           0           0           0         7,512            283       130,348            92
 2015              0           0           0           0             0              0       130,348             0
 2016              0           0           0           0             0              0       130,348             0
 2017              0           0           0           0             0              0       130,348             0

 SUBTOT      131,460           0           0           0       131,460        130,348                      95,923
 REMAIN            0           0           0           0             0              0       130,348             0
 TOTAL       131,460           0           0           0       131,460        130,348                      95,923

   LIFE OF EVALUATION IS 11.67 YEARS.
   FINAL PRODUCTION RATE: 42 BBLS/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE    151
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 RIGA NORTHEAST FIELD, TREGO COUNTY, KANSAS                            OIL LEASE
   TENGASCO, INC. - OPERATOR   9-T13S-R21W                             PROVED
     KELLER LEASE   (KSSC-LNSG)                                        PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.875000                         27.29                               5.00% -        58,589
 FINAL   -   1.000000  0.875000                         27.29                              10.00% -        45,903
 REMARKS -                                                                                 15.00% -        37,348
                                                                                           20.00% -        31,316
                                                                                           25.00% -        26,889
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     2           562           0           0             492           0           0.000      27.29     0.00
 2004     2           535           0           0             468           0           0.000      27.29     0.00
 2005     2           510           0           0             446           0           0.000      27.29     0.00
 2006     2           484           0           0             424           0           0.000      27.29     0.00
 2007     2           462           0           0             404           0           0.000      27.29     0.00
 2008     2           440           0           0             385           0           0.000      27.29     0.00
 2009     2           418           0           0             366           0           0.000      27.29     0.00
 2010     2           398           0           0             348           0           0.000      27.29     0.00
 2011     2           380           0           0             332           0           0.000      27.29     0.00
 2012     2           361           0           0             316           0           0.000      27.29     0.00
 2013     2           343           0           0             301           0           0.000      27.29     0.00
 2014     2           328           0           0             286           0           0.000      27.29     0.00
 2015     2           311           0           0             272           0           0.000      27.29     0.00
 2016     2           297           0           0             260           0           0.000      27.29     0.00
 2017     2           282           0           0             247           0           0.000      27.29     0.00

 SUB-TOTAL          6,111           0           0           5,347           0           0.000      27.29     0.00
 REMAINDER            959           0           0             839           0           0.000      27.29     0.00
 TOTAL              7,070           0           0           6,186           0           0.000      27.29     0.00

 CUMULATIVE        49,858           0           0
 ULTIMATE          56,928           0           0
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003           13,421           0             0            0        13,421          82           0        13,339
 2004           12,777           0             0            0        12,777          78           0        12,699
 2005           12,164           0             0            0        12,164          74           0        12,090
 2006           11,580           0             0            0        11,580          71           0        11,509
 2007           11,024           0             0            0        11,024          67           0        10,957
 2008           10,495           0             0            0        10,495          64           0        10,431
 2009            9,992           0             0            0         9,992          61           0         9,931
 2010            9,511           0             0            0         9,511          58           0         9,453
 2011            9,055           0             0            0         9,055          55           0         9,000
 2012            8,621           0             0            0         8,621          53           0         8,568
 2013            8,206           0             0            0         8,206          50           0         8,156
 2014            7,813           0             0            0         7,813          47           0         7,766
 2015            7,438           0             0            0         7,438          46           0         7,392
 2016            7,081           0             0            0         7,081          43           0         7,038
 2017            6,740           0             0            0         6,740          41           0         6,699

 SUB-TOT       145,918           0             0            0       145,918         890           0       145,028
 REMAIN         22,905           0             0            0        22,905         140           0        22,765
 TOTAL         168,823           0             0            0       168,823       1,030           0       167,793
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003          4,752           0           0           0         4,752          8,587         8,587         8,178
 2004          4,752           0           0           0         4,752          7,947        16,534         6,852
 2005          4,752           0           0           0         4,752          7,338        23,872         5,727
 2006          4,752           0           0           0         4,752          6,757        30,629         4,774
 2007          4,752           0           0           0         4,752          6,205        36,834         3,968
 2008          4,752           0           0           0         4,752          5,679        42,513         3,288
 2009          4,752           0           0           0         4,752          5,179        47,692         2,714
 2010          4,752           0           0           0         4,752          4,701        52,393         2,230
 2011          4,752           0           0           0         4,752          4,248        56,641         1,825
 2012          4,752           0           0           0         4,752          3,816        60,457         1,483
 2013          4,752           0           0           0         4,752          3,404        63,861         1,198
 2014          4,752           0           0           0         4,752          3,014        66,875           961
 2015          4,752           0           0           0         4,752          2,640        69,515           761
 2016          4,752           0           0           0         4,752          2,286        71,801           597
 2017          4,752           0           0           0         4,752          1,947        73,748           460

 SUBTOT       71,280           0           0           0        71,280         73,748                      45,016
 REMAIN       18,154           0           0           0        18,154          4,611        78,359           887
 TOTAL        89,434           0           0           0        89,434         78,359                      45,903

   LIFE OF EVALUATION IS 18.82 YEARS.
   FINAL PRODUCTION RATE: 19 BBLS/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE    152
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 RIGA NORTHEAST FIELD, TREGO COUNTY, KANSAS                            OIL LEASE
   TENGASCO, INC. - OPERATOR   9-T13S-R21W                             PROVED
     KELLER -A- LEASE   (ARBUCKLE)                                     PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.875000                         27.29                               5.00% -        35,146
 FINAL   -   1.000000  0.875000                         27.29                              10.00% -        32,069
 REMARKS -                                                                                 15.00% -        29,411
                                                                                           20.00% -        27,102
                                                                                           25.00% -        25,086
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     3         1,632           0           0           1,428           0           0.000      27.29     0.00
 2004     3         1,522           0           0           1,331           0           0.000      27.29     0.00
 2005     3         1,421           0           0           1,244           0           0.000      27.29     0.00
 2006     3         1,330           0           0           1,164           0           0.000      27.29     0.00
 2007     3         1,248           0           0           1,092           0           0.000      27.29     0.00
 2008     3         1,174           0           0           1,027           0           0.000      27.29     0.00
 2009     3           375           0           0             329           0           0.000      27.29     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL          8,702           0           0           7,615           0           0.000      27.29     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL              8,702           0           0           7,615           0           0.000      27.29     0.00

 CUMULATIVE       102,577           0           0
 ULTIMATE         111,279           0           0
</TABLE>



<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003           38,979           0             0            0        38,979         238           0        38,741
 2004           36,324           0             0            0        36,324         221           0        36,103
 2005           33,933           0             0            0        33,933         207           0        33,726
 2006           31,769           0             0            0        31,769         194           0        31,575
 2007           29,807           0             0            0        29,807         182           0        29,625
 2008           28,020           0             0            0        28,020         171           0        27,849
 2009            8,971           0             0            0         8,971          55           0         8,916
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT       207,803           0             0            0       207,803       1,268           0       206,535
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL         207,803           0             0            0       207,803       1,268           0       206,535
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003         26,496           0           0           0        26,496         12,245        12,245        11,677
 2004         26,496           0           0           0        26,496          9,607        21,852         8,295
 2005         26,496           0           0           0        26,496          7,230        29,082         5,653
 2006         26,496           0           0           0        26,496          5,079        34,161         3,598
 2007         26,496           0           0           0        26,496          3,129        37,290         2,009
 2008         26,496           0           0           0        26,496          1,353        38,643           791
 2009          8,832           0           0           0         8,832             84        38,727            46
 2010              0           0           0           0             0              0        38,727             0
 2011              0           0           0           0             0              0        38,727             0
 2012              0           0           0           0             0              0        38,727             0
 2013              0           0           0           0             0              0        38,727             0
 2014              0           0           0           0             0              0        38,727             0
 2015              0           0           0           0             0              0        38,727             0
 2016              0           0           0           0             0              0        38,727             0
 2017              0           0           0           0             0              0        38,727             0

 SUBTOT      167,808           0           0           0       167,808         38,727                      32,069
 REMAIN            0           0           0           0             0              0        38,727             0
 TOTAL       167,808           0           0           0       167,808         38,727                      32,069

   LIFE OF EVALUATION IS 6.33 YEARS.
   FINAL PRODUCTION RATE: 93 BBLS/MO
</TABLE>


<PAGE>

                                   TENGASCO, INC.                   TABLE    153
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 RUGGELS WEST FIELD, OSBORNE COUNTY, KANSAS                            OIL LEASE
   TENGASCO, INC. - OPERATOR   16-T10S-R15W                            PROVED
     MAIER #1   (KSSC-LNSG)                                            PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   0.812500                                                                       5.00% -             0
 FINAL   -   0.812500                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE        11,113           0           0
 ULTIMATE          11,113           0           0
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0 BBLS/MO
</TABLE>


<PAGE>

                                   TENGASCO, INC.                   TABLE    154
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 RUGGELS WEST FIELD, OSBORNE COUNTY, KANSAS                          OIL LEASE
   TENGASCO, INC. - OPERATOR   16-T10S-R15W                          PROVED
     MAIER #1 BP   (KSSC-LNSG)                                       BEHIND PIPE

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   0.812500  0.676025                         27.29                               5.00% -       240,690
 FINAL   -   0.812500  0.676025                         27.29                              10.00% -       197,208
 REMARKS -                                                                                 15.00% -       165,414
                                                                                           20.00% -       141,491
                                                                                           25.00% -       123,017
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1         3,446           0           0           2,330           0           0.000      27.29     0.00
 2004     1         3,157           0           0           2,134           0           0.000      27.29     0.00
 2005     1         2,892           0           0           1,955           0           0.000      27.29     0.00
 2006     1         2,648           0           0           1,790           0           0.000      27.29     0.00
 2007     1         2,426           0           0           1,640           0           0.000      27.29     0.00
 2008     1         2,222           0           0           1,502           0           0.000      27.29     0.00
 2009     1         2,035           0           0           1,376           0           0.000      27.29     0.00
 2010     1         1,864           0           0           1,260           0           0.000      27.29     0.00
 2011     1         1,707           0           0           1,154           0           0.000      27.29     0.00
 2012     1         1,564           0           0           1,057           0           0.000      27.29     0.00
 2013     1         1,432           0           0             968           0           0.000      27.29     0.00
 2014     1         1,312           0           0             887           0           0.000      27.29     0.00
 2015     1         1,202           0           0             813           0           0.000      27.29     0.00
 2016     1         1,100           0           0             744           0           0.000      27.29     0.00
 2017     1         1,008           0           0             681           0           0.000      27.29     0.00

 SUB-TOTAL         30,015           0           0          20,291           0           0.000      27.29     0.00
 REMAINDER          1,070           0           0             723           0           0.000      27.29     0.00
 TOTAL             31,085           0           0          21,014           0           0.000      27.29     0.00

 CUMULATIVE             0           0           0
 ULTIMATE          31,085           0           0
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003           63,583           0             0            0        63,583         388           0        63,195
 2004           58,238           0             0            0        58,238         355           0        57,883
 2005           53,343           0             0            0        53,343         326           0        53,017
 2006           48,859           0             0            0        48,859         298           0        48,561
 2007           44,752           0             0            0        44,752         273           0        44,479
 2008           40,990           0             0            0        40,990         250           0        40,740
 2009           37,544           0             0            0        37,544         229           0        37,315
 2010           34,388           0             0            0        34,388         209           0        34,179
 2011           31,498           0             0            0        31,498         192           0        31,306
 2012           28,850           0             0            0        28,850         176           0        28,674
 2013           26,425           0             0            0        26,425         162           0        26,263
 2014           24,203           0             0            0        24,203         147           0        24,056
 2015           22,169           0             0            0        22,169         136           0        22,033
 2016           20,306           0             0            0        20,306         123           0        20,183
 2017           18,598           0             0            0        18,598         114           0        18,484

 SUB-TOT       553,746           0             0            0       553,746       3,378           0       550,368
 REMAIN         19,732           0             0            0        19,732         120           0        19,612
 TOTAL         573,478           0             0            0       573,478       3,498           0       569,980
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003         15,971           0       9,750           0        25,721         37,474        37,474        35,283
 2004         15,970           0           0           0        15,970         41,913        79,387        36,148
 2005         15,971           0           0           0        15,971         37,046       116,433        28,923
 2006         15,970           0           0           0        15,970         32,591       149,024        23,034
 2007         15,971           0           0           0        15,971         28,508       177,532        18,240
 2008         15,970           0           0           0        15,970         24,770       202,302        14,346
 2009         15,971           0           0           0        15,971         21,344       223,646        11,192
 2010         15,970           0           0           0        15,970         18,209       241,855         8,643
 2011         15,971           0           0           0        15,971         15,335       257,190         6,590
 2012         15,970           0           0           0        15,970         12,704       269,894         4,942
 2013         15,971           0           0           0        15,971         10,292       280,186         3,626
 2014         15,970           0           0           0        15,970          8,086       288,272         2,579
 2015         15,971           0           0           0        15,971          6,062       294,334         1,751
 2016         15,970           0           0           0        15,970          4,213       298,547         1,103
 2017         15,971           0           0           0        15,971          2,513       301,060           596

 SUBTOT      239,558           0       9,750           0       249,308        301,060                     196,996
 REMAIN       18,632           0           0           0        18,632            980       302,040           212
 TOTAL       258,190           0       9,750           0       267,940        302,040                     197,208

   LIFE OF EVALUATION IS 16.17 YEARS.
   FINAL PRODUCTION RATE: 73 BBLS/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE    155
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SANDFORD FIELD, BARTON COUNTY, KANSAS                                 OIL LEASE
   TENGASCO, INC. - OPERATOR   26-T17S-R14W                            PROVED
     BEN TEMPERO #1   (ARBUCKLE)                                       PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.820312                         27.29                               5.00% -       253,046
 FINAL   -   1.000000  0.820312                         27.29                              10.00% -       199,702
 REMARKS -                                                                                 15.00% -       164,455
                                                                                           20.00% -       139,731
                                                                                           25.00% -       121,527
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1         2,588           0           0           2,123           0           0.000      27.29     0.00
 2004     1         2,313           0           0           1,897           0           0.000      27.29     0.00
 2005     1         2,091           0           0           1,716           0           0.000      27.29     0.00
 2006     1         1,907           0           0           1,564           0           0.000      27.29     0.00
 2007     1         1,754           0           0           1,439           0           0.000      27.29     0.00
 2008     1         1,623           0           0           1,331           0           0.000      27.29     0.00
 2009     1         1,510           0           0           1,239           0           0.000      27.29     0.00
 2010     1         1,411           0           0           1,158           0           0.000      27.29     0.00
 2011     1         1,326           0           0           1,087           0           0.000      27.29     0.00
 2012     1         1,250           0           0           1,025           0           0.000      27.29     0.00
 2013     1         1,181           0           0             969           0           0.000      27.29     0.00
 2014     1         1,120           0           0             919           0           0.000      27.29     0.00
 2015     1         1,066           0           0             874           0           0.000      27.29     0.00
 2016     1         1,015           0           0             833           0           0.000      27.29     0.00
 2017     1           970           0           0             796           0           0.000      27.29     0.00

 SUB-TOTAL         23,125           0           0          18,970           0           0.000      27.29     0.00
 REMAINDER          7,877           0           0           6,461           0           0.000      27.29     0.00
 TOTAL             31,002           0           0          25,431           0           0.000      27.29     0.00

 CUMULATIVE       112,154           0           0
 ULTIMATE         143,156           0           0
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003           57,938           0             0            0        57,938         353           0        57,585
 2004           51,780           0             0            0        51,780         316           0        51,464
 2005           46,806           0             0            0        46,806         286           0        46,520
 2006           42,700           0             0            0        42,700         260           0        42,440
 2007           39,257           0             0            0        39,257         240           0        39,017
 2008           36,327           0             0            0        36,327         221           0        36,106
 2009           33,802           0             0            0        33,802         207           0        33,595
 2010           31,606           0             0            0        31,606         192           0        31,414
 2011           29,676           0             0            0        29,676         181           0        29,495
 2012           27,969           0             0            0        27,969         171           0        27,798
 2013           26,447           0             0            0        26,447         161           0        26,286
 2014           25,081           0             0            0        25,081         153           0        24,928
 2015           23,850           0             0            0        23,850         146           0        23,704
 2016           22,733           0             0            0        22,733         138           0        22,595
 2017           21,716           0             0            0        21,716         133           0        21,583

 SUB-TOT       517,688           0             0            0       517,688       3,158           0       514,530
 REMAIN        176,330           0             0            0       176,330       1,076           0       175,254
 TOTAL         694,018           0             0            0       694,018       4,234           0       689,784
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003         13,908           0           0           0        13,908         43,677        43,677        41,626
 2004         13,908           0           0           0        13,908         37,556        81,233        32,397
 2005         13,908           0           0           0        13,908         32,612       113,845        25,464
 2006         13,908           0           0           0        13,908         28,532       142,377        20,165
 2007         13,908           0           0           0        13,908         25,109       167,486        16,063
 2008         13,908           0           0           0        13,908         22,198       189,684        12,855
 2009         13,908           0           0           0        13,908         19,687       209,371        10,319
 2010         13,908           0           0           0        13,908         17,506       226,877         8,307
 2011         13,908           0           0           0        13,908         15,587       242,464         6,694
 2012         13,908           0           0           0        13,908         13,890       256,354         5,401
 2013         13,908           0           0           0        13,908         12,378       268,732         4,356
 2014         13,908           0           0           0        13,908         11,020       279,752         3,511
 2015         13,908           0           0           0        13,908          9,796       289,548         2,825
 2016         13,908           0           0           0        13,908          8,687       298,235         2,268
 2017         13,908           0           0           0        13,908          7,675       305,910         1,814

 SUBTOT      208,620           0           0           0       208,620        305,910                     194,065
 REMAIN      141,398           0           0           0       141,398         33,856       339,766         5,637
 TOTAL       350,018           0           0           0       350,018        339,766                     199,702

   LIFE OF EVALUATION IS 25.17 YEARS.
   FINAL PRODUCTION RATE: 52 BBLS/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE    156
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SANDFORD FIELD, BARTON COUNTY, KANSAS                               OIL LEASE
   TENGASCO, INC. - OPERATOR   26-T17S-R14W                          PROVED
     BEN TEMPERO #5 PUD   (ARBUCKLE)                                 UNDEVELOPED

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.820312                         27.29                               5.00% -       353,990
 FINAL   -   1.000000  0.820312                         27.29                              10.00% -       238,543
 REMARKS -                                                                                 15.00% -       168,969
                                                                                           20.00% -       124,043
                                                                                           25.00% -        93,420
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     1         3,782           0           0           3,102           0           0.000      27.29     0.00
 2005     1         3,562           0           0           2,923           0           0.000      27.29     0.00
 2006     1         2,857           0           0           2,343           0           0.000      27.29     0.00
 2007     1         2,697           0           0           2,212           0           0.000      27.29     0.00
 2008     1         2,547           0           0           2,090           0           0.000      27.29     0.00
 2009     1         2,405           0           0           1,973           0           0.000      27.29     0.00
 2010     1         2,272           0           0           1,863           0           0.000      27.29     0.00
 2011     1         2,144           0           0           1,759           0           0.000      27.29     0.00
 2012     1         2,026           0           0           1,662           0           0.000      27.29     0.00
 2013     1         1,912           0           0           1,569           0           0.000      27.29     0.00
 2014     1         1,806           0           0           1,481           0           0.000      27.29     0.00
 2015     1         1,706           0           0           1,399           0           0.000      27.29     0.00
 2016     1         1,610           0           0           1,321           0           0.000      27.29     0.00
 2017     1         1,521           0           0           1,248           0           0.000      27.29     0.00

 SUB-TOTAL         32,847           0           0          26,945           0           0.000      27.29     0.00
 REMAINDER         13,138           0           0          10,777           0           0.000      27.29     0.00
 TOTAL             45,985           0           0          37,722           0           0.000      27.29     0.00

 CUMULATIVE             0           0           0
 ULTIMATE          45,985           0           0
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0             0            0             0           0           0             0
 2004           84,667           0             0            0        84,667         516           0        84,151
 2005           79,746           0             0            0        79,746         487           0        79,259
 2006           63,943           0             0            0        63,943         390           0        63,553
 2007           60,383           0             0            0        60,383         368           0        60,015
 2008           57,019           0             0            0        57,019         348           0        56,671
 2009           53,845           0             0            0        53,845         329           0        53,516
 2010           50,845           0             0            0        50,845         310           0        50,535
 2011           48,015           0             0            0        48,015         293           0        47,722
 2012           45,340           0             0            0        45,340         276           0        45,064
 2013           42,815           0             0            0        42,815         261           0        42,554
 2014           40,431           0             0            0        40,431         247           0        40,184
 2015           38,179           0             0            0        38,179         233           0        37,946
 2016           36,053           0             0            0        36,053         220           0        35,833
 2017           34,045           0             0            0        34,045         207           0        33,838

 SUB-TOT       735,326           0             0            0       735,326       4,485           0       730,841
 REMAIN        294,100           0             0            0       294,100       1,794           0       292,306
 TOTAL       1,029,426           0             0            0     1,029,426       6,279           0     1,023,147
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004          6,954           0     100,000           0       106,954        -22,803       -22,803       -20,740
 2005         13,908           0           0           0        13,908         65,351        42,548        51,312
 2006         13,908           0           0           0        13,908         49,645        92,193        35,070
 2007         13,908           0           0           0        13,908         46,107       138,300        29,485
 2008         13,908           0           0           0        13,908         42,763       181,063        24,754
 2009         13,908           0           0           0        13,908         39,608       220,671        20,754
 2010         13,908           0           0           0        13,908         36,627       257,298        17,374
 2011         13,908           0           0           0        13,908         33,814       291,112        14,519
 2012         13,908           0           0           0        13,908         31,156       322,268        12,110
 2013         13,908           0           0           0        13,908         28,646       350,914        10,080
 2014         13,908           0           0           0        13,908         26,276       377,190         8,369
 2015         13,908           0           0           0        13,908         24,038       401,228         6,930
 2016         13,908           0           0           0        13,908         21,925       423,153         5,723
 2017         13,908           0           0           0        13,908         19,930       443,083         4,709

 SUBTOT      187,758           0     100,000           0       287,758        443,083                     220,449
 REMAIN      172,871           0           0           0       172,871        119,435       562,518        18,094
 TOTAL       360,629           0     100,000           0       460,629        562,518                     238,543

   LIFE OF EVALUATION IS 27.43 YEARS.
   FINAL PRODUCTION RATE: 60 BBLS/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE    157
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SCHWINDT FIELD, RUSH COUNTY, KANSAS                                   OIL LEASE
   TENGASCO, INC. - OPERATOR   30-T17S-R18W                            PROVED
     JACOBS -B- #3   (CNGL-LNSG-MSSP-VIOL)                             PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.875000                         27.29                               5.00% -       194,131
 FINAL   -   1.000000  0.875000                         27.29                              10.00% -       153,919
 REMARKS -                                                                                 15.00% -       126,446
                                                                                           20.00% -       106,834
                                                                                           25.00% -        92,289
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1         1,729           0           0           1,513           0           0.000      27.29     0.00
 2004     1         1,617           0           0           1,415           0           0.000      27.29     0.00
 2005     1         1,512           0           0           1,323           0           0.000      27.29     0.00
 2006     1         1,413           0           0           1,236           0           0.000      27.29     0.00
 2007     1         1,322           0           0           1,157           0           0.000      27.29     0.00
 2008     1         1,236           0           0           1,081           0           0.000      27.29     0.00
 2009     1         1,155           0           0           1,011           0           0.000      27.29     0.00
 2010     1         1,080           0           0             945           0           0.000      27.29     0.00
 2011     1         1,010           0           0             884           0           0.000      27.29     0.00
 2012     1           945           0           0             826           0           0.000      27.29     0.00
 2013     1           883           0           0             773           0           0.000      27.29     0.00
 2014     1           825           0           0             722           0           0.000      27.29     0.00
 2015     1           772           0           0             676           0           0.000      27.29     0.00
 2016     1           722           0           0             631           0           0.000      27.29     0.00
 2017     1           675           0           0             591           0           0.000      27.29     0.00

 SUB-TOTAL         16,896           0           0          14,784           0           0.000      27.29     0.00
 REMAINDER          3,112           0           0           2,723           0           0.000      27.29     0.00
 TOTAL             20,008           0           0          17,507           0           0.000      27.29     0.00

 CUMULATIVE        75,445           0           0
 ULTIMATE          95,453           0           0
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003           41,292           0             0            0        41,292         252           0        41,040
 2004           38,608           0             0            0        38,608         235           0        38,373
 2005           36,099           0             0            0        36,099         221           0        35,878
 2006           33,752           0             0            0        33,752         205           0        33,547
 2007           31,558           0             0            0        31,558         193           0        31,365
 2008           29,507           0             0            0        29,507         180           0        29,327
 2009           27,589           0             0            0        27,589         168           0        27,421
 2010           25,796           0             0            0        25,796         158           0        25,638
 2011           24,119           0             0            0        24,119         147           0        23,972
 2012           22,551           0             0            0        22,551         137           0        22,414
 2013           21,086           0             0            0        21,086         129           0        20,957
 2014           19,714           0             0            0        19,714         120           0        19,594
 2015           18,434           0             0            0        18,434         113           0        18,321
 2016           17,235           0             0            0        17,235         105           0        17,130
 2017           16,115           0             0            0        16,115          98           0        16,017

 SUB-TOT       403,455           0             0            0       403,455       2,461           0       400,994
 REMAIN         74,303           0             0            0        74,303         453           0        73,850
 TOTAL         477,758           0             0            0       477,758       2,914           0       474,844
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003         10,548           0           0           0        10,548         30,492        30,492        29,044
 2004         10,548           0           0           0        10,548         27,825        58,317        23,993
 2005         10,548           0           0           0        10,548         25,330        83,647        19,771
 2006         10,548           0           0           0        10,548         22,999       106,646        16,250
 2007         10,548           0           0           0        10,548         20,817       127,463        13,315
 2008         10,548           0           0           0        10,548         18,779       146,242        10,873
 2009         10,548           0           0           0        10,548         16,873       163,115         8,844
 2010         10,548           0           0           0        10,548         15,090       178,205         7,160
 2011         10,548           0           0           0        10,548         13,424       191,629         5,766
 2012         10,548           0           0           0        10,548         11,866       203,495         4,614
 2013         10,548           0           0           0        10,548         10,409       213,904         3,664
 2014         10,548           0           0           0        10,548          9,046       222,950         2,882
 2015         10,548           0           0           0        10,548          7,773       230,723         2,243
 2016         10,548           0           0           0        10,548          6,582       237,305         1,719
 2017         10,548           0           0           0        10,548          5,469       242,774         1,293

 SUBTOT      158,220           0           0           0       158,220        242,774                     151,431
 REMAIN       60,651           0           0           0        60,651         13,199       255,973         2,488
 TOTAL       218,871           0           0           0       218,871        255,973                     153,919

   LIFE OF EVALUATION IS 20.75 YEARS.
   FINAL PRODUCTION RATE: 37 BBLS/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE    158
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SPRING CREEK FIELD, TREGO COUNTY, KANSAS                              OIL LEASE
   TENGASCO, INC. - OPERATOR   32-T12S-R21W                            PROVED
     RIDGWAY #1   (ARBUCKLE)                                           PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.779300                         27.29                               5.00% -       153,711
 FINAL   -   1.000000  0.779300                         27.29                              10.00% -       128,849
 REMARKS -                                                                                 15.00% -       110,152
                                                                                           20.00% -        95,770
                                                                                           25.00% -        84,474
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1         2,315           0           0           1,804           0           0.000      27.29     0.00
 2004     1         2,153           0           0           1,678           0           0.000      27.29     0.00
 2005     1         2,002           0           0           1,560           0           0.000      27.29     0.00
 2006     1         1,862           0           0           1,451           0           0.000      27.29     0.00
 2007     1         1,732           0           0           1,350           0           0.000      27.29     0.00
 2008     1         1,610           0           0           1,255           0           0.000      27.29     0.00
 2009     1         1,498           0           0           1,167           0           0.000      27.29     0.00
 2010     1         1,393           0           0           1,086           0           0.000      27.29     0.00
 2011     1         1,296           0           0           1,009           0           0.000      27.29     0.00
 2012     1         1,204           0           0             939           0           0.000      27.29     0.00
 2013     1         1,121           0           0             873           0           0.000      27.29     0.00
 2014     1         1,042           0           0             812           0           0.000      27.29     0.00
 2015     1           969           0           0             755           0           0.000      27.29     0.00
 2016     1           828           0           0             646           0           0.000      27.29     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL         21,025           0           0          16,385           0           0.000      27.29     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL             21,025           0           0          16,385           0           0.000      27.29     0.00

 CUMULATIVE       111,917           0           0
 ULTIMATE         132,942           0           0
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003           49,233           0             0            0        49,233         300           0        48,933
 2004           45,787           0             0            0        45,787         280           0        45,507
 2005           42,581           0             0            0        42,581         259           0        42,322
 2006           39,601           0             0            0        39,601         242           0        39,359
 2007           36,829           0             0            0        36,829         225           0        36,604
 2008           34,251           0             0            0        34,251         209           0        34,042
 2009           31,853           0             0            0        31,853         194           0        31,659
 2010           29,624           0             0            0        29,624         181           0        29,443
 2011           27,550           0             0            0        27,550         168           0        27,382
 2012           25,621           0             0            0        25,621         156           0        25,465
 2013           23,828           0             0            0        23,828         145           0        23,683
 2014           22,160           0             0            0        22,160         135           0        22,025
 2015           20,609           0             0            0        20,609         126           0        20,483
 2016           17,621           0             0            0        17,621         108           0        17,513
 2017                0           0             0            0             0           0           0             0

 SUB-TOT       447,148           0             0            0       447,148       2,728           0       444,420
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL         447,148           0             0            0       447,148       2,728           0       444,420
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003         18,456           0           0           0        18,456         30,477        30,477        29,036
 2004         18,456           0           0           0        18,456         27,051        57,528        23,331
 2005         18,456           0           0           0        18,456         23,866        81,394        18,633
 2006         18,456           0           0           0        18,456         20,903       102,297        14,775
 2007         18,456           0           0           0        18,456         18,148       120,445        11,612
 2008         18,456           0           0           0        18,456         15,586       136,031         9,028
 2009         18,456           0           0           0        18,456         13,203       149,234         6,924
 2010         18,456           0           0           0        18,456         10,987       160,221         5,216
 2011         18,456           0           0           0        18,456          8,926       169,147         3,838
 2012         18,456           0           0           0        18,456          7,009       176,156         2,728
 2013         18,456           0           0           0        18,456          5,227       181,383         1,843
 2014         18,456           0           0           0        18,456          3,569       184,952         1,140
 2015         18,456           0           0           0        18,456          2,027       186,979           587
 2016         16,918           0           0           0        16,918            595       187,574           158
 2017              0           0           0           0             0              0       187,574             0

 SUBTOT      256,846           0           0           0       256,846        187,574                     128,849
 REMAIN            0           0           0           0             0              0       187,574             0
 TOTAL       256,846           0           0           0       256,846        187,574                     128,849

   LIFE OF EVALUATION IS 13.92 YEARS.
   FINAL PRODUCTION RATE: 73 BBLS/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE    159
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 STOCKTON FIELD, ROOKS COUNTY, KANSAS                                  OIL LEASE
   TENGASCO, INC. - OPERATOR   35-T7S-R17W                             PROVED
     HINDMAN #1   (TOPEKA)                                             PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.809370                         27.29                               5.00% -        57,725
 FINAL   -   1.000000  0.809370                         27.29                              10.00% -        44,269
 REMARKS -                                                                                 15.00% -        35,492
                                                                                           20.00% -        29,453
                                                                                           25.00% -        25,102
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1           685           0           0             554           0           0.000      27.29     0.00
 2004     1           663           0           0             537           0           0.000      27.29     0.00
 2005     1           641           0           0             519           0           0.000      27.29     0.00
 2006     1           622           0           0             503           0           0.000      27.29     0.00
 2007     1           601           0           0             487           0           0.000      27.29     0.00
 2008     1           582           0           0             471           0           0.000      27.29     0.00
 2009     1           563           0           0             456           0           0.000      27.29     0.00
 2010     1           546           0           0             441           0           0.000      27.29     0.00
 2011     1           528           0           0             427           0           0.000      27.29     0.00
 2012     1           511           0           0             414           0           0.000      27.29     0.00
 2013     1           494           0           0             400           0           0.000      27.29     0.00
 2014     1           479           0           0             388           0           0.000      27.29     0.00
 2015     1           464           0           0             375           0           0.000      27.29     0.00
 2016     1           448           0           0             363           0           0.000      27.29     0.00
 2017     1           435           0           0             352           0           0.000      27.29     0.00

 SUB-TOTAL          8,262           0           0           6,687           0           0.000      27.29     0.00
 REMAINDER          2,927           0           0           2,369           0           0.000      27.29     0.00
 TOTAL             11,189           0           0           9,056           0           0.000      27.29     0.00

 CUMULATIVE        50,095           0           0
 ULTIMATE          61,284           0           0
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003           15,126           0             0            0        15,126          92           0        15,034
 2004           14,641           0             0            0        14,641          90           0        14,551
 2005           14,174           0             0            0        14,174          86           0        14,088
 2006           13,719           0             0            0        13,719          84           0        13,635
 2007           13,281           0             0            0        13,281          81           0        13,200
 2008           12,856           0             0            0        12,856          78           0        12,778
 2009           12,444           0             0            0        12,444          76           0        12,368
 2010           12,046           0             0            0        12,046          74           0        11,972
 2011           11,660           0             0            0        11,660          71           0        11,589
 2012           11,288           0             0            0        11,288          69           0        11,219
 2013           10,926           0             0            0        10,926          66           0        10,860
 2014           10,577           0             0            0        10,577          65           0        10,512
 2015           10,238           0             0            0        10,238          62           0        10,176
 2016            9,910           0             0            0         9,910          61           0         9,849
 2017            9,594           0             0            0         9,594          58           0         9,536

 SUB-TOT       182,480           0             0            0       182,480       1,113           0       181,367
 REMAIN         64,656           0             0            0        64,656         395           0        64,261
 TOTAL         247,136           0             0            0       247,136       1,508           0       245,628
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003          7,296           0           0           0         7,296          7,738         7,738         7,369
 2004          7,296           0           0           0         7,296          7,255        14,993         6,254
 2005          7,296           0           0           0         7,296          6,792        21,785         5,300
 2006          7,296           0           0           0         7,296          6,339        28,124         4,478
 2007          7,296           0           0           0         7,296          5,904        34,028         3,776
 2008          7,296           0           0           0         7,296          5,482        39,510         3,173
 2009          7,296           0           0           0         7,296          5,072        44,582         2,658
 2010          7,296           0           0           0         7,296          4,676        49,258         2,218
 2011          7,296           0           0           0         7,296          4,293        53,551         1,843
 2012          7,296           0           0           0         7,296          3,923        57,474         1,525
 2013          7,296           0           0           0         7,296          3,564        61,038         1,255
 2014          7,296           0           0           0         7,296          3,216        64,254         1,024
 2015          7,296           0           0           0         7,296          2,880        67,134           831
 2016          7,296           0           0           0         7,296          2,553        69,687           666
 2017          7,296           0           0           0         7,296          2,240        71,927           530

 SUBTOT      109,440           0           0           0       109,440         71,927                      42,900
 REMAIN       56,544           0           0           0        56,544          7,717        79,644         1,369
 TOTAL       165,984           0           0           0       165,984         79,644                      44,269

   LIFE OF EVALUATION IS 22.75 YEARS.
   FINAL PRODUCTION RATE: 28 BBLS/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE    160
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 STOCKTON FIELD, ROOKS COUNTY, KANSAS                                  OIL LEASE
   TENGASCO, INC. - OPERATOR   26-T7S-R17W                             PROVED
     STEBBINS #1   (HOWARD)                                            PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   0.925000  0.751570                         27.29                               5.00% -       103,340
 FINAL   -   0.925000  0.751570                         27.29                              10.00% -        75,611
 REMARKS -                                                                                 15.00% -        58,961
                                                                                           20.00% -        48,113
                                                                                           25.00% -        40,571
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1           908           0           0             682           0           0.000      27.29     0.00
 2004     1           876           0           0             659           0           0.000      27.29     0.00
 2005     1           845           0           0             635           0           0.000      27.29     0.00
 2006     1           816           0           0             613           0           0.000      27.29     0.00
 2007     1           787           0           0             592           0           0.000      27.29     0.00
 2008     1           760           0           0             570           0           0.000      27.29     0.00
 2009     1           733           0           0             551           0           0.000      27.29     0.00
 2010     1           707           0           0             532           0           0.000      27.29     0.00
 2011     1           683           0           0             513           0           0.000      27.29     0.00
 2012     1           658           0           0             495           0           0.000      27.29     0.00
 2013     1           636           0           0             478           0           0.000      27.29     0.00
 2014     1           613           0           0             461           0           0.000      27.29     0.00
 2015     1           592           0           0             445           0           0.000      27.29     0.00
 2016     1           572           0           0             429           0           0.000      27.29     0.00
 2017     1           551           0           0             414           0           0.000      27.29     0.00

 SUB-TOTAL         10,737           0           0           8,069           0           0.000      27.29     0.00
 REMAINDER          6,344           0           0           4,769           0           0.000      27.29     0.00
 TOTAL             17,081           0           0          12,838           0           0.000      27.29     0.00

 CUMULATIVE        46,248           0           0
 ULTIMATE          63,329           0           0
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003           18,618           0             0            0        18,618         114           0        18,504
 2004           17,966           0             0            0        17,966         109           0        17,857
 2005           17,338           0             0            0        17,338         106           0        17,232
 2006           16,730           0             0            0        16,730         102           0        16,628
 2007           16,146           0             0            0        16,146          98           0        16,048
 2008           15,580           0             0            0        15,580          96           0        15,484
 2009           15,034           0             0            0        15,034          91           0        14,943
 2010           14,509           0             0            0        14,509          89           0        14,420
 2011           14,000           0             0            0        14,000          85           0        13,915
 2012           13,511           0             0            0        13,511          83           0        13,428
 2013           13,038           0             0            0        13,038          79           0        12,959
 2014           12,581           0             0            0        12,581          77           0        12,504
 2015           12,142           0             0            0        12,142          74           0        12,068
 2016           11,716           0             0            0        11,716          71           0        11,645
 2017           11,306           0             0            0        11,306          69           0        11,237

 SUB-TOT       220,215           0             0            0       220,215       1,343           0       218,872
 REMAIN        130,131           0             0            0       130,131         794           0       129,337
 TOTAL         350,346           0             0            0       350,346       2,137           0       348,209
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003          6,427           0           0           0         6,427         12,077        12,077        11,500
 2004          6,427           0           0           0         6,427         11,430        23,507         9,853
 2005          6,427           0           0           0         6,427         10,805        34,312         8,431
 2006          6,427           0           0           0         6,427         10,201        44,513         7,205
 2007          6,427           0           0           0         6,427          9,621        54,134         6,152
 2008          6,426           0           0           0         6,426          9,058        63,192         5,243
 2009          6,427           0           0           0         6,427          8,516        71,708         4,462
 2010          6,427           0           0           0         6,427          7,993        79,701         3,790
 2011          6,427           0           0           0         6,427          7,488        87,189         3,215
 2012          6,427           0           0           0         6,427          7,001        94,190         2,721
 2013          6,427           0           0           0         6,427          6,532       100,722         2,298
 2014          6,427           0           0           0         6,427          6,077       106,799         1,936
 2015          6,427           0           0           0         6,427          5,641       112,440         1,626
 2016          6,427           0           0           0         6,427          5,218       117,658         1,362
 2017          6,426           0           0           0         6,426          4,811       122,469         1,136

 SUBTOT       96,403           0           0           0        96,403        122,469                      70,930
 REMAIN       97,475           0           0           0        97,475         31,862       154,331         4,681
 TOTAL       193,878           0           0           0       193,878        154,331                      75,611

   LIFE OF EVALUATION IS 30.17 YEARS.
   FINAL PRODUCTION RATE: 26 BBLS/MO
</TABLE>


<PAGE>

                                   TENGASCO, INC.                   TABLE    161
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 STOCKTON FIELD, ROOKS COUNTY, KANSAS                                  OIL LEASE
   TENGASCO, INC. - OPERATOR   26-T7S-R17W                             PROVED
     WATTS #1                                                          PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   0.925000  0.809380                         27.29                               5.00% -        31,893
 FINAL   -   0.925000  0.809380                         27.29                              10.00% -        27,227
 REMARKS -                                                                                 15.00% -        23,599
                                                                                           20.00% -        20,730
                                                                                           25.00% -        18,427
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1           714           0           0             578           0           0.000      27.29     0.00
 2004     1           677           0           0             548           0           0.000      27.29     0.00
 2005     1           644           0           0             521           0           0.000      27.29     0.00
 2006     1           612           0           0             496           0           0.000      27.29     0.00
 2007     1           581           0           0             470           0           0.000      27.29     0.00
 2008     1           552           0           0             447           0           0.000      27.29     0.00
 2009     1           525           0           0             424           0           0.000      27.29     0.00
 2010     1           498           0           0             404           0           0.000      27.29     0.00
 2011     1           474           0           0             383           0           0.000      27.29     0.00
 2012     1           449           0           0             364           0           0.000      27.29     0.00
 2013     1           428           0           0             346           0           0.000      27.29     0.00
 2014     1           272           0           0             220           0           0.000      27.29     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL          6,426           0           0           5,201           0           0.000      27.29     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL              6,426           0           0           5,201           0           0.000      27.29     0.00

 CUMULATIVE        42,692           0           0
 ULTIMATE          49,118           0           0
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003           15,761           0             0            0        15,761          96           0        15,665
 2004           14,972           0             0            0        14,972          91           0        14,881
 2005           14,224           0             0            0        14,224          87           0        14,137
 2006           13,513           0             0            0        13,513          83           0        13,430
 2007           12,838           0             0            0        12,838          78           0        12,760
 2008           12,195           0             0            0        12,195          74           0        12,121
 2009           11,586           0             0            0        11,586          71           0        11,515
 2010           11,006           0             0            0        11,006          67           0        10,939
 2011           10,456           0             0            0        10,456          64           0        10,392
 2012            9,933           0             0            0         9,933          61           0         9,872
 2013            9,437           0             0            0         9,437          57           0         9,380
 2014            6,027           0             0            0         6,027          37           0         5,990
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT       141,948           0             0            0       141,948         866           0       141,082
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL         141,948           0             0            0       141,948         866           0       141,082
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003          8,836           0           0           0         8,836          6,829         6,829         6,506
 2004          8,835           0           0           0         8,835          6,046        12,875         5,215
 2005          8,836           0           0           0         8,836          5,301        18,176         4,139
 2006          8,835           0           0           0         8,835          4,595        22,771         3,248
 2007          8,836           0           0           0         8,836          3,924        26,695         2,511
 2008          8,836           0           0           0         8,836          3,285        29,980         1,904
 2009          8,835           0           0           0         8,835          2,680        32,660         1,406
 2010          8,836           0           0           0         8,836          2,103        34,763           999
 2011          8,835           0           0           0         8,835          1,557        36,320           670
 2012          8,836           0           0           0         8,836          1,036        37,356           404
 2013          8,836           0           0           0         8,836            544        37,900           192
 2014          5,890           0           0           0         5,890            100        38,000            33
 2015              0           0           0           0             0              0        38,000             0
 2016              0           0           0           0             0              0        38,000             0
 2017              0           0           0           0             0              0        38,000             0

 SUBTOT      103,082           0           0           0       103,082         38,000                      27,227
 REMAIN            0           0           0           0             0              0        38,000             0
 TOTAL       103,082           0           0           0       103,082         38,000                      27,227

   LIFE OF EVALUATION IS 11.67 YEARS.
   FINAL PRODUCTION RATE: 34 BBLS/MO
</TABLE>


<PAGE>

                                   TENGASCO, INC.                   TABLE    162
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 STREMEL FIELD, RUSH COUNTY, KANSAS                                    OIL LEASE
   TENGASCO, INC. - OPERATOR   30-T16S-R16W                            PROVED
     OCHS #1 & 3   (MISSISSIPPIAN)                                     PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000                                                                       5.00% -             0
 FINAL   -   1.000000                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF (A)   $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE        24,527           0         182    (A) NET GAS VOLUMES ACCOUNT FOR SURFACE LOSSES,
 ULTIMATE          24,527           0         182        SHRINKAGE FACTOR =   8.00 %
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0 BBLS/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE    163
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 STREMEL FIELD, RUSH COUNTY, KANSAS                                    OIL LEASE
   TENGASCO, INC. - OPERATOR   30-T16S-R16W                            PROVED
     URBAN -D- LEASE   (KSSC-LNSG)                                     PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.875000                         27.29                               5.00% -        16,939
 FINAL   -   1.000000  0.875000                         27.29                              10.00% -        15,804
 REMARKS -                                                                                 15.00% -        14,785
                                                                                           20.00% -        13,870
                                                                                           25.00% -        13,045
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     2           552           0           0             483           0           0.000      27.29     0.00
 2004     2           464           0           0             406           0           0.000      27.29     0.00
 2005     2           392           0           0             343           0           0.000      27.29     0.00
 2006     2           309           0           0             270           0           0.000      27.29     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL          1,717           0           0           1,502           0           0.000      27.29     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL              1,717           0           0           1,502           0           0.000      27.29     0.00

 CUMULATIVE        58,413           0           0
 ULTIMATE          60,130           0           0
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003           13,170           0             0            0        13,170          80           0        13,090
 2004           11,100           0             0            0        11,100          68           0        11,032
 2005            9,356           0             0            0         9,356          57           0         9,299
 2006            7,374           0             0            0         7,374          45           0         7,329
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT        41,000           0             0            0        41,000         250           0        40,750
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL          41,000           0             0            0        41,000         250           0        40,750
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003          5,736           0           0           0         5,736          7,354         7,354         7,017
 2004          5,736           0           0           0         5,736          5,296        12,650         4,577
 2005          5,736           0           0           0         5,736          3,563        16,213         2,789
 2006          5,332           0           0           0         5,332          1,997        18,210         1,421
 2007              0           0           0           0             0              0        18,210             0
 2008              0           0           0           0             0              0        18,210             0
 2009              0           0           0           0             0              0        18,210             0
 2010              0           0           0           0             0              0        18,210             0
 2011              0           0           0           0             0              0        18,210             0
 2012              0           0           0           0             0              0        18,210             0
 2013              0           0           0           0             0              0        18,210             0
 2014              0           0           0           0             0              0        18,210             0
 2015              0           0           0           0             0              0        18,210             0
 2016              0           0           0           0             0              0        18,210             0
 2017              0           0           0           0             0              0        18,210             0

 SUBTOT       22,540           0           0           0        22,540         18,210                      15,804
 REMAIN            0           0           0           0             0              0        18,210             0
 TOTAL        22,540           0           0           0        22,540         18,210                      15,804

   LIFE OF EVALUATION IS 3.93 YEARS.
   FINAL PRODUCTION RATE: 26 BBLS/MO
</TABLE>


<PAGE>

                                   TENGASCO, INC.                   TABLE    164
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 THACKER FIELD, RUSSELL COUNTY, KANSAS                                 OIL LEASE
   TENGASCO, INC. - OPERATOR   29-T13S-R13W                            PROVED
     THACKER #2   (KC-LANSING)                                         PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.847656                         27.29                               5.00% -        78,309
 FINAL   -   1.000000  0.847656                         27.29                              10.00% -        70,566
 REMARKS -                                                                                 15.00% -        64,031
                                                                                           20.00% -        58,471
                                                                                           25.00% -        53,707
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1         1,611           0           0           1,366           0           0.000      27.29     0.00
 2004     1         1,380           0           0           1,169           0           0.000      27.29     0.00
 2005     1         1,181           0           0           1,001           0           0.000      27.29     0.00
 2006     1         1,010           0           0             857           0           0.000      27.29     0.00
 2007     1           866           0           0             733           0           0.000      27.29     0.00
 2008     1           740           0           0             628           0           0.000      27.29     0.00
 2009     1           634           0           0             537           0           0.000      27.29     0.00
 2010     1           415           0           0             352           0           0.000      27.29     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL          7,837           0           0           6,643           0           0.000      27.29     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL              7,837           0           0           6,643           0           0.000      27.29     0.00

 CUMULATIVE        24,304           0           0
 ULTIMATE          32,141           0           0
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003           37,277           0             0            0        37,277         227           0        37,050
 2004           31,910           0             0            0        31,910         195           0        31,715
 2005           27,315           0             0            0        27,315         167           0        27,148
 2006           23,381           0             0            0        23,381         142           0        23,239
 2007           20,014           0             0            0        20,014         122           0        19,892
 2008           17,133           0             0            0        17,133         105           0        17,028
 2009           14,665           0             0            0        14,665          89           0        14,576
 2010            9,595           0             0            0         9,595          59           0         9,536
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT       181,290           0             0            0       181,290       1,106           0       180,184
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL         181,290           0             0            0       181,290       1,106           0       180,184
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003         11,952           0           0           0        11,952         25,098        25,098        23,934
 2004         11,952           0           0           0        11,952         19,763        44,861        17,063
 2005         11,952           0           0           0        11,952         15,196        60,057        11,879
 2006         11,952           0           0           0        11,952         11,287        71,344         7,989
 2007         11,952           0           0           0        11,952          7,940        79,284         5,091
 2008         11,952           0           0           0        11,952          5,076        84,360         2,949
 2009         11,952           0           0           0        11,952          2,624        86,984         1,384
 2010          8,964           0           0           0         8,964            572        87,556           277
 2011              0           0           0           0             0              0        87,556             0
 2012              0           0           0           0             0              0        87,556             0
 2013              0           0           0           0             0              0        87,556             0
 2014              0           0           0           0             0              0        87,556             0
 2015              0           0           0           0             0              0        87,556             0
 2016              0           0           0           0             0              0        87,556             0
 2017              0           0           0           0             0              0        87,556             0

 SUBTOT       92,628           0           0           0        92,628         87,556                      70,566
 REMAIN            0           0           0           0             0              0        87,556             0
 TOTAL        92,628           0           0           0        92,628         87,556                      70,566

   LIFE OF EVALUATION IS 7.75 YEARS.
   FINAL PRODUCTION RATE: 44 BBLS/MO
</TABLE>


<PAGE>

                                   TENGASCO, INC.                   TABLE    165
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 TRAPP FIELD, BARTON COUNTY, KANSAS                                    OIL LEASE
   TENGASCO, INC. - OPERATOR   16-T16S-R13W                            PROVED
     DEUTSCH   (ARBUCKLE)                                              PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.820313                         27.29                               5.00% -           188
 FINAL   -   1.000000  0.820313                         27.29                              10.00% -           185
 REMARKS -                                                                                 15.00% -           183
                                                                                           20.00% -           181
                                                                                           25.00% -           178
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1           316           0           0             259           0           0.000      27.29     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL            316           0           0             259           0           0.000      27.29     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                316           0           0             259           0           0.000      27.29     0.00

 CUMULATIVE        17,270           0           0
 ULTIMATE          17,586           0           0
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003            7,073           0             0            0         7,073          43           0         7,030
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT         7,073           0             0            0         7,073          43           0         7,030
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL           7,073           0             0            0         7,073          43           0         7,030
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003          6,840           0           0           0         6,840            190           190           185
 2004              0           0           0           0             0              0           190             0
 2005              0           0           0           0             0              0           190             0
 2006              0           0           0           0             0              0           190             0
 2007              0           0           0           0             0              0           190             0
 2008              0           0           0           0             0              0           190             0
 2009              0           0           0           0             0              0           190             0
 2010              0           0           0           0             0              0           190             0
 2011              0           0           0           0             0              0           190             0
 2012              0           0           0           0             0              0           190             0
 2013              0           0           0           0             0              0           190             0
 2014              0           0           0           0             0              0           190             0
 2015              0           0           0           0             0              0           190             0
 2016              0           0           0           0             0              0           190             0
 2017              0           0           0           0             0              0           190             0

 SUBTOT        6,840           0           0           0         6,840            190                         185
 REMAIN            0           0           0           0             0              0           190             0
 TOTAL         6,840           0           0           0         6,840            190                         185

   LIFE OF EVALUATION IS 0.75 YEARS.
   FINAL PRODUCTION RATE: 34 BBLS/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE    166
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 TRAPP FIELD, BARTON COUNTY, KANSAS                                    OIL LEASE
   TENGASCO, INC. - OPERATOR   8-T16S-R13W                             PROVED
     HOWLIER #1   (ARBUCKLE)                                           PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   0.937000  0.768633                         27.29                               5.00% -        82,536
 FINAL   -   0.937000  0.768633                         27.29                              10.00% -        67,609
 REMARKS -                                                                                 15.00% -        56,797
                                                                                           20.00% -        48,731
                                                                                           25.00% -        42,550
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1         1,129           0           0             868           0           0.000      27.29     0.00
 2004     1         1,061           0           0             815           0           0.000      27.29     0.00
 2005     1           997           0           0             767           0           0.000      27.29     0.00
 2006     1           938           0           0             720           0           0.000      27.29     0.00
 2007     1           881           0           0             678           0           0.000      27.29     0.00
 2008     1           828           0           0             636           0           0.000      27.29     0.00
 2009     1           779           0           0             599           0           0.000      27.29     0.00
 2010     1           732           0           0             562           0           0.000      27.29     0.00
 2011     1           688           0           0             529           0           0.000      27.29     0.00
 2012     1           647           0           0             497           0           0.000      27.29     0.00
 2013     1           608           0           0             468           0           0.000      27.29     0.00
 2014     1           571           0           0             439           0           0.000      27.29     0.00
 2015     1           537           0           0             413           0           0.000      27.29     0.00
 2016     1           505           0           0             388           0           0.000      27.29     0.00
 2017     1           475           0           0             365           0           0.000      27.29     0.00

 SUB-TOTAL         11,376           0           0           8,744           0           0.000      27.29     0.00
 REMAINDER            518           0           0             398           0           0.000      27.29     0.00
 TOTAL             11,894           0           0           9,142           0           0.000      27.29     0.00

 CUMULATIVE        18,731           0           0
 ULTIMATE          30,625           0           0
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003           23,676           0             0            0        23,676         144           0        23,532
 2004           22,255           0             0            0        22,255         136           0        22,119
 2005           20,921           0             0            0        20,921         128           0        20,793
 2006           19,665           0             0            0        19,665         120           0        19,545
 2007           18,485           0             0            0        18,485         113           0        18,372
 2008           17,376           0             0            0        17,376         106           0        17,270
 2009           16,333           0             0            0        16,333          99           0        16,234
 2010           15,353           0             0            0        15,353          94           0        15,259
 2011           14,432           0             0            0        14,432          88           0        14,344
 2012           13,567           0             0            0        13,567          83           0        13,484
 2013           12,752           0             0            0        12,752          77           0        12,675
 2014           11,987           0             0            0        11,987          73           0        11,914
 2015           11,268           0             0            0        11,268          69           0        11,199
 2016           10,592           0             0            0        10,592          65           0        10,527
 2017            9,956           0             0            0         9,956          61           0         9,895

 SUB-TOT       238,618           0             0            0       238,618       1,456           0       237,162
 REMAIN         10,863           0             0            0        10,863          66           0        10,797
 TOTAL         249,481           0             0            0       249,481       1,522           0       247,959
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003          8,916           0           0           0         8,916         14,616        14,616        13,923
 2004          8,917           0           0           0         8,917         13,202        27,818        11,385
 2005          8,916           0           0           0         8,916         11,877        39,695         9,271
 2006          8,917           0           0           0         8,917         10,628        50,323         7,510
 2007          8,916           0           0           0         8,916          9,456        59,779         6,050
 2008          8,917           0           0           0         8,917          8,353        68,132         4,837
 2009          8,916           0           0           0         8,916          7,318        75,450         3,836
 2010          8,917           0           0           0         8,917          6,342        81,792         3,010
 2011          8,916           0           0           0         8,916          5,428        87,220         2,333
 2012          8,917           0           0           0         8,917          4,567        91,787         1,776
 2013          8,916           0           0           0         8,916          3,759        95,546         1,324
 2014          8,917           0           0           0         8,917          2,997        98,543           956
 2015          8,916           0           0           0         8,916          2,283       100,826           659
 2016          8,917           0           0           0         8,917          1,610       102,436           422
 2017          8,916           0           0           0         8,916            979       103,415           232

 SUBTOT      133,747           0           0           0       133,747        103,415                      67,524
 REMAIN       10,403           0           0           0        10,403            394       103,809            85
 TOTAL       144,150           0           0           0       144,150        103,809                      67,609

   LIFE OF EVALUATION IS 16.17 YEARS.
   FINAL PRODUCTION RATE: 36 BBLS/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE    167
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 WEBSTER FIELD, ROOKS COUNTY, KANSAS                                   OIL LEASE
   TENGASCO, INC. - OPERATOR   33-T8S-R19W                             PROVED
     CERROW-CERROW -A- #1   (ARBUCKLE)                                 PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.875000                         27.29                               5.00% -       101,804
 FINAL   -   1.000000  0.875000                         27.29                              10.00% -        83,510
 REMARKS -                                                                                 15.00% -        70,290
                                                                                           20.00% -        60,435
                                                                                           25.00% -        52,879
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1         1,048           0           0             917           0           0.000      27.29     0.00
 2004     1           964           0           0             843           0           0.000      27.29     0.00
 2005     1           886           0           0             776           0           0.000      27.29     0.00
 2006     1           816           0           0             714           0           0.000      27.29     0.00
 2007     1           751           0           0             657           0           0.000      27.29     0.00
 2008     1           690           0           0             604           0           0.000      27.29     0.00
 2009     1           636           0           0             556           0           0.000      27.29     0.00
 2010     1           584           0           0             511           0           0.000      27.29     0.00
 2011     1           538           0           0             471           0           0.000      27.29     0.00
 2012     1           494           0           0             433           0           0.000      27.29     0.00
 2013     1           456           0           0             398           0           0.000      27.29     0.00
 2014     1           418           0           0             366           0           0.000      27.29     0.00
 2015     1           386           0           0             337           0           0.000      27.29     0.00
 2016     1           354           0           0             310           0           0.000      27.29     0.00
 2017     1           326           0           0             286           0           0.000      27.29     0.00

 SUB-TOTAL          9,347           0           0           8,179           0           0.000      27.29     0.00
 REMAINDER            554           0           0             484           0           0.000      27.29     0.00
 TOTAL              9,901           0           0           8,663           0           0.000      27.29     0.00

 CUMULATIVE        73,529           0           0
 ULTIMATE          83,430           0           0
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003           25,018           0             0            0        25,018         153           0        24,865
 2004           23,017           0             0            0        23,017         140           0        22,877
 2005           21,175           0             0            0        21,175         129           0        21,046
 2006           19,481           0             0            0        19,481         119           0        19,362
 2007           17,923           0             0            0        17,923         109           0        17,814
 2008           16,489           0             0            0        16,489         101           0        16,388
 2009           15,170           0             0            0        15,170          92           0        15,078
 2010           13,956           0             0            0        13,956          86           0        13,870
 2011           12,840           0             0            0        12,840          78           0        12,762
 2012           11,812           0             0            0        11,812          72           0        11,740
 2013           10,868           0             0            0        10,868          66           0        10,802
 2014            9,998           0             0            0         9,998          61           0         9,937
 2015            9,198           0             0            0         9,198          56           0         9,142
 2016            8,463           0             0            0         8,463          52           0         8,411
 2017            7,785           0             0            0         7,785          47           0         7,738

 SUB-TOT       223,193           0             0            0       223,193       1,361           0       221,832
 REMAIN         13,224           0             0            0        13,224          81           0        13,143
 TOTAL         236,417           0             0            0       236,417       1,442           0       234,975
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003          6,324           0           0           0         6,324         18,541        18,541        17,664
 2004          6,324           0           0           0         6,324         16,553        35,094        14,275
 2005          6,324           0           0           0         6,324         14,722        49,816        11,494
 2006          6,324           0           0           0         6,324         13,038        62,854         9,214
 2007          6,324           0           0           0         6,324         11,490        74,344         7,351
 2008          6,324           0           0           0         6,324         10,064        84,408         5,828
 2009          6,324           0           0           0         6,324          8,754        93,162         4,590
 2010          6,324           0           0           0         6,324          7,546       100,708         3,582
 2011          6,324           0           0           0         6,324          6,438       107,146         2,766
 2012          6,324           0           0           0         6,324          5,416       112,562         2,107
 2013          6,324           0           0           0         6,324          4,478       117,040         1,577
 2014          6,324           0           0           0         6,324          3,613       120,653         1,152
 2015          6,324           0           0           0         6,324          2,818       123,471           814
 2016          6,324           0           0           0         6,324          2,087       125,558           546
 2017          6,324           0           0           0         6,324          1,414       126,972           335

 SUBTOT       94,860           0           0           0        94,860        126,972                      83,295
 REMAIN       12,121           0           0           0        12,121          1,022       127,994           215
 TOTAL       106,981           0           0           0       106,981        127,994                      83,510

   LIFE OF EVALUATION IS 16.92 YEARS.
   FINAL PRODUCTION RATE: 22 BBLS/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE    168
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 WEBSTER FIELD, ROOKS COUNTY, KANSAS                                   OIL LEASE
   TENGASCO, INC. - OPERATOR   33-T8S-R19W                             PROVED
     LOWRY #1   (ARBUCKLE)                                             PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.847656                         27.29                               5.00% -         9,348
 FINAL   -   1.000000  0.847656                         27.29                              10.00% -         8,653
 REMARKS -                                                                                 15.00% -         8,038
                                                                                           20.00% -         7,492
                                                                                           25.00% -         7,006
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1           567           0           0             481           0           0.000      27.29     0.00
 2004     1           528           0           0             447           0           0.000      27.29     0.00
 2005     1           490           0           0             416           0           0.000      27.29     0.00
 2006     1           456           0           0             386           0           0.000      27.29     0.00
 2007     1           425           0           0             360           0           0.000      27.29     0.00
 2008     1            67           0           0              57           0           0.000      27.29     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL          2,533           0           0           2,147           0           0.000      27.29     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL              2,533           0           0           2,147           0           0.000      27.29     0.00

 CUMULATIVE        20,014           0           0
 ULTIMATE          22,547           0           0
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003           13,120           0             0            0        13,120          80           0        13,040
 2004           12,202           0             0            0        12,202          74           0        12,128
 2005           11,347           0             0            0        11,347          70           0        11,277
 2006           10,554           0             0            0        10,554          64           0        10,490
 2007            9,814           0             0            0         9,814          60           0         9,754
 2008            1,568           0             0            0         1,568           9           0         1,559
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT        58,605           0             0            0        58,605         357           0        58,248
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL          58,605           0             0            0        58,605         357           0        58,248
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003          9,312           0           0           0         9,312          3,728         3,728         3,556
 2004          9,312           0           0           0         9,312          2,816         6,544         2,432
 2005          9,312           0           0           0         9,312          1,965         8,509         1,538
 2006          9,312           0           0           0         9,312          1,178         9,687           836
 2007          9,312           0           0           0         9,312            442        10,129           286
 2008          1,552           0           0           0         1,552              7        10,136             5
 2009              0           0           0           0             0              0        10,136             0
 2010              0           0           0           0             0              0        10,136             0
 2011              0           0           0           0             0              0        10,136             0
 2012              0           0           0           0             0              0        10,136             0
 2013              0           0           0           0             0              0        10,136             0
 2014              0           0           0           0             0              0        10,136             0
 2015              0           0           0           0             0              0        10,136             0
 2016              0           0           0           0             0              0        10,136             0
 2017              0           0           0           0             0              0        10,136             0

 SUBTOT       48,112           0           0           0        48,112         10,136                       8,653
 REMAIN            0           0           0           0             0              0        10,136             0
 TOTAL        48,112           0           0           0        48,112         10,136                       8,653

   LIFE OF EVALUATION IS 5.17 YEARS.
   FINAL PRODUCTION RATE: 34 BBLS/MO
</TABLE>


<PAGE>

                                  TENGASCO, INC.                    TABLE    169
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 WERTH NORTH FIELD, ELLIS COUNTY, KANSAS                               OIL LEASE
   TENGASCO, INC. - OPERATOR   34-T12S-R20W                            PROVED
     SCHNELLER LEASE   (ABCK-LNSG)                                     PRODUCING

<TABLE>
<CAPTION>
                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>         <C>
 INITIAL -   1.000000  0.820313                         27.29                               5.00% -       169,184
 FINAL   -   1.000000  0.820313                         27.29                              10.00% -       134,363
 REMARKS -                                                                                 15.00% -       110,388
                                                                                           20.00% -        93,197
                                                                                           25.00% -        80,422
</TABLE>

<TABLE>
<CAPTION>
                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     3         1,895           0           0           1,554           0           0.000      27.29     0.00
 2004     3         1,800           0           0           1,477           0           0.000      27.29     0.00
 2005     3         1,710           0           0           1,403           0           0.000      27.29     0.00
 2006     3         1,625           0           0           1,333           0           0.000      27.29     0.00
 2007     3         1,543           0           0           1,266           0           0.000      27.29     0.00
 2008     3         1,467           0           0           1,203           0           0.000      27.29     0.00
 2009     3         1,393           0           0           1,142           0           0.000      27.29     0.00
 2010     3         1,323           0           0           1,086           0           0.000      27.29     0.00
 2011     3         1,257           0           0           1,031           0           0.000      27.29     0.00
 2012     3         1,194           0           0             980           0           0.000      27.29     0.00
 2013     3         1,134           0           0             930           0           0.000      27.29     0.00
 2014     3         1,078           0           0             884           0           0.000      27.29     0.00
 2015     3         1,024           0           0             840           0           0.000      27.29     0.00
 2016     3           973           0           0             798           0           0.000      27.29     0.00
 2017     3           924           0           0             758           0           0.000      27.29     0.00

 SUB-TOTAL         20,340           0           0          16,685           0           0.000      27.29     0.00
 REMAINDER          3,558           0           0           2,919           0           0.000      27.29     0.00
 TOTAL             23,898           0           0          19,604           0           0.000      27.29     0.00

 CUMULATIVE       172,203           0           0
 ULTIMATE         196,101           0           0
</TABLE>



<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>          <C>
 2003           42,422           0             0            0        42,422         259           0        42,163
 2004           40,300           0             0            0        40,300         246           0        40,054
 2005           38,284           0             0            0        38,284         233           0        38,051
 2006           36,370           0             0            0        36,370         222           0        36,148
 2007           34,551           0             0            0        34,551         211           0        34,340
 2008           32,824           0             0            0        32,824         200           0        32,624
 2009           31,181           0             0            0        31,181         190           0        30,991
 2010           29,623           0             0            0        29,623         181           0        29,442
 2011           28,141           0             0            0        28,141         172           0        27,969
 2012           26,733           0             0            0        26,733         163           0        26,570
 2013           25,397           0             0            0        25,397         155           0        25,242
 2014           24,127           0             0            0        24,127         147           0        23,980
 2015           22,920           0             0            0        22,920         140           0        22,780
 2016           21,773           0             0            0        21,773         132           0        21,641
 2017           20,685           0             0            0        20,685         127           0        20,558

 SUB-TOT       455,331           0             0            0       455,331       2,778           0       452,553
 REMAIN         79,668           0             0            0        79,668         485           0        79,183
 TOTAL         534,999           0             0            0       534,999       3,263           0       531,736
</TABLE>



<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>          <C>          <C>            <C>           <C>
 2003         15,948           0           0           0        15,948         26,215        26,215        24,969
 2004         15,948           0           0           0        15,948         24,106        50,321        20,784
 2005         15,948           0           0           0        15,948         22,103        72,424        17,251
 2006         15,948           0           0           0        15,948         20,200        92,624        14,272
 2007         15,948           0           0           0        15,948         18,392       111,016        11,764
 2008         15,948           0           0           0        15,948         16,676       127,692         9,655
 2009         15,948           0           0           0        15,948         15,043       142,735         7,884
 2010         15,948           0           0           0        15,948         13,494       156,229         6,403
 2011         15,948           0           0           0        15,948         12,021       168,250         5,163
 2012         15,948           0           0           0        15,948         10,622       178,872         4,130
 2013         15,948           0           0           0        15,948          9,294       188,166         3,272
 2014         15,948           0           0           0        15,948          8,032       196,198         2,559
 2015         15,948           0           0           0        15,948          6,832       203,030         1,972
 2016         15,948           0           0           0        15,948          5,693       208,723         1,487
 2017         15,948           0           0           0        15,948          4,610       213,333         1,090

 SUBTOT      239,220           0           0           0       239,220        213,333                     132,655
 REMAIN       70,437           0           0           0        70,437          8,746       222,079         1,708
 TOTAL       309,657           0           0           0       309,657        222,079                     134,363

   LIFE OF EVALUATION IS 19.42 YEARS.
   FINAL PRODUCTION RATE: 60 BBLS/MO
</TABLE>

<PAGE>

                                  TENGASCO, INC.                    TABLE    170
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002


 WESTHUSIN FIELD, ROOKS COUNTY, KANSAS                              OIL LEASE
   TENGASCO, INC. - OPERATOR   18-T9S-R16W                          PROVED
     DOUGHERTY EAST #1   (LANSING)                                  PRODUCING

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   0.934400  0.766500                         27.29                               5.00% -        97,751
 FINAL   -   0.934400  0.766500                         27.29                              10.00% -        68,060
 REMARKS -                                                                                 15.00% -        51,644
                                                                                           20.00% -        41,475
                                                                                           25.00% -        34,623
</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1           686           0           0             525           0           0.000      27.29     0.00
 2004     1           664           0           0             510           0           0.000      27.29     0.00
 2005     1           645           0           0             495           0           0.000      27.29     0.00
 2006     1           626           0           0             479           0           0.000      27.29     0.00
 2007     1           607           0           0             465           0           0.000      27.29     0.00
 2008     1           589           0           0             451           0           0.000      27.29     0.00
 2009     1           571           0           0             438           0           0.000      27.29     0.00
 2010     1           554           0           0             425           0           0.000      27.29     0.00
 2011     1           537           0           0             411           0           0.000      27.29     0.00
 2012     1           521           0           0             400           0           0.000      27.29     0.00
 2013     1           505           0           0             387           0           0.000      27.29     0.00
 2014     1           491           0           0             376           0           0.000      27.29     0.00
 2015     1           475           0           0             365           0           0.000      27.29     0.00
 2016     1           462           0           0             353           0           0.000      27.29     0.00
 2017     1           447           0           0             343           0           0.000      27.29     0.00

 SUB-TOTAL          8,380           0           0           6,423           0           0.000      27.29     0.00
 REMAINDER          6,450           0           0           4,944           0           0.000      27.29     0.00
 TOTAL             14,830           0           0          11,367           0           0.000      27.29     0.00

 CUMULATIVE        44,009           0           0
 ULTIMATE          58,839           0           0
</TABLE>

<TABLE>
<CAPTION>
                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>           <C>          <C>            <C>         <C>           <C>         <C>         <C>
 2003           14,339           0             0            0        14,339          87           0        14,252
 2004           13,909           0             0            0        13,909          85           0        13,824
 2005           13,492           0             0            0        13,492          83           0        13,409
 2006           13,087           0             0            0        13,087          79           0        13,008
 2007           12,695           0             0            0        12,695          78           0        12,617
 2008           12,313           0             0            0        12,313          75           0        12,238
 2009           11,945           0             0            0        11,945          73           0        11,872
 2010           11,586           0             0            0        11,586          71           0        11,515
 2011           11,238           0             0            0        11,238          68           0        11,170
 2012           10,901           0             0            0        10,901          67           0        10,834
 2013           10,574           0             0            0        10,574          64           0        10,510
 2014           10,257           0             0            0        10,257          63           0        10,194
 2015            9,949           0             0            0         9,949          60           0         9,889
 2016            9,651           0             0            0         9,651          59           0         9,592
 2017            9,361           0             0            0         9,361          57           0         9,304

 SUB-TOT       175,297           0             0            0       175,297       1,069           0       174,228
 REMAIN        134,914           0             0            0       134,914         823           0       134,091
 TOTAL         310,211           0             0            0       310,211       1,892           0       308,319

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          4,317           0           0           0         4,317          9,935         9,935         9,460
 2004          4,317           0           0           0         4,317          9,507        19,442         8,194
 2005          4,317           0           0           0         4,317          9,092        28,534         7,094
 2006          4,317           0           0           0         4,317          8,691        37,225         6,138
 2007          4,317           0           0           0         4,317          8,300        45,525         5,306
 2008          4,317           0           0           0         4,317          7,921        53,446         4,584
 2009          4,316           0           0           0         4,316          7,556        61,002         3,959
 2010          4,317           0           0           0         4,317          7,198        68,200         3,413
 2011          4,317           0           0           0         4,317          6,853        75,053         2,942
 2012          4,317           0           0           0         4,317          6,517        81,570         2,532
 2013          4,317           0           0           0         4,317          6,193        87,763         2,179
 2014          4,317           0           0           0         4,317          5,877        93,640         1,871
 2015          4,317           0           0           0         4,317          5,572        99,212         1,606
 2016          4,317           0           0           0         4,317          5,275       104,487         1,377
 2017          4,317           0           0           0         4,317          4,987       109,474         1,178

 SUBTOT       64,754           0           0           0        64,754        109,474                      61,833
 REMAIN       83,635           0           0           0        83,635         50,456       159,930         6,227
 TOTAL       148,389           0           0           0       148,389        159,930                      68,060

   LIFE OF EVALUATION IS 34.37 YEARS.
   FINAL PRODUCTION RATE: 20 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE    171
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 WESTHUSIN FIELD, ROOKS COUNTY, KANSAS                              OIL LEASE
   TENGASCO, INC. - OPERATOR   18-T9S-R16W                          PROVED
     DOUGHERTY EAST #1 BP   (ARBUCKLE)                              BEHIND PIPE

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   0.934400  0.766500                         27.29                               5.00% -        34,749
 FINAL   -   0.934400  0.766500                         27.29                              10.00% -        21,895
 REMARKS - OPERATING COSTS CARRIED WITH PROVED PRODUCING.                                  15.00% -        13,837
                                                                                           20.00% -         8,769
                                                                                           25.00% -         5,573
</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010     1           640           0           0             491           0           0.000      27.29     0.00
 2011     1           960           0           0             735           0           0.000      27.29     0.00
 2012     1           960           0           0             736           0           0.000      27.29     0.00
 2013     1           640           0           0             491           0           0.000      27.29     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL          3,200           0           0           2,453           0           0.000      27.29     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL              3,200           0           0           2,453           0           0.000      27.29     0.00

 CUMULATIVE             0           0           0
 ULTIMATE           3,200           0           0

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010           13,387           0             0            0        13,387          82           0        13,305
 2011           20,081           0             0            0        20,081         122           0        19,959
 2012           20,082           0             0            0        20,082         123           0        19,959
 2013           13,387           0             0            0        13,387          81           0        13,306
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT        66,937           0             0            0        66,937         408           0        66,529
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL          66,937           0             0            0        66,937         408           0        66,529

</TABLE>

<TABLE>
<CAPTION>

                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0      11,213           0        11,213          2,092         2,092           822
 2011              0           0           0           0             0         19,959        22,051         8,564
 2012              0           0           0           0             0         19,959        42,010         7,753
 2013              0           0           0           0             0         13,306        55,316         4,756
 2014              0           0           0           0             0              0        55,316             0
 2015              0           0           0           0             0              0        55,316             0
 2016              0           0           0           0             0              0        55,316             0
 2017              0           0           0           0             0              0        55,316             0

 SUBTOT            0           0      11,213           0        11,213         55,316                      21,895
 REMAIN            0           0           0           0             0              0        55,316             0
 TOTAL             0           0      11,213           0        11,213         55,316                      21,895

   LIFE OF EVALUATION IS 10.67 YEARS.
   FINAL PRODUCTION RATE: 80 BBLS/MO
</TABLE>


<PAGE>


                                  TENGASCO, INC.                    TABLE    172
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 WESTHUSIN FIELD, ROOKS COUNTY, KANSAS                              OIL LEASE
   TENGASCO, INC. - OPERATOR   18-T9S-R16W                          PROVED
     DOUGHERTY EAST #2 PUD   (ARBUCKLE)                             UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   0.934400  0.766500                         27.29                               5.00% -       292,849
 FINAL   -   0.934400  0.766500                         27.29                              10.00% -       163,429
 REMARKS -                                                                                 15.00% -        99,406
                                                                                           20.00% -        63,520
                                                                                           25.00% -        41,514

</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     1         2,533           0           0           1,941           0           0.000      27.29     0.00
 2005     1         1,774           0           0           1,361           0           0.000      27.29     0.00
 2006     1         1,725           0           0           1,321           0           0.000      27.29     0.00
 2007     1         1,675           0           0           1,284           0           0.000      27.29     0.00
 2008     1         1,628           0           0           1,248           0           0.000      27.29     0.00
 2009     1         1,581           0           0           1,212           0           0.000      27.29     0.00
 2010     1         1,537           0           0           1,178           0           0.000      27.29     0.00
 2011     1         1,493           0           0           1,145           0           0.000      27.29     0.00
 2012     1         1,451           0           0           1,112           0           0.000      27.29     0.00
 2013     1         1,409           0           0           1,080           0           0.000      27.29     0.00
 2014     1         1,370           0           0           1,050           0           0.000      27.29     0.00
 2015     1         1,330           0           0           1,020           0           0.000      27.29     0.00
 2016     1         1,293           0           0             990           0           0.000      27.29     0.00
 2017     1         1,256           0           0             963           0           0.000      27.29     0.00

 SUB-TOTAL         22,055           0           0          16,905           0           0.000      27.29     0.00
 REMAINDER         17,975           0           0          13,778           0           0.000      27.29     0.00
 TOTAL             40,030           0           0          30,683           0           0.000      27.29     0.00

 CUMULATIVE             0           0           0
 ULTIMATE          40,030           0           0

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004           52,983           0             0            0        52,983         323           0        52,660
 2005           37,119           0             0            0        37,119         227           0        36,892
 2006           36,069           0             0            0        36,069         220           0        35,849
 2007           35,044           0             0            0        35,044         213           0        34,831
 2008           34,050           0             0            0        34,050         208           0        33,842
 2009           33,082           0             0            0        33,082         202           0        32,880
 2010           32,144           0             0            0        32,144         196           0        31,948
 2011           31,231           0             0            0        31,231         191           0        31,040
 2012           30,344           0             0            0        30,344         185           0        30,159
 2013           29,483           0             0            0        29,483         179           0        29,304
 2014           28,646           0             0            0        28,646         175           0        28,471
 2015           27,833           0             0            0        27,833         170           0        27,663
 2016           27,042           0             0            0        27,042         165           0        26,877
 2017           26,275           0             0            0        26,275         160           0        26,115

 SUB-TOT       461,345           0             0            0       461,345       2,814           0       458,531
 REMAIN        375,994           0             0            0       375,994       2,294           0       373,700
 TOTAL         837,339           0             0            0       837,339       5,108           0       832,231

</TABLE>

<TABLE>
<CAPTION>

                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004          2,158           0      93,440           0        95,598        -42,938       -42,938       -37,406
 2005          4,317           0           0           0         4,317         32,575       -10,363        25,413
 2006          4,317           0           0           0         4,317         31,532        21,169        22,267
 2007          4,317           0           0           0         4,317         30,514        51,683        19,506
 2008          4,317           0           0           0         4,317         29,525        81,208        17,085
 2009          4,317           0           0           0         4,317         28,563       109,771        14,962
 2010          4,317           0           0           0         4,317         27,631       137,402        13,102
 2011          4,317           0           0           0         4,317         26,723       164,125        11,470
 2012          4,317           0           0           0         4,317         25,842       189,967        10,040
 2013          4,317           0           0           0         4,317         24,987       214,954         8,788
 2014          4,317           0           0           0         4,317         24,154       239,108         7,690
 2015          4,317           0           0           0         4,317         23,346       262,454         6,728
 2016          4,317           0           0           0         4,317         22,560       285,014         5,885
 2017          4,317           0           0           0         4,317         21,798       306,812         5,148

 SUBTOT       58,279           0      93,440           0       151,719        306,812                     130,678
 REMAIN       81,167           0           0           0        81,167        292,533       599,345        32,751
 TOTAL       139,446           0      93,440           0       232,886        599,345                     163,429

   LIFE OF EVALUATION IS 33.80 YEARS.
   FINAL PRODUCTION RATE: 60 BBLS/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    173
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 YOHE FIELD, ROOKS COUNTY, KANSAS                                   OIL LEASE
   TENGASCO, INC. - OPERATOR   33-T8S-R18W                          PROVED
     FINNESY LEASE   (LANSING)                                      PRODUCING

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000  0.875000                         27.29                               5.00% -       200,564
 FINAL   -   1.000000  0.875000                         27.29                              10.00% -       160,268
 REMARKS -                                                                                 15.00% -       132,398
                                                                                           20.00% -       112,312
                                                                                           25.00% -        97,309

</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     3         1,817           0           0           1,590           0           0.000      27.29     0.00
 2004     3         1,690           0           0           1,479           0           0.000      27.29     0.00
 2005     3         1,572           0           0           1,375           0           0.000      27.29     0.00
 2006     3         1,462           0           0           1,279           0           0.000      27.29     0.00
 2007     3         1,359           0           0           1,190           0           0.000      27.29     0.00
 2008     3         1,264           0           0           1,106           0           0.000      27.29     0.00
 2009     3         1,176           0           0           1,029           0           0.000      27.29     0.00
 2010     3         1,094           0           0             956           0           0.000      27.29     0.00
 2011     3         1,017           0           0             890           0           0.000      27.29     0.00
 2012     3           945           0           0             828           0           0.000      27.29     0.00
 2013     3           880           0           0             769           0           0.000      27.29     0.00
 2014     3           818           0           0             716           0           0.000      27.29     0.00
 2015     3           760           0           0             666           0           0.000      27.29     0.00
 2016     3           708           0           0             619           0           0.000      27.29     0.00
 2017     3           658           0           0             575           0           0.000      27.29     0.00

 SUB-TOTAL         17,220           0           0          15,067           0           0.000      27.29     0.00
 REMAINDER          2,623           0           0           2,296           0           0.000      27.29     0.00
 TOTAL             19,843           0           0          17,363           0           0.000      27.29     0.00

 CUMULATIVE        93,686           0           0
 ULTIMATE         113,529           0           0

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           43,394           0             0            0        43,394         265           0        43,129
 2004           40,356           0             0            0        40,356         246           0        40,110
 2005           37,532           0             0            0        37,532         229           0        37,303
 2006           34,904           0             0            0        34,904         213           0        34,691
 2007           32,461           0             0            0        32,461         198           0        32,263
 2008           30,189           0             0            0        30,189         184           0        30,005
 2009           28,075           0             0            0        28,075         171           0        27,904
 2010           26,110           0             0            0        26,110         159           0        25,951
 2011           24,283           0             0            0        24,283         149           0        24,134
 2012           22,582           0             0            0        22,582         137           0        22,445
 2013           21,002           0             0            0        21,002         128           0        20,874
 2014           19,532           0             0            0        19,532         120           0        19,412
 2015           18,165           0             0            0        18,165         110           0        18,055
 2016           16,893           0             0            0        16,893         103           0        16,790
 2017           15,710           0             0            0        15,710          96           0        15,614

 SUB-TOT       411,188           0             0            0       411,188       2,508           0       408,680
 REMAIN         62,637           0             0            0        62,637         382           0        62,255
 TOTAL         473,825           0             0            0       473,825       2,890           0       470,935

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003         10,512           0           0           0        10,512         32,617        32,617        31,070
 2004         10,512           0           0           0        10,512         29,598        62,215        25,522
 2005         10,512           0           0           0        10,512         26,791        89,006        20,913
 2006         10,512           0           0           0        10,512         24,179       113,185        17,085
 2007         10,512           0           0           0        10,512         21,751       134,936        13,913
 2008         10,512           0           0           0        10,512         19,493       154,429        11,287
 2009         10,512           0           0           0        10,512         17,392       171,821         9,116
 2010         10,512           0           0           0        10,512         15,439       187,260         7,326
 2011         10,512           0           0           0        10,512         13,622       200,882         5,852
 2012         10,512           0           0           0        10,512         11,933       212,815         4,640
 2013         10,512           0           0           0        10,512         10,362       223,177         3,648
 2014         10,512           0           0           0        10,512          8,900       232,077         2,836
 2015         10,512           0           0           0        10,512          7,543       239,620         2,176
 2016         10,512           0           0           0        10,512          6,278       245,898         1,640
 2017         10,512           0           0           0        10,512          5,102       251,000         1,207

 SUBTOT      157,680           0           0           0       157,680        251,000                     158,231
 REMAIN       51,684           0           0           0        51,684         10,571       261,571         2,037
 TOTAL       209,364           0           0           0       209,364        261,571                     160,268

   LIFE OF EVALUATION IS 19.92 YEARS.
   FINAL PRODUCTION RATE: 37 BBLS/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    174
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 YOHE FIELD, ROOKS COUNTY, KANSAS                                   OIL LEASE
   TENGASCO, INC. - OPERATOR   33-T8S-R18W                          PROVED
     MOSHER LEASE   (LANSING)                                       PRODUCING

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000  0.875000                         27.29                               5.00% -       430,724
 FINAL   -   1.000000  0.875000                         27.29                              10.00% -       306,143
 REMARKS -                                                                                 15.00% -       235,799
                                                                                           20.00% -       191,379
                                                                                           25.00% -       160,984


</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     2         2,342           0           0           2,049           0           0.000      27.29     0.00
 2004     2         2,229           0           0           1,951           0           0.000      27.29     0.00
 2005     2         2,123           0           0           1,857           0           0.000      27.29     0.00
 2006     2         2,021           0           0           1,768           0           0.000      27.29     0.00
 2007     2         1,923           0           0           1,683           0           0.000      27.29     0.00
 2008     2         1,831           0           0           1,603           0           0.000      27.29     0.00
 2009     2         1,744           0           0           1,525           0           0.000      27.29     0.00
 2010     2         1,660           0           0           1,453           0           0.000      27.29     0.00
 2011     2         1,580           0           0           1,382           0           0.000      27.29     0.00
 2012     2         1,504           0           0           1,316           0           0.000      27.29     0.00
 2013     2         1,432           0           0           1,253           0           0.000      27.29     0.00
 2014     2         1,363           0           0           1,193           0           0.000      27.29     0.00
 2015     2         1,298           0           0           1,136           0           0.000      27.29     0.00
 2016     2         1,235           0           0           1,081           0           0.000      27.29     0.00
 2017     2         1,177           0           0           1,029           0           0.000      27.29     0.00

 SUB-TOTAL         25,462           0           0          22,279           0           0.000      27.29     0.00
 REMAINDER         15,803           0           0          13,828           0           0.000      27.29     0.00
 TOTAL             41,265           0           0          36,107           0           0.000      27.29     0.00

 CUMULATIVE        70,457           0           0
 ULTIMATE         111,722           0           0

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           55,922           0             0            0        55,922         341           0        55,581
 2004           53,238           0             0            0        53,238         325           0        52,913
 2005           50,683           0             0            0        50,683         309           0        50,374
 2006           48,250           0             0            0        48,250         294           0        47,956
 2007           45,934           0             0            0        45,934         281           0        45,653
 2008           43,729           0             0            0        43,729         266           0        43,463
 2009           41,630           0             0            0        41,630         254           0        41,376
 2010           39,632           0             0            0        39,632         242           0        39,390
 2011           37,729           0             0            0        37,729         230           0        37,499
 2012           35,918           0             0            0        35,918         219           0        35,699
 2013           34,195           0             0            0        34,195         209           0        33,986
 2014           32,553           0             0            0        32,553         198           0        32,355
 2015           30,990           0             0            0        30,990         189           0        30,801
 2016           29,503           0             0            0        29,503         180           0        29,323
 2017           28,087           0             0            0        28,087         172           0        27,915

 SUB-TOT       607,993           0             0            0       607,993       3,709           0       604,284
 REMAIN        377,355           0             0            0       377,355       2,302           0       375,053
 TOTAL         985,348           0             0            0       985,348       6,011           0       979,337

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          7,680           0           0           0         7,680         47,901        47,901        45,614
 2004          7,680           0           0           0         7,680         45,233        93,134        38,992
 2005          7,680           0           0           0         7,680         42,694       135,828        33,314
 2006          7,680           0           0           0         7,680         40,276       176,104        28,448
 2007          7,680           0           0           0         7,680         37,973       214,077        24,280
 2008          7,680           0           0           0         7,680         35,783       249,860        20,711
 2009          7,680           0           0           0         7,680         33,696       283,556        17,654
 2010          7,680           0           0           0         7,680         31,710       315,266        15,039
 2011          7,680           0           0           0         7,680         29,819       345,085        12,802
 2012          7,680           0           0           0         7,680         28,019       373,104        10,889
 2013          7,680           0           0           0         7,680         26,306       399,410         9,254
 2014          7,680           0           0           0         7,680         24,675       424,085         7,858
 2015          7,680           0           0           0         7,680         23,121       447,206         6,665
 2016          7,680           0           0           0         7,680         21,643       468,849         5,647
 2017          7,680           0           0           0         7,680         20,235       489,084         4,780

 SUBTOT      115,200           0           0           0       115,200        489,084                     281,947
 REMAIN      176,640           0           0           0       176,640        198,413       687,497        24,196
 TOTAL       291,840           0           0           0       291,840        687,497                     306,143

   LIFE OF EVALUATION IS 38.00 YEARS.
   FINAL PRODUCTION RATE: 31 BBLS/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    175
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 ALL FIELDS, RUSH COUNTY, KANSAS                                    GAS LEASE
   TENGASCO, INC. - OPERATOR                                        PROVED
     OTIS COMPRESSOR STATION   (ALL)                                PRODUCING

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                                                                       5.00% -      -888,028
 FINAL   -   1.000000                                                                      10.00% -      -506,804
 REMARKS -                                                                                 15.00% -      -334,021
                                                                                           20.00% -      -243,820
                                                                                           25.00% -      -190,760


</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE             0           0           0
 ULTIMATE               0           0           0

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003         43,728           0           0           0        43,728        -43,728       -43,728       -41,621
 2004         43,728           0           0           0        43,728        -43,728       -87,456       -37,676
 2005         44,381           0           0           0        44,381        -44,381      -131,837       -34,605
 2006         45,712           0           0           0        45,712        -45,712      -177,549       -32,265
 2007         47,083           0           0           0        47,083        -47,083      -224,632       -30,083
 2008         48,496           0           0           0        48,496        -48,496      -273,128       -28,048
 2009         49,951           0           0           0        49,951        -49,951      -323,079       -26,151
 2010         51,449           0           0           0        51,449        -51,449      -374,528       -24,383
 2011         52,993           0           0           0        52,993        -52,993      -427,521       -22,734
 2012         54,583           0           0           0        54,583        -54,583      -482,104       -21,196
 2013         56,220           0           0           0        56,220        -56,220      -538,324       -19,763
 2014         57,907           0           0           0        57,907        -57,907      -596,231       -18,426
 2015         59,644           0           0           0        59,644        -59,644      -655,875       -17,180
 2016         61,433           0           0           0        61,433        -61,433      -717,308       -16,018
 2017         63,276           0           0           0        63,276        -63,276      -780,584       -14,934

 SUBTOT      780,584           0           0           0       780,584       -780,584                    -385,083
 REMAIN    1,086,176           0           0           0     1,086,176     -1,086,176    -1,866,760      -121,721
 TOTAL     1,866,760           0           0           0     1,866,760     -1,866,760                    -506,804

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    176
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 VARIOUS FIELD, ALL COUNTY, KANSAS                                  OIL LEASE
   TENGASCO, INC. - OPERATOR                                        PROVED
     KANSAS FIXED COSTS 1PDP   (ALL)                                PRODUCING

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                                                                       5.00% -    -4,061,130
 FINAL   -   1.000000                                                                      10.00% -    -2,736,220
 REMARKS -                                                                                 15.00% -    -2,007,625
                                                                                           20.00% -    -1,565,876
                                                                                           25.00% -    -1,277,130

</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE             0           0           0
 ULTIMATE               0           0           0

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003        355,560           0           0           0       355,560       -355,560      -355,560      -338,428
 2004        308,172           0           0           0       308,172       -308,172      -663,732      -265,520
 2005        299,364           0           0           0       299,364       -299,364      -963,096      -233,482
 2006        309,636           0           0           0       309,636       -309,636    -1,272,732      -218,603
 2007        309,636           0           0           0       309,636       -309,636    -1,582,368      -197,883
 2008        309,636           0           0           0       309,636       -309,636    -1,892,004      -179,125
 2009        313,272           0           0           0       313,272       -313,272    -2,205,276      -164,051
 2010        313,272           0           0           0       313,272       -313,272    -2,518,548      -148,501
 2011        313,272           0           0           0       313,272       -313,272    -2,831,820      -134,424
 2012        313,272           0           0           0       313,272       -313,272    -3,145,092      -121,683
 2013        313,272           0           0           0       313,272       -313,272    -3,458,364      -110,149
 2014        315,564           0           0           0       315,564       -315,564    -3,773,928      -100,438
 2015        315,564           0           0           0       315,564       -315,564    -4,089,492       -90,917
 2016        315,564           0           0           0       315,564       -315,564    -4,405,056       -82,300
 2017        315,564           0           0           0       315,564       -315,564    -4,720,620       -74,498

 SUBTOT    4,720,620           0           0           0     4,720,620     -4,720,620                  -2,460,002
 REMAIN    2,088,464           0           0           0     2,088,464     -2,088,464    -6,809,084      -276,218
 TOTAL     6,809,084           0           0           0     6,809,084     -6,809,084                  -2,736,220

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0 BBLS/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    177
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 VARIOUS FIELD, ALL COUNTY, KANSAS                                  OIL LEASE
   TENGASCO, INC. - OPERATOR                                        PROVED
     KANSAS FIXED COSTS 2PBP   (ALL)                                BEHIND PIPE

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                                                                       5.00% -      -130,869
 FINAL   -   1.000000                                                                      10.00% -      -103,599
 REMARKS -                                                                                 15.00% -       -83,830
                                                                                           20.00% -       -69,148
                                                                                           25.00% -       -57,995

</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE             0           0           0
 ULTIMATE               0           0           0

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          4,440           0           0           0         4,440         -4,440        -4,440        -4,226
 2004         21,000           0           0           0        21,000        -21,000       -25,440       -18,094
 2005         24,468           0           0           0        24,468        -24,468       -49,908       -19,083
 2006         19,776           0           0           0        19,776        -19,776       -69,684       -13,962
 2007         17,040           0           0           0        17,040        -17,040       -86,724       -10,890
 2008         17,040           0           0           0        17,040        -17,040      -103,764        -9,857
 2009         13,116           0           0           0        13,116        -13,116      -116,880        -6,869
 2010         10,948           0           0           0        10,948        -10,948      -127,828        -5,189
 2011         10,948           0           0           0        10,948        -10,948      -138,776        -4,698
 2012         10,948           0           0           0        10,948        -10,948      -149,724        -4,253
 2013          9,768           0           0           0         9,768         -9,768      -159,492        -3,434
 2014          5,892           0           0           0         5,892         -5,892      -165,384        -1,876
 2015          4,056           0           0           0         4,056         -4,056      -169,440        -1,168
 2016              0           0           0           0             0              0      -169,440             0
 2017              0           0           0           0             0              0      -169,440             0

 SUBTOT      169,440           0           0           0       169,440       -169,440                    -103,599
 REMAIN            0           0           0           0             0              0      -169,440             0
 TOTAL       169,440           0           0           0       169,440       -169,440                    -103,599

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0 BBLS/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    178
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 VARIOUS FIELD, ALL COUNTY, KANSAS                                  OIL LEASE
   TENGASCO, INC. - OPERATOR                                        PROVED
     KANSAS FIXED COSTS 3PUD   (ALL)                                UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                                                                       5.00% -      -474,704
 FINAL   -   1.000000                                                                      10.00% -      -283,607
 REMARKS -                                                                                 15.00% -      -190,844
                                                                                           20.00% -      -138,566
                                                                                           25.00% -      -105,915



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE             0           0           0
 ULTIMATE               0           0           0

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004         30,828           0           0           0        30,828        -30,828       -30,828       -26,561
 2005         36,168           0           0           0        36,168        -36,168       -66,996       -28,209
 2006         32,412           0           0           0        32,412        -32,412       -99,408       -22,883
 2007         32,412           0           0           0        32,412        -32,412      -131,820       -20,713
 2008         32,412           0           0           0        32,412        -32,412      -164,232       -18,751
 2009         35,582           0           0           0        35,582        -35,582      -199,814       -18,633
 2010         35,583           0           0           0        35,583        -35,583      -235,397       -16,868
 2011         35,582           0           0           0        35,582        -35,582      -270,979       -15,268
 2012         35,583           0           0           0        35,583        -35,583      -306,562       -13,821
 2013         35,582           0           0           0        35,582        -35,582      -342,144       -12,511
 2014         39,984           0           0           0        39,984        -39,984      -382,128       -12,726
 2015         39,984           0           0           0        39,984        -39,984      -422,112       -11,520
 2016         39,984           0           0           0        39,984        -39,984      -462,096       -10,428
 2017         39,984           0           0           0        39,984        -39,984      -502,080        -9,439

 SUBTOT      502,080           0           0           0       502,080       -502,080                    -238,331
 REMAIN      456,202           0           0           0       456,202       -456,202      -958,282       -45,276
 TOTAL       958,282           0           0           0       958,282       -958,282                    -283,607

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0 BBLS/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    179
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 STATE SUMMARY
                                                                  TOTAL PROVED
     TENNESSEE PROPERTIES                                         ALL CATEGORIES

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -                                                                                  5.00% -    49,866,999
 FINAL   -                                                                                 10.00% -    36,230,728
 REMARKS -                                                                                 15.00% -    28,179,286
                                                                                           20.00% -    22,750,068
                                                                                           25.00% -    18,830,703

</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003    43        46,014           0       1,234          33,932           0         958.371      26.90     4.22
 2004    64        32,586           0       2,620          24,265           0       2,002.464      26.90     4.22
 2005    75        26,594           0       2,642          19,888           0       2,105.680      26.90     4.22
 2006    83        15,982           0       2,752          12,422           0       2,216.311      26.90     4.22
 2007    85        10,643           0       2,483           8,335           0       2,007.372      26.90     4.22
 2008    82         6,904           0       1,959           5,380           0       1,568.839      26.90     4.22
 2009    74         4,545           0       1,605           3,539           0       1,273.016      26.90     4.22
 2010    69         3,238           0       1,303           2,682           0       1,022.548      26.90     4.22
 2011    57         2,363           0       1,218           2,068           0         953.057      26.90     4.22
 2012    48         1,934           0         943           1,692           0         734.624      26.90     4.22
 2013    45         1,584           0         859           1,385           0         652.929      26.90     4.22
 2014    43         1,299           0         759           1,138           0         584.687      26.90     4.22
 2015    42         1,067           0         657             933           0         500.666      26.90     4.22
 2016    35           618           0         512             541           0         387.053      26.90     4.22
 2017    31           107           0         475              93           0         356.961      26.90     4.22

 SUB-TOTAL        155,478           0      22,021         118,293           0      17,324.578      26.90     4.22
 REMAINDER         70,978           0       8,339          49,139           0       6,173.998      26.90     4.22
 TOTAL            226,456           0      30,360         167,432           0      23,498.576      26.90     4.22

 CUMULATIVE
 ULTIMATE

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003          912,715           0     4,044,326            0     4,957,041      27,383     121,331     4,808,327
 2004          652,789           0     8,450,400            0     9,103,189      19,583     253,514     8,830,092
 2005          534,957           0     8,885,969            0     9,420,926      16,048     266,573     9,138,305
 2006          334,175           0     9,352,832            0     9,687,007      10,026     280,590     9,396,391
 2007          224,215           0     8,471,106            0     8,695,321       6,727     254,129     8,434,465
 2008          144,702           0     6,620,503            0     6,765,205       4,341     198,617     6,562,247
 2009           95,208           0     5,372,124            0     5,467,332       2,856     161,159     5,303,317
 2010           72,133           0     4,315,149            0     4,387,282       2,164     129,454     4,255,664
 2011           55,629           0     4,021,897            0     4,077,526       1,668     120,658     3,955,200
 2012           45,514           0     3,100,116            0     3,145,630       1,367      93,002     3,051,261
 2013           37,283           0     2,755,360            0     2,792,643       1,118      82,664     2,708,861
 2014           30,581           0     2,467,378            0     2,497,959         917      74,016     2,423,026
 2015           25,114           0     2,112,808            0     2,137,922         754      63,392     2,073,776
 2016           14,549           0     1,633,367            0     1,647,916         436      48,997     1,598,483
 2017            2,510           0     1,506,371            0     1,508,881          76      45,190     1,463,615

 SUB-TOT     3,182,074           0    73,109,706            0    76,291,780      95,464   2,193,286    74,003,030
 REMAIN      1,321,831           0    26,054,275            0    27,376,106      39,655     781,629    26,554,822
 TOTAL       4,503,905           0    99,163,981            0   103,667,886     135,119   2,974,915   100,557,852

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003        231,868           0   1,685,000           0     1,916,868      2,891,459     2,891,459     2,716,576
 2004        374,896           0   3,670,000           0     4,044,896      4,785,196     7,676,655     4,083,227
 2005        459,868           0   2,425,000           0     2,884,868      6,253,437    13,930,092     4,876,498
 2006        535,571           0   1,815,000           0     2,350,571      7,045,820    20,975,912     4,970,425
 2007        573,419           0     625,000           0     1,198,419      7,236,046    28,211,958     4,621,640
 2008        530,400           0      20,000           0       550,400      6,011,847    34,223,805     3,484,673
 2009        480,340           0           0           0       480,340      4,822,977    39,046,782     2,530,438
 2010        427,826           0           0           0       427,826      3,827,838    42,874,620     1,818,406
 2011        362,346           0      30,000           0       392,346      3,562,854    46,437,474     1,529,361
 2012        311,250           0           0           0       311,250      2,740,011    49,177,485     1,066,046
 2013        297,766           0      10,000           0       307,766      2,401,095    51,578,580       845,112
 2014        293,386           0      25,000           0       318,386      2,104,640    53,683,220       670,968
 2015        270,139           0           0           0       270,139      1,803,637    55,486,857       520,772
 2016        217,843           0           0           0       217,843      1,380,640    56,867,497       360,533
 2017        200,400           0      20,000           0       220,400      1,243,215    58,110,712       293,620

 SUBTOT    5,567,318           0  10,325,000           0    15,892,318     58,110,712                  34,388,295
 REMAIN    3,601,692           0     265,000           0     3,866,692     22,688,130    80,798,842     1,842,433
 TOTAL     9,169,010           0  10,590,000           0    19,759,010     80,798,842                  36,230,728

   LIFE OF SUMMARY IS 50.00 YEARS.

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    180
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 STATE SUMMARY

                                                                    PROVED
     TENNESSEE PROPERTIES                                           PRODUCING

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -                                                                                  5.00% -     8,341,433
 FINAL   -                                                                                 10.00% -     6,286,395
 REMARKS -                                                                                 15.00% -     5,099,074
                                                                                           20.00% -     4,321,003
                                                                                           25.00% -     3,767,390



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003    25         9,490           0         477           7,819           0         353.110      26.90     4.22
 2004    24         7,603           0         380           6,230           0         279.279      26.90     4.22
 2005    24         6,097           0         322           4,969           0         235.868      26.90     4.22
 2006    22         4,895           0         280           3,963           0         206.479      26.90     4.22
 2007    21         3,935           0         253           3,164           0         185.899      26.90     4.22
 2008    21         3,165           0         233           2,528           0         170.151      26.90     4.22
 2009    21         2,550           0         215           2,021           0         157.447      26.90     4.22
 2010    21         1,799           0         200           1,504           0         146.905      26.90     4.22
 2011    20         1,298           0         187           1,136           0         136.370      26.90     4.22
 2012    18         1,028           0         172             900           0         126.837      26.90     4.22
 2013    18           815           0         166             712           0         119.954      26.90     4.22
 2014    18           645           0         155             565           0         113.569      26.90     4.22
 2015    17           511           0         147             447           0         106.251      26.90     4.22
 2016    17           145           0         135             127           0          99.500      26.90     4.22
 2017    15             0           0         126               0           0          94.142       0.00     4.22

 SUB-TOTAL         43,976           0       3,448          36,085           0       2,531.761      26.90     4.22
 REMAINDER              0           0       1,656               0           0       1,207.819       0.00     4.22
 TOTAL             43,976           0       5,104          36,085           0       3,739.580      26.90     4.22

 CUMULATIVE
 ULTIMATE

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003          210,322           0     1,490,123            0     1,700,445       6,310      44,704     1,649,431
 2004          167,605           0     1,178,559            0     1,346,164       5,028      35,358     1,305,778
 2005          133,638           0       995,361            0     1,128,999       4,009      29,858     1,095,132
 2006          106,617           0       871,344            0       977,961       3,198      26,141       948,622
 2007           85,117           0       784,493            0       869,610       2,554      23,537       843,519
 2008           68,000           0       718,036            0       786,036       2,040      21,542       762,454
 2009           54,368           0       664,428            0       718,796       1,631      19,928       697,237
 2010           40,457           0       619,936            0       660,393       1,214      18,601       640,578
 2011           30,557           0       575,486            0       606,043         916      17,264       587,863
 2012           24,203           0       535,252            0       559,455         727      16,057       542,671
 2013           19,169           0       506,205            0       525,374         575      15,188       509,611
 2014           15,184           0       479,259            0       494,443         455      14,376       479,612
 2015           12,026           0       448,378            0       460,404         361      13,454       446,589
 2016            3,425           0       419,893            0       423,318         103      12,594       410,621
 2017                0           0       397,279            0       397,279           0      11,917       385,362

 SUB-TOT       970,688           0    10,684,032            0    11,654,720      29,121     320,519    11,305,080
 REMAIN              0           0     5,096,997            0     5,096,997           0     152,910     4,944,087
 TOTAL         970,688           0    15,781,029            0    16,751,717      29,121     473,429    16,249,167

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003        159,168           0           0           0       159,168      1,490,263     1,490,263     1,422,215
 2004        157,896           0           0           0       157,896      1,147,882     2,638,145       990,744
 2005        148,068           0           0           0       148,068        947,064     3,585,209       739,695
 2006        141,168           0           0           0       141,168        807,454     4,392,663       570,754
 2007        139,968           0           0           0       139,968        703,551     5,096,214       450,104
 2008        139,968           0           0           0       139,968        622,486     5,718,700       360,453
 2009        139,968           0           0           0       139,968        557,269     6,275,969       292,083
 2010        136,921           0           0           0       136,921        503,657     6,779,626       238,938
 2011        128,676           0           0           0       128,676        459,187     7,238,813       197,179
 2012        121,200           0           0           0       121,200        421,471     7,660,284       163,823
 2013        121,200           0           0           0       121,200        388,411     8,048,695       136,657
 2014        120,600           0           0           0       120,600        359,012     8,407,707       114,340
 2015        114,000           0           0           0       114,000        332,589     8,740,296        95,884
 2016        101,600           0           0           0       101,600        309,021     9,049,317        80,638
 2017         96,600           0           0           0        96,600        288,762     9,338,079        68,209

 SUBTOT    1,967,001           0           0           0     1,967,001      9,338,079                   5,921,716
 REMAIN    1,620,038           0           0           0     1,620,038      3,324,049    12,662,128       364,679
 TOTAL     3,587,039           0           0           0     3,587,039     12,662,128                   6,286,395

   LIFE OF SUMMARY IS 50.00 YEARS.

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    181
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 STATE SUMMARY

                                                                    PROVED

     TENNESSEE PROPERTIES                                           SHUT-IN


<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -                                                                                  5.00% -     1,461,339
 FINAL   -                                                                                 10.00% -     1,241,527
 REMARKS -                                                                                 15.00% -     1,075,952
                                                                                           20.00% -       946,156
                                                                                           25.00% -       841,315

</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     5        13,365           0          27           5,848           0          11.845      26.90     4.22
 2004     8        12,060           0         156           6,729           0          78.727      26.90     4.22
 2005     7         6,190           0         111           3,944           0          58.492      26.90     4.22
 2006     7         3,465           0          79           2,566           0          43.680      26.90     4.22
 2007     5         2,855           0          43           2,142           0          18.944      26.90     4.22
 2008     4         2,387           0          37           1,803           0          16.395      26.90     4.22
 2009     4         1,995           0          33           1,518           0          14.587      26.90     4.22
 2010     4         1,439           0          31           1,178           0          13.208      26.90     4.22
 2011     3         1,065           0          27             932           0          12.115      26.90     4.22
 2012     3           906           0          26             792           0          11.112      26.90     4.22
 2013     2           769           0          11             673           0           4.720      26.90     4.22
 2014     2           654           0          10             573           0           4.436      26.90     4.22
 2015     2           556           0           9             486           0           4.192      26.90     4.22
 2016     2           473           0           9             414           0           3.977      26.90     4.22
 2017     2           107           0           9              93           0           3.778      26.90     4.22

 SUB-TOTAL         48,286           0         618          29,691           0         300.208      26.90     4.22
 REMAINDER              0           0          47               0           0          20.538       0.00     4.22
 TOTAL             48,286           0         665          29,691           0         320.746      26.90     4.22

 CUMULATIVE
 ULTIMATE

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003          157,280           0        49,984            0       207,264       4,719       1,500       201,045
 2004          181,031           0       332,228            0       513,259       5,431       9,966       497,862
 2005          106,102           0       246,837            0       352,939       3,183       7,406       342,350
 2006           69,023           0       184,328            0       253,351       2,071       5,530       245,750
 2007           57,620           0        79,946            0       137,566       1,729       2,398       133,439
 2008           48,498           0        69,184            0       117,682       1,454       2,075       114,153
 2009           40,840           0        61,559            0       102,399       1,225       1,847        99,327
 2010           31,676           0        55,738            0        87,414         950       1,672        84,792
 2011           25,072           0        51,125            0        76,197         752       1,534        73,911
 2012           21,311           0        46,894            0        68,205         640       1,406        66,159
 2013           18,114           0        19,917            0        38,031         543         598        36,890
 2014           15,397           0        18,721            0        34,118         462         561        33,095
 2015           13,088           0        17,689            0        30,777         393         531        29,853
 2016           11,124           0        16,783            0        27,907         333         504        27,070
 2017            2,510           0        15,945            0        18,455          76         478        17,901

 SUB-TOT       798,686           0     1,266,878            0     2,065,564      23,961      38,006     2,003,597
 REMAIN              0           0        86,671            0        86,671           0       2,600        84,071
 TOTAL         798,686           0     1,353,549            0     2,152,235      23,961      40,606     2,087,668

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003         11,800           0           0           0        11,800        189,245       189,245       176,680
 2004         40,000           0           0           0        40,000        457,862       647,107       396,301
 2005         37,200           0           0           0        37,200        305,150       952,257       238,573
 2006         29,903           0           0           0        29,903        215,847     1,168,104       152,796
 2007         21,620           0           0           0        21,620        111,819     1,279,923        71,581
 2008         21,600           0           0           0        21,600         92,553     1,372,476        53,622
 2009         21,600           0           0           0        21,600         77,727     1,450,203        40,761
 2010         18,800           0           0           0        18,800         65,992     1,516,195        31,322
 2011         16,800           0           0           0        16,800         57,111     1,573,306        24,533
 2012         16,733           0           0           0        16,733         49,426     1,622,732        19,227
 2013         13,200           0           0           0        13,200         23,690     1,646,422         8,341
 2014         13,200           0           0           0        13,200         19,895     1,666,317         6,341
 2015         13,200           0           0           0        13,200         16,653     1,682,970         4,806
 2016         13,200           0           0           0        13,200         13,870     1,696,840         3,622
 2017          6,000           0           0           0         6,000         11,901     1,708,741         2,812

 SUBTOT      294,856           0           0           0       294,856      1,708,741                   1,231,318
 REMAIN       23,653           0           0           0        23,653         60,418     1,769,159        10,209
 TOTAL       318,509           0           0           0       318,509      1,769,159                   1,241,527

   LIFE OF SUMMARY IS 21.57 YEARS.

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    182
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 STATE SUMMARY

                                                                    PROVED

     TENNESSEE PROPERTIES                                           BEHIND PIPE

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -                                                                                  5.00% -     8,920,728
 FINAL   -                                                                                 10.00% -     5,423,080
 REMARKS -                                                                                 15.00% -     3,932,641
                                                                                           20.00% -     3,098,640
                                                                                           25.00% -     2,561,817

</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     4        23,159           0         144          20,265           0         101.825      26.90     4.22
 2004     5        12,923           0         136          11,306           0         100.088      26.90     4.22
 2005     5        14,307           0         113          10,975           0          80.857      26.90     4.22
 2006     6         7,622           0         160           5,893           0          95.828      26.90     4.22
 2007     8         3,853           0         241           3,029           0         169.376      26.90     4.22
 2008     8         1,352           0         214           1,049           0         150.094      26.90     4.22
 2009     6             0           0         200               0           0         144.308       0.00     4.22
 2010     6             0           0         165               0           0         117.515       0.00     4.22
 2011     6             0           0         325               0           0         255.853       0.00     4.22
 2012     7             0           0         228               0           0         174.312       0.00     4.22
 2013     7             0           0         218               0           0         149.126       0.00     4.22
 2014     5             0           0         168               0           0         117.760       0.00     4.22
 2015     6             0           0         139               0           0          97.997       0.00     4.22
 2016     5             0           0         118               0           0          84.319       0.00     4.22
 2017     5             0           0         113               0           0          82.103       0.00     4.22

 SUB-TOTAL         63,216           0       2,682          52,517           0       1,921.361      26.90     4.22
 REMAINDER         70,978           0       4,539          49,139           0       3,359.804      26.90     4.22
 TOTAL            134,194           0       7,221         101,656           0       5,281.165      26.90     4.22

 CUMULATIVE
 ULTIMATE
</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003          545,113           0       429,701            0       974,814      16,354      12,891       945,569
 2004          304,153           0       422,372            0       726,525       9,124      12,672       704,729
 2005          295,217           0       341,219            0       636,436       8,856      10,235       617,345
 2006          158,535           0       404,395            0       562,930       4,757      12,133       546,040
 2007           81,478           0       714,765            0       796,243       2,444      21,442       772,357
 2008           28,204           0       633,396            0       661,600         847      19,004       641,749
 2009                0           0       608,980            0       608,980           0      18,269       590,711
 2010                0           0       495,914            0       495,914           0      14,877       481,037
 2011                0           0     1,079,701            0     1,079,701           0      32,391     1,047,310
 2012                0           0       735,597            0       735,597           0      22,067       713,530
 2013                0           0       629,313            0       629,313           0      18,880       610,433
 2014                0           0       496,946            0       496,946           0      14,908       482,038
 2015                0           0       413,548            0       413,548           0      12,408       401,140
 2016                0           0       355,826            0       355,826           0      10,674       345,152
 2017                0           0       346,471            0       346,471           0      10,395       336,076

 SUB-TOT     1,412,700           0     8,108,144            0     9,520,844      42,382     243,246     9,235,216
 REMAIN      1,321,831           0    14,178,375            0    15,500,206      39,655     425,350    15,035,201
 TOTAL       2,734,531           0    22,286,519            0    25,021,050      82,037     668,596    24,270,417

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003         30,000           0      85,000           0       115,000        830,569       830,569       790,591
 2004         37,200           0      20,000           0        57,200        647,529     1,478,098       559,135
 2005         46,000           0      25,000           0        71,000        546,345     2,024,443       426,623
 2006         52,500           0      15,000           0        67,500        478,540     2,502,983       337,920
 2007         60,082           0      25,000           0        85,082        687,275     3,190,258       438,752
 2008         44,297           0      20,000           0        64,297        577,452     3,767,710       334,068
 2009         36,000           0           0           0        36,000        554,711     4,322,421       291,053
 2010         36,000           0           0           0        36,000        445,037     4,767,458       211,317
 2011         40,781           0      30,000           0        70,781        976,529     5,743,987       416,943
 2012         37,006           0           0           0        37,006        676,524     6,420,511       263,674
 2013         33,766           0      10,000           0        43,766        566,667     6,987,178       199,710
 2014         33,000           0      25,000           0        58,000        424,038     7,411,216       135,532
 2015         34,193           0           0           0        34,193        366,947     7,778,163       105,949
 2016         32,400           0           0           0        32,400        312,752     8,090,915        81,649
 2017         33,000           0      20,000           0        53,000        283,076     8,373,991        66,840

 SUBTOT      586,225           0     275,000           0       861,225      8,373,991                   4,659,756
 REMAIN    1,247,965           0     265,000           0     1,512,965     13,522,236    21,896,227       763,324
 TOTAL     1,834,190           0     540,000           0     2,374,190     21,896,227                   5,423,080

   LIFE OF SUMMARY IS 50.00 YEARS.

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    183
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 STATE SUMMARY

                                                                    PROVED

     TENNESSEE PROPERTIES                                           UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -                                                                                  5.00% -    31,143,499
 FINAL   -                                                                                 10.00% -    23,279,726
 REMARKS -                                                                                 15.00% -    18,071,619
                                                                                           20.00% -    14,384,269
                                                                                           25.00% -    11,660,181

</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     9             0           0         586               0           0         491.592       0.00     4.22
 2004    27             0           0       1,948               0           0       1,544.370       0.00     4.22
 2005    39             0           0       2,096               0           0       1,730.463       0.00     4.22
 2006    48             0           0       2,233               0           0       1,870.323       0.00     4.22
 2007    51             0           0       1,946               0           0       1,633.153       0.00     4.22
 2008    49             0           0       1,475               0           0       1,232.200       0.00     4.22
 2009    43             0           0       1,157               0           0         956.673       0.00     4.22
 2010    38             0           0         907               0           0         744.920       0.00     4.22
 2011    28             0           0         679               0           0         548.718       0.00     4.22
 2012    20             0           0         517               0           0         422.363       0.00     4.22
 2013    18             0           0         464               0           0         379.129       0.00     4.22
 2014    18             0           0         426               0           0         348.922       0.00     4.22
 2015    17             0           0         362               0           0         292.226       0.00     4.22
 2016    11             0           0         250               0           0         199.257       0.00     4.22
 2017     9             0           0         227               0           0         176.938       0.00     4.22

 SUB-TOTAL              0           0      15,273               0           0      12,571.247       0.00     4.22
 REMAINDER              0           0       2,097               0           0       1,585.837       0.00     4.22
 TOTAL                  0           0      17,370               0           0      14,157.084       0.00     4.22

 CUMULATIVE
 ULTIMATE

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0     2,074,518            0     2,074,518           0      62,236     2,012,282
 2004                0           0     6,517,241            0     6,517,241           0     195,518     6,321,723
 2005                0           0     7,302,552            0     7,302,552           0     219,074     7,083,478
 2006                0           0     7,892,765            0     7,892,765           0     236,786     7,655,979
 2007                0           0     6,891,902            0     6,891,902           0     206,752     6,685,150
 2008                0           0     5,199,887            0     5,199,887           0     155,996     5,043,891
 2009                0           0     4,037,157            0     4,037,157           0     121,115     3,916,042
 2010                0           0     3,143,561            0     3,143,561           0      94,304     3,049,257
 2011                0           0     2,315,585            0     2,315,585           0      69,469     2,246,116
 2012                0           0     1,782,373            0     1,782,373           0      53,472     1,728,901
 2013                0           0     1,599,925            0     1,599,925           0      47,998     1,551,927
 2014                0           0     1,472,452            0     1,472,452           0      44,171     1,428,281
 2015                0           0     1,233,193            0     1,233,193           0      36,999     1,196,194
 2016                0           0       840,865            0       840,865           0      25,225       815,640
 2017                0           0       746,676            0       746,676           0      22,400       724,276

 SUB-TOT             0           0    53,050,652            0    53,050,652           0   1,591,515    51,459,137
 REMAIN              0           0     6,692,232            0     6,692,232           0     200,769     6,491,463
 TOTAL               0           0    59,742,884            0    59,742,884           0   1,792,284    57,950,600

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003         30,900           0   1,600,000           0     1,630,900        381,382       381,382       327,090
 2004        139,800           0   3,650,000           0     3,789,800      2,531,923     2,913,305     2,137,047
 2005        228,600           0   2,400,000           0     2,628,600      4,454,878     7,368,183     3,471,607
 2006        312,000           0   1,800,000           0     2,112,000      5,543,979    12,912,162     3,908,955
 2007        351,749           0     600,000           0       951,749      5,733,401    18,645,563     3,661,203
 2008        324,535           0           0           0       324,535      4,719,356    23,364,919     2,736,530
 2009        282,772           0           0           0       282,772      3,633,270    26,998,189     1,906,541
 2010        236,105           0           0           0       236,105      2,813,152    29,811,341     1,336,829
 2011        176,089           0           0           0       176,089      2,070,027    31,881,368       890,706
 2012        136,311           0           0           0       136,311      1,592,590    33,473,958       619,322
 2013        129,600           0           0           0       129,600      1,422,327    34,896,285       500,404
 2014        126,586           0           0           0       126,586      1,301,695    36,197,980       414,755
 2015        108,746           0           0           0       108,746      1,087,448    37,285,428       314,133
 2016         70,643           0           0           0        70,643        744,997    38,030,425       194,624
 2017         64,800           0           0           0        64,800        659,476    38,689,901       155,759

 SUBTOT    2,719,236           0  10,050,000           0    12,769,236     38,689,901                  22,575,505
 REMAIN      710,036           0           0           0       710,036      5,781,427    44,471,328       704,221
 TOTAL     3,429,272           0  10,050,000           0    13,479,272     44,471,328                  23,279,726

   LIFE OF SUMMARY IS 46.65 YEARS.

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    184
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 STATE SUMMARY

                                                                  TOTAL PROBABLE
     TENNESSEE PROPERTIES                                         BEHIND PIPE

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -                                                                                  5.00% -        45,647
 FINAL   -                                                                                 10.00% -        32,968
 REMARKS -                                                                                 15.00% -        24,838
                                                                                           20.00% -        19,413
                                                                                           25.00% -        15,646

</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     1             0           0          27               0           0           1.661       0.00     4.22
 2005     1             0           0          22               0           0           1.375       0.00     4.22
 2006     1             0           0          19               0           0           1.200       0.00     4.22
 2007     1             0           0          17               0           0           1.078       0.00     4.22
 2008     1             0           0          16               0           0           0.987       0.00     4.22
 2009     1             0           0          14               0           0           0.916       0.00     4.22
 2010     1             0           0          14               0           0           0.859       0.00     4.22
 2011     1             0           0          13               0           0           0.802       0.00     4.22
 2012     1             0           0          12               0           0           0.750       0.00     4.22
 2013     1             0           0          11               0           0           0.712       0.00     4.22
 2014     1             0           0          34               0           0           2.061       0.00     4.22
 2015     1             0           0          28               0           0           1.782       0.00     4.22
 2016     1             0           0          19               0           0           1.153       0.00     4.22
 2017     1             0           0          13               0           0           0.810       0.00     4.22

 SUB-TOTAL              0           0         259               0           0          16.146       0.00     4.22
 REMAINDER              0           0           0               0           0           0.022       0.00     4.22
 TOTAL                  0           0         259               0           0          16.168       0.00     4.22

 CUMULATIVE
 ULTIMATE

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0         7,011            0         7,011           0         210         6,801
 2005                0           0         5,802            0         5,802           0         174         5,628
 2006                0           0         5,063            0         5,063           0         152         4,911
 2007                0           0         4,549            0         4,549           0         137         4,412
 2008                0           0         4,166            0         4,166           0         125         4,041
 2009                0           0         3,867            0         3,867           0         116         3,751
 2010                0           0         3,623            0         3,623           0         108         3,515
 2011                0           0         3,385            0         3,385           0         102         3,283
 2012                0           0         3,165            0         3,165           0          95         3,070
 2013                0           0         3,007            0         3,007           0          90         2,917
 2014                0           0         8,697            0         8,697           0         261         8,436
 2015                0           0         7,520            0         7,520           0         226         7,294
 2016                0           0         4,867            0         4,867           0         146         4,721
 2017                0           0         3,419            0         3,419           0         102         3,317

 SUB-TOT             0           0        68,141            0        68,141           0       2,044        66,097
 REMAIN              0           0            91            0            91           0           3            88
 TOTAL               0           0        68,232            0        68,232           0       2,047        66,185

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0          6,801         6,801         5,871
 2005              0           0           0           0             0          5,628        12,429         4,395
 2006              0           0           0           0             0          4,911        17,340         3,470
 2007              0           0           0           0             0          4,412        21,752         2,822
 2008              0           0           0           0             0          4,041        25,793         2,339
 2009              0           0           0           0             0          3,751        29,544         1,966
 2010              0           0           0           0             0          3,515        33,059         1,667
 2011              0           0           0           0             0          3,283        36,342         1,410
 2012              0           0           0           0             0          3,070        39,412         1,193
 2013              0           0           0           0             0          2,917        42,329         1,026
 2014              0           0           0           0             0          8,436        50,765         2,659
 2015              0           0           0           0             0          7,294        58,059         2,110
 2016              0           0           0           0             0          4,721        62,780         1,235
 2017              0           0           0           0             0          3,317        66,097           785

 SUBTOT            0           0           0           0             0         66,097                      32,948
 REMAIN            0           0           0           0             0             88        66,185            20
 TOTAL             0           0           0           0             0         66,185                      32,968

   LIFE OF SUMMARY IS 15.03 YEARS.

</TABLE>

<PAGE>

                                  TENGASCO, INC.                    TABLE    185
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 STATE SUMMARY

                                                                  TOTAL POSSIBLE
     TENNESSEE PROPERTIES                                         UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -                                                                                  5.00% -     4,284,225
 FINAL   -                                                                                 10.00% -     3,185,002
 REMARKS -                                                                                 15.00% -     2,378,901
                                                                                           20.00% -     1,783,727
                                                                                           25.00% -     1,341,618



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005     4             0           0         106               0           0          93.393       0.00     4.22
 2006    14             0           0         715               0           0         623.939       0.00     4.22
 2007    14             0           0         576               0           0         503.808       0.00     4.22
 2008    14             0           0         409               0           0         360.038       0.00     4.22
 2009    14             0           0         310               0           0         272.546       0.00     4.22
 2010    12             0           0         211               0           0         181.732       0.00     4.22
 2011     8             0           0         109               0           0          94.770       0.00     4.22
 2012     4             0           0          64               0           0          56.899       0.00     4.22
 2013     3             0           0          30               0           0          26.400       0.00     4.22
 2014     1             0           0          16               0           0          14.226       0.00     4.22
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0       2,546               0           0       2,227.751       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0       2,546               0           0       2,227.751       0.00     4.22

 CUMULATIVE
 ULTIMATE

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0       394,118            0       394,118           0      11,824       382,294
 2006                0           0     2,633,019            0     2,633,019           0      78,990     2,554,029
 2007                0           0     2,126,073            0     2,126,073           0      63,783     2,062,290
 2008                0           0     1,519,360            0     1,519,360           0      45,582     1,473,778
 2009                0           0     1,150,142            0     1,150,142           0      34,503     1,115,639
 2010                0           0       766,907            0       766,907           0      23,004       743,903
 2011                0           0       399,927            0       399,927           0      11,998       387,929
 2012                0           0       240,113            0       240,113           0       7,203       232,910
 2013                0           0       111,408            0       111,408           0       3,343       108,065
 2014                0           0        60,033            0        60,033           0       1,801        58,232
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0     9,401,100            0     9,401,100           0     282,031     9,119,069
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0     9,401,100            0     9,401,100           0     282,031     9,119,069

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005          9,000           0     800,000           0       809,000       -426,706      -426,706      -327,786
 2006         75,000           0   2,000,000           0     2,075,000        479,029        52,323       315,056
 2007        100,800           0           0           0       100,800      1,961,490     2,013,813     1,258,271
 2008        100,800           0           0           0       100,800      1,372,978     3,386,791       796,076
 2009         92,682           0           0           0        92,682      1,022,957     4,409,748       537,271
 2010         68,580           0           0           0        68,580        675,323     5,085,071       321,748
 2011         36,976           0           0           0        36,976        350,953     5,436,024       151,535
 2012         23,269           0           0           0        23,269        209,641     5,645,665        81,700
 2013         11,184           0           0           0        11,184         96,881     5,742,546        34,489
 2014          6,291           0           0           0         6,291         51,941     5,794,487        16,642
 2015              0           0           0           0             0              0     5,794,487             0
 2016              0           0           0           0             0              0     5,794,487             0
 2017              0           0           0           0             0              0     5,794,487             0

 SUBTOT      524,582           0   2,800,000           0     3,324,582      5,794,487                   3,185,002
 REMAIN            0           0           0           0             0              0     5,794,487             0
 TOTAL       524,582           0   2,800,000           0     3,324,582      5,794,487                   3,185,002

   LIFE OF SUMMARY IS 11.87 YEARS.

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    186
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     ANITA COLSON #1   (KNOX)                                       SHUT-IN

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                                                                       5.00% -             0
 FINAL   -   1.000000                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE             0           0           9
 ULTIMATE               0           0           9

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    187
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        OIL LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     ANITA COLSON #1 BP   (TRENTON)                                 BEHIND PIPE

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000  0.875000            0.875000     26.90                   4.22        5.00% -       378,741
 FINAL   -   1.000000  0.875000            0.875000     26.90                   4.22       10.00% -       357,571
 REMARKS -                                                                                 15.00% -       338,381
                                                                                           20.00% -       320,929
                                                                                           25.00% -       305,010



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1         7,927           0          17           6,937           0          15.233      26.90     4.22
 2004     1         4,002           0           9           3,501           0           7.689      26.90     4.22
 2005     1         2,019           0           5           1,767           0           3.881      26.90     4.22
 2006     1         1,020           0           2             892           0           1.959      26.90     4.22
 2007     1           495           0           1             433           0           0.951      26.90     4.22
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL         15,463           0          34          13,530           0          29.713      26.90     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL             15,463           0          34          13,530           0          29.713      26.90     4.22

 CUMULATIVE             0           0           0
 ULTIMATE          15,463           0          34

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003          186,594           0        64,282            0       250,876       5,598       1,928       243,350
 2004           94,181           0        32,446            0       126,627       2,825         974       122,828
 2005           47,537           0        16,376            0        63,913       1,426         491        61,996
 2006           23,994           0         8,266            0        32,260         720         248        31,292
 2007           11,646           0         4,012            0        15,658         350         120        15,188
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT       363,952           0       125,382            0       489,334      10,919       3,761       474,654
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL         363,952           0       125,382            0       489,334      10,919       3,761       474,654

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          9,600           0      25,000           0        34,600        208,750       208,750       198,887
 2004          9,600           0           0           0         9,600        113,228       321,978        98,149
 2005          9,600           0           0           0         9,600         52,396       374,374        41,136
 2006          9,600           0           0           0         9,600         21,692       396,066        15,438
 2007          9,082           0           0           0         9,082          6,106       402,172         3,961
 2008              0           0           0           0             0              0       402,172             0
 2009              0           0           0           0             0              0       402,172             0
 2010              0           0           0           0             0              0       402,172             0
 2011              0           0           0           0             0              0       402,172             0
 2012              0           0           0           0             0              0       402,172             0
 2013              0           0           0           0             0              0       402,172             0
 2014              0           0           0           0             0              0       402,172             0
 2015              0           0           0           0             0              0       402,172             0
 2016              0           0           0           0             0              0       402,172             0
 2017              0           0           0           0             0              0       402,172             0

 SUBTOT       47,482           0      25,000           0        72,482        402,172                     357,571
 REMAIN            0           0           0           0             0              0       402,172             0
 TOTAL        47,482           0      25,000           0        72,482        402,172                     357,571

   LIFE OF EVALUATION IS 4.95 YEARS.
   FINAL PRODUCTION RATE: 31 BBLS/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    188
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     ANITA COLSON #2   (KNOX)                                       PRODUCING

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       404,702
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       323,487
 REMARKS -                                                                                 15.00% -       272,476
                                                                                           20.00% -       237,412
                                                                                           25.00% -       211,660



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0          30               0           0          26.645       0.00     4.22
 2004     1             0           0          20               0           0          17.214       0.00     4.22
 2005     1             0           0          15               0           0          13.305       0.00     4.22
 2006     1             0           0          13               0           0          11.063       0.00     4.22
 2007     1             0           0          11               0           0           9.579       0.00     4.22
 2008     1             0           0          10               0           0           8.510       0.00     4.22
 2009     1             0           0           8               0           0           7.697       0.00     4.22
 2010     1             0           0           9               0           0           7.054       0.00     4.22
 2011     1             0           0           7               0           0           6.531       0.00     4.22
 2012     1             0           0           7               0           0           6.095       0.00     4.22
 2013     1             0           0           6               0           0           5.726       0.00     4.22
 2014     1             0           0           7               0           0           5.407       0.00     4.22
 2015     1             0           0           6               0           0           5.129       0.00     4.22
 2016     1             0           0           5               0           0           4.872       0.00     4.22
 2017     1             0           0           5               0           0           4.629       0.00     4.22

 SUB-TOTAL              0           0         159               0           0         139.456       0.00     4.22
 REMAINDER              0           0          62               0           0          53.603       0.00     4.22
 TOTAL                  0           0         221               0           0         193.059       0.00     4.22

 CUMULATIVE             0           0          59
 ULTIMATE               0           0         280

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0       112,441            0       112,441           0       3,373       109,068
 2004                0           0        72,645            0        72,645           0       2,180        70,465
 2005                0           0        56,149            0        56,149           0       1,684        54,465
 2006                0           0        46,688            0        46,688           0       1,401        45,287
 2007                0           0        40,422            0        40,422           0       1,212        39,210
 2008                0           0        35,912            0        35,912           0       1,078        34,834
 2009                0           0        32,483            0        32,483           0         974        31,509
 2010                0           0        29,769            0        29,769           0         893        28,876
 2011                0           0        27,562            0        27,562           0         827        26,735
 2012                0           0        25,722            0        25,722           0         772        24,950
 2013                0           0        24,161            0        24,161           0         725        23,436
 2014                0           0        22,819            0        22,819           0         684        22,135
 2015                0           0        21,643            0        21,643           0         649        20,994
 2016                0           0        20,561            0        20,561           0         617        19,944
 2017                0           0        19,533            0        19,533           0         586        18,947

 SUB-TOT             0           0       588,510            0       588,510           0      17,655       570,855
 REMAIN              0           0       226,207            0       226,207           0       6,786       219,421
 TOTAL               0           0       814,717            0       814,717           0      24,441       790,276

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          7,200           0           0           0         7,200        101,868       101,868        97,471
 2004          7,200           0           0           0         7,200         63,265       165,133        54,665
 2005          7,200           0           0           0         7,200         47,265       212,398        36,937
 2006          7,200           0           0           0         7,200         38,087       250,485        26,932
 2007          7,200           0           0           0         7,200         32,010       282,495        20,484
 2008          7,200           0           0           0         7,200         27,634       310,129        16,004
 2009          7,200           0           0           0         7,200         24,309       334,438        12,743
 2010          7,200           0           0           0         7,200         21,676       356,114        10,284
 2011          7,200           0           0           0         7,200         19,535       375,649         8,389
 2012          7,200           0           0           0         7,200         17,750       393,399         6,900
 2013          7,200           0           0           0         7,200         16,236       409,635         5,713
 2014          7,200           0           0           0         7,200         14,935       424,570         4,756
 2015          7,200           0           0           0         7,200         13,794       438,364         3,977
 2016          7,200           0           0           0         7,200         12,744       451,108         3,326
 2017          7,200           0           0           0         7,200         11,747       462,855         2,775

 SUBTOT      108,000           0           0           0       108,000        462,855                     311,356
 REMAIN      132,000           0           0           0       132,000         87,421       550,276        12,131
 TOTAL       240,000           0           0           0       240,000        550,276                     323,487

   LIFE OF EVALUATION IS 33.33 YEARS.
   FINAL PRODUCTION RATE: 0.2 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    189
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   MILLER PETROLEUM - OPERATOR   12-T1S-R74E                        PROVED
     BOBBY YEARY #1   (REEDSVILLE-TRENTON)                          PRODUCING

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   0.500000                                                                       5.00% -             0
 FINAL   -   0.500000                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE             0           0           6
 ULTIMATE               0           0           6

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    190
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   MILLER PETROLEUM - OPERATOR   12-T1S-R74E                        PROVED
     BOBBY YEARY #1BP   (KNOX)                                      BEHIND PIPE

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   0.500000                                                                       5.00% -             0
 FINAL   -   0.500000                                                                      10.00% -             0
 REMARKS - NO RESERVES ASSIGNED.                                                           15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE             0           0           0
 ULTIMATE               0           0           0

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    191
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        OIL LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     BOBBY YEARY #2   (STONES RIVER)                                SHUT-IN

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   0.500000  0.437500                         26.90                               5.00% -        50,811
 FINAL   -   0.500000  0.437500                         26.90                              10.00% -        46,185
 REMARKS -                                                                                 15.00% -        42,237
                                                                                           20.00% -        38,844
                                                                                           25.00% -        35,907



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1         1,990           0           0             871           0           0.000      26.90     0.00
 2004     1         1,592           0           0             696           0           0.000      26.90     0.00
 2005     1         1,273           0           0             557           0           0.000      26.90     0.00
 2006     1         1,019           0           0             446           0           0.000      26.90     0.00
 2007     1           815           0           0             356           0           0.000      26.90     0.00
 2008     1           652           0           0             286           0           0.000      26.90     0.00
 2009     1           521           0           0             228           0           0.000      26.90     0.00
 2010     1           186           0           0              81           0           0.000      26.90     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL          8,048           0           0           3,521           0           0.000      26.90     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL              8,048           0           0           3,521           0           0.000      26.90     0.00

 CUMULATIVE         2,217           0           0
 ULTIMATE          10,265           0           0

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           23,417           0             0            0        23,417         703           0        22,714
 2004           18,733           0             0            0        18,733         562           0        18,171
 2005           14,987           0             0            0        14,987         449           0        14,538
 2006           11,990           0             0            0        11,990         360           0        11,630
 2007            9,591           0             0            0         9,591         288           0         9,303
 2008            7,673           0             0            0         7,673         230           0         7,443
 2009            6,139           0             0            0         6,139         184           0         5,955
 2010            2,180           0             0            0         2,180          65           0         2,115
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT        94,710           0             0            0        94,710       2,841           0        91,869
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL          94,710           0             0            0        94,710       2,841           0        91,869

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          4,800           0           0           0         4,800         17,914        17,914        17,091
 2004          4,800           0           0           0         4,800         13,371        31,285        11,549
 2005          4,800           0           0           0         4,800          9,738        41,023         7,616
 2006          4,800           0           0           0         4,800          6,830        47,853         4,837
 2007          4,800           0           0           0         4,800          4,503        52,356         2,888
 2008          4,800           0           0           0         4,800          2,643        54,999         1,537
 2009          4,800           0           0           0         4,800          1,155        56,154           611
 2010          2,000           0           0           0         2,000            115        56,269            56
 2011              0           0           0           0             0              0        56,269             0
 2012              0           0           0           0             0              0        56,269             0
 2013              0           0           0           0             0              0        56,269             0
 2014              0           0           0           0             0              0        56,269             0
 2015              0           0           0           0             0              0        56,269             0
 2016              0           0           0           0             0              0        56,269             0
 2017              0           0           0           0             0              0        56,269             0

 SUBTOT       35,600           0           0           0        35,600         56,269                      46,185
 REMAIN            0           0           0           0             0              0        56,269             0
 TOTAL        35,600           0           0           0        35,600         56,269                      46,185

   LIFE OF EVALUATION IS 7.42 YEARS.
   FINAL PRODUCTION RATE: 36 BBLS/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    192
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        OIL LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     BOBBY YEARY #3   (STONES RIVER)                                SHUT-IN

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   0.500000                                                                       5.00% -             0
 FINAL   -   0.500000                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE           535           0           0
 ULTIMATE             535           0           0

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0 BBLS/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    193
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        OIL LEASE
   MILLER PETROLEUM - OPERATOR   11-T1S-R74E                        PROVED
     CHERYL SMITH #1   (TRENTON)                                    SHUT-IN

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   0.500000  0.437500                         26.90                               5.00% -        51,548
 FINAL   -   0.500000  0.437500                         26.90                              10.00% -        49,701
 REMARKS -                                                                                 15.00% -        47,931
                                                                                           20.00% -        46,236
                                                                                           25.00% -        44,612



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1         4,333           0           0           1,896           0           0.000      26.90     0.00
 2004     1           807           0           0             353           0           0.000      26.90     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL          5,140           0           0           2,249           0           0.000      26.90     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL              5,140           0           0           2,249           0           0.000      26.90     0.00

 CUMULATIVE             0           0           0
 ULTIMATE           5,140           0           0

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           50,992           0             0            0        50,992       1,530           0        49,462
 2004            9,501           0             0            0         9,501         285           0         9,216
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT        60,493           0             0            0        60,493       1,815           0        58,678
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL          60,493           0             0            0        60,493       1,815           0        58,678

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          2,400           0           0           0         2,400         47,062        47,062        43,985
 2004          2,800           0           0           0         2,800          6,416        53,478         5,716
 2005              0           0           0           0             0              0        53,478             0
 2006              0           0           0           0             0              0        53,478             0
 2007              0           0           0           0             0              0        53,478             0
 2008              0           0           0           0             0              0        53,478             0
 2009              0           0           0           0             0              0        53,478             0
 2010              0           0           0           0             0              0        53,478             0
 2011              0           0           0           0             0              0        53,478             0
 2012              0           0           0           0             0              0        53,478             0
 2013              0           0           0           0             0              0        53,478             0
 2014              0           0           0           0             0              0        53,478             0
 2015              0           0           0           0             0              0        53,478             0
 2016              0           0           0           0             0              0        53,478             0
 2017              0           0           0           0             0              0        53,478             0

 SUBTOT        5,200           0           0           0         5,200         53,478                      49,701
 REMAIN            0           0           0           0             0              0        53,478             0
 TOTAL         5,200           0           0           0         5,200         53,478                      49,701

   LIFE OF EVALUATION IS 1.58 YEARS.
   FINAL PRODUCTION RATE: 41 BBLS/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    194
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     CHERYL SMITH #2   (KNOX)                                       UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       665,144
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       532,049
 REMARKS -                                                                                 15.00% -       434,567
                                                                                           20.00% -       361,133
                                                                                           25.00% -       304,344



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0          66               0           0          57.789       0.00     4.22
 2004     1             0           0          46               0           0          40.643       0.00     4.22
 2005     1             0           0          35               0           0          29.757       0.00     4.22
 2006     1             0           0          27               0           0          24.118       0.00     4.22
 2007     1             0           0          24               0           0          20.570       0.00     4.22
 2008     1             0           0          20               0           0          18.096       0.00     4.22
 2009     1             0           0          19               0           0          16.253       0.00     4.22
 2010     1             0           0          17               0           0          14.818       0.00     4.22
 2011     1             0           0          15               0           0          13.663       0.00     4.22
 2012     1             0           0          15               0           0          12.710       0.00     4.22
 2013     1             0           0          14               0           0          11.907       0.00     4.22
 2014     1             0           0          12               0           0          11.221       0.00     4.22
 2015     1             0           0           9               0           0           7.581       0.00     4.22
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         319               0           0         279.126       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         319               0           0         279.126       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         319

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0       243,868            0       243,868           0       7,316       236,552
 2004                0           0       171,514            0       171,514           0       5,145       166,369
 2005                0           0       125,574            0       125,574           0       3,768       121,806
 2006                0           0       101,778            0       101,778           0       3,053        98,725
 2007                0           0        86,807            0        86,807           0       2,604        84,203
 2008                0           0        76,363            0        76,363           0       2,291        74,072
 2009                0           0        68,587            0        68,587           0       2,058        66,529
 2010                0           0        62,532            0        62,532           0       1,876        60,656
 2011                0           0        57,658            0        57,658           0       1,729        55,929
 2012                0           0        53,636            0        53,636           0       1,610        52,026
 2013                0           0        50,249            0        50,249           0       1,507        48,742
 2014                0           0        47,352            0        47,352           0       1,421        45,931
 2015                0           0        31,989            0        31,989           0         959        31,030
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0     1,177,907            0     1,177,907           0      35,337     1,142,570
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0     1,177,907            0     1,177,907           0      35,337     1,142,570

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          6,000           0     200,000           0       206,000         30,552        30,552        22,816
 2004          7,200           0           0           0         7,200        159,169       189,721       137,602
 2005          7,200           0           0           0         7,200        114,606       304,327        89,576
 2006          7,200           0           0           0         7,200         91,525       395,852        64,720
 2007          7,200           0           0           0         7,200         77,003       472,855        49,273
 2008          7,200           0           0           0         7,200         66,872       539,727        38,727
 2009          7,200           0           0           0         7,200         59,329       599,056        31,097
 2010          7,200           0           0           0         7,200         53,456       652,512        25,360
 2011          7,200           0           0           0         7,200         48,729       701,241        20,925
 2012          7,200           0           0           0         7,200         44,826       746,067        17,423
 2013          7,200           0           0           0         7,200         41,542       787,609        14,615
 2014          7,200           0           0           0         7,200         38,731       826,340        12,334
 2015          5,098           0           0           0         5,098         25,932       852,272         7,581
 2016              0           0           0           0             0              0       852,272             0
 2017              0           0           0           0             0              0       852,272             0

 SUBTOT       90,298           0     200,000           0       290,298        852,272                     532,049
 REMAIN            0           0           0           0             0              0       852,272             0
 TOTAL        90,298           0     200,000           0       290,298        852,272                     532,049

   LIFE OF EVALUATION IS 12.71 YEARS.
   FINAL PRODUCTION RATE: 1.0 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    195
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     CHEVRON REED #1   (KNOX)                                       SHUT-IN

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   0.500000                                                                       5.00% -             0
 FINAL   -   0.500000                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE             0           0           1
 ULTIMATE               0           0           1

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    196
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     D. SUTTON HEIRS #1 (KNOX) PRODUCING

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.678444                             4.22        5.00% -       579,608
 FINAL   -   1.000000                      0.678444                             4.22       10.00% -       424,107
 REMARKS -                                                                                 15.00% -       335,941
                                                                                           20.00% -       279,592
                                                                                           25.00% -       240,445

</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0          34               0           0          23.388       0.00     4.22
 2004     1             0           0          29               0           0          19.016       0.00     4.22
 2005     1             0           0          24               0           0          16.462       0.00     4.22
 2006     1             0           0          21               0           0          14.732       0.00     4.22
 2007     1             0           0          20               0           0          13.459       0.00     4.22
 2008     1             0           0          19               0           0          12.472       0.00     4.22
 2009     1             0           0          17               0           0          11.676       0.00     4.22
 2010     1             0           0          16               0           0          11.018       0.00     4.22
 2011     1             0           0          16               0           0          10.454       0.00     4.22
 2012     1             0           0          14               0           0           9.931       0.00     4.22
 2013     1             0           0          14               0           0           9.435       0.00     4.22
 2014     1             0           0          13               0           0           8.963       0.00     4.22
 2015     1             0           0          13               0           0           8.515       0.00     4.22
 2016     1             0           0          12               0           0           8.089       0.00     4.22
 2017     1             0           0          11               0           0           7.685       0.00     4.22

 SUB-TOTAL              0           0         273               0           0         185.295       0.00     4.22
 REMAINDER              0           0         165               0           0         111.727       0.00     4.22
 TOTAL                  0           0         438               0           0         297.022       0.00     4.22

 CUMULATIVE             0           0         111
 ULTIMATE               0           0         549

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0        98,697            0        98,697           0       2,961        95,736
 2004                0           0        80,248            0        80,248           0       2,407        77,841
 2005                0           0        69,469            0        69,469           0       2,084        67,385
 2006                0           0        62,168            0        62,168           0       1,865        60,303
 2007                0           0        56,797            0        56,797           0       1,704        55,093
 2008                0           0        52,630            0        52,630           0       1,579        51,051
 2009                0           0        49,274            0        49,274           0       1,478        47,796
 2010                0           0        46,495            0        46,495           0       1,395        45,100
 2011                0           0        44,117            0        44,117           0       1,324        42,793
 2012                0           0        41,910            0        41,910           0       1,257        40,653
 2013                0           0        39,815            0        39,815           0       1,195        38,620
 2014                0           0        37,824            0        37,824           0       1,134        36,690
 2015                0           0        35,933            0        35,933           0       1,078        34,855
 2016                0           0        34,136            0        34,136           0       1,024        33,112
 2017                0           0        32,430            0        32,430           0         973        31,457

 SUB-TOT             0           0       781,943            0       781,943           0      23,458       758,485
 REMAIN              0           0       471,487            0       471,487           0      14,145       457,342
 TOTAL               0           0     1,253,430            0     1,253,430           0      37,603     1,215,827

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          7,200           0           0           0         7,200         88,536        88,536        84,462
 2004          7,200           0           0           0         7,200         70,641       159,177        60,956
 2005          7,200           0           0           0         7,200         60,185       219,362        46,994
 2006          7,200           0           0           0         7,200         53,103       272,465        37,525
 2007          7,200           0           0           0         7,200         47,893       320,358        30,632
 2008          7,200           0           0           0         7,200         43,851       364,209        25,385
 2009          7,200           0           0           0         7,200         40,596       404,805        21,271
 2010          7,200           0           0           0         7,200         37,900       442,705        17,976
 2011          7,200           0           0           0         7,200         35,593       478,298        15,280
 2012          7,200           0           0           0         7,200         33,453       511,751        13,001
 2013          7,200           0           0           0         7,200         31,420       543,171        11,053
 2014          7,200           0           0           0         7,200         29,490       572,661         9,391
 2015          7,200           0           0           0         7,200         27,655       600,316         7,972
 2016          7,200           0           0           0         7,200         25,912       626,228         6,762
 2017          7,200           0           0           0         7,200         24,257       650,485         5,729

 SUBTOT      108,000           0           0           0       108,000        650,485                     394,389
 REMAIN      203,400           0           0           0       203,400        253,942       904,427        29,718
 TOTAL       311,400           0           0           0       311,400        904,427                     424,107

   LIFE OF EVALUATION IS 43.25 YEARS.
   FINAL PRODUCTION RATE: 0.2 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    197
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     D. SUTTON HEIRS #1 BP (TRENTON) BEHIND PIPE

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.678444                             4.22        5.00% -        51,142
 FINAL   -   1.000000                      0.678444                             4.22       10.00% -         5,268
 REMARKS -                                                                                 15.00% -           552
                                                                                           20.00% -            59
                                                                                           25.00% -             6



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0         206               0           0         139.763       0.00     4.22
 TOTAL                  0           0         206               0           0         139.763       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         206

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0       589,800            0       589,800           0      17,694       572,106
 TOTAL               0           0       589,800            0       589,800           0      17,694       572,106

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN       47,071           0      20,000           0        67,071        505,035       505,035         5,268
 TOTAL        47,071           0      20,000           0        67,071        505,035                       5,268

   LIFE OF EVALUATION IS 49.79 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    198
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     D. SUTTON HEIRS #3 (KNOX) UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.678444                             4.22        5.00% -     3,527,951
 FINAL   -   1.000000                      0.678444                             4.22       10.00% -     2,374,595
 REMARKS -                                                                                 15.00% -     1,759,543
                                                                                           20.00% -     1,377,253
                                                                                           25.00% -     1,115,777



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     1             0           0         258               0           0         175.224       0.00     4.22
 2005     1             0           0         175               0           0         118.856       0.00     4.22
 2006     1             0           0         142               0           0          96.219       0.00     4.22
 2007     1             0           0         123               0           0          83.038       0.00     4.22
 2008     1             0           0         109               0           0          74.133       0.00     4.22
 2009     1             0           0         100               0           0          67.597       0.00     4.22
 2010     1             0           0          92               0           0          62.534       0.00     4.22
 2011     1             0           0          86               0           0          58.463       0.00     4.22
 2012     1             0           0          81               0           0          55.096       0.00     4.22
 2013     1             0           0          77               0           0          52.253       0.00     4.22
 2014     1             0           0          73               0           0          49.647       0.00     4.22
 2015     1             0           0          70               0           0          47.165       0.00     4.22
 2016     1             0           0          66               0           0          44.807       0.00     4.22
 2017     1             0           0          63               0           0          42.566       0.00     4.22

 SUB-TOTAL              0           0       1,515               0           0       1,027.598       0.00     4.22
 REMAINDER              0           0         957               0           0         649.282       0.00     4.22
 TOTAL                  0           0       2,472               0           0       1,676.880       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0       2,472

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0       739,444            0       739,444           0      22,183       717,261
 2005                0           0       501,573            0       501,573           0      15,048       486,525
 2006                0           0       406,045            0       406,045           0      12,181       393,864
 2007                0           0       350,419            0       350,419           0      10,512       339,907
 2008                0           0       312,842            0       312,842           0       9,386       303,456
 2009                0           0       285,258            0       285,258           0       8,557       276,701
 2010                0           0       263,894            0       263,894           0       7,917       255,977
 2011                0           0       246,714            0       246,714           0       7,402       239,312
 2012                0           0       232,507            0       232,507           0       6,975       225,532
 2013                0           0       220,507            0       220,507           0       6,615       213,892
 2014                0           0       209,511            0       209,511           0       6,285       203,226
 2015                0           0       199,036            0       199,036           0       5,971       193,065
 2016                0           0       189,084            0       189,084           0       5,673       183,411
 2017                0           0       179,629            0       179,629           0       5,389       174,240

 SUB-TOT             0           0     4,336,463            0     4,336,463           0     130,094     4,206,369
 REMAIN              0           0     2,739,971            0     2,739,971           0      82,199     2,657,772
 TOTAL               0           0     7,076,434            0     7,076,434           0     212,293     6,864,141

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004          7,200           0     250,000           0       257,200        460,061       460,061       389,304
 2005          7,200           0           0           0         7,200        479,325       939,386       374,653
 2006          7,200           0           0           0         7,200        386,664     1,326,050       273,376
 2007          7,200           0           0           0         7,200        332,707     1,658,757       212,854
 2008          7,200           0           0           0         7,200        296,256     1,955,013       171,531
 2009          7,200           0           0           0         7,200        269,501     2,224,514       141,230
 2010          7,200           0           0           0         7,200        248,777     2,473,291       118,000
 2011          7,200           0           0           0         7,200        232,112     2,705,403        99,652
 2012          7,200           0           0           0         7,200        218,332     2,923,735        84,846
 2013          7,200           0           0           0         7,200        206,692     3,130,427        72,706
 2014          7,200           0           0           0         7,200        196,026     3,326,453        62,419
 2015          7,200           0           0           0         7,200        185,865     3,512,318        53,573
 2016          7,200           0           0           0         7,200        176,211     3,688,529        45,976
 2017          7,200           0           0           0         7,200        167,040     3,855,569        39,453

 SUBTOT      100,800           0     250,000           0       350,800      3,855,569                   2,139,573
 REMAIN      227,904           0           0           0       227,904      2,429,868     6,285,437       235,022
 TOTAL       328,704           0     250,000           0       578,704      6,285,437                   2,374,595

   LIFE OF EVALUATION IS 46.65 YEARS.
   FINAL PRODUCTION RATE: 1.0 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    199
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   6-T1S-R75E                           PROVED
     DARNELL SUTTON #1   (KNOX)                                     PRODUCING

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                                                                       5.00% -             0
 FINAL   -   1.000000                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE             0           0           1
 ULTIMATE               0           0           1

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    200
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   MILLER PETROLEUM - OPERATOR   6-T1S-R75E                         PROVED
     DEANNA CROSS #1   (KNOX)                                       SHUT-IN

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   0.500000                      0.437500                             4.22        5.00% -       309,754
 FINAL   -   0.500000                      0.437500                             4.22       10.00% -       256,810
 REMARKS -                                                                                 15.00% -       215,960
                                                                                           20.00% -       183,911
                                                                                           25.00% -       158,363

</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     1             0           0          56               0           0          24.582       0.00     4.22
 2005     1             0           0          37               0           0          16.095       0.00     4.22
 2006     1             0           0          29               0           0          12.495       0.00     4.22
 2007     1             0           0          23               0           0          10.412       0.00     4.22
 2008     1             0           0          21               0           0           9.027       0.00     4.22
 2009     1             0           0          18               0           0           8.027       0.00     4.22
 2010     1             0           0          17               0           0           7.265       0.00     4.22
 2011     1             0           0          15               0           0           6.662       0.00     4.22
 2012     1             0           0          14               0           0           6.059       0.00     4.22
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         230               0           0         100.624       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         230               0           0         100.624       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         230

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0       103,737            0       103,737           0       3,112       100,625
 2005                0           0        67,920            0        67,920           0       2,038        65,882
 2006                0           0        52,728            0        52,728           0       1,582        51,146
 2007                0           0        43,940            0        43,940           0       1,318        42,622
 2008                0           0        38,095            0        38,095           0       1,143        36,952
 2009                0           0        33,876            0        33,876           0       1,016        32,860
 2010                0           0        30,660            0        30,660           0         920        29,740
 2011                0           0        28,113            0        28,113           0         843        27,270
 2012                0           0        25,569            0        25,569           0         767        24,802
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       424,638            0       424,638           0      12,739       411,899
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       424,638            0       424,638           0      12,739       411,899

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004          3,600           0           0           0         3,600         97,025        97,025        84,007
 2005          3,600           0           0           0         3,600         62,282       159,307        48,705
 2006          3,600           0           0           0         3,600         47,546       206,853        33,629
 2007          3,600           0           0           0         3,600         39,022       245,875        24,974
 2008          3,600           0           0           0         3,600         33,352       279,227        19,317
 2009          3,600           0           0           0         3,600         29,260       308,487        15,338
 2010          3,600           0           0           0         3,600         26,140       334,627        12,402
 2011          3,600           0           0           0         3,600         23,670       358,297        10,164
 2012          3,533           0           0           0         3,533         21,269       379,566         8,274
 2013              0           0           0           0             0              0       379,566             0
 2014              0           0           0           0             0              0       379,566             0
 2015              0           0           0           0             0              0       379,566             0
 2016              0           0           0           0             0              0       379,566             0
 2017              0           0           0           0             0              0       379,566             0

 SUBTOT       32,333           0           0           0        32,333        379,566                     256,810
 REMAIN            0           0           0           0             0              0       379,566             0
 TOTAL        32,333           0           0           0        32,333        379,566                     256,810

   LIFE OF EVALUATION IS 9.98 YEARS.
   FINAL PRODUCTION RATE: 1.1 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    201
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   MILLER PETROLEUM - OPERATOR   6-T1S-R75E                         PROVED
     DEANNA CROSS #1 BP   (KNOX)                                    BEHIND PIPE

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   0.500000                      0.437500                             4.22        5.00% -       226,018
 FINAL   -   0.500000                      0.437500                             4.22       10.00% -       122,558
 REMARKS -                                                                                 15.00% -        67,168
                                                                                           20.00% -        37,177
                                                                                           25.00% -        20,766



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013     1             0           0          71               0           0          31.014       0.00     4.22
 2014     1             0           0          51               0           0          22.232       0.00     4.22
 2015     1             0           0          39               0           0          17.026       0.00     4.22
 2016     1             0           0          30               0           0          13.336       0.00     4.22
 2017     1             0           0          24               0           0          10.646       0.00     4.22

 SUB-TOTAL              0           0         215               0           0          94.254       0.00     4.22
 REMAINDER              0           0          41               0           0          17.600       0.00     4.22
 TOTAL                  0           0         256               0           0         111.854       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         256

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0       130,881            0       130,881           0       3,926       126,955
 2014                0           0        93,819            0        93,819           0       2,815        91,004
 2015                0           0        71,851            0        71,851           0       2,156        69,695
 2016                0           0        56,278            0        56,278           0       1,688        54,590
 2017                0           0        44,925            0        44,925           0       1,348        43,577

 SUB-TOT             0           0       397,754            0       397,754           0      11,933       385,821
 REMAIN              0           0        74,271            0        74,271           0       2,228        72,043
 TOTAL               0           0       472,025            0       472,025           0      14,161       457,864

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013          3,600           0      10,000           0        13,600        113,355       113,355        39,882
 2014          3,600           0           0           0         3,600         87,404       200,759        27,885
 2015          3,600           0           0           0         3,600         66,095       266,854        19,085
 2016          3,600           0           0           0         3,600         50,990       317,844        13,326
 2017          3,600           0           0           0         3,600         39,977       357,821         9,456

 SUBTOT       18,000           0      10,000           0        28,000        357,821                     109,634
 REMAIN        8,261           0           0           0         8,261         63,782       421,603        12,924
 TOTAL        26,261           0      10,000           0        36,261        421,603                     122,558

   LIFE OF EVALUATION IS 17.29 YEARS.
   FINAL PRODUCTION RATE: 1.2 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    202
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        OIL LEASE
   MILLER PETROLEUM - OPERATOR   6-T1S-R75E                         PROVED
     DEWEY SUTTON #1   (TRENTON)                                    SHUT-IN

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   0.500000                                                                       5.00% -             0
 FINAL   -   0.500000                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE         8,665           0           0
 ULTIMATE           8,665           0           0

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0 BBLS/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    203
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     DORIS HELTON #1   (KNOX)                                       PRODUCING

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -        41,622
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -        38,139
 REMARKS -                                                                                 15.00% -        35,175
                                                                                           20.00% -        32,630
                                                                                           25.00% -        30,428



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           7               0           0           6.084       0.00     4.22
 2004     1             0           0           5               0           0           4.262       0.00     4.22
 2005     1             0           0           4               0           0           3.391       0.00     4.22
 2006     1             0           0           3               0           0           2.863       0.00     4.22
 2007     1             0           0           3               0           0           2.502       0.00     4.22
 2008     1             0           0           2               0           0           2.237       0.00     4.22
 2009     1             0           0           3               0           0           2.033       0.00     4.22
 2010     1             0           0           2               0           0           1.870       0.00     4.22
 2011     1             0           0           1               0           0           0.592       0.00     4.22
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0          30               0           0          25.834       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0          30               0           0          25.834       0.00     4.22

 CUMULATIVE             0           0           8
 ULTIMATE               0           0          38

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0        25,674            0        25,674           0         770        24,904
 2004                0           0        17,987            0        17,987           0         540        17,447
 2005                0           0        14,311            0        14,311           0         429        13,882
 2006                0           0        12,082            0        12,082           0         363        11,719
 2007                0           0        10,559            0        10,559           0         316        10,243
 2008                0           0         9,441            0         9,441           0         284         9,157
 2009                0           0         8,578            0         8,578           0         257         8,321
 2010                0           0         7,890            0         7,890           0         237         7,653
 2011                0           0         2,500            0         2,500           0          75         2,425
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       109,022            0       109,022           0       3,271       105,751
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       109,022            0       109,022           0       3,271       105,751

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          7,200           0           0           0         7,200         17,704        17,704        16,941
 2004          7,200           0           0           0         7,200         10,247        27,951         8,862
 2005          7,200           0           0           0         7,200          6,682        34,633         5,229
 2006          7,200           0           0           0         7,200          4,519        39,152         3,200
 2007          7,200           0           0           0         7,200          3,043        42,195         1,952
 2008          7,200           0           0           0         7,200          1,957        44,152         1,136
 2009          7,200           0           0           0         7,200          1,121        45,273           591
 2010          7,200           0           0           0         7,200            453        45,726           217
 2011          2,400           0           0           0         2,400             25        45,751            11
 2012              0           0           0           0             0              0        45,751             0
 2013              0           0           0           0             0              0        45,751             0
 2014              0           0           0           0             0              0        45,751             0
 2015              0           0           0           0             0              0        45,751             0
 2016              0           0           0           0             0              0        45,751             0
 2017              0           0           0           0             0              0        45,751             0

 SUBTOT       60,000           0           0           0        60,000         45,751                      38,139
 REMAIN            0           0           0           0             0              0        45,751             0
 TOTAL        60,000           0           0           0        60,000         45,751                      38,139

   LIFE OF EVALUATION IS 8.33 YEARS.
   FINAL PRODUCTION RATE: 0.2 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    204
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     DORIS HELTON #1 BP1   (KNOX)                                   BEHIND PIPE

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -     1,320,768
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       745,979
 REMARKS -                                                                                 15.00% -       434,602
                                                                                           20.00% -       259,309
                                                                                           25.00% -       157,591



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0         178               0           0         155.745       0.00     4.22
 2012     1             0           0         102               0           0          89.129       0.00     4.22
 2013     1             0           0          67               0           0          58.526       0.00     4.22
 2014     1             0           0          52               0           0          45.478       0.00     4.22
 2015     1             0           0          43               0           0          37.918       0.00     4.22
 2016     1             0           0          38               0           0          32.884       0.00     4.22
 2017     1             0           0          33               0           0          29.248       0.00     4.22

 SUB-TOTAL              0           0         513               0           0         448.928       0.00     4.22
 REMAINDER              0           0         203               0           0         177.283       0.00     4.22
 TOTAL                  0           0         716               0           0         626.211       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         716

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0       657,244            0       657,244           0      19,717       637,527
 2012                0           0       376,125            0       376,125           0      11,284       364,841
 2013                0           0       246,978            0       246,978           0       7,409       239,569
 2014                0           0       191,919            0       191,919           0       5,758       186,161
 2015                0           0       160,015            0       160,015           0       4,800       155,215
 2016                0           0       138,771            0       138,771           0       4,164       134,607
 2017                0           0       123,425            0       123,425           0       3,702       119,723

 SUB-TOT             0           0     1,894,477            0     1,894,477           0      56,834     1,837,643
 REMAIN              0           0       748,135            0       748,135           0      22,444       725,691
 TOTAL               0           0     2,642,612            0     2,642,612           0      79,278     2,563,334

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011          4,800           0      20,000           0        24,800        612,727       612,727       260,587
 2012          7,200           0           0           0         7,200        357,641       970,368       139,582
 2013          7,200           0           0           0         7,200        232,369     1,202,737        81,913
 2014          7,200           0           0           0         7,200        178,961     1,381,698        57,061
 2015          7,200           0           0           0         7,200        148,015     1,529,713        42,704
 2016          7,200           0           0           0         7,200        127,407     1,657,120        33,265
 2017          7,200           0           0           0         7,200        112,523     1,769,643        26,589

 SUBTOT       48,000           0      20,000           0        68,000      1,769,643                     641,701
 REMAIN       62,019           0           0           0        62,019        663,672     2,433,315       104,278
 TOTAL       110,019           0      20,000           0       130,019      2,433,315                     745,979

   LIFE OF EVALUATION IS 23.61 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    205
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     DORIS HELTON #1 BP2   (TRENTON-STONES RIVER)                   BEHIND PIPE

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -        97,338
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -        27,320
 REMARKS -                                                                                 15.00% -         7,734
                                                                                           20.00% -         2,208
                                                                                           25.00% -           636



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0         112               0           0          97.999       0.00     4.22
 TOTAL                  0           0         112               0           0          97.999       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         112

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0       413,556            0       413,556           0      12,407       401,149
 TOTAL               0           0       413,556            0       413,556           0      12,407       401,149

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN       31,294           0      20,000           0        51,294        349,855       349,855        27,320
 TOTAL        31,294           0      20,000           0        51,294        349,855                      27,320

   LIFE OF EVALUATION IS 28.01 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    206
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          POSSIBLE
     F. WELLS #1 (KNOX) UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       176,233
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       136,342
 REMARKS -                                                                                 15.00% -       105,237
                                                                                           20.00% -        80,968
                                                                                           25.00% -        62,026



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005     1             0           0          34               0           0          30.079       0.00     4.22
 2006     1             0           0          40               0           0          34.440       0.00     4.22
 2007     1             0           0          26               0           0          23.290       0.00     4.22
 2008     1             0           0          21               0           0          18.286       0.00     4.22
 2009     1             0           0           6               0           0           5.029       0.00     4.22
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         127               0           0         111.124       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         127               0           0         111.124       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         127

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0       126,935            0       126,935           0       3,808       123,127
 2006                0           0       145,337            0       145,337           0       4,360       140,977
 2007                0           0        98,286            0        98,286           0       2,949        95,337
 2008                0           0        77,165            0        77,165           0       2,315        74,850
 2009                0           0        21,224            0        21,224           0         636        20,588
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       468,947            0       468,947           0      14,068       454,879
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       468,947            0       468,947           0      14,068       454,879

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005          3,600           0     200,000           0       203,600        -80,473       -80,473       -64,148
 2006          7,200           0           0           0         7,200        133,777        53,304        94,872
 2007          7,200           0           0           0         7,200         88,137       141,441        56,472
 2008          7,200           0           0           0         7,200         67,650       209,091        39,207
 2009          2,241           0           0           0         2,241         18,347       227,438         9,939
 2010              0           0           0           0             0              0       227,438             0
 2011              0           0           0           0             0              0       227,438             0
 2012              0           0           0           0             0              0       227,438             0
 2013              0           0           0           0             0              0       227,438             0
 2014              0           0           0           0             0              0       227,438             0
 2015              0           0           0           0             0              0       227,438             0
 2016              0           0           0           0             0              0       227,438             0
 2017              0           0           0           0             0              0       227,438             0

 SUBTOT       27,441           0     200,000           0       227,441        227,438                     136,342
 REMAIN            0           0           0           0             0              0       227,438             0
 TOTAL        27,441           0     200,000           0       227,441        227,438                     136,342

   LIFE OF EVALUATION IS 6.31 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    207
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   7-T1S-R75E                           PROVED
     FRED PORTRUM #1   (KNOX)                                       PRODUCING

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -         2,421
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -         2,326
 REMARKS -                                                                                 15.00% -         2,239
                                                                                           20.00% -         2,158
                                                                                           25.00% -         2,083



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           2               0           0           2.148       0.00     4.22
 2004     1             0           0           3               0           0           1.920       0.00     4.22
 2005     1             0           0           2               0           0           1.824       0.00     4.22
 2006     1             0           0           0               0           0           0.295       0.00     4.22
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           7               0           0           6.187       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           7               0           0           6.187       0.00     4.22

 CUMULATIVE             0           0           4
 ULTIMATE               0           0          11

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0         9,063            0         9,063           0         272         8,791
 2004                0           0         8,102            0         8,102           0         243         7,859
 2005                0           0         7,697            0         7,697           0         231         7,466
 2006                0           0         1,245            0         1,245           0          37         1,208
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0        26,107            0        26,107           0         783        25,324
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0        26,107            0        26,107           0         783        25,324

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          7,200           0           0           0         7,200          1,591         1,591         1,540
 2004          7,200           0           0           0         7,200            659         2,250           571
 2005          7,200           0           0           0         7,200            266         2,516           210
 2006          1,200           0           0           0         1,200              8         2,524             5
 2007              0           0           0           0             0              0         2,524             0
 2008              0           0           0           0             0              0         2,524             0
 2009              0           0           0           0             0              0         2,524             0
 2010              0           0           0           0             0              0         2,524             0
 2011              0           0           0           0             0              0         2,524             0
 2012              0           0           0           0             0              0         2,524             0
 2013              0           0           0           0             0              0         2,524             0
 2014              0           0           0           0             0              0         2,524             0
 2015              0           0           0           0             0              0         2,524             0
 2016              0           0           0           0             0              0         2,524             0
 2017              0           0           0           0             0              0         2,524             0

 SUBTOT       22,800           0           0           0        22,800          2,524                       2,326
 REMAIN            0           0           0           0             0              0         2,524             0
 TOTAL        22,800           0           0           0        22,800          2,524                       2,326

   LIFE OF EVALUATION IS 3.17 YEARS.
   FINAL PRODUCTION RATE: 0.2 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    208
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   7-T1S-R75E                           PROVED
     FRED PORTRUM #2   (KNOX)                                       PRODUCING

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -           599
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -           597
 REMARKS -                                                                                 15.00% -           595
                                                                                           20.00% -           593
                                                                                           25.00% -           591



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           1               0           0           0.440       0.00     4.22
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           1               0           0           0.440       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           1               0           0           0.440       0.00     4.22

 CUMULATIVE             0           0           2
 ULTIMATE               0           0           3

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0         1,857            0         1,857           0          56         1,801
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0         1,857            0         1,857           0          56         1,801
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0         1,857            0         1,857           0          56         1,801

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          1,200           0           0           0         1,200            601           601           597
 2004              0           0           0           0             0              0           601             0
 2005              0           0           0           0             0              0           601             0
 2006              0           0           0           0             0              0           601             0
 2007              0           0           0           0             0              0           601             0
 2008              0           0           0           0             0              0           601             0
 2009              0           0           0           0             0              0           601             0
 2010              0           0           0           0             0              0           601             0
 2011              0           0           0           0             0              0           601             0
 2012              0           0           0           0             0              0           601             0
 2013              0           0           0           0             0              0           601             0
 2014              0           0           0           0             0              0           601             0
 2015              0           0           0           0             0              0           601             0
 2016              0           0           0           0             0              0           601             0
 2017              0           0           0           0             0              0           601             0

 SUBTOT        1,200           0           0           0         1,200            601                         597
 REMAIN            0           0           0           0             0              0           601             0
 TOTAL         1,200           0           0           0         1,200            601                         597

   LIFE OF EVALUATION IS 0.17 YEARS.
   FINAL PRODUCTION RATE: 0.2 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    209
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   6-T1S-R75E                           PROVED
     GARY PATTON #2   (KNOX)                                        SHUT-IN

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                                                                       5.00% -             0
 FINAL   -   1.000000                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE             0           0           9
 ULTIMATE               0           0           9

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    210
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   6-T1S-R75E                           PROVED
     GARY PATTON #2 BP1   (KNOX)                                    BEHIND PIPE

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.656250                             4.22        5.00% -     1,385,518
 FINAL   -   1.000000                      0.656250                             4.22       10.00% -     1,053,647
 REMARKS -                                                                                 15.00% -       847,432
                                                                                           20.00% -       709,977
                                                                                           25.00% -       612,674



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0          96               0           0          63.048       0.00     4.22
 2004     1             0           0          71               0           0          46.793       0.00     4.22
 2005     1             0           0          60               0           0          38.953       0.00     4.22
 2006     1             0           0          52               0           0          34.088       0.00     4.22
 2007     1             0           0          46               0           0          30.689       0.00     4.22
 2008     1             0           0          43               0           0          28.140       0.00     4.22
 2009     1             0           0          40               0           0          26.138       0.00     4.22
 2010     1             0           0          37               0           0          24.510       0.00     4.22
 2011     1             0           0          36               0           0          23.153       0.00     4.22
 2012     1             0           0          33               0           0          21.988       0.00     4.22
 2013     1             0           0          32               0           0          20.888       0.00     4.22
 2014     1             0           0          30               0           0          19.844       0.00     4.22
 2015     1             0           0          29               0           0          18.852       0.00     4.22
 2016     1             0           0          27               0           0          17.909       0.00     4.22
 2017     1             0           0          26               0           0          17.014       0.00     4.22

 SUB-TOTAL              0           0         658               0           0         432.007       0.00     4.22
 REMAINDER              0           0         137               0           0          89.840       0.00     4.22
 TOTAL                  0           0         795               0           0         521.847       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         795

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0       266,061            0       266,061           0       7,982       258,079
 2004                0           0       197,465            0       197,465           0       5,924       191,541
 2005                0           0       164,382            0       164,382           0       4,931       159,451
 2006                0           0       143,851            0       143,851           0       4,316       139,535
 2007                0           0       129,506            0       129,506           0       3,885       125,621
 2008                0           0       118,752            0       118,752           0       3,563       115,189
 2009                0           0       110,301            0       110,301           0       3,309       106,992
 2010                0           0       103,433            0       103,433           0       3,103       100,330
 2011                0           0        97,707            0        97,707           0       2,931        94,776
 2012                0           0        92,787            0        92,787           0       2,783        90,004
 2013                0           0        88,149            0        88,149           0       2,645        85,504
 2014                0           0        83,741            0        83,741           0       2,512        81,229
 2015                0           0        79,554            0        79,554           0       2,387        77,167
 2016                0           0        75,577            0        75,577           0       2,267        73,310
 2017                0           0        71,797            0        71,797           0       2,154        69,643

 SUB-TOT             0           0     1,823,063            0     1,823,063           0      54,692     1,768,371
 REMAIN              0           0       379,125            0       379,125           0      11,374       367,751
 TOTAL               0           0     2,202,188            0     2,202,188           0      66,066     2,136,122

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          7,200           0      20,000           0        27,200        230,879       230,879       219,682
 2004          7,200           0           0           0         7,200        184,341       415,220       159,127
 2005          7,200           0           0           0         7,200        152,251       567,471       118,901
 2006          7,200           0           0           0         7,200        132,335       699,806        93,523
 2007          7,200           0           0           0         7,200        118,421       818,227        75,743
 2008          7,200           0           0           0         7,200        107,989       926,216        62,516
 2009          7,200           0           0           0         7,200         99,792     1,026,008        52,289
 2010          7,200           0           0           0         7,200         93,130     1,119,138        44,171
 2011          7,200           0           0           0         7,200         87,576     1,206,714        37,596
 2012          7,200           0           0           0         7,200         82,804     1,289,518        32,178
 2013          7,200           0           0           0         7,200         78,304     1,367,822        27,545
 2014          7,200           0           0           0         7,200         74,029     1,441,851        23,573
 2015          7,200           0           0           0         7,200         69,967     1,511,818        20,168
 2016          7,200           0           0           0         7,200         66,110     1,577,928        17,250
 2017          7,200           0           0           0         7,200         62,443     1,640,371        14,748

 SUBTOT      108,000           0      20,000           0       128,000      1,640,371                     999,010
 REMAIN       45,707           0           0           0        45,707        322,044     1,962,415        54,637
 TOTAL       153,707           0      20,000           0       173,707      1,962,415                   1,053,647

   LIFE OF EVALUATION IS 21.35 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    211
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        OIL LEASE
   TENGASCO, INC. - OPERATOR   6-T1S-R75E                           PROVED
     GARY PATTON #2 BP2   (TRENTON-MURFREESBORO)                    BEHIND PIPE

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000  0.656250            0.656250     26.90                   4.22        5.00% -       143,022
 FINAL   -   1.000000  0.656250            0.656250     26.90                   4.22       10.00% -        45,857
 REMARKS -                                                                                 15.00% -        14,823
                                                                                           20.00% -         4,829
                                                                                           25.00% -         1,585



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER         20,616           0          69          13,530           0          45.230      26.90     4.22
 TOTAL             20,616           0          69          13,530           0          45.230      26.90     4.22

 CUMULATIVE             0           0           0
 ULTIMATE          20,616           0          69

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN        363,945           0       190,869            0       554,814      10,918       5,726       538,170
 TOTAL         363,945           0       190,869            0       554,814      10,918       5,726       538,170

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN       63,308           0      25,000           0        88,308        449,862       449,862        45,857
 TOTAL        63,308           0      25,000           0        88,308        449,862                      45,857

   LIFE OF EVALUATION IS 28.01 YEARS.
   FINAL PRODUCTION RATE: 31 BBLS/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    212
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          POSSIBLE
     GUY TOBEY #1   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       174,048
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       132,989
 REMARKS -                                                                                 15.00% -       101,387
                                                                                           20.00% -        77,051
                                                                                           25.00% -        58,306

</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005     1             0           0          20               0           0          17.254       0.00     4.22
 2006     1             0           0          46               0           0          40.155       0.00     4.22
 2007     1             0           0          28               0           0          25.172       0.00     4.22
 2008     1             0           0          22               0           0          19.274       0.00     4.22
 2009     1             0           0          11               0           0           9.271       0.00     4.22
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         127               0           0         111.126       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         127               0           0         111.126       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         127

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0        72,813            0        72,813           0       2,184        70,629
 2006                0           0       169,452            0       169,452           0       5,084       164,368
 2007                0           0       106,225            0       106,225           0       3,187       103,038
 2008                0           0        81,336            0        81,336           0       2,440        78,896
 2009                0           0        39,121            0        39,121           0       1,173        37,948
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       468,947            0       468,947           0      14,068       454,879
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       468,947            0       468,947           0      14,068       454,879

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005          1,800           0     200,000           0       201,800       -131,171      -131,171       -99,728
 2006          7,200           0           0           0         7,200        157,168        25,997       111,585
 2007          7,200           0           0           0         7,200         95,838       121,835        61,424
 2008          7,200           0           0           0         7,200         71,696       193,531        41,558
 2009          4,041           0           0           0         4,041         33,907       227,438        18,150
 2010              0           0           0           0             0              0       227,438             0
 2011              0           0           0           0             0              0       227,438             0
 2012              0           0           0           0             0              0       227,438             0
 2013              0           0           0           0             0              0       227,438             0
 2014              0           0           0           0             0              0       227,438             0
 2015              0           0           0           0             0              0       227,438             0
 2016              0           0           0           0             0              0       227,438             0
 2017              0           0           0           0             0              0       227,438             0

 SUBTOT       27,441           0     200,000           0       227,441        227,438                     132,989
 REMAIN            0           0           0           0             0              0       227,438             0
 TOTAL        27,441           0     200,000           0       227,441        227,438                     132,989

   LIFE OF EVALUATION IS 6.56 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    213
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     HAZEL SUTTON #2   (KNOX)                                       PRODUCING

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -        62,934
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -        55,210
 REMARKS -                                                                                 15.00% -        49,136
                                                                                           20.00% -        44,264
                                                                                           25.00% -        40,285



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           7               0           0           6.560       0.00     4.22
 2004     1             0           0           6               0           0           5.031       0.00     4.22
 2005     1             0           0           5               0           0           4.167       0.00     4.22
 2006     1             0           0           4               0           0           3.599       0.00     4.22
 2007     1             0           0           4               0           0           3.192       0.00     4.22
 2008     1             0           0           3               0           0           2.884       0.00     4.22
 2009     1             0           0           3               0           0           2.641       0.00     4.22
 2010     1             0           0           3               0           0           2.443       0.00     4.22
 2011     1             0           0           2               0           0           2.279       0.00     4.22
 2012     1             0           0           3               0           0           2.140       0.00     4.22
 2013     1             0           0           2               0           0           2.020       0.00     4.22
 2014     1             0           0           2               0           0           1.916       0.00     4.22
 2015     1             0           0           3               0           0           1.820       0.00     4.22
 2016     1             0           0           0               0           0           0.294       0.00     4.22
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0          47               0           0          40.986       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0          47               0           0          40.986       0.00     4.22

 CUMULATIVE             0           0          32
 ULTIMATE               0           0          79

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0        27,685            0        27,685           0         831        26,854
 2004                0           0        21,230            0        21,230           0         636        20,594
 2005                0           0        17,582            0        17,582           0         528        17,054
 2006                0           0        15,187            0        15,187           0         456        14,731
 2007                0           0        13,471            0        13,471           0         404        13,067
 2008                0           0        12,171            0        12,171           0         365        11,806
 2009                0           0        11,144            0        11,144           0         334        10,810
 2010                0           0        10,311            0        10,311           0         309        10,002
 2011                0           0         9,618            0         9,618           0         289         9,329
 2012                0           0         9,030            0         9,030           0         271         8,759
 2013                0           0         8,525            0         8,525           0         256         8,269
 2014                0           0         8,084            0         8,084           0         242         7,842
 2015                0           0         7,680            0         7,680           0         231         7,449
 2016                0           0         1,242            0         1,242           0          37         1,205
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       172,960            0       172,960           0       5,189       167,771
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       172,960            0       172,960           0       5,189       167,771

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          7,200           0           0           0         7,200         19,654        19,654        18,775
 2004          7,200           0           0           0         7,200         13,394        33,048        11,572
 2005          7,200           0           0           0         7,200          9,854        42,902         7,703
 2006          7,200           0           0           0         7,200          7,531        50,433         5,328
 2007          7,200           0           0           0         7,200          5,867        56,300         3,757
 2008          7,200           0           0           0         7,200          4,606        60,906         2,670
 2009          7,200           0           0           0         7,200          3,610        64,516         1,895
 2010          7,200           0           0           0         7,200          2,802        67,318         1,331
 2011          7,200           0           0           0         7,200          2,129        69,447           915
 2012          7,200           0           0           0         7,200          1,559        71,006           608
 2013          7,200           0           0           0         7,200          1,069        72,075           377
 2014          7,200           0           0           0         7,200            642        72,717           205
 2015          7,200           0           0           0         7,200            249        72,966            73
 2016          1,200           0           0           0         1,200              5        72,971             1
 2017              0           0           0           0             0              0        72,971             0

 SUBTOT       94,800           0           0           0        94,800         72,971                      55,210
 REMAIN            0           0           0           0             0              0        72,971             0
 TOTAL        94,800           0           0           0        94,800         72,971                      55,210

   LIFE OF EVALUATION IS 13.17 YEARS.
   FINAL PRODUCTION RATE: 0.2 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    214
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   MILLER PETROLEUM - OPERATOR   8-T1S-R75E                         PROVED
     HUGH ROBERTS #1   (REEDSVILLE)                                 SHUT-IN

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   0.500000                      0.437500                             4.22        5.00% -       133,544
 FINAL   -   0.500000                      0.437500                             4.22       10.00% -       123,855
 REMARKS -                                                                                 15.00% -       115,074
                                                                                           20.00% -       107,100
                                                                                           25.00% -        99,845



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0          27               0           0          11.845       0.00     4.22
 2004     1             0           0          32               0           0          14.086       0.00     4.22
 2005     1             0           0          22               0           0           9.656       0.00     4.22
 2006     1             0           0           5               0           0           2.076       0.00     4.22
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0          86               0           0          37.663       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0          86               0           0          37.663       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0          86

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0        49,984            0        49,984           0       1,500        48,484
 2004                0           0        59,442            0        59,442           0       1,783        57,659
 2005                0           0        40,747            0        40,747           0       1,222        39,525
 2006                0           0         8,761            0         8,761           0         263         8,498
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       158,934            0       158,934           0       4,768       154,166
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       158,934            0       158,934           0       4,768       154,166

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          1,800           0           0           0         1,800         46,684        46,684        43,427
 2004          3,600           0           0           0         3,600         54,059       100,743        46,780
 2005          3,600           0           0           0         3,600         35,925       136,668        28,090
 2006            911           0           0           0           911          7,587       144,255         5,558
 2007              0           0           0           0             0              0       144,255             0
 2008              0           0           0           0             0              0       144,255             0
 2009              0           0           0           0             0              0       144,255             0
 2010              0           0           0           0             0              0       144,255             0
 2011              0           0           0           0             0              0       144,255             0
 2012              0           0           0           0             0              0       144,255             0
 2013              0           0           0           0             0              0       144,255             0
 2014              0           0           0           0             0              0       144,255             0
 2015              0           0           0           0             0              0       144,255             0
 2016              0           0           0           0             0              0       144,255             0
 2017              0           0           0           0             0              0       144,255             0

 SUBTOT        9,911           0           0           0         9,911        144,255                     123,855
 REMAIN            0           0           0           0             0              0       144,255             0
 TOTAL         9,911           0           0           0         9,911        144,255                     123,855

   LIFE OF EVALUATION IS 3.25 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    215
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   MILLER PETROLEUM - OPERATOR   8-T1S-R75E                         PROVED
     HUGH ROBERTS #1 BP   (KNOX)                                    BEHIND PIPE

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   0.500000                      0.437500                             4.22        5.00% -       225,131
 FINAL   -   0.500000                      0.437500                             4.22       10.00% -       166,968
 REMARKS -                                                                                 15.00% -       125,096
                                                                                           20.00% -        94,621
                                                                                           25.00% -        72,205



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0          31               0           0          13.585       0.00     4.22
 2007     1             0           0          36               0           0          15.717       0.00     4.22
 2008     1             0           0          29               0           0          12.852       0.00     4.22
 2009     1             0           0          26               0           0          11.145       0.00     4.22
 2010     1             0           0          23               0           0           9.979       0.00     4.22
 2011     1             0           0          20               0           0           9.116       0.00     4.22
 2012     1             0           0          20               0           0           8.445       0.00     4.22
 2013     1             0           0           6               0           0           2.724       0.00     4.22
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         191               0           0          83.563       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         191               0           0          83.563       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         191

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0        57,329            0        57,329           0       1,720        55,609
 2007                0           0        66,327            0        66,327           0       1,990        64,337
 2008                0           0        54,235            0        54,235           0       1,627        52,608
 2009                0           0        47,032            0        47,032           0       1,411        45,621
 2010                0           0        42,110            0        42,110           0       1,263        40,847
 2011                0           0        38,470            0        38,470           0       1,154        37,316
 2012                0           0        35,637            0        35,637           0       1,069        34,568
 2013                0           0        11,494            0        11,494           0         345        11,149
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       352,634            0       352,634           0      10,579       342,055
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       352,634            0       352,634           0      10,579       342,055

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006          2,400           0      10,000           0        12,400         43,209        43,209        29,851
 2007          3,600           0           0           0         3,600         60,737       103,946        38,899
 2008          3,600           0           0           0         3,600         49,008       152,954        28,393
 2009          3,600           0           0           0         3,600         42,021       194,975        22,029
 2010          3,600           0           0           0         3,600         37,247       232,222        17,672
 2011          3,600           0           0           0         3,600         33,716       265,938        14,478
 2012          3,600           0           0           0         3,600         30,968       296,906        12,037
 2013          1,215           0           0           0         1,215          9,934       306,840         3,609
 2014              0           0           0           0             0              0       306,840             0
 2015              0           0           0           0             0              0       306,840             0
 2016              0           0           0           0             0              0       306,840             0
 2017              0           0           0           0             0              0       306,840             0

 SUBTOT       25,215           0      10,000           0        35,215        306,840                     166,968
 REMAIN            0           0           0           0             0              0       306,840             0
 TOTAL        25,215           0      10,000           0        35,215        306,840                     166,968

   LIFE OF EVALUATION IS 10.34 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    216
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   MILLER PETROLEUM - OPERATOR   7-T1S-R75E                         PROVED
     JEFF JOHNSON #1   (KNOX)                                       PRODUCING

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   0.500000                      0.437500                             4.22        5.00% -        84,483
 FINAL   -   0.500000                      0.437500                             4.22       10.00% -        69,161
 REMARKS -                                                                                 15.00% -        58,707
                                                                                           20.00% -        51,170
                                                                                           25.00% -        45,486



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0          13               0           0           5.789       0.00     4.22
 2004     1             0           0          10               0           0           4.367       0.00     4.22
 2005     1             0           0           8               0           0           3.588       0.00     4.22
 2006     1             0           0           7               0           0           3.084       0.00     4.22
 2007     1             0           0           7               0           0           2.727       0.00     4.22
 2008     1             0           0           5               0           0           2.458       0.00     4.22
 2009     1             0           0           5               0           0           2.247       0.00     4.22
 2010     1             0           0           5               0           0           2.077       0.00     4.22
 2011     1             0           0           5               0           0           1.935       0.00     4.22
 2012     1             0           0           4               0           0           1.815       0.00     4.22
 2013     1             0           0           4               0           0           1.712       0.00     4.22
 2014     1             0           0           3               0           0           1.623       0.00     4.22
 2015     1             0           0           4               0           0           1.542       0.00     4.22
 2016     1             0           0           3               0           0           1.465       0.00     4.22
 2017     1             0           0           3               0           0           1.391       0.00     4.22

 SUB-TOTAL              0           0          86               0           0          37.820       0.00     4.22
 REMAINDER              0           0          22               0           0           9.268       0.00     4.22
 TOTAL                  0           0         108               0           0          47.088       0.00     4.22

 CUMULATIVE             0           0          51
 ULTIMATE               0           0         159

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0        24,431            0        24,431           0         733        23,698
 2004                0           0        18,428            0        18,428           0         553        17,875
 2005                0           0        15,140            0        15,140           0         454        14,686
 2006                0           0        13,016            0        13,016           0         390        12,626
 2007                0           0        11,509            0        11,509           0         346        11,163
 2008                0           0        10,374            0        10,374           0         311        10,063
 2009                0           0         9,484            0         9,484           0         284         9,200
 2010                0           0         8,763            0         8,763           0         263         8,500
 2011                0           0         8,165            0         8,165           0         245         7,920
 2012                0           0         7,660            0         7,660           0         230         7,430
 2013                0           0         7,226            0         7,226           0         217         7,009
 2014                0           0         6,849            0         6,849           0         205         6,644
 2015                0           0         6,505            0         6,505           0         196         6,309
 2016                0           0         6,181            0         6,181           0         185         5,996
 2017                0           0         5,871            0         5,871           0         176         5,695

 SUB-TOT             0           0       159,602            0       159,602           0       4,788       154,814
 REMAIN              0           0        39,113            0        39,113           0       1,173        37,940
 TOTAL               0           0       198,715            0       198,715           0       5,961       192,754

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          3,600           0           0           0         3,600         20,098        20,098        19,194
 2004          3,600           0           0           0         3,600         14,275        34,373        12,328
 2005          3,600           0           0           0         3,600         11,086        45,459         8,662
 2006          3,600           0           0           0         3,600          9,026        54,485         6,383
 2007          3,600           0           0           0         3,600          7,563        62,048         4,840
 2008          3,600           0           0           0         3,600          6,463        68,511         3,743
 2009          3,600           0           0           0         3,600          5,600        74,111         2,936
 2010          3,600           0           0           0         3,600          4,900        79,011         2,325
 2011          3,600           0           0           0         3,600          4,320        83,331         1,856
 2012          3,600           0           0           0         3,600          3,830        87,161         1,489
 2013          3,600           0           0           0         3,600          3,409        90,570         1,200
 2014          3,600           0           0           0         3,600          3,044        93,614           969
 2015          3,600           0           0           0         3,600          2,709        96,323           782
 2016          3,600           0           0           0         3,600          2,396        98,719           625
 2017          3,600           0           0           0         3,600          2,095       100,814           495

 SUBTOT       54,000           0           0           0        54,000        100,814                      67,827
 REMAIN       30,300           0           0           0        30,300          7,640       108,454         1,334
 TOTAL        84,300           0           0           0        84,300        108,454                      69,161

   LIFE OF EVALUATION IS 23.42 YEARS.
   FINAL PRODUCTION RATE: 0.2 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    217
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     JEFF JOHNSON #2   (KNOX)                                       UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -        39,152
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -        23,381
 REMARKS -                                                                                 15.00% -         9,952
                                                                                           20.00% -        -1,482
                                                                                           25.00% -       -11,216



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0          19               0           0          16.689       0.00     4.22
 2004     1             0           0          25               0           0          21.539       0.00     4.22
 2005     1             0           0          17               0           0          15.268       0.00     4.22
 2006     1             0           0          14               0           0          12.207       0.00     4.22
 2007     1             0           0           5               0           0           4.066       0.00     4.22
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0          80               0           0          69.769       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0          80               0           0          69.769       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0          80

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0        70,429            0        70,429           0       2,113        68,316
 2004                0           0        90,894            0        90,894           0       2,727        88,167
 2005                0           0        64,432            0        64,432           0       1,933        62,499
 2006                0           0        51,512            0        51,512           0       1,545        49,967
 2007                0           0        17,158            0        17,158           0         515        16,643
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       294,425            0       294,425           0       8,833       285,592
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       294,425            0       294,425           0       8,833       285,592

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          3,600           0     200,000           0       203,600       -135,284      -135,284      -129,324
 2004          7,200           0           0           0         7,200         80,967       -54,317        70,038
 2005          7,200           0           0           0         7,200         55,299           982        43,235
 2006          7,200           0           0           0         7,200         42,767        43,749        30,248
 2007          2,708           0           0           0         2,708         13,935        57,684         9,184
 2008              0           0           0           0             0              0        57,684             0
 2009              0           0           0           0             0              0        57,684             0
 2010              0           0           0           0             0              0        57,684             0
 2011              0           0           0           0             0              0        57,684             0
 2012              0           0           0           0             0              0        57,684             0
 2013              0           0           0           0             0              0        57,684             0
 2014              0           0           0           0             0              0        57,684             0
 2015              0           0           0           0             0              0        57,684             0
 2016              0           0           0           0             0              0        57,684             0
 2017              0           0           0           0             0              0        57,684             0

 SUBTOT       27,908           0     200,000           0       227,908         57,684                      23,381
 REMAIN            0           0           0           0             0              0        57,684             0
 TOTAL        27,908           0     200,000           0       227,908         57,684                      23,381

   LIFE OF EVALUATION IS 4.38 YEARS.
   FINAL PRODUCTION RATE: 1.0 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    218
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   MILLER PETROLEUM - OPERATOR   12-T1S-R74E                        PROBABLE
     LANGE #1   (KNOX)                                              BEHIND PIPE

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   0.000000                      0.062500                             4.22        5.00% -        33,412
 FINAL   -   0.000000                      0.062500                             4.22       10.00% -        26,433
 REMARKS -                                                                                 15.00% -        21,330
                                                                                           20.00% -        17,521
                                                                                           25.00% -        14,620



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     1             0           0          27               0           0           1.661       0.00     4.22
 2005     1             0           0          22               0           0           1.375       0.00     4.22
 2006     1             0           0          19               0           0           1.200       0.00     4.22
 2007     1             0           0          17               0           0           1.078       0.00     4.22
 2008     1             0           0          16               0           0           0.987       0.00     4.22
 2009     1             0           0          14               0           0           0.916       0.00     4.22
 2010     1             0           0          14               0           0           0.859       0.00     4.22
 2011     1             0           0          13               0           0           0.802       0.00     4.22
 2012     1             0           0          12               0           0           0.750       0.00     4.22
 2013     1             0           0          11               0           0           0.712       0.00     4.22
 2014     1             0           0           4               0           0           0.203       0.00     4.22
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         169               0           0          10.543       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         169               0           0          10.543       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         169

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0         7,011            0         7,011           0         210         6,801
 2005                0           0         5,802            0         5,802           0         174         5,628
 2006                0           0         5,063            0         5,063           0         152         4,911
 2007                0           0         4,549            0         4,549           0         137         4,412
 2008                0           0         4,166            0         4,166           0         125         4,041
 2009                0           0         3,867            0         3,867           0         116         3,751
 2010                0           0         3,623            0         3,623           0         108         3,515
 2011                0           0         3,385            0         3,385           0         102         3,283
 2012                0           0         3,165            0         3,165           0          95         3,070
 2013                0           0         3,007            0         3,007           0          90         2,917
 2014                0           0           858            0           858           0          26           832
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0        44,496            0        44,496           0       1,335        43,161
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0        44,496            0        44,496           0       1,335        43,161

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0          6,801         6,801         5,871
 2005              0           0           0           0             0          5,628        12,429         4,395
 2006              0           0           0           0             0          4,911        17,340         3,470
 2007              0           0           0           0             0          4,412        21,752         2,822
 2008              0           0           0           0             0          4,041        25,793         2,339
 2009              0           0           0           0             0          3,751        29,544         1,966
 2010              0           0           0           0             0          3,515        33,059         1,667
 2011              0           0           0           0             0          3,283        36,342         1,410
 2012              0           0           0           0             0          3,070        39,412         1,193
 2013              0           0           0           0             0          2,917        42,329         1,026
 2014              0           0           0           0             0            832        43,161           274
 2015              0           0           0           0             0              0        43,161             0
 2016              0           0           0           0             0              0        43,161             0
 2017              0           0           0           0             0              0        43,161             0

 SUBTOT            0           0           0           0             0         43,161                      26,433
 REMAIN            0           0           0           0             0              0        43,161             0
 TOTAL             0           0           0           0             0         43,161                      26,433

   LIFE OF EVALUATION IS 11.29 YEARS.
   FINAL PRODUCTION RATE: 0.9 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    219
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   MILLER PETROLEUM - OPERATOR   11-T1S-R74E                        PROBABLE
     LANGE #1 BP   (TRENTON-SR-MB)                                  BEHIND PIPE

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   0.000000                      0.062500                             4.22        5.00% -        12,235
 FINAL   -   0.000000                      0.062500                             4.22       10.00% -         6,535
 REMARKS -                                                                                 15.00% -         3,508
                                                                                           20.00% -         1,892
                                                                                           25.00% -         1,026



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0          30               0           0           1.858       0.00     4.22
 2015     1             0           0          28               0           0           1.782       0.00     4.22
 2016     1             0           0          19               0           0           1.153       0.00     4.22
 2017     1             0           0          13               0           0           0.810       0.00     4.22

 SUB-TOTAL              0           0          90               0           0           5.603       0.00     4.22
 REMAINDER              0           0           0               0           0           0.022       0.00     4.22
 TOTAL                  0           0          90               0           0           5.625       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0          90

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0         7,839            0         7,839           0         235         7,604
 2015                0           0         7,520            0         7,520           0         226         7,294
 2016                0           0         4,867            0         4,867           0         146         4,721
 2017                0           0         3,419            0         3,419           0         102         3,317

 SUB-TOT             0           0        23,645            0        23,645           0         709        22,936
 REMAIN              0           0            91            0            91           0           3            88
 TOTAL               0           0        23,736            0        23,736           0         712        23,024

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0          7,604         7,604         2,385
 2015              0           0           0           0             0          7,294        14,898         2,110
 2016              0           0           0           0             0          4,721        19,619         1,235
 2017              0           0           0           0             0          3,317        22,936           785

 SUBTOT            0           0           0           0             0         22,936                       6,515
 REMAIN            0           0           0           0             0             88        23,024            20
 TOTAL             0           0           0           0             0         23,024                       6,535

   LIFE OF EVALUATION IS 15.03 YEARS.
   FINAL PRODUCTION RATE: 0.9 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    220
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   6-T1S-R75E                           PROVED
     LAURA J. LAWSON #1   (MURFREESBORO)                            PRODUCING

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       194,657
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       145,314
 REMARKS -                                                                                 15.00% -       114,817
                                                                                           20.00% -        94,538
                                                                                           25.00% -        80,233



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           9               0           0           7.778       0.00     4.22
 2004     1             0           0           8               0           0           7.389       0.00     4.22
 2005     1             0           0           8               0           0           7.019       0.00     4.22
 2006     1             0           0           8               0           0           6.668       0.00     4.22
 2007     1             0           0           7               0           0           6.335       0.00     4.22
 2008     1             0           0           7               0           0           6.018       0.00     4.22
 2009     1             0           0           7               0           0           5.717       0.00     4.22
 2010     1             0           0           6               0           0           5.431       0.00     4.22
 2011     1             0           0           6               0           0           5.160       0.00     4.22
 2012     1             0           0           5               0           0           4.902       0.00     4.22
 2013     1             0           0           6               0           0           4.657       0.00     4.22
 2014     1             0           0           5               0           0           4.424       0.00     4.22
 2015     1             0           0           5               0           0           4.203       0.00     4.22
 2016     1             0           0           4               0           0           3.993       0.00     4.22
 2017     1             0           0           4               0           0           3.793       0.00     4.22

 SUB-TOTAL              0           0          95               0           0          83.487       0.00     4.22
 REMAINDER              0           0          36               0           0          31.076       0.00     4.22
 TOTAL                  0           0         131               0           0         114.563       0.00     4.22

 CUMULATIVE             0           0          10
 ULTIMATE               0           0         141

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0        32,822            0        32,822           0         985        31,837
 2004                0           0        31,180            0        31,180           0         935        30,245
 2005                0           0        29,622            0        29,622           0         889        28,733
 2006                0           0        28,141            0        28,141           0         844        27,297
 2007                0           0        26,733            0        26,733           0         802        25,931
 2008                0           0        25,397            0        25,397           0         762        24,635
 2009                0           0        24,127            0        24,127           0         724        23,403
 2010                0           0        22,921            0        22,921           0         687        22,234
 2011                0           0        21,774            0        21,774           0         654        21,120
 2012                0           0        20,686            0        20,686           0         620        20,066
 2013                0           0        19,652            0        19,652           0         590        19,062
 2014                0           0        18,669            0        18,669           0         560        18,109
 2015                0           0        17,735            0        17,735           0         532        17,203
 2016                0           0        16,849            0        16,849           0         505        16,344
 2017                0           0        16,007            0        16,007           0         480        15,527

 SUB-TOT             0           0       352,315            0       352,315           0      10,569       341,746
 REMAIN              0           0       131,142            0       131,142           0       3,935       127,207
 TOTAL               0           0       483,457            0       483,457           0      14,504       468,953

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          7,200           0           0           0         7,200         24,637        24,637        23,463
 2004          7,200           0           0           0         7,200         23,045        47,682        19,866
 2005          7,200           0           0           0         7,200         21,533        69,215        16,804
 2006          7,200           0           0           0         7,200         20,097        89,312        14,197
 2007          7,200           0           0           0         7,200         18,731       108,043        11,977
 2008          7,200           0           0           0         7,200         17,435       125,478        10,092
 2009          7,200           0           0           0         7,200         16,203       141,681         8,491
 2010          7,200           0           0           0         7,200         15,034       156,715         7,131
 2011          7,200           0           0           0         7,200         13,920       170,635         5,977
 2012          7,200           0           0           0         7,200         12,866       183,501         5,000
 2013          7,200           0           0           0         7,200         11,862       195,363         4,174
 2014          7,200           0           0           0         7,200         10,909       206,272         3,475
 2015          7,200           0           0           0         7,200         10,003       216,275         2,884
 2016          7,200           0           0           0         7,200          9,144       225,419         2,386
 2017          7,200           0           0           0         7,200          8,327       233,746         1,968

 SUBTOT      108,000           0           0           0       108,000        233,746                     137,885
 REMAIN       79,204           0           0           0        79,204         48,003       281,749         7,429
 TOTAL       187,204           0           0           0       187,204        281,749                     145,314

   LIFE OF EVALUATION IS 26.00 YEARS.
   FINAL PRODUCTION RATE: 0.2 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    221
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   6-T1S-R75E                           PROVED
     LAURA J. LAWSON #2   (KNOX)                                    PRODUCING

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.656250                             4.22        5.00% -     1,590,796
 FINAL   -   1.000000                      0.656250                             4.22       10.00% -     1,115,810
 REMARKS -                                                                                 15.00% -       862,779
                                                                                           20.00% -       706,178
                                                                                           25.00% -       599,511



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0          76               0           0          50.068       0.00     4.22
 2004     1             0           0          68               0           0          44.159       0.00     4.22
 2005     1             0           0          60               0           0          39.734       0.00     4.22
 2006     1             0           0          55               0           0          36.275       0.00     4.22
 2007     1             0           0          51               0           0          33.483       0.00     4.22
 2008     1             0           0          48               0           0          31.173       0.00     4.22
 2009     1             0           0          44               0           0          29.224       0.00     4.22
 2010     1             0           0          42               0           0          27.554       0.00     4.22
 2011     1             0           0          40               0           0          26.103       0.00     4.22
 2012     1             0           0          38               0           0          24.794       0.00     4.22
 2013     1             0           0          36               0           0          23.554       0.00     4.22
 2014     1             0           0          34               0           0          22.376       0.00     4.22
 2015     1             0           0          32               0           0          21.257       0.00     4.22
 2016     1             0           0          31               0           0          20.195       0.00     4.22
 2017     1             0           0          29               0           0          19.185       0.00     4.22

 SUB-TOTAL              0           0         684               0           0         449.134       0.00     4.22
 REMAINDER              0           0         464               0           0         303.973       0.00     4.22
 TOTAL                  0           0       1,148               0           0         753.107       0.00     4.22

 CUMULATIVE             0           0         157
 ULTIMATE               0           0       1,305

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0       211,289            0       211,289           0       6,339       204,950
 2004                0           0       186,349            0       186,349           0       5,590       180,759
 2005                0           0       167,678            0       167,678           0       5,030       162,648
 2006                0           0       153,081            0       153,081           0       4,593       148,488
 2007                0           0       141,297            0       141,297           0       4,239       137,058
 2008                0           0       131,549            0       131,549           0       3,946       127,603
 2009                0           0       123,326            0       123,326           0       3,700       119,626
 2010                0           0       116,278            0       116,278           0       3,488       112,790
 2011                0           0       110,157            0       110,157           0       3,305       106,852
 2012                0           0       104,629            0       104,629           0       3,139       101,490
 2013                0           0        99,398            0        99,398           0       2,982        96,416
 2014                0           0        94,427            0        94,427           0       2,833        91,594
 2015                0           0        89,707            0        89,707           0       2,691        87,016
 2016                0           0        85,221            0        85,221           0       2,557        82,664
 2017                0           0        80,960            0        80,960           0       2,428        78,532

 SUB-TOT             0           0     1,895,346            0     1,895,346           0      56,860     1,838,486
 REMAIN              0           0     1,282,764            0     1,282,764           0      38,483     1,244,281
 TOTAL               0           0     3,178,110            0     3,178,110           0      95,343     3,082,767

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          7,200           0           0           0         7,200        197,750       197,750       188,443
 2004          7,200           0           0           0         7,200        173,559       371,309       149,685
 2005          7,200           0           0           0         7,200        155,448       526,757       121,340
 2006          7,200           0           0           0         7,200        141,288       668,045        99,823
 2007          7,200           0           0           0         7,200        129,858       797,903        83,044
 2008          7,200           0           0           0         7,200        120,403       918,306        69,695
 2009          7,200           0           0           0         7,200        112,426     1,030,732        58,905
 2010          7,200           0           0           0         7,200        105,590     1,136,322        50,078
 2011          7,200           0           0           0         7,200         99,652     1,235,974        42,780
 2012          7,200           0           0           0         7,200         94,290     1,330,264        36,642
 2013          7,200           0           0           0         7,200         89,216     1,419,480        31,383
 2014          7,200           0           0           0         7,200         84,394     1,503,874        26,873
 2015          7,200           0           0           0         7,200         79,816     1,583,690        23,007
 2016          7,200           0           0           0         7,200         75,464     1,659,154        19,690
 2017          7,200           0           0           0         7,200         71,332     1,730,486        16,848

 SUBTOT      108,000           0           0           0       108,000      1,730,486                   1,018,236
 REMAIN      252,000           0           0           0       252,000        992,281     2,722,767        97,574
 TOTAL       360,000           0           0           0       360,000      2,722,767                   1,115,810

   LIFE OF EVALUATION IS 50.00 YEARS.
   FINAL PRODUCTION RATE: 0.4 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    222
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   6-T1S-R75E                           PROVED
     LAURA J. LAWSON #2 BP   (TRENTON-MURFREESBORO)                 BEHIND PIPE

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                                                                       5.00% -             0
 FINAL   -   1.000000                                                                      10.00% -             0
 REMARKS - NO RESERVES SHOWN BEYOND ECONOMIC LIFE OF FIELD.                                15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE             0           0           0
 ULTIMATE               0           0           0

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 49.92 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    223
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LAURA J. LAWSON #3   (KNOX)                                    PRODUCING


<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   0.940000                      0.822500                             4.22        5.00% -        13,375
 FINAL   -   0.940000                      0.822500                             4.22       10.00% -        11,775
 REMARKS -                                                                                 15.00% -        10,462
                                                                                           20.00% -         9,375
                                                                                           25.00% -         8,467



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           3               0           0           2.461       0.00     4.22
 2004     1             0           0           3               0           0           2.402       0.00     4.22
 2005     1             0           0           3               0           0           2.282       0.00     4.22
 2006     1             0           0           2               0           0           2.167       0.00     4.22
 2007     1             0           0           3               0           0           2.059       0.00     4.22
 2008     1             0           0           2               0           0           1.956       0.00     4.22
 2009     1             0           0           2               0           0           1.858       0.00     4.22
 2010     1             0           0           3               0           0           1.765       0.00     4.22
 2011     1             0           0           1               0           0           1.266       0.00     4.22
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0          22               0           0          18.216       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0          22               0           0          18.216       0.00     4.22

 CUMULATIVE             0           0           4
 ULTIMATE               0           0          26

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0        10,386            0        10,386           0         312        10,074
 2004                0           0        10,135            0        10,135           0         304         9,831
 2005                0           0         9,628            0         9,628           0         288         9,340
 2006                0           0         9,146            0         9,146           0         275         8,871
 2007                0           0         8,690            0         8,690           0         261         8,429
 2008                0           0         8,254            0         8,254           0         247         8,007
 2009                0           0         7,842            0         7,842           0         235         7,607
 2010                0           0         7,450            0         7,450           0         224         7,226
 2011                0           0         5,342            0         5,342           0         160         5,182
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0        76,873            0        76,873           0       2,306        74,567
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0        76,873            0        76,873           0       2,306        74,567

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          6,768           0           0           0         6,768          3,306         3,306         3,147
 2004          6,768           0           0           0         6,768          3,063         6,369         2,642
 2005          6,768           0           0           0         6,768          2,572         8,941         2,009
 2006          6,768           0           0           0         6,768          2,103        11,044         1,488
 2007          6,768           0           0           0         6,768          1,661        12,705         1,064
 2008          6,768           0           0           0         6,768          1,239        13,944           718
 2009          6,768           0           0           0         6,768            839        14,783           441
 2010          6,768           0           0           0         6,768            458        15,241           219
 2011          5,076           0           0           0         5,076            106        15,347            47
 2012              0           0           0           0             0              0        15,347             0
 2013              0           0           0           0             0              0        15,347             0
 2014              0           0           0           0             0              0        15,347             0
 2015              0           0           0           0             0              0        15,347             0
 2016              0           0           0           0             0              0        15,347             0
 2017              0           0           0           0             0              0        15,347             0

 SUBTOT       59,220           0           0           0        59,220         15,347                      11,775
 REMAIN            0           0           0           0             0              0        15,347             0
 TOTAL        59,220           0           0           0        59,220         15,347                      11,775

   LIFE OF EVALUATION IS 8.75 YEARS.
   FINAL PRODUCTION RATE: 0.2 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    224
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   6-T1S-R75E                           PROVED
     LAURA J. LAWSON #4   (KNOX)                                    PRODUCING

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -        26,671
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -        22,669
 REMARKS -                                                                                 15.00% -        19,570
                                                                                           20.00% -        17,130
                                                                                           25.00% -        15,176

</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           4               0           0           3.068       0.00     4.22
 2004     1             0           0           3               0           0           2.996       0.00     4.22
 2005     1             0           0           3               0           0           2.847       0.00     4.22
 2006     1             0           0           3               0           0           2.704       0.00     4.22
 2007     1             0           0           3               0           0           2.569       0.00     4.22
 2008     1             0           0           3               0           0           2.441       0.00     4.22
 2009     1             0           0           3               0           0           2.319       0.00     4.22
 2010     1             0           0           2               0           0           2.203       0.00     4.22
 2011     1             0           0           3               0           0           2.092       0.00     4.22
 2012     1             0           0           2               0           0           1.988       0.00     4.22
 2013     1             0           0           2               0           0           1.888       0.00     4.22
 2014     1             0           0           2               0           0           1.648       0.00     4.22
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0          33               0           0          28.763       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0          33               0           0          28.763       0.00     4.22

 CUMULATIVE             0           0           6
 ULTIMATE               0           0          39

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0        12,945            0        12,945           0         388        12,557
 2004                0           0        12,644            0        12,644           0         380        12,264
 2005                0           0        12,013            0        12,013           0         360        11,653
 2006                0           0        11,412            0        11,412           0         342        11,070
 2007                0           0        10,841            0        10,841           0         326        10,515
 2008                0           0        10,299            0        10,299           0         309         9,990
 2009                0           0         9,784            0         9,784           0         293         9,491
 2010                0           0         9,295            0         9,295           0         279         9,016
 2011                0           0         8,831            0         8,831           0         265         8,566
 2012                0           0         8,388            0         8,388           0         252         8,136
 2013                0           0         7,970            0         7,970           0         239         7,731
 2014                0           0         6,954            0         6,954           0         208         6,746
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       121,376            0       121,376           0       3,641       117,735
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       121,376            0       121,376           0       3,641       117,735

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          7,200           0           0           0         7,200          5,357         5,357         5,099
 2004          7,200           0           0           0         7,200          5,064        10,421         4,367
 2005          7,200           0           0           0         7,200          4,453        14,874         3,477
 2006          7,200           0           0           0         7,200          3,870        18,744         2,736
 2007          7,200           0           0           0         7,200          3,315        22,059         2,121
 2008          7,200           0           0           0         7,200          2,790        24,849         1,617
 2009          7,200           0           0           0         7,200          2,291        27,140         1,202
 2010          7,200           0           0           0         7,200          1,816        28,956           862
 2011          7,200           0           0           0         7,200          1,366        30,322           588
 2012          7,200           0           0           0         7,200            936        31,258           365
 2013          7,200           0           0           0         7,200            531        31,789           188
 2014          6,600           0           0           0         6,600            146        31,935            47
 2015              0           0           0           0             0              0        31,935             0
 2016              0           0           0           0             0              0        31,935             0
 2017              0           0           0           0             0              0        31,935             0

 SUBTOT       85,800           0           0           0        85,800         31,935                      22,669
 REMAIN            0           0           0           0             0              0        31,935             0
 TOTAL        85,800           0           0           0        85,800         31,935                      22,669

   LIFE OF EVALUATION IS 11.92 YEARS.
   FINAL PRODUCTION RATE: 0.2 MMCF/MO

</TABLE>

<PAGE>

                                  TENGASCO, INC.                    TABLE    225
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   6-T1S-R75E                           PROVED
     LAURA J. LAWSON #4 BP   (KNOX)                                 BEHIND PIPE

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -        86,467
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -        30,721
 REMARKS -                                                                                 15.00% -        11,870
                                                                                           20.00% -         4,834
                                                                                           25.00% -         2,034



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           1               0           0           0.524       0.00     4.22
 2015     1             0           0           7               0           0           6.188       0.00     4.22
 2016     1             0           0           7               0           0           5.999       0.00     4.22
 2017     1             0           0           6               0           0           5.816       0.00     4.22

 SUB-TOTAL              0           0          21               0           0          18.527       0.00     4.22
 REMAINDER              0           0         140               0           0         122.442       0.00     4.22
 TOTAL                  0           0         161               0           0         140.969       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         161

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0         2,213            0         2,213           0          66         2,147
 2015                0           0        26,111            0        26,111           0         784        25,327
 2016                0           0        25,317            0        25,317           0         759        24,558
 2017                0           0        24,545            0        24,545           0         737        23,808

 SUB-TOT             0           0        78,186            0        78,186           0       2,346        75,840
 REMAIN              0           0       516,707            0       516,707           0      15,501       501,206
 TOTAL               0           0       594,893            0       594,893           0      17,847       577,046

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014            600           0      25,000           0        25,600        -23,453       -23,453        -7,129
 2015          7,200           0           0           0         7,200         18,127        -5,326         5,225
 2016          7,200           0           0           0         7,200         17,358        12,032         4,528
 2017          7,200           0           0           0         7,200         16,608        28,640         3,923

 SUBTOT       22,200           0      25,000           0        47,200         28,640                       6,547
 REMAIN      252,000           0           0           0       252,000        249,206       277,846        24,174
 TOTAL       274,200           0      25,000           0       299,200        277,846                      30,721

   LIFE OF EVALUATION IS 50.00 YEARS.
   FINAL PRODUCTION RATE: 0.2 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    226
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        OIL LEASE
   TENGASCO, INC. - OPERATOR   15-T1S-R75E                          PROVED
     LAURA J. LAWSON #5   (STONES RIVER)                            SHUT-IN

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000  0.875000                         26.90                               5.00% -       257,508
 FINAL   -   1.000000  0.875000                         26.90                              10.00% -       211,114
 REMARKS -                                                                                 15.00% -       175,806
                                                                                           20.00% -       148,388
                                                                                           25.00% -       126,704

</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     1         3,323           0           0           2,907           0           0.000      26.90     0.00
 2005     1         2,824           0           0           2,472           0           0.000      26.90     0.00
 2006     1         2,401           0           0           2,100           0           0.000      26.90     0.00
 2007     1         2,040           0           0           1,786           0           0.000      26.90     0.00
 2008     1         1,735           0           0           1,517           0           0.000      26.90     0.00
 2009     1         1,474           0           0           1,290           0           0.000      26.90     0.00
 2010     1         1,253           0           0           1,097           0           0.000      26.90     0.00
 2011     1         1,065           0           0             932           0           0.000      26.90     0.00
 2012     1           906           0           0             792           0           0.000      26.90     0.00
 2013     1           769           0           0             673           0           0.000      26.90     0.00
 2014     1           654           0           0             573           0           0.000      26.90     0.00
 2015     1           556           0           0             486           0           0.000      26.90     0.00
 2016     1           473           0           0             414           0           0.000      26.90     0.00
 2017     1           107           0           0              93           0           0.000      26.90     0.00

 SUB-TOTAL         19,580           0           0          17,132           0           0.000      26.90     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL             19,580           0           0          17,132           0           0.000      26.90     0.00

 CUMULATIVE             0           0           0
 ULTIMATE          19,580           0           0

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004           78,208           0             0            0        78,208       2,346           0        75,862
 2005           66,476           0             0            0        66,476       1,995           0        64,481
 2006           56,506           0             0            0        56,506       1,695           0        54,811
 2007           48,029           0             0            0        48,029       1,441           0        46,588
 2008           40,825           0             0            0        40,825       1,224           0        39,601
 2009           34,701           0             0            0        34,701       1,041           0        33,660
 2010           29,496           0             0            0        29,496         885           0        28,611
 2011           25,072           0             0            0        25,072         752           0        24,320
 2012           21,311           0             0            0        21,311         640           0        20,671
 2013           18,114           0             0            0        18,114         543           0        17,571
 2014           15,397           0             0            0        15,397         462           0        14,935
 2015           13,088           0             0            0        13,088         393           0        12,695
 2016           11,124           0             0            0        11,124         333           0        10,791
 2017            2,510           0             0            0         2,510          76           0         2,434

 SUB-TOT       460,857           0             0            0       460,857      13,826           0       447,031
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL         460,857           0             0            0       460,857      13,826           0       447,031

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004          9,600           0           0           0         9,600         66,262        66,262        57,179
 2005          9,600           0           0           0         9,600         54,881       121,143        42,870
 2006          9,600           0           0           0         9,600         45,211       166,354        31,971
 2007          9,600           0           0           0         9,600         36,988       203,342        23,678
 2008          9,600           0           0           0         9,600         30,001       233,343        17,387
 2009          9,600           0           0           0         9,600         24,060       257,403        12,623
 2010          9,600           0           0           0         9,600         19,011       276,414         9,030
 2011          9,600           0           0           0         9,600         14,720       291,134         6,330
 2012          9,600           0           0           0         9,600         11,071       302,205         4,311
 2013          9,600           0           0           0         9,600          7,971       310,176         2,811
 2014          9,600           0           0           0         9,600          5,335       315,511         1,704
 2015          9,600           0           0           0         9,600          3,095       318,606           897
 2016          9,600           0           0           0         9,600          1,191       319,797           314
 2017          2,400           0           0           0         2,400             34       319,831             9

 SUBTOT      127,200           0           0           0       127,200        319,831                     211,114
 REMAIN            0           0           0           0             0              0       319,831             0
 TOTAL       127,200           0           0           0       127,200        319,831                     211,114

   LIFE OF EVALUATION IS 14.25 YEARS.
   FINAL PRODUCTION RATE: 35 BBLS/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    227
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   10-T1S-R74E                          PROVED
     PAUL REED #1   (KNOX)                                          PRODUCING

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.750000                             4.22        5.00% -       314,899
 FINAL   -   1.000000                      0.750000                             4.22       10.00% -       239,917
 REMARKS -                                                                                 15.00% -       194,482
                                                                                           20.00% -       164,310
                                                                                           25.00% -       142,840



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0          21               0           0          15.530       0.00     4.22
 2004     1             0           0          16               0           0          12.175       0.00     4.22
 2005     1             0           0          14               0           0          10.355       0.00     4.22
 2006     1             0           0          12               0           0           9.168       0.00     4.22
 2007     1             0           0          11               0           0           8.315       0.00     4.22
 2008     1             0           0          10               0           0           7.663       0.00     4.22
 2009     1             0           0          10               0           0           7.143       0.00     4.22
 2010     1             0           0           9               0           0           6.717       0.00     4.22
 2011     1             0           0           8               0           0           6.359       0.00     4.22
 2012     1             0           0           8               0           0           6.040       0.00     4.22
 2013     1             0           0           8               0           0           5.738       0.00     4.22
 2014     1             0           0           7               0           0           5.451       0.00     4.22
 2015     1             0           0           7               0           0           5.179       0.00     4.22
 2016     1             0           0           7               0           0           4.920       0.00     4.22
 2017     1             0           0           6               0           0           4.674       0.00     4.22

 SUB-TOTAL              0           0         154               0           0         115.427       0.00     4.22
 REMAINDER              0           0          73               0           0          54.568       0.00     4.22
 TOTAL                  0           0         227               0           0         169.995       0.00     4.22

 CUMULATIVE             0           0         146
 ULTIMATE               0           0         373

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0        65,535            0        65,535           0       1,966        63,569
 2004                0           0        51,377            0        51,377           0       1,541        49,836
 2005                0           0        43,700            0        43,700           0       1,311        42,389
 2006                0           0        38,690            0        38,690           0       1,161        37,529
 2007                0           0        35,087            0        35,087           0       1,053        34,034
 2008                0           0        32,336            0        32,336           0         970        31,366
 2009                0           0        30,146            0        30,146           0         904        29,242
 2010                0           0        28,348            0        28,348           0         851        27,497
 2011                0           0        26,836            0        26,836           0         805        26,031
 2012                0           0        25,489            0        25,489           0         764        24,725
 2013                0           0        24,215            0        24,215           0         727        23,488
 2014                0           0        23,004            0        23,004           0         690        22,314
 2015                0           0        21,854            0        21,854           0         656        21,198
 2016                0           0        20,762            0        20,762           0         622        20,140
 2017                0           0        19,723            0        19,723           0         592        19,131

 SUB-TOT             0           0       487,102            0       487,102           0      14,613       472,489
 REMAIN              0           0       230,277            0       230,277           0       6,908       223,369
 TOTAL               0           0       717,379            0       717,379           0      21,521       695,858

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          7,200           0           0           0         7,200         56,369        56,369        53,807
 2004          7,200           0           0           0         7,200         42,636        99,005        36,802
 2005          7,200           0           0           0         7,200         35,189       134,194        27,483
 2006          7,200           0           0           0         7,200         30,329       164,523        21,436
 2007          7,200           0           0           0         7,200         26,834       191,357        17,165
 2008          7,200           0           0           0         7,200         24,166       215,523        13,991
 2009          7,200           0           0           0         7,200         22,042       237,565        11,551
 2010          7,200           0           0           0         7,200         20,297       257,862         9,628
 2011          7,200           0           0           0         7,200         18,831       276,693         8,085
 2012          7,200           0           0           0         7,200         17,525       294,218         6,811
 2013          7,200           0           0           0         7,200         16,288       310,506         5,730
 2014          7,200           0           0           0         7,200         15,114       325,620         4,814
 2015          7,200           0           0           0         7,200         13,998       339,618         4,036
 2016          7,200           0           0           0         7,200         12,940       352,558         3,377
 2017          7,200           0           0           0         7,200         11,931       364,489         2,818

 SUBTOT      108,000           0           0           0       108,000        364,489                     227,534
 REMAIN      133,800           0           0           0       133,800         89,569       454,058        12,383
 TOTAL       241,800           0           0           0       241,800        454,058                     239,917

   LIFE OF EVALUATION IS 33.58 YEARS.
   FINAL PRODUCTION RATE: 0.2 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    228
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        OIL LEASE
   TENGASCO, INC. - OPERATOR   10-T1S-R74E                          PROVED
     PAUL REED #2   (STONES RIVER)                                  SHUT-IN

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                                                                       5.00% -             0
 FINAL   -   1.000000                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE        40,827           0           0
 ULTIMATE          40,827           0           0

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0 BBLS/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    229
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   10-T1S-R74E                          PROVED
     PAUL REED #2 BP   (TRTN-SR)                                    BEHIND PIPE

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.750000                             4.22        5.00% -       233,106
 FINAL   -   1.000000                      0.750000                             4.22       10.00% -       210,874
 REMARKS -                                                                                 15.00% -       191,673
                                                                                           20.00% -       175,008
                                                                                           25.00% -       160,475



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0          31               0           0          23.545       0.00     4.22
 2004     1             0           0          24               0           0          17.804       0.00     4.22
 2005     1             0           0          19               0           0          13.957       0.00     4.22
 2006     1             0           0          15               0           0          11.249       0.00     4.22
 2007     1             0           0          12               0           0           9.269       0.00     4.22
 2008     1             0           0           2               0           0           1.423       0.00     4.22
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         103               0           0          77.247       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         103               0           0          77.247       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         103

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0        99,358            0        99,358           0       2,981        96,377
 2004                0           0        75,135            0        75,135           0       2,254        72,881
 2005                0           0        58,899            0        58,899           0       1,767        57,132
 2006                0           0        47,471            0        47,471           0       1,424        46,047
 2007                0           0        39,114            0        39,114           0       1,173        37,941
 2008                0           0         6,007            0         6,007           0         181         5,826
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       325,984            0       325,984           0       9,780       316,204
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       325,984            0       325,984           0       9,780       316,204

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          7,200           0      20,000           0        27,200         69,177        69,177        65,190
 2004          7,200           0           0           0         7,200         65,681       134,858        56,724
 2005          7,200           0           0           0         7,200         49,932       184,790        39,027
 2006          7,200           0           0           0         7,200         38,847       223,637        27,481
 2007          7,200           0           0           0         7,200         30,741       254,378        19,683
 2008          1,230           0           0           0         1,230          4,596       258,974         2,769
 2009              0           0           0           0             0              0       258,974             0
 2010              0           0           0           0             0              0       258,974             0
 2011              0           0           0           0             0              0       258,974             0
 2012              0           0           0           0             0              0       258,974             0
 2013              0           0           0           0             0              0       258,974             0
 2014              0           0           0           0             0              0       258,974             0
 2015              0           0           0           0             0              0       258,974             0
 2016              0           0           0           0             0              0       258,974             0
 2017              0           0           0           0             0              0       258,974             0

 SUBTOT       37,230           0      20,000           0        57,230        258,974                     210,874
 REMAIN            0           0           0           0             0              0       258,974             0
 TOTAL        37,230           0      20,000           0        57,230        258,974                     210,874

   LIFE OF EVALUATION IS 5.17 YEARS.
   FINAL PRODUCTION RATE: 0.9 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    230
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   10-T1S-R74E                          PROVED
     PAUL REED #3   (KNOX)                                          PRODUCING

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.656250                             4.22        5.00% -        74,245
 FINAL   -   1.000000                      0.656250                             4.22       10.00% -        60,885
 REMARKS -                                                                                 15.00% -        51,010
                                                                                           20.00% -        43,530
                                                                                           25.00% -        37,735



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           7               0           0           4.316       0.00     4.22
 2004     1             0           0           7               0           0           4.653       0.00     4.22
 2005     1             0           0           7               0           0           4.780       0.00     4.22
 2006     1             0           0           7               0           0           4.409       0.00     4.22
 2007     1             0           0           6               0           0           4.068       0.00     4.22
 2008     1             0           0           6               0           0           3.753       0.00     4.22
 2009     1             0           0           5               0           0           3.462       0.00     4.22
 2010     1             0           0           5               0           0           3.193       0.00     4.22
 2011     1             0           0           4               0           0           2.946       0.00     4.22
 2012     1             0           0           4               0           0           2.718       0.00     4.22
 2013     1             0           0           4               0           0           2.507       0.00     4.22
 2014     1             0           0           4               0           0           2.313       0.00     4.22
 2015     1             0           0           3               0           0           2.134       0.00     4.22
 2016     1             0           0           3               0           0           1.968       0.00     4.22
 2017     1             0           0           2               0           0           1.670       0.00     4.22

 SUB-TOTAL              0           0          74               0           0          48.890       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0          74               0           0          48.890       0.00     4.22

 CUMULATIVE             0           0          12
 ULTIMATE               0           0          86

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0        18,214            0        18,214           0         546        17,668
 2004                0           0        19,637            0        19,637           0         590        19,047
 2005                0           0        20,171            0        20,171           0         605        19,566
 2006                0           0        18,609            0        18,609           0         558        18,051
 2007                0           0        17,166            0        17,166           0         515        16,651
 2008                0           0        15,835            0        15,835           0         475        15,360
 2009                0           0        14,609            0        14,609           0         438        14,171
 2010                0           0        13,477            0        13,477           0         405        13,072
 2011                0           0        12,432            0        12,432           0         372        12,060
 2012                0           0        11,469            0        11,469           0         345        11,124
 2013                0           0        10,580            0        10,580           0         317        10,263
 2014                0           0         9,760            0         9,760           0         293         9,467
 2015                0           0         9,004            0         9,004           0         270         8,734
 2016                0           0         8,306            0         8,306           0         249         8,057
 2017                0           0         7,047            0         7,047           0         211         6,836

 SUB-TOT             0           0       206,316            0       206,316           0       6,189       200,127
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       206,316            0       206,316           0       6,189       200,127

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          7,200           0           0           0         7,200         10,468        10,468         9,964
 2004          7,128           0           0           0         7,128         11,919        22,387        10,237
 2005          7,200           0           0           0         7,200         12,366        34,753         9,654
 2006          7,200           0           0           0         7,200         10,851        45,604         7,670
 2007          7,200           0           0           0         7,200          9,451        55,055         6,047
 2008          7,200           0           0           0         7,200          8,160        63,215         4,726
 2009          7,200           0           0           0         7,200          6,971        70,186         3,656
 2010          7,200           0           0           0         7,200          5,872        76,058         2,787
 2011          7,200           0           0           0         7,200          4,860        80,918         2,089
 2012          7,200           0           0           0         7,200          3,924        84,842         1,527
 2013          7,200           0           0           0         7,200          3,063        87,905         1,080
 2014          7,200           0           0           0         7,200          2,267        90,172           723
 2015          7,200           0           0           0         7,200          1,534        91,706           444
 2016          7,200           0           0           0         7,200            857        92,563           225
 2017          6,600           0           0           0         6,600            236        92,799            56

 SUBTOT      107,328           0           0           0       107,328         92,799                      60,885
 REMAIN            0           0           0           0             0              0        92,799             0
 TOTAL       107,328           0           0           0       107,328         92,799                      60,885

   LIFE OF EVALUATION IS 14.92 YEARS.
   FINAL PRODUCTION RATE: 0.2 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    231
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   10-T1S-R74E                          PROVED
     PAUL REED #3 BP1   (KNOX)                                      BEHIND PIPE

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.656250                             4.22        5.00% -       311,041
 FINAL   -   1.000000                      0.656250                             4.22       10.00% -       118,691
 REMARKS -                                                                                 15.00% -        47,793
                                                                                           20.00% -        19,966
                                                                                           25.00% -         8,561



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           9               0           0           6.121       0.00     4.22

 SUB-TOTAL              0           0           9               0           0           6.121       0.00     4.22
 REMAINDER              0           0         393               0           0         257.692       0.00     4.22
 TOTAL                  0           0         402               0           0         263.813       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         402

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0        25,829            0        25,829           0         775        25,054

 SUB-TOT             0           0        25,829            0        25,829           0         775        25,054
 REMAIN              0           0     1,087,460            0     1,087,460           0      32,624     1,054,836
 TOTAL               0           0     1,113,289            0     1,113,289           0      33,399     1,079,890

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017            600           0      20,000           0        20,600          4,454         4,454         1,004

 SUBTOT          600           0      20,000           0        20,600          4,454                       1,004
 REMAIN      177,122           0           0           0       177,122        877,714       882,168       117,687
 TOTAL       177,722           0      20,000           0       197,722        882,168                     118,691

   LIFE OF EVALUATION IS 39.60 YEARS.
   FINAL PRODUCTION RATE: 0.5 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    232
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   10-T1S-R74E                          PROVED
     PAUL REED #3 BP2   (TRENTON)                                   BEHIND PIPE

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.656250                             4.22        5.00% -         3,634
 FINAL   -   1.000000                      0.656250                             4.22       10.00% -           477
 REMARKS -                                                                                 15.00% -            63
                                                                                           20.00% -             8
                                                                                           25.00% -             1



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0          22               0           0          14.438       0.00     4.22
 TOTAL                  0           0          22               0           0          14.438       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0          22

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0        60,930            0        60,930           0       1,828        59,102
 TOTAL               0           0        60,930            0        60,930           0       1,828        59,102

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN       11,218           0      20,000           0        31,218         27,884        27,884           477
 TOTAL        11,218           0      20,000           0        31,218         27,884                         477

   LIFE OF EVALUATION IS 41.22 YEARS.
   FINAL PRODUCTION RATE: 0.9 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    233
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                   SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   6-T1S-R75E                           PROVED
     PAUL REED #4   (KNOX)                                          PRODUCING

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -     1,100,244
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       815,813
 REMARKS -                                                                                 15.00% -       656,182
                                                                                           20.00% -       554,121
                                                                                           25.00% -       482,688



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0          57               0           0          49.802       0.00     4.22
 2004     1             0           0          42               0           0          37.215       0.00     4.22
 2005     1             0           0          35               0           0          30.443       0.00     4.22
 2006     1             0           0          30               0           0          26.103       0.00     4.22
 2007     1             0           0          26               0           0          23.042       0.00     4.22
 2008     1             0           0          24               0           0          20.746       0.00     4.22
 2009     1             0           0          22               0           0          18.948       0.00     4.22
 2010     1             0           0          20               0           0          17.496       0.00     4.22
 2011     1             0           0          18               0           0          16.293       0.00     4.22
 2012     1             0           0          18               0           0          15.278       0.00     4.22
 2013     1             0           0          16               0           0          14.408       0.00     4.22
 2014     1             0           0          16               0           0          13.652       0.00     4.22
 2015     1             0           0          15               0           0          12.988       0.00     4.22
 2016     1             0           0          14               0           0          12.399       0.00     4.22
 2017     1             0           0          13               0           0          11.873       0.00     4.22

 SUB-TOTAL              0           0         366               0           0         320.686       0.00     4.22
 REMAINDER              0           0         179               0           0         156.240       0.00     4.22
 TOTAL                  0           0         545               0           0         476.926       0.00     4.22

 CUMULATIVE             0           0         303
 ULTIMATE               0           0         848

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0       210,165            0       210,165           0       6,305       203,860
 2004                0           0       157,047            0       157,047           0       4,711       152,336
 2005                0           0       128,468            0       128,468           0       3,854       124,614
 2006                0           0       110,154            0       110,154           0       3,305       106,849
 2007                0           0        97,237            0        97,237           0       2,917        94,320
 2008                0           0        87,547            0        87,547           0       2,627        84,920
 2009                0           0        79,962            0        79,962           0       2,398        77,564
 2010                0           0        73,833            0        73,833           0       2,215        71,618
 2011                0           0        68,758            0        68,758           0       2,063        66,695
 2012                0           0        64,475            0        64,475           0       1,934        62,541
 2013                0           0        60,802            0        60,802           0       1,824        58,978
 2014                0           0        57,612            0        57,612           0       1,729        55,883
 2015                0           0        54,809            0        54,809           0       1,644        53,165
 2016                0           0        52,325            0        52,325           0       1,570        50,755
 2017                0           0        50,104            0        50,104           0       1,503        48,601

 SUB-TOT             0           0     1,353,298            0     1,353,298           0      40,599     1,312,699
 REMAIN              0           0       659,331            0       659,331           0      19,780       639,551
 TOTAL               0           0     2,012,629            0     2,012,629           0      60,379     1,952,250

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          7,200           0           0           0         7,200        196,660       196,660       187,761
 2004          7,200           0           0           0         7,200        145,136       341,796       125,301
 2005          7,200           0           0           0         7,200        117,414       459,210        91,712
 2006          7,200           0           0           0         7,200         99,649       558,859        70,437
 2007          7,200           0           0           0         7,200         87,120       645,979        55,733
 2008          7,200           0           0           0         7,200         77,720       723,699        45,001
 2009          7,200           0           0           0         7,200         70,364       794,063        36,876
 2010          7,200           0           0           0         7,200         64,418       858,481        30,557
 2011          7,200           0           0           0         7,200         59,495       917,976        25,545
 2012          7,200           0           0           0         7,200         55,341       973,317        21,508
 2013          7,200           0           0           0         7,200         51,778     1,025,095        18,215
 2014          7,200           0           0           0         7,200         48,683     1,073,778        15,503
 2015          7,200           0           0           0         7,200         45,965     1,119,743        13,249
 2016          7,200           0           0           0         7,200         43,555     1,163,298        11,364
 2017          7,200           0           0           0         7,200         41,401     1,204,699         9,778

 SUBTOT      108,000           0           0           0       108,000      1,204,699                     758,540
 REMAIN      140,252           0           0           0       140,252        499,299     1,703,998        57,273
 TOTAL       248,252           0           0           0       248,252      1,703,998                     815,813

   LIFE OF EVALUATION IS 34.48 YEARS.
   FINAL PRODUCTION RATE: 0.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    234
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   6-T1S-R75E                           PROVED
     PAUL REED #4 BP1   (KNOX)                                      BEHIND PIPE

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       332,366
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -        49,493
 REMARKS -                                                                                 15.00% -         7,669
                                                                                           20.00% -         1,227
                                                                                           25.00% -           202



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0         691               0           0         604.340       0.00     4.22
 TOTAL                  0           0         691               0           0         604.340       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         691

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0     2,550,314            0     2,550,314           0      76,509     2,473,805
 TOTAL               0           0     2,550,314            0     2,550,314           0      76,509     2,473,805

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN      111,600           0      20,000           0       131,600      2,342,205     2,342,205        49,493
 TOTAL       111,600           0      20,000           0       131,600      2,342,205                      49,493

   LIFE OF EVALUATION IS 50.00 YEARS.
   FINAL PRODUCTION RATE: 1.7 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    235
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   6-T1S-R75E                           PROVED
     PAUL REED #4 BP2   (TRENTON)                                   BEHIND PIPE

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                                                                       5.00% -             0
 FINAL   -   1.000000                                                                      10.00% -             0
 REMARKS - NO RESERVES SHOWN BEYOND ECONOMIC LIFE OF FIELD.                                15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE             0           0           0
 ULTIMATE               0           0           0

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 49.92 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    236
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        OIL LEASE
   TENGASCO, INC. - OPERATOR   6-T1S-R75E                           PROVED
     PAUL REED #5   (STONES RIVER)                                  PRODUCING

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000  0.875000                         26.90                               5.00% -       647,082
 FINAL   -   1.000000  0.875000                         26.90                              10.00% -       566,283
 REMARKS -                                                                                 15.00% -       502,269
                                                                                           20.00% -       450,628
                                                                                           25.00% -       408,283



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1         8,381           0           0           7,334           0           0.000      26.90     0.00
 2004     1         6,638           0           0           5,808           0           0.000      26.90     0.00
 2005     1         5,258           0           0           4,601           0           0.000      26.90     0.00
 2006     1         4,165           0           0           3,644           0           0.000      26.90     0.00
 2007     1         3,299           0           0           2,886           0           0.000      26.90     0.00
 2008     1         2,612           0           0           2,286           0           0.000      26.90     0.00
 2009     1         2,070           0           0           1,811           0           0.000      26.90     0.00
 2010     1         1,639           0           0           1,434           0           0.000      26.90     0.00
 2011     1         1,298           0           0           1,136           0           0.000      26.90     0.00
 2012     1         1,028           0           0             900           0           0.000      26.90     0.00
 2013     1           815           0           0             712           0           0.000      26.90     0.00
 2014     1           645           0           0             565           0           0.000      26.90     0.00
 2015     1           511           0           0             447           0           0.000      26.90     0.00
 2016     1           145           0           0             127           0           0.000      26.90     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL         38,504           0           0          33,691           0           0.000      26.90     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL             38,504           0           0          33,691           0           0.000      26.90     0.00

 CUMULATIVE        59,969           0           0
 ULTIMATE          98,473           0           0

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003          197,271           0             0            0       197,271       5,918           0       191,353
 2004          156,250           0             0            0       156,250       4,688           0       151,562
 2005          123,759           0             0            0       123,759       3,712           0       120,047
 2006           98,023           0             0            0        98,023       2,941           0        95,082
 2007           77,640           0             0            0        77,640       2,329           0        75,311
 2008           61,495           0             0            0        61,495       1,845           0        59,650
 2009           48,708           0             0            0        48,708       1,461           0        47,247
 2010           38,579           0             0            0        38,579       1,158           0        37,421
 2011           30,557           0             0            0        30,557         916           0        29,641
 2012           24,203           0             0            0        24,203         727           0        23,476
 2013           19,169           0             0            0        19,169         575           0        18,594
 2014           15,184           0             0            0        15,184         455           0        14,729
 2015           12,026           0             0            0        12,026         361           0        11,665
 2016            3,425           0             0            0         3,425         103           0         3,322
 2017                0           0             0            0             0           0           0             0

 SUB-TOT       906,289           0             0            0       906,289      27,189           0       879,100
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL         906,289           0             0            0       906,289      27,189           0       879,100

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          9,600           0           0           0         9,600        181,753       181,753       173,345
 2004          9,600           0           0           0         9,600        141,962       323,715       122,565
 2005          9,600           0           0           0         9,600        110,447       434,162        86,320
 2006          9,600           0           0           0         9,600         85,482       519,644        60,480
 2007          9,600           0           0           0         9,600         65,711       585,355        42,087
 2008          9,600           0           0           0         9,600         50,050       635,405        29,020
 2009          9,600           0           0           0         9,600         37,647       673,052        19,762
 2010          9,600           0           0           0         9,600         27,821       700,873        13,222
 2011          9,600           0           0           0         9,600         20,041       720,914         8,624
 2012          9,600           0           0           0         9,600         13,876       734,790         5,407
 2013          9,600           0           0           0         9,600          8,994       743,784         3,175
 2014          9,600           0           0           0         9,600          5,129       748,913         1,642
 2015          9,600           0           0           0         9,600          2,065       750,978           601
 2016          3,200           0           0           0         3,200            122       751,100            33
 2017              0           0           0           0             0              0       751,100             0

 SUBTOT      128,000           0           0           0       128,000        751,100                     566,283
 REMAIN            0           0           0           0             0              0       751,100             0
 TOTAL       128,000           0           0           0       128,000        751,100                     566,283

   LIFE OF EVALUATION IS 13.33 YEARS.
   FINAL PRODUCTION RATE: 35 BBLS/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    237
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   6-T1S-R75                            PROVED
     PAUL REED #6   (KNOX)                                          PRODUCING

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -        83,961
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -        72,123
 REMARKS -                                                                                 15.00% -        63,201
                                                                                           20.00% -        56,281
                                                                                           25.00% -        50,779



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           9               0           0           7.563       0.00     4.22
 2004     1             0           0           6               0           0           5.801       0.00     4.22
 2005     1             0           0           6               0           0           4.805       0.00     4.22
 2006     1             0           0           5               0           0           4.150       0.00     4.22
 2007     1             0           0           4               0           0           3.682       0.00     4.22
 2008     1             0           0           4               0           0           3.326       0.00     4.22
 2009     1             0           0           3               0           0           3.046       0.00     4.22
 2010     1             0           0           3               0           0           2.818       0.00     4.22
 2011     1             0           0           3               0           0           2.629       0.00     4.22
 2012     1             0           0           3               0           0           2.468       0.00     4.22
 2013     1             0           0           3               0           0           2.330       0.00     4.22
 2014     1             0           0           2               0           0           2.210       0.00     4.22
 2015     1             0           0           3               0           0           2.099       0.00     4.22
 2016     1             0           0           2               0           0           1.994       0.00     4.22
 2017     1             0           0           2               0           0           1.894       0.00     4.22

 SUB-TOTAL              0           0          58               0           0          50.815       0.00     4.22
 REMAINDER              0           0           2               0           0           1.653       0.00     4.22
 TOTAL                  0           0          60               0           0          52.468       0.00     4.22

 CUMULATIVE             0           0          38
 ULTIMATE               0           0          98

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0        31,914            0        31,914           0         957        30,957
 2004                0           0        24,479            0        24,479           0         735        23,744
 2005                0           0        20,276            0        20,276           0         608        19,668
 2006                0           0        17,515            0        17,515           0         526        16,989
 2007                0           0        15,536            0        15,536           0         466        15,070
 2008                0           0        14,037            0        14,037           0         421        13,616
 2009                0           0        12,854            0        12,854           0         385        12,469
 2010                0           0        11,893            0        11,893           0         357        11,536
 2011                0           0        11,094            0        11,094           0         333        10,761
 2012                0           0        10,415            0        10,415           0         312        10,103
 2013                0           0         9,834            0         9,834           0         295         9,539
 2014                0           0         9,325            0         9,325           0         280         9,045
 2015                0           0         8,858            0         8,858           0         266         8,592
 2016                0           0         8,415            0         8,415           0         252         8,163
 2017                0           0         7,994            0         7,994           0         240         7,754

 SUB-TOT             0           0       214,439            0       214,439           0       6,433       208,006
 REMAIN              0           0         6,977            0         6,977           0         209         6,768
 TOTAL               0           0       221,416            0       221,416           0       6,642       214,774

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          7,200           0           0           0         7,200         23,757        23,757        22,691
 2004          7,200           0           0           0         7,200         16,544        40,301        14,290
 2005          7,200           0           0           0         7,200         12,468        52,769         9,745
 2006          7,200           0           0           0         7,200          9,789        62,558         6,924
 2007          7,200           0           0           0         7,200          7,870        70,428         5,038
 2008          7,200           0           0           0         7,200          6,416        76,844         3,718
 2009          7,200           0           0           0         7,200          5,269        82,113         2,764
 2010          7,200           0           0           0         7,200          4,336        86,449         2,059
 2011          7,200           0           0           0         7,200          3,561        90,010         1,530
 2012          7,200           0           0           0         7,200          2,903        92,913         1,130
 2013          7,200           0           0           0         7,200          2,339        95,252           823
 2014          7,200           0           0           0         7,200          1,845        97,097           589
 2015          7,200           0           0           0         7,200          1,392        98,489           402
 2016          7,200           0           0           0         7,200            963        99,452           252
 2017          7,200           0           0           0         7,200            554       100,006           132

 SUBTOT      108,000           0           0           0       108,000        100,006                      72,087
 REMAIN        6,600           0           0           0         6,600            168       100,174            36
 TOTAL       114,600           0           0           0       114,600        100,174                      72,123

   LIFE OF EVALUATION IS 15.92 YEARS.
   FINAL PRODUCTION RATE: 0.2 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    238
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        OIL LEASE
   TENGASCO, INC. - OPERATOR   6-T1S-R75E                           PROVED
     PAUL REED #6 BP   (STONES RIVER)                               BEHIND PIPE

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000  0.875000                         26.90                               5.00% -        92,259
 FINAL   -   1.000000  0.875000                         26.90                              10.00% -        38,409
 REMARKS -                                                                                 15.00% -        16,086
                                                                                           20.00% -         6,777
                                                                                           25.00% -         2,871



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER         11,697           0           0          10,235           0           0.000      26.90     0.00
 TOTAL             11,697           0           0          10,235           0           0.000      26.90     0.00

 CUMULATIVE             0           0           0
 ULTIMATE          11,697           0           0

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN        275,328           0             0            0       275,328       8,260           0       267,068
 TOTAL         275,328           0             0            0       275,328       8,260           0       267,068

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN       34,123           0      10,000           0        44,123        222,945       222,945        38,409
 TOTAL        34,123           0      10,000           0        44,123        222,945                      38,409

   LIFE OF EVALUATION IS 19.47 YEARS.
   FINAL PRODUCTION RATE: 250 BBLS/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    239
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   10-T1S-R74E                          PROVED
     PAUL REED #7   (KNOX)                                          PRODUCING

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       606,652
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       436,842
 REMARKS -                                                                                 15.00% -       341,799
                                                                                           20.00% -       281,649
                                                                                           25.00% -       240,207



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0          25               0           0          21.830       0.00     4.22
 2004     1             0           0          21               0           0          18.815       0.00     4.22
 2005     1             0           0          20               0           0          16.790       0.00     4.22
 2006     1             0           0          17               0           0          15.309       0.00     4.22
 2007     1             0           0          16               0           0          14.164       0.00     4.22
 2008     1             0           0          15               0           0          13.245       0.00     4.22
 2009     1             0           0          15               0           0          12.485       0.00     4.22
 2010     1             0           0          13               0           0          11.839       0.00     4.22
 2011     1             0           0          13               0           0          11.247       0.00     4.22
 2012     1             0           0          12               0           0          10.685       0.00     4.22
 2013     1             0           0          12               0           0          10.151       0.00     4.22
 2014     1             0           0          11               0           0           9.643       0.00     4.22
 2015     1             0           0          10               0           0           9.161       0.00     4.22
 2016     1             0           0          10               0           0           8.703       0.00     4.22
 2017     1             0           0          10               0           0           8.268       0.00     4.22

 SUB-TOTAL              0           0         220               0           0         192.335       0.00     4.22
 REMAINDER              0           0         140               0           0         122.789       0.00     4.22
 TOTAL                  0           0         360               0           0         315.124       0.00     4.22

 CUMULATIVE             0           0         128
 ULTIMATE               0           0         488

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0        92,123            0        92,123           0       2,764        89,359
 2004                0           0        79,397            0        79,397           0       2,382        77,015
 2005                0           0        70,853            0        70,853           0       2,125        68,728
 2006                0           0        64,602            0        64,602           0       1,938        62,664
 2007                0           0        59,772            0        59,772           0       1,793        57,979
 2008                0           0        55,892            0        55,892           0       1,677        54,215
 2009                0           0        52,686            0        52,686           0       1,581        51,105
 2010                0           0        49,963            0        49,963           0       1,499        48,464
 2011                0           0        47,463            0        47,463           0       1,424        46,039
 2012                0           0        45,091            0        45,091           0       1,352        43,739
 2013                0           0        42,835            0        42,835           0       1,285        41,550
 2014                0           0        40,694            0        40,694           0       1,221        39,473
 2015                0           0        38,660            0        38,660           0       1,160        37,500
 2016                0           0        36,726            0        36,726           0       1,102        35,624
 2017                0           0        34,890            0        34,890           0       1,046        33,844

 SUB-TOT             0           0       811,647            0       811,647           0      24,349       787,298
 REMAIN              0           0       518,171            0       518,171           0      15,546       502,625
 TOTAL               0           0     1,329,818            0     1,329,818           0      39,895     1,289,923

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          7,200           0           0           0         7,200         82,159        82,159        78,321
 2004          7,200           0           0           0         7,200         69,815       151,974        60,223
 2005          7,200           0           0           0         7,200         61,528       213,502        48,032
 2006          7,200           0           0           0         7,200         55,464       268,966        39,188
 2007          7,200           0           0           0         7,200         50,779       319,745        32,474
 2008          7,200           0           0           0         7,200         47,015       366,760        27,214
 2009          7,200           0           0           0         7,200         43,905       410,665        23,004
 2010          7,200           0           0           0         7,200         41,264       451,929        19,570
 2011          7,200           0           0           0         7,200         38,839       490,768        16,675
 2012          7,200           0           0           0         7,200         36,539       527,307        14,199
 2013          7,200           0           0           0         7,200         34,350       561,657        12,084
 2014          7,200           0           0           0         7,200         32,273       593,930        10,277
 2015          7,200           0           0           0         7,200         30,300       624,230         8,735
 2016          7,200           0           0           0         7,200         28,424       652,654         7,417
 2017          7,200           0           0           0         7,200         26,644       679,298         6,293

 SUBTOT      108,000           0           0           0       108,000        679,298                     403,706
 REMAIN      213,600           0           0           0       213,600        289,025       968,323        33,136
 TOTAL       321,600           0           0           0       321,600        968,323                     436,842

   LIFE OF EVALUATION IS 44.67 YEARS.
   FINAL PRODUCTION RATE: 0.2 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    240
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   10-T1S-R74E                          PROVED
     PAUL REED #7 BP1   (KNOX)                                      BEHIND PIPE

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -        45,976
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -         4,542
 REMARKS -                                                                                 15.00% -           455
                                                                                           20.00% -            46
                                                                                           25.00% -             5



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0         148               0           0         129.702       0.00     4.22
 TOTAL                  0           0         148               0           0         129.702       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         148

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0       547,342            0       547,342           0      16,420       530,922
 TOTAL               0           0       547,342            0       547,342           0      16,420       530,922

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN       38,400           0      20,000           0        58,400        472,522       472,522         4,542
 TOTAL        38,400           0      20,000           0        58,400        472,522                       4,542

   LIFE OF EVALUATION IS 50.00 YEARS.
   FINAL PRODUCTION RATE: 1.4 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    241
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   10-T1S-R74E                          PROVED
     PAUL REED #7 BP2   (TRENTON-MURFREESBORO)                      BEHIND PIPE

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                                                                       5.00% -             0
 FINAL   -   1.000000                                                                      10.00% -             0
 REMARKS - NO RESERVES SHOWN BEYOND ECONOMIC LIFE OF FIELD.                                15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE             0           0           0
 ULTIMATE               0           0           0

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 49.92 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    242
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        OIL LEASE
   TENGASCO, INC. - OPERATOR   6-T1S-R75E                           PROVED
     PAUL REED #8   (TRENTON-STONES RIVER)                          BEHIND PIPE


<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000  0.875000                         26.90                               5.00% -       689,965
 FINAL   -   1.000000  0.875000                         26.90                              10.00% -       642,078
 REMARKS -                                                                                 15.00% -       599,805
                                                                                           20.00% -       562,304
                                                                                           25.00% -       528,877



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1        15,232           0           0          13,328           0           0.000      26.90     0.00
 2004     1         8,921           0           0           7,805           0           0.000      26.90     0.00
 2005     1         5,224           0           0           4,572           0           0.000      26.90     0.00
 2006     1         3,060           0           0           2,677           0           0.000      26.90     0.00
 2007     1         1,792           0           0           1,568           0           0.000      26.90     0.00
 2008     1           739           0           0             647           0           0.000      26.90     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL         34,968           0           0          30,597           0           0.000      26.90     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL             34,968           0           0          30,597           0           0.000      26.90     0.00

 CUMULATIVE         6,919           0           0
 ULTIMATE          41,887           0           0

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003          358,519           0             0            0       358,519      10,756           0       347,763
 2004          209,972           0             0            0       209,972       6,299           0       203,673
 2005          122,973           0             0            0       122,973       3,689           0       119,284
 2006           72,020           0             0            0        72,020       2,161           0        69,859
 2007           42,180           0             0            0        42,180       1,265           0        40,915
 2008           17,387           0             0            0        17,387         522           0        16,865
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT       823,051           0             0            0       823,051      24,692           0       798,359
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL         823,051           0             0            0       823,051      24,692           0       798,359

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          6,000           0      20,000           0        26,000        321,763       321,763       306,832
 2004          6,000           0           0           0         6,000        197,673       519,436       171,085
 2005          6,000           0           0           0         6,000        113,284       632,720        88,762
 2006          6,000           0           0           0         6,000         63,859       696,579        45,301
 2007          6,000           0           0           0         6,000         34,915       731,494        22,428
 2008          3,867           0           0           0         3,867         12,998       744,492         7,670
 2009              0           0           0           0             0              0       744,492             0
 2010              0           0           0           0             0              0       744,492             0
 2011              0           0           0           0             0              0       744,492             0
 2012              0           0           0           0             0              0       744,492             0
 2013              0           0           0           0             0              0       744,492             0
 2014              0           0           0           0             0              0       744,492             0
 2015              0           0           0           0             0              0       744,492             0
 2016              0           0           0           0             0              0       744,492             0
 2017              0           0           0           0             0              0       744,492             0

 SUBTOT       33,867           0      20,000           0        53,867        744,492                     642,078
 REMAIN            0           0           0           0             0              0       744,492             0
 TOTAL        33,867           0      20,000           0        53,867        744,492                     642,078

   LIFE OF EVALUATION IS 5.64 YEARS.
   FINAL PRODUCTION RATE: 81 BBLS/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    243
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   6-T1S-R75E                           PROVED
     PAUL REED #8 BP   (KNOX)                                       BEHIND PIPE

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       649,498
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       365,999
 REMARKS -                                                                                 15.00% -       220,582
                                                                                           20.00% -       139,373
                                                                                           25.00% -        91,013



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0          17               0           0          14.909       0.00     4.22
 2009     1             0           0          41               0           0          36.004       0.00     4.22
 2010     1             0           0          32               0           0          28.273       0.00     4.22
 2011     1             0           0          28               0           0          23.701       0.00     4.22
 2012     1             0           0          23               0           0          20.623       0.00     4.22
 2013     1             0           0          21               0           0          18.384       0.00     4.22
 2014     1             0           0          19               0           0          16.669       0.00     4.22
 2015     1             0           0          18               0           0          15.305       0.00     4.22
 2016     1             0           0          16               0           0          14.190       0.00     4.22
 2017     1             0           0          15               0           0          13.258       0.00     4.22

 SUB-TOTAL              0           0         230               0           0         201.316       0.00     4.22
 REMAINDER              0           0         172               0           0         150.495       0.00     4.22
 TOTAL                  0           0         402               0           0         351.811       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         402

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0        62,914            0        62,914           0       1,887        61,027
 2009                0           0       151,939            0       151,939           0       4,559       147,380
 2010                0           0       119,312            0       119,312           0       3,579       115,733
 2011                0           0       100,020            0       100,020           0       3,001        97,019
 2012                0           0        87,031            0        87,031           0       2,610        84,421
 2013                0           0        77,582            0        77,582           0       2,328        75,254
 2014                0           0        70,342            0        70,342           0       2,110        68,232
 2015                0           0        64,588            0        64,588           0       1,938        62,650
 2016                0           0        59,883            0        59,883           0       1,796        58,087
 2017                0           0        55,950            0        55,950           0       1,679        54,271

 SUB-TOT             0           0       849,561            0       849,561           0      25,487       824,074
 REMAIN              0           0       635,089            0       635,089           0      19,052       616,037
 TOTAL               0           0     1,484,650            0     1,484,650           0      44,539     1,440,111


</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008          2,400           0      20,000           0        22,400         38,627        38,627        21,480
 2009          7,200           0           0           0         7,200        140,180       178,807        73,592
 2010          7,200           0           0           0         7,200        108,533       287,340        51,539
 2011          7,200           0           0           0         7,200         89,819       377,159        38,594
 2012          7,200           0           0           0         7,200         77,221       454,380        30,029
 2013          7,200           0           0           0         7,200         68,054       522,434        23,951
 2014          7,200           0           0           0         7,200         61,032       583,466        19,441
 2015          7,200           0           0           0         7,200         55,450       638,916        15,988
 2016          7,200           0           0           0         7,200         50,887       689,803        13,280
 2017          7,200           0           0           0         7,200         47,071       736,874        11,120

 SUBTOT       67,200           0      20,000           0        87,200        736,874                     299,014
 REMAIN       90,541           0           0           0        90,541        525,496     1,262,370        66,985
 TOTAL       157,741           0      20,000           0       177,741      1,262,370                     365,999

   LIFE OF EVALUATION IS 27.58 YEARS.
   FINAL PRODUCTION RATE: 1.0 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    244
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   6-T1S-R75E                           PROVED
     PAUL REED #9   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -     1,272,478
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       891,240
 REMARKS -                                                                                 15.00% -       682,526
                                                                                           20.00% -       550,125
                                                                                           25.00% -       457,477



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0          80               0           0          70.363       0.00     4.22
 2004     1             0           0          57               0           0          49.636       0.00     4.22
 2005     1             0           0          45               0           0          39.603       0.00     4.22
 2006     1             0           0          39               0           0          33.484       0.00     4.22
 2007     1             0           0          33               0           0          29.292       0.00     4.22
 2008     1             0           0          30               0           0          26.207       0.00     4.22
 2009     1             0           0          27               0           0          23.825       0.00     4.22
 2010     1             0           0          25               0           0          21.920       0.00     4.22
 2011     1             0           0          24               0           0          20.356       0.00     4.22
 2012     1             0           0          21               0           0          19.044       0.00     4.22
 2013     1             0           0          21               0           0          17.925       0.00     4.22
 2014     1             0           0          19               0           0          16.957       0.00     4.22
 2015     1             0           0          19               0           0          16.099       0.00     4.22
 2016     1             0           0          17               0           0          15.294       0.00     4.22
 2017     1             0           0          17               0           0          14.529       0.00     4.22

 SUB-TOTAL              0           0         474               0           0         414.534       0.00     4.22
 REMAINDER              0           0         242               0           0         211.839       0.00     4.22
 TOTAL                  0           0         716               0           0         626.373       0.00     4.22

 CUMULATIVE             0           0          43
 ULTIMATE               0           0         759

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0       296,933            0       296,933           0       8,908       288,025
 2004                0           0       209,462            0       209,462           0       6,284       203,178
 2005                0           0       167,127            0       167,127           0       5,014       162,113
 2006                0           0       141,304            0       141,304           0       4,239       137,065
 2007                0           0       123,611            0       123,611           0       3,708       119,903
 2008                0           0       110,594            0       110,594           0       3,318       107,276
 2009                0           0       100,542            0       100,542           0       3,016        97,526
 2010                0           0        92,504            0        92,504           0       2,775        89,729
 2011                0           0        85,902            0        85,902           0       2,577        83,325
 2012                0           0        80,365            0        80,365           0       2,411        77,954
 2013                0           0        75,642            0        75,642           0       2,270        73,372
 2014                0           0        71,558            0        71,558           0       2,146        69,412
 2015                0           0        67,937            0        67,937           0       2,038        65,899
 2016                0           0        64,541            0        64,541           0       1,937        62,604
 2017                0           0        61,313            0        61,313           0       1,839        59,474

 SUB-TOT             0           0     1,749,335            0     1,749,335           0      52,480     1,696,855
 REMAIN              0           0       893,959            0       893,959           0      26,819       867,140
 TOTAL               0           0     2,643,294            0     2,643,294           0      79,299     2,563,995

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          7,200           0     200,000           0       207,200         80,825        80,825        69,138
 2004          7,200           0           0           0         7,200        195,978       276,803       169,239
 2005          7,200           0           0           0         7,200        154,913       431,716       121,019
 2006          7,200           0           0           0         7,200        129,865       561,581        91,802
 2007          7,200           0           0           0         7,200        112,703       674,284        72,103
 2008          7,200           0           0           0         7,200        100,076       774,360        57,947
 2009          7,200           0           0           0         7,200         90,326       864,686        47,338
 2010          7,200           0           0           0         7,200         82,529       947,215        39,149
 2011          7,200           0           0           0         7,200         76,125     1,023,340        32,686
 2012          7,200           0           0           0         7,200         70,754     1,094,094        27,498
 2013          7,200           0           0           0         7,200         66,172     1,160,266        23,279
 2014          7,200           0           0           0         7,200         62,212     1,222,478        19,810
 2015          7,200           0           0           0         7,200         58,699     1,281,177        16,920
 2016          7,200           0           0           0         7,200         55,404     1,336,581        14,457
 2017          7,200           0           0           0         7,200         52,274     1,388,855        12,346

 SUBTOT      108,000           0     200,000           0       308,000      1,388,855                     814,731
 REMAIN      133,158           0           0           0       133,158        733,982     2,122,837        76,509
 TOTAL       241,158           0     200,000           0       441,158      2,122,837                     891,240

   LIFE OF EVALUATION IS 33.49 YEARS.
   FINAL PRODUCTION RATE: 1.0 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    245
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   MILLER PETROLEUM - OPERATOR   11-T1S-R74E                        PROVED
     PURKEY #1   (KNOX)                                             PRODUCING

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   0.500000                      0.437500                             4.22        5.00% -           543
 FINAL   -   0.500000                      0.437500                             4.22       10.00% -           526
 REMARKS -                                                                                 15.00% -           509
                                                                                           20.00% -           493
                                                                                           25.00% -           478



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           2               0           0           0.981       0.00     4.22
 2004     1             0           0           2               0           0           0.915       0.00     4.22
 2005     1             0           0           1               0           0           0.073       0.00     4.22
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           5               0           0           1.969       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           5               0           0           1.969       0.00     4.22

 CUMULATIVE             0           0          13
 ULTIMATE               0           0          18

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0         4,139            0         4,139           0         124         4,015
 2004                0           0         3,862            0         3,862           0         116         3,746
 2005                0           0           310            0           310           0           9           301
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0         8,311            0         8,311           0         249         8,062
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0         8,311            0         8,311           0         249         8,062

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          3,600           0           0           0         3,600            415           415           397
 2004          3,600           0           0           0         3,600            146           561           128
 2005            300           0           0           0           300              1           562             1
 2006              0           0           0           0             0              0           562             0
 2007              0           0           0           0             0              0           562             0
 2008              0           0           0           0             0              0           562             0
 2009              0           0           0           0             0              0           562             0
 2010              0           0           0           0             0              0           562             0
 2011              0           0           0           0             0              0           562             0
 2012              0           0           0           0             0              0           562             0
 2013              0           0           0           0             0              0           562             0
 2014              0           0           0           0             0              0           562             0
 2015              0           0           0           0             0              0           562             0
 2016              0           0           0           0             0              0           562             0
 2017              0           0           0           0             0              0           562             0

 SUBTOT        7,500           0           0           0         7,500            562                         526
 REMAIN            0           0           0           0             0              0           562             0
 TOTAL         7,500           0           0           0         7,500            562                         526

   LIFE OF EVALUATION IS 2.08 YEARS.
   FINAL PRODUCTION RATE: 0.2 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    246
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        OIL LEASE
   MILLER PETROLEUM - OPERATOR   12-T1S-R74E                        PROVED
     PURKEY #2   (TRENTON)                                          SHUT-IN

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   0.500000                                                                       5.00% -             0
 FINAL   -   0.500000                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE             0           0           2
 ULTIMATE               0           0           2

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0 BBLS/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    247
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   MILLER PETROLEUM - OPERATOR   12-T1S-R74E                        PROVED
     PURKEY #3   (KNOX)                                             PRODUCING

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   0.500000                      0.437500                             4.22        5.00% -       114,850
 FINAL   -   0.500000                      0.437500                             4.22       10.00% -        88,574
 REMARKS -                                                                                 15.00% -        72,386
                                                                                           20.00% -        61,479
                                                                                           25.00% -        53,623



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0          14               0           0           5.981       0.00     4.22
 2004     1             0           0          11               0           0           4.909       0.00     4.22
 2005     1             0           0          10               0           0           4.217       0.00     4.22
 2006     1             0           0           8               0           0           3.727       0.00     4.22
 2007     1             0           0           8               0           0           3.359       0.00     4.22
 2008     1             0           0           7               0           0           3.070       0.00     4.22
 2009     1             0           0           6               0           0           2.836       0.00     4.22
 2010     1             0           0           6               0           0           2.642       0.00     4.22
 2011     1             0           0           6               0           0           2.478       0.00     4.22
 2012     1             0           0           5               0           0           2.338       0.00     4.22
 2013     1             0           0           5               0           0           2.215       0.00     4.22
 2014     1             0           0           5               0           0           2.108       0.00     4.22
 2015     1             0           0           5               0           0           2.013       0.00     4.22
 2016     1             0           0           4               0           0           1.928       0.00     4.22
 2017     1             0           0           4               0           0           1.850       0.00     4.22

 SUB-TOTAL              0           0         104               0           0          45.671       0.00     4.22
 REMAINDER              0           0          53               0           0          22.888       0.00     4.22
 TOTAL                  0           0         157               0           0          68.559       0.00     4.22

 CUMULATIVE             0           0          33
 ULTIMATE               0           0         190

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0        25,242            0        25,242           0         757        24,485
 2004                0           0        20,715            0        20,715           0         622        20,093
 2005                0           0        17,795            0        17,795           0         534        17,261
 2006                0           0        15,728            0        15,728           0         471        15,257
 2007                0           0        14,173            0        14,173           0         426        13,747
 2008                0           0        12,954            0        12,954           0         388        12,566
 2009                0           0        11,967            0        11,967           0         359        11,608
 2010                0           0        11,148            0        11,148           0         335        10,813
 2011                0           0        10,458            0        10,458           0         313        10,145
 2012                0           0         9,865            0         9,865           0         296         9,569
 2013                0           0         9,349            0         9,349           0         281         9,068
 2014                0           0         8,896            0         8,896           0         267         8,629
 2015                0           0         8,494            0         8,494           0         255         8,239
 2016                0           0         8,135            0         8,135           0         244         7,891
 2017                0           0         7,807            0         7,807           0         234         7,573

 SUB-TOT             0           0       192,726            0       192,726           0       5,782       186,944
 REMAIN              0           0        96,586            0        96,586           0       2,897        93,689
 TOTAL               0           0       289,312            0       289,312           0       8,679       280,633

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          3,600           0           0           0         3,600         20,885        20,885        19,923
 2004          3,600           0           0           0         3,600         16,493        37,378        14,234
 2005          3,600           0           0           0         3,600         13,661        51,039        10,670
 2006          3,600           0           0           0         3,600         11,657        62,696         8,240
 2007          3,600           0           0           0         3,600         10,147        72,843         6,491
 2008          3,600           0           0           0         3,600          8,966        81,809         5,192
 2009          3,600           0           0           0         3,600          8,008        89,817         4,198
 2010          3,600           0           0           0         3,600          7,213        97,030         3,422
 2011          3,600           0           0           0         3,600          6,545       103,575         2,810
 2012          3,600           0           0           0         3,600          5,969       109,544         2,320
 2013          3,600           0           0           0         3,600          5,468       115,012         1,924
 2014          3,600           0           0           0         3,600          5,029       120,041         1,602
 2015          3,600           0           0           0         3,600          4,639       124,680         1,337
 2016          3,600           0           0           0         3,600          4,291       128,971         1,120
 2017          3,600           0           0           0         3,600          3,973       132,944           939

 SUBTOT       54,000           0           0           0        54,000        132,944                      84,422
 REMAIN       63,900           0           0           0        63,900         29,789       162,733         4,152
 TOTAL       117,900           0           0           0       117,900        162,733                      88,574

   LIFE OF EVALUATION IS 32.75 YEARS.
   FINAL PRODUCTION RATE: 0.2 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    248
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   MILLER PETROLEUM - OPERATOR   12-T1S-R74E                        PROVED
     PURKEY #3 BP1   (KNOX)                                         BEHIND PIPE

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   0.500000                      0.437500                             4.22        5.00% -        63,274
 FINAL   -   0.500000                      0.437500                             4.22       10.00% -        10,245
 REMARKS -                                                                                 15.00% -         1,711
                                                                                           20.00% -           294
                                                                                           25.00% -            52



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0         256               0           0         112.093       0.00     4.22
 TOTAL                  0           0         256               0           0         112.093       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         256

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0       473,034            0       473,034           0      14,191       458,843
 TOTAL               0           0       473,034            0       473,034           0      14,191       458,843

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN       44,220           0      10,000           0        54,220        404,623       404,623        10,245
 TOTAL        44,220           0      10,000           0        54,220        404,623                      10,245

   LIFE OF EVALUATION IS 45.03 YEARS.
   FINAL PRODUCTION RATE: 1.0 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    249
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   MILLER PETROLEUM - OPERATOR   12-T1S-R74E                        PROVED
     PURKEY #3 BP2   (TRENTON-MURFREESBORO)                         BEHIND PIPE

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   0.500000                      0.437500                             4.22        5.00% -        14,280
 FINAL   -   0.500000                      0.437500                             4.22       10.00% -         1,403
 REMARKS -                                                                                 15.00% -           139
                                                                                           20.00% -            14
                                                                                           25.00% -             1



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0          95               0           0          41.560       0.00     4.22
 TOTAL                  0           0          95               0           0          41.560       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0          95

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0       175,384            0       175,384           0       5,262       170,122
 TOTAL               0           0       175,384            0       175,384           0       5,262       170,122

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN       12,996           0      10,000           0        22,996        147,126       147,126         1,403
 TOTAL        12,996           0      10,000           0        22,996        147,126                       1,403

   LIFE OF EVALUATION IS 48.69 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    250
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     PURKEY #4   (KNOX)                                             UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   0.500000                      0.437500                             4.22        5.00% -       303,013
 FINAL   -   0.500000                      0.437500                             4.22       10.00% -       246,466
 REMARKS -                                                                                 15.00% -       202,360
                                                                                           20.00% -       167,537
                                                                                           25.00% -       139,719



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0          24               0           0          10.467       0.00     4.22
 2004     1             0           0          64               0           0          28.241       0.00     4.22
 2005     1             0           0          44               0           0          19.153       0.00     4.22
 2006     1             0           0          35               0           0          15.053       0.00     4.22
 2007     1             0           0          29               0           0          12.625       0.00     4.22
 2008     1             0           0          25               0           0          10.988       0.00     4.22
 2009     1             0           0          22               0           0           9.797       0.00     4.22
 2010     1             0           0          20               0           0           8.884       0.00     4.22
 2011     1             0           0          18               0           0           7.729       0.00     4.22
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         281               0           0         122.937       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         281               0           0         122.937       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         281

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0        44,173            0        44,173           0       1,325        42,848
 2004                0           0       119,177            0       119,177           0       3,576       115,601
 2005                0           0        80,826            0        80,826           0       2,424        78,402
 2006                0           0        63,524            0        63,524           0       1,906        61,618
 2007                0           0        53,276            0        53,276           0       1,598        51,678
 2008                0           0        46,370            0        46,370           0       1,391        44,979
 2009                0           0        41,343            0        41,343           0       1,241        40,102
 2010                0           0        37,491            0        37,491           0       1,124        36,367
 2011                0           0        32,616            0        32,616           0         979        31,637
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       518,796            0       518,796           0      15,564       503,232
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       518,796            0       518,796           0      15,564       503,232

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0     100,000           0       100,000        -57,152       -57,152       -53,129
 2004          1,800           0           0           0         1,800        113,801        56,649        98,511
 2005          3,600           0           0           0         3,600         74,802       131,451        58,486
 2006          3,600           0           0           0         3,600         58,018       189,469        41,032
 2007          3,600           0           0           0         3,600         48,078       237,547        30,768
 2008          3,600           0           0           0         3,600         41,379       278,926        23,964
 2009          3,600           0           0           0         3,600         36,502       315,428        19,134
 2010          3,600           0           0           0         3,600         32,767       348,195        15,545
 2011          3,403           0           0           0         3,403         28,234       376,429        12,155
 2012              0           0           0           0             0              0       376,429             0
 2013              0           0           0           0             0              0       376,429             0
 2014              0           0           0           0             0              0       376,429             0
 2015              0           0           0           0             0              0       376,429             0
 2016              0           0           0           0             0              0       376,429             0
 2017              0           0           0           0             0              0       376,429             0

 SUBTOT       26,803           0     100,000           0       126,803        376,429                     246,466
 REMAIN            0           0           0           0             0              0       376,429             0
 TOTAL        26,803           0     100,000           0       126,803        376,429                     246,466

   LIFE OF EVALUATION IS 8.95 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    251
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     PURKEY #5   (KNOX)                                             UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   0.500000                      0.437500                             4.22        5.00% -       326,619
 FINAL   -   0.500000                      0.437500                             4.22       10.00% -       265,509
 REMARKS -                                                                                 15.00% -       218,119
                                                                                           20.00% -       180,874
                                                                                           25.00% -       151,223



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0          26               0           0          11.467       0.00     4.22
 2004     1             0           0          69               0           0          29.991       0.00     4.22
 2005     1             0           0          45               0           0          19.967       0.00     4.22
 2006     1             0           0          36               0           0          15.589       0.00     4.22
 2007     1             0           0          30               0           0          13.030       0.00     4.22
 2008     1             0           0          26               0           0          11.317       0.00     4.22
 2009     1             0           0          23               0           0          10.075       0.00     4.22
 2010     1             0           0          21               0           0           9.127       0.00     4.22
 2011     1             0           0          19               0           0           8.374       0.00     4.22
 2012     1             0           0           5               0           0           2.313       0.00     4.22
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         300               0           0         131.250       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         300               0           0         131.250       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         300

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0        48,391            0        48,391           0       1,452        46,939
 2004                0           0       126,561            0       126,561           0       3,797       122,764
 2005                0           0        84,261            0        84,261           0       2,527        81,734
 2006                0           0        65,787            0        65,787           0       1,974        63,813
 2007                0           0        54,985            0        54,985           0       1,650        53,335
 2008                0           0        47,756            0        47,756           0       1,432        46,324
 2009                0           0        42,518            0        42,518           0       1,276        41,242
 2010                0           0        38,515            0        38,515           0       1,155        37,360
 2011                0           0        35,340            0        35,340           0       1,060        34,280
 2012                0           0         9,761            0         9,761           0         293         9,468
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       553,875            0       553,875           0      16,616       537,259
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       553,875            0       553,875           0      16,616       537,259

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003            900           0     100,000           0       100,900        -53,961       -53,961       -50,200
 2004          3,600           0           0           0         3,600        119,164        65,203       103,147
 2005          3,600           0           0           0         3,600         78,134       143,337        61,094
 2006          3,600           0           0           0         3,600         60,213       203,550        42,587
 2007          3,600           0           0           0         3,600         49,735       253,285        31,828
 2008          3,600           0           0           0         3,600         42,724       296,009        24,744
 2009          3,600           0           0           0         3,600         37,642       333,651        19,731
 2010          3,600           0           0           0         3,600         33,760       367,411        16,017
 2011          3,600           0           0           0         3,600         30,680       398,091        13,174
 2012          1,046           0           0           0         1,046          8,422       406,513         3,387
 2013              0           0           0           0             0              0       406,513             0
 2014              0           0           0           0             0              0       406,513             0
 2015              0           0           0           0             0              0       406,513             0
 2016              0           0           0           0             0              0       406,513             0
 2017              0           0           0           0             0              0       406,513             0

 SUBTOT       30,746           0     100,000           0       130,746        406,513                     265,509
 REMAIN            0           0           0           0             0              0       406,513             0
 TOTAL        30,746           0     100,000           0       130,746        406,513                     265,509

   LIFE OF EVALUATION IS 9.29 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    252
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   10-T1S-R74E                          PROVED
     RAY DEAN HELTON #1   (KNOX)                                    PRODUCING

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                                                                       5.00% -             0
 FINAL   -   1.000000                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE             0           0           1
 ULTIMATE               0           0           1

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0


</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    253
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   10-T1S-R74E                          PROVED
     RAY DEAN HELTON #1 BP   (TRENTON-STONES RIVER)                 BEHIND PIPE

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       283,831
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       241,111
 REMARKS -                                                                                 15.00% -       206,477
                                                                                           20.00% -       178,111
                                                                                           25.00% -       154,656



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     1             0           0          32               0           0          27.802       0.00     4.22
 2005     1             0           0          24               0           0          20.952       0.00     4.22
 2006     1             0           0          18               0           0          15.790       0.00     4.22
 2007     1             0           0          13               0           0          11.899       0.00     4.22
 2008     1             0           0          11               0           0           8.967       0.00     4.22
 2009     1             0           0           7               0           0           6.758       0.00     4.22
 2010     1             0           0           6               0           0           5.093       0.00     4.22
 2011     1             0           0           5               0           0           3.838       0.00     4.22
 2012     1             0           0           0               0           0           0.455       0.00     4.22
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         116               0           0         101.554       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         116               0           0         101.554       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         116

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0       117,326            0       117,326           0       3,520       113,806
 2005                0           0        88,418            0        88,418           0       2,652        85,766
 2006                0           0        66,633            0        66,633           0       1,999        64,634
 2007                0           0        50,215            0        50,215           0       1,507        48,708
 2008                0           0        37,842            0        37,842           0       1,135        36,707
 2009                0           0        28,518            0        28,518           0         856        27,662
 2010                0           0        21,492            0        21,492           0         644        20,848
 2011                0           0        16,196            0        16,196           0         486        15,710
 2012                0           0         1,920            0         1,920           0          58         1,862
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       428,560            0       428,560           0      12,857       415,703
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       428,560            0       428,560           0      12,857       415,703

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004          7,200           0      20,000           0        27,200         86,606        86,606        74,050
 2005          7,200           0           0           0         7,200         78,566       165,172        61,432
 2006          7,200           0           0           0         7,200         57,434       222,606        40,655
 2007          7,200           0           0           0         7,200         41,508       264,114        26,599
 2008          7,200           0           0           0         7,200         29,507       293,621        17,120
 2009          7,200           0           0           0         7,200         20,462       314,083        10,749
 2010          7,200           0           0           0         7,200         13,648       327,731         6,492
 2011          7,200           0           0           0         7,200          8,510       336,241         3,668
 2012          1,006           0           0           0         1,006            856       337,097           346
 2013              0           0           0           0             0              0       337,097             0
 2014              0           0           0           0             0              0       337,097             0
 2015              0           0           0           0             0              0       337,097             0
 2016              0           0           0           0             0              0       337,097             0
 2017              0           0           0           0             0              0       337,097             0

 SUBTOT       58,606           0      20,000           0        78,606        337,097                     241,111
 REMAIN            0           0           0           0             0              0       337,097             0
 TOTAL        58,606           0      20,000           0        78,606        337,097                     241,111

   LIFE OF EVALUATION IS 9.14 YEARS.
   FINAL PRODUCTION RATE: 0.3 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    254
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        OIL LEASE
   MILLER PETROLEUM - OPERATOR   6-T1S-R75E                         PROVED
     RAY DEAN HELTON #2   (STONES RIVER)                            SHUT-IN

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   0.500000  0.437500                         26.90                               5.00% -       154,998
 FINAL   -   0.500000  0.437500                         26.90                              10.00% -       146,192
 REMARKS -                                                                                 15.00% -       138,029
                                                                                           20.00% -       130,452
                                                                                           25.00% -       123,409



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1         7,003           0           0           3,064           0           0.000      26.90     0.00
 2004     1         6,338           0           0           2,773           0           0.000      26.90     0.00
 2005     1         2,093           0           0             915           0           0.000      26.90     0.00
 2006     1            45           0           0              20           0           0.000      26.90     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL         15,479           0           0           6,772           0           0.000      26.90     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL             15,479           0           0           6,772           0           0.000      26.90     0.00

 CUMULATIVE             0           0           0
 ULTIMATE          15,479           0           0

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           82,413           0             0            0        82,413       2,472           0        79,941
 2004           74,589           0             0            0        74,589       2,238           0        72,351
 2005           24,639           0             0            0        24,639         739           0        23,900
 2006              527           0             0            0           527          16           0           511
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT       182,168           0             0            0       182,168       5,465           0       176,703
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL         182,168           0             0            0       182,168       5,465           0       176,703

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          2,400           0           0           0         2,400         77,541        77,541        72,133
 2004          4,800           0           0           0         4,800         67,551       145,092        58,760
 2005          4,800           0           0           0         4,800         19,100       164,192        15,064
 2006            192           0           0           0           192            319       164,511           235
 2007              0           0           0           0             0              0       164,511             0
 2008              0           0           0           0             0              0       164,511             0
 2009              0           0           0           0             0              0       164,511             0
 2010              0           0           0           0             0              0       164,511             0
 2011              0           0           0           0             0              0       164,511             0
 2012              0           0           0           0             0              0       164,511             0
 2013              0           0           0           0             0              0       164,511             0
 2014              0           0           0           0             0              0       164,511             0
 2015              0           0           0           0             0              0       164,511             0
 2016              0           0           0           0             0              0       164,511             0
 2017              0           0           0           0             0              0       164,511             0

 SUBTOT       12,192           0           0           0        12,192        164,511                     146,192
 REMAIN            0           0           0           0             0              0       164,511             0
 TOTAL        12,192           0           0           0        12,192        164,511                     146,192

   LIFE OF EVALUATION IS 3.04 YEARS.
   FINAL PRODUCTION RATE: 93 BBLS/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    255
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   MILLER PETROLEUM - OPERATOR   6-T1S-R75E                         PROVED
     RAY DEAN HELTON #2 BP1   (KNOX)                                BEHIND PIPE


<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   0.500000                      0.437500                             4.22        5.00% -       207,261
 FINAL   -   0.500000                      0.437500                             4.22       10.00% -       159,445
 REMARKS -                                                                                 15.00% -       123,513
                                                                                           20.00% -        96,312
                                                                                           25.00% -        75,572



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0          40               0           0          17.596       0.00     4.22
 2007     1             0           0          35               0           0          15.344       0.00     4.22
 2008     1             0           0          30               0           0          12.878       0.00     4.22
 2009     1             0           0          25               0           0          10.970       0.00     4.22
 2010     1             0           0          21               0           0           9.462       0.00     4.22
 2011     1             0           0          15               0           0           6.245       0.00     4.22
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         166               0           0          72.495       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         166               0           0          72.495       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         166

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0        74,256            0        74,256           0       2,228        72,028
 2007                0           0        64,752            0        64,752           0       1,942        62,810
 2008                0           0        54,346            0        54,346           0       1,631        52,715
 2009                0           0        46,293            0        46,293           0       1,388        44,905
 2010                0           0        39,930            0        39,930           0       1,198        38,732
 2011                0           0        26,353            0        26,353           0         791        25,562
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       305,930            0       305,930           0       9,178       296,752
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       305,930            0       305,930           0       9,178       296,752

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006          3,300           0       5,000           0         8,300         63,728        63,728        44,806
 2007          3,600           0           0           0         3,600         59,210       122,938        37,901
 2008          3,600           0           0           0         3,600         49,115       172,053        28,455
 2009          3,600           0           0           0         3,600         41,305       213,358        21,660
 2010          3,600           0           0           0         3,600         35,132       248,490        16,675
 2011          2,681           0           0           0         2,681         22,881       271,371         9,948
 2012              0           0           0           0             0              0       271,371             0
 2013              0           0           0           0             0              0       271,371             0
 2014              0           0           0           0             0              0       271,371             0
 2015              0           0           0           0             0              0       271,371             0
 2016              0           0           0           0             0              0       271,371             0
 2017              0           0           0           0             0              0       271,371             0

 SUBTOT       20,381           0       5,000           0        25,381        271,371                     159,445
 REMAIN            0           0           0           0             0              0       271,371             0
 TOTAL        20,381           0       5,000           0        25,381        271,371                     159,445

   LIFE OF EVALUATION IS 8.74 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    256
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   MILLER PETROLEUM - OPERATOR   6-T1S-R75E                         PROVED
     RAY DEAN HELTON #2 BP2   (TRENTON)                             BEHIND PIPE

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   0.500000                      0.437500                             4.22        5.00% -        28,885
 FINAL   -   0.500000                      0.437500                             4.22       10.00% -        18,085
 REMARKS -                                                                                 15.00% -        11,347
                                                                                           20.00% -         7,135
                                                                                           25.00% -         4,496



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           9               0           0           3.734       0.00     4.22
 2012     1             0           0          24               0           0          10.801       0.00     4.22
 2013     1             0           0           1               0           0           0.339       0.00     4.22
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0          34               0           0          14.874       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0          34               0           0          14.874       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0          34

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0        15,757            0        15,757           0         473        15,284
 2012                0           0        45,582            0        45,582           0       1,367        44,215
 2013                0           0         1,430            0         1,430           0          43         1,387
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0        62,769            0        62,769           0       1,883        60,886
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0        62,769            0        62,769           0       1,883        60,886

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011            900           0      10,000           0        10,900          4,384         4,384         1,779
 2012          3,600           0           0           0         3,600         40,615        44,999        15,851
 2013            151           0           0           0           151          1,236        46,235           455
 2014              0           0           0           0             0              0        46,235             0
 2015              0           0           0           0             0              0        46,235             0
 2016              0           0           0           0             0              0        46,235             0
 2017              0           0           0           0             0              0        46,235             0

 SUBTOT        4,651           0      10,000           0        14,651         46,235                      18,085
 REMAIN            0           0           0           0             0              0        46,235             0
 TOTAL         4,651           0      10,000           0        14,651         46,235                      18,085

   LIFE OF EVALUATION IS 10.04 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    257
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        OIL LEASE
   TENGASCO, INC. - OPERATOR   6-T1S-R75E                           PROVED
     RAY DEAN HELTON #3   (STONES RIVER)                            SHUT-IN

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   0.500000  0.437500                         26.90                               5.00% -            44
 FINAL   -   0.500000  0.437500                         26.90                              10.00% -            44
 REMARKS -                                                                                 15.00% -            44
                                                                                           20.00% -            44
                                                                                           25.00% -            44



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1            39           0           0              17           0           0.000      26.90     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL             39           0           0              17           0           0.000      26.90     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                 39           0           0              17           0           0.000      26.90     0.00

 CUMULATIVE         1,357           0           0
 ULTIMATE           1,396           0           0

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003              458           0             0            0           458          14           0           444
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT           458           0             0            0           458          14           0           444
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL             458           0             0            0           458          14           0           444

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003            400           0           0           0           400             44            44            44
 2004              0           0           0           0             0              0            44             0
 2005              0           0           0           0             0              0            44             0
 2006              0           0           0           0             0              0            44             0
 2007              0           0           0           0             0              0            44             0
 2008              0           0           0           0             0              0            44             0
 2009              0           0           0           0             0              0            44             0
 2010              0           0           0           0             0              0            44             0
 2011              0           0           0           0             0              0            44             0
 2012              0           0           0           0             0              0            44             0
 2013              0           0           0           0             0              0            44             0
 2014              0           0           0           0             0              0            44             0
 2015              0           0           0           0             0              0            44             0
 2016              0           0           0           0             0              0            44             0
 2017              0           0           0           0             0              0            44             0

 SUBTOT          400           0           0           0           400             44                          44
 REMAIN            0           0           0           0             0              0            44             0
 TOTAL           400           0           0           0           400             44                          44

   LIFE OF EVALUATION IS 0.08 YEARS.
   FINAL PRODUCTION RATE: 39 BBLS/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    258
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   6-T1S-R75E                           PROVED
     RAY DEAN HELTON #4   (KNOX)                                    UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -     1,048,729
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       797,588
 REMARKS -                                                                                 15.00% -       632,513
                                                                                           20.00% -       517,580
                                                                                           25.00% -       433,476



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0          75               0           0          65.354       0.00     4.22
 2004     1             0           0          58               0           0          51.358       0.00     4.22
 2005     1             0           0          45               0           0          38.971       0.00     4.22
 2006     1             0           0          37               0           0          32.112       0.00     4.22
 2007     1             0           0          31               0           0          27.652       0.00     4.22
 2008     1             0           0          28               0           0          24.478       0.00     4.22
 2009     1             0           0          25               0           0          22.083       0.00     4.22
 2010     1             0           0          24               0           0          20.199       0.00     4.22
 2011     1             0           0          21               0           0          18.672       0.00     4.22
 2012     1             0           0          20               0           0          17.405       0.00     4.22
 2013     1             0           0          18               0           0          16.333       0.00     4.22
 2014     1             0           0          18               0           0          15.412       0.00     4.22
 2015     1             0           0          17               0           0          14.610       0.00     4.22
 2016     1             0           0          16               0           0          13.878       0.00     4.22
 2017     1             0           0          15               0           0          13.184       0.00     4.22

 SUB-TOTAL              0           0         448               0           0         391.701       0.00     4.22
 REMAINDER              0           0          52               0           0          45.799       0.00     4.22
 TOTAL                  0           0         500               0           0         437.500       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         500

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0       275,792            0       275,792           0       8,274       267,518
 2004                0           0       216,730            0       216,730           0       6,502       210,228
 2005                0           0       164,459            0       164,459           0       4,933       159,526
 2006                0           0       135,512            0       135,512           0       4,066       131,446
 2007                0           0       116,691            0       116,691           0       3,501       113,190
 2008                0           0       103,296            0       103,296           0       3,098       100,198
 2009                0           0        93,188            0        93,188           0       2,796        90,392
 2010                0           0        85,240            0        85,240           0       2,557        82,683
 2011                0           0        78,798            0        78,798           0       2,364        76,434
 2012                0           0        73,449            0        73,449           0       2,204        71,245
 2013                0           0        68,925            0        68,925           0       2,067        66,858
 2014                0           0        65,040            0        65,040           0       1,952        63,088
 2015                0           0        61,654            0        61,654           0       1,849        59,805
 2016                0           0        58,566            0        58,566           0       1,757        56,809
 2017                0           0        55,639            0        55,639           0       1,669        53,970

 SUB-TOT             0           0     1,652,979            0     1,652,979           0      49,589     1,603,390
 REMAIN              0           0       193,271            0       193,271           0       5,799       187,472
 TOTAL               0           0     1,846,250            0     1,846,250           0      55,388     1,790,862

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          6,000           0     200,000           0       206,000         61,518        61,518        51,852
 2004          7,200           0           0           0         7,200        203,028       264,546       175,433
 2005          7,200           0           0           0         7,200        152,326       416,872       119,032
 2006          7,200           0           0           0         7,200        124,246       541,118        87,846
 2007          7,200           0           0           0         7,200        105,990       647,108        67,815
 2008          7,200           0           0           0         7,200         92,998       740,106        53,853
 2009          7,200           0           0           0         7,200         83,192       823,298        43,602
 2010          7,200           0           0           0         7,200         75,483       898,781        35,809
 2011          7,200           0           0           0         7,200         69,234       968,015        29,728
 2012          7,200           0           0           0         7,200         64,045     1,032,060        24,892
 2013          7,200           0           0           0         7,200         59,658     1,091,718        20,988
 2014          7,200           0           0           0         7,200         55,888     1,147,606        17,797
 2015          7,200           0           0           0         7,200         52,605     1,200,211        15,163
 2016          7,200           0           0           0         7,200         49,609     1,249,820        12,945
 2017          7,200           0           0           0         7,200         46,770     1,296,590        11,047

 SUBTOT      106,800           0     200,000           0       306,800      1,296,590                     767,802
 REMAIN       28,341           0           0           0        28,341        159,131     1,455,721        29,786
 TOTAL       135,141           0     200,000           0       335,141      1,455,721                     797,588

   LIFE OF EVALUATION IS 18.94 YEARS.
   FINAL PRODUCTION RATE: 1.0 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    259
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   10-T1S-R74E                          PROVED
     RAY DEAN HELTON #6   (KNOX)                                    UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -     1,006,017
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       734,070
 REMARKS -                                                                                 15.00% -       558,624
                                                                                           20.00% -       438,724
                                                                                           25.00% -       352,709



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     1             0           0          86               0           0          75.237       0.00     4.22
 2005     1             0           0          56               0           0          48.613       0.00     4.22
 2006     1             0           0          42               0           0          37.575       0.00     4.22
 2007     1             0           0          36               0           0          31.244       0.00     4.22
 2008     1             0           0          31               0           0          27.052       0.00     4.22
 2009     1             0           0          28               0           0          24.034       0.00     4.22
 2010     1             0           0          24               0           0          21.738       0.00     4.22
 2011     1             0           0          23               0           0          19.923       0.00     4.22
 2012     1             0           0          21               0           0          18.445       0.00     4.22
 2013     1             0           0          20               0           0          17.214       0.00     4.22
 2014     1             0           0          18               0           0          16.170       0.00     4.22
 2015     1             0           0          18               0           0          15.271       0.00     4.22
 2016     1             0           0          16               0           0          14.485       0.00     4.22
 2017     1             0           0          16               0           0          13.760       0.00     4.22

 SUB-TOTAL              0           0         435               0           0         380.761       0.00     4.22
 REMAINDER              0           0          65               0           0          56.739       0.00     4.22
 TOTAL                  0           0         500               0           0         437.500       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         500

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0       317,498            0       317,498           0       9,525       307,973
 2005                0           0       205,147            0       205,147           0       6,154       198,993
 2006                0           0       158,568            0       158,568           0       4,757       153,811
 2007                0           0       131,851            0       131,851           0       3,956       127,895
 2008                0           0       114,158            0       114,158           0       3,425       110,733
 2009                0           0       101,422            0       101,422           0       3,042        98,380
 2010                0           0        91,735            0        91,735           0       2,752        88,983
 2011                0           0        84,076            0        84,076           0       2,523        81,553
 2012                0           0        77,839            0        77,839           0       2,335        75,504
 2013                0           0        72,643            0        72,643           0       2,179        70,464
 2014                0           0        68,238            0        68,238           0       2,047        66,191
 2015                0           0        64,444            0        64,444           0       1,934        62,510
 2016                0           0        61,126            0        61,126           0       1,833        59,293
 2017                0           0        58,068            0        58,068           0       1,742        56,326

 SUB-TOT             0           0     1,606,813            0     1,606,813           0      48,204     1,558,609
 REMAIN              0           0       239,437            0       239,437           0       7,184       232,253
 TOTAL               0           0     1,846,250            0     1,846,250           0      55,388     1,790,862
</TABLE>

<TABLE>
<CAPTION>
                                   DEDUCTIONS - $                        FUTURE NET INCOME BEFORE INCOME TAXES - $
            -----------------------------------------------------------  -----------------------------------------
             OPERATING   AD VALOREM   DEVELOPMENT                                UNDISCOUNTED          DISCOUNTED
  FD           COSTS        TAXES        COSTS       OTHER     TOTAL         ANNUAL       CUMULATIVE    @ 10.00 %
 ----       -----------  ----------   -----------  --------   ---------   ------------    ----------   -----------
<S>            <C>             <C>   <C>               <C>     <C>            <C>         <C>             <C>
v 2003             0           0           0           0             0              0             0             0
 2004          7,200           0     200,000           0       207,200        100,773       100,773        80,160
 2005          7,200           0           0           0         7,200        191,793       292,566       149,982
 2006          7,200           0           0           0         7,200        146,611       439,177       103,697
 2007          7,200           0           0           0         7,200        120,695       559,872        77,242
 2008          7,200           0           0           0         7,200        103,533       663,405        59,962
 2009          7,200           0           0           0         7,200         91,180       754,585        47,794
 2010          7,200           0           0           0         7,200         81,783       836,368        38,800
 2011          7,200           0           0           0         7,200         74,353       910,721        31,929
 2012          7,200           0           0           0         7,200         68,304       979,025        26,548
 2013          7,200           0           0           0         7,200         63,264     1,042,289        22,258
 2014          7,200           0           0           0         7,200         58,991     1,101,280        18,786
 2015          7,200           0           0           0         7,200         55,310     1,156,590        15,943
 2016          7,200           0           0           0         7,200         52,093     1,208,683        13,593
 2017          7,200           0           0           0         7,200         49,126     1,257,809        11,603

 SUBTOT      100,800           0     200,000           0       300,800      1,257,809                     698,297
 REMAIN       34,341           0           0           0        34,341        197,912     1,455,721        35,773
 TOTAL       135,141           0     200,000           0       335,141      1,455,721                     734,070

   LIFE OF EVALUATION IS 19.77 YEARS.
   FINAL PRODUCTION RATE: 1.0 MMCF/MO
</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    260
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        OIL LEASE
   MILLER PETROLEUM - OPERATOR   11-T1S-R74E                        PROVED
     ROSE #1   (TRENTON)                                            SHUT-IN

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   0.500000                                                                       5.00% -             0
 FINAL   -   0.500000                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE             0           0           0
 ULTIMATE               0           0           0

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>              <C>         <C>         <C>         <C>          <C>            <C>            <C>           <C>
 2003            0           0           0           0             0              0             0             0
 2004            0           0           0           0             0              0             0             0
 2005            0           0           0           0             0              0             0             0
 2006            0           0           0           0             0              0             0             0
 2007            0           0           0           0             0              0             0             0
 2008            0           0           0           0             0              0             0             0
 2009            0           0           0           0             0              0             0             0
 2010            0           0           0           0             0              0             0             0
 2011            0           0           0           0             0              0             0             0
 2012            0           0           0           0             0              0             0             0
 2013            0           0           0           0             0              0             0             0
 2014            0           0           0           0             0              0             0             0
 2015            0           0           0           0             0              0             0             0
 2016            0           0           0           0             0              0             0             0
 2017            0           0           0           0             0              0             0             0

 SUBTOT          0           0           0           0             0              0                           0
 REMAIN          0           0           0           0             0              0             0             0
 TOTAL           0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0 BBLS/MO
</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    261
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        OIL LEASE
   TENGASCO, INC. - OPERATOR   6-T1S-R75E                           PROVED
     STEPHEN LAWSON #1   (TRENTON)                                  PRODUCING

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   0.500000  0.437500                         26.90                               5.00% -        24,310
 FINAL   -   0.500000  0.437500                         26.90                              10.00% -        21,951
 REMARKS -                                                                                 15.00% -        19,950
                                                                                           20.00% -        18,243
                                                                                           25.00% -        16,774



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1         1,109           0           0             485           0           0.000      26.90     0.00
 2004     1           965           0           0             422           0           0.000      26.90     0.00
 2005     1           839           0           0             368           0           0.000      26.90     0.00
 2006     1           730           0           0             319           0           0.000      26.90     0.00
 2007     1           636           0           0             278           0           0.000      26.90     0.00
 2008     1           553           0           0             242           0           0.000      26.90     0.00
 2009     1           480           0           0             210           0           0.000      26.90     0.00
 2010     1           160           0           0              70           0           0.000      26.90     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL          5,472           0           0           2,394           0           0.000      26.90     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL              5,472           0           0           2,394           0           0.000      26.90     0.00

 CUMULATIVE         5,645           0           0
 ULTIMATE          11,117           0           0

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003           13,051           0             0            0        13,051         392           0        12,659
 2004           11,355           0             0            0        11,355         340           0        11,015
 2005            9,879           0             0            0         9,879         297           0         9,582
 2006            8,594           0             0            0         8,594         257           0         8,337
 2007            7,477           0             0            0         7,477         225           0         7,252
 2008            6,505           0             0            0         6,505         195           0         6,310
 2009            5,660           0             0            0         5,660         170           0         5,490
 2010            1,878           0             0            0         1,878          56           0         1,822
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT        64,399           0             0            0        64,399       1,932           0        62,467
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL          64,399           0             0            0        64,399       1,932           0        62,467

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          4,800           0           0           0         4,800          7,859         7,859         7,494
 2004          4,800           0           0           0         4,800          6,215        14,074         5,366
 2005          4,800           0           0           0         4,800          4,782        18,856         3,738
 2006          4,800           0           0           0         4,800          3,537        22,393         2,504
 2007          4,800           0           0           0         4,800          2,452        24,845         1,572
 2008          4,800           0           0           0         4,800          1,510        26,355           878
 2009          4,800           0           0           0         4,800            690        27,045           365
 2010          1,753           0           0           0         1,753             69        27,114            34
 2011              0           0           0           0             0              0        27,114             0
 2012              0           0           0           0             0              0        27,114             0
 2013              0           0           0           0             0              0        27,114             0
 2014              0           0           0           0             0              0        27,114             0
 2015              0           0           0           0             0              0        27,114             0
 2016              0           0           0           0             0              0        27,114             0
 2017              0           0           0           0             0              0        27,114             0

 SUBTOT       35,353           0           0           0        35,353         27,114                      21,951
 REMAIN            0           0           0           0             0              0        27,114             0
 TOTAL        35,353           0           0           0        35,353         27,114                      21,951

   LIFE OF EVALUATION IS 7.37 YEARS.
   FINAL PRODUCTION RATE: 36 BBLS/MO

</TABLE>

<PAGE>



                                 TENGASCO, INC.                     TABLE    262
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   6-T1S-R75E                           PROVED
     STEPHEN LAWSON #2   (KNOX)                                     SHUT-IN

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                                                                       5.00% -             0
 FINAL   -   1.000000                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE             0           0          39
 ULTIMATE               0           0          39

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    263
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   6-T1S-R75E                           PROVED
     STEPHEN LAWSON #3   (KNOX)                                     PRODUCING

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.656250                             4.22        5.00% -       168,297
 FINAL   -   1.000000                      0.656250                             4.22       10.00% -       137,480
 REMARKS -                                                                                 15.00% -       116,502
                                                                                           20.00% -       101,407
                                                                                           25.00% -        90,042



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0          17               0           0          11.385       0.00     4.22
 2004     1             0           0          14               0           0           8.664       0.00     4.22
 2005     1             0           0          10               0           0           7.149       0.00     4.22
 2006     1             0           0          10               0           0           6.161       0.00     4.22
 2007     1             0           0           8               0           0           5.457       0.00     4.22
 2008     1             0           0           8               0           0           4.925       0.00     4.22
 2009     1             0           0           7               0           0           4.506       0.00     4.22
 2010     1             0           0           6               0           0           4.166       0.00     4.22
 2011     1             0           0           6               0           0           3.884       0.00     4.22
 2012     1             0           0           5               0           0           3.646       0.00     4.22
 2013     1             0           0           6               0           0           3.440       0.00     4.22
 2014     1             0           0           5               0           0           3.262       0.00     4.22
 2015     1             0           0           4               0           0           3.098       0.00     4.22
 2016     1             0           0           5               0           0           2.943       0.00     4.22
 2017     1             0           0           4               0           0           2.796       0.00     4.22

 SUB-TOTAL              0           0         115               0           0          75.482       0.00     4.22
 REMAINDER              0           0          29               0           0          18.775       0.00     4.22
 TOTAL                  0           0         144               0           0          94.257       0.00     4.22

 CUMULATIVE             0           0          74
 ULTIMATE               0           0         218

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0        48,046            0        48,046           0       1,441        46,605
 2004                0           0        36,562            0        36,562           0       1,097        35,465
 2005                0           0        30,169            0        30,169           0         905        29,264
 2006                0           0        25,999            0        25,999           0         780        25,219
 2007                0           0        23,028            0        23,028           0         691        22,337
 2008                0           0        20,783            0        20,783           0         624        20,159
 2009                0           0        19,015            0        19,015           0         570        18,445
 2010                0           0        17,582            0        17,582           0         528        17,054
 2011                0           0        16,392            0        16,392           0         491        15,901
 2012                0           0        15,385            0        15,385           0         462        14,923
 2013                0           0        14,519            0        14,519           0         435        14,084
 2014                0           0        13,764            0        13,764           0         413        13,351
 2015                0           0        13,075            0        13,075           0         393        12,682
 2016                0           0        12,422            0        12,422           0         372        12,050
 2017                0           0        11,800            0        11,800           0         354        11,446

 SUB-TOT             0           0       318,541            0       318,541           0       9,556       308,985
 REMAIN              0           0        79,230            0        79,230           0       2,377        76,853
 TOTAL               0           0       397,771            0       397,771           0      11,933       385,838

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          7,200           0           0           0         7,200         39,405        39,405        37,628
 2004          7,200           0           0           0         7,200         28,265        67,670        24,409
 2005          7,200           0           0           0         7,200         22,064        89,734        17,240
 2006          7,200           0           0           0         7,200         18,019       107,753        12,740
 2007          7,200           0           0           0         7,200         15,137       122,890         9,687
 2008          7,200           0           0           0         7,200         12,959       135,849         7,506
 2009          7,200           0           0           0         7,200         11,245       147,094         5,896
 2010          7,200           0           0           0         7,200          9,854       156,948         4,676
 2011          7,200           0           0           0         7,200          8,701       165,649         3,737
 2012          7,200           0           0           0         7,200          7,723       173,372         3,003
 2013          7,200           0           0           0         7,200          6,884       180,256         2,422
 2014          7,200           0           0           0         7,200          6,151       186,407         1,960
 2015          7,200           0           0           0         7,200          5,482       191,889         1,581
 2016          7,200           0           0           0         7,200          4,850       196,739         1,266
 2017          7,200           0           0           0         7,200          4,246       200,985         1,004

 SUBTOT      108,000           0           0           0       108,000        200,985                     134,755
 REMAIN       61,200           0           0           0        61,200         15,653       216,638         2,725
 TOTAL       169,200           0           0           0       169,200        216,638                     137,480

   LIFE OF EVALUATION IS 23.50 YEARS.
   FINAL PRODUCTION RATE: 0.2 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    264
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                            AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        OIL LEASE
   TENGASCO, INC. - OPERATOR   6-T1S-R75E                           PROVED
     STEPHEN LAWSON #3 BP   (TRNT-SR-MFB)                           BEHIND PIPE

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000  0.656250            0.656250     26.90                   4.22        5.00% -       187,165
 FINAL   -   1.000000  0.656250            0.656250     26.90                   4.22       10.00% -        55,279
 REMARKS -                                                                                 15.00% -        16,438
                                                                                           20.00% -         4,920
                                                                                           25.00% -         1,482



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER         38,665           0          26          25,374           0          17.047      26.90     4.22
 TOTAL             38,665           0          26          25,374           0          17.047      26.90     4.22

 CUMULATIVE             0           0           0
 ULTIMATE          38,665           0          26

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN        682,558           0        71,939            0       754,497      20,477       2,158       731,862
 TOTAL         682,558           0        71,939            0       754,497      20,477       2,158       731,862

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN       43,738           0      50,000           0        93,738        638,124       638,124        55,279
 TOTAL        43,738           0      50,000           0        93,738        638,124                      55,279

   LIFE OF EVALUATION IS 28.06 YEARS.
   FINAL PRODUCTION RATE: 64 BBLS/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    265
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   7-T1S-R75E                           PROVED
     STEPHEN LAWSON #4   (KNOX)                                     PRODUCING

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.656250                             4.22        5.00% -         2,842
 FINAL   -   1.000000                      0.656250                             4.22       10.00% -         2,756
 REMARKS -                                                                                 15.00% -         2,674
                                                                                           20.00% -         2,597
                                                                                           25.00% -         2,523



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0           4               0           0           2.313       0.00     4.22
 2004     1             0           0           2               0           0           1.920       0.00     4.22
 2005     1             0           0           1               0           0           0.148       0.00     4.22
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           7               0           0           4.381       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           7               0           0           4.381       0.00     4.22

 CUMULATIVE             0           0          10
 ULTIMATE               0           0          17

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0         9,760            0         9,760           0         293         9,467
 2004                0           0         8,103            0         8,103           0         243         7,860
 2005                0           0           624            0           624           0          19           605
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0        18,487            0        18,487           0         555        17,932
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0        18,487            0        18,487           0         555        17,932

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          7,200           0           0           0         7,200          2,267         2,267         2,174
 2004          7,200           0           0           0         7,200            660         2,927           578
 2005            600           0           0           0           600              5         2,932             4
 2006              0           0           0           0             0              0         2,932             0
 2007              0           0           0           0             0              0         2,932             0
 2008              0           0           0           0             0              0         2,932             0
 2009              0           0           0           0             0              0         2,932             0
 2010              0           0           0           0             0              0         2,932             0
 2011              0           0           0           0             0              0         2,932             0
 2012              0           0           0           0             0              0         2,932             0
 2013              0           0           0           0             0              0         2,932             0
 2014              0           0           0           0             0              0         2,932             0
 2015              0           0           0           0             0              0         2,932             0
 2016              0           0           0           0             0              0         2,932             0
 2017              0           0           0           0             0              0         2,932             0

 SUBTOT       15,000           0           0           0        15,000          2,932                       2,756
 REMAIN            0           0           0           0             0              0         2,932             0
 TOTAL        15,000           0           0           0        15,000          2,932                       2,756

   LIFE OF EVALUATION IS 2.08 YEARS.
   FINAL PRODUCTION RATE: 0.2 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    266
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        OIL LEASE
   TENGASCO, INC. - OPERATOR   7-T1S-R75E                           PROVED
     STEPHEN LAWSON #4 BP   (STONES RIVER)                          BEHIND PIPE

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000  0.656250            0.656250     26.90                   4.22        5.00% -       155,182
 FINAL   -   1.000000  0.656250            0.656250     26.90                   4.22       10.00% -       133,299
 REMARKS -                                                                                 15.00% -       114,710
                                                                                           20.00% -        98,888
                                                                                           25.00% -        85,392



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005               7,064           0           5           4,636           0           3.115      26.90     4.22
 2006     1         3,542           0           2           2,324           0           1.562      26.90     4.22
 2007     1         1,566           0           1           1,028           0           0.691      26.90     4.22
 2008     1           613           0           1             402           0           0.270      26.90     4.22
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL         12,785           0           9           8,390           0           5.638      26.90     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL             12,785           0           9           8,390           0           5.638      26.90     4.22

 CUMULATIVE             0           0           0
 ULTIMATE          12,785           0           9

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005          124,707           0        13,144            0       137,851       3,741         394       133,716
 2006           62,521           0         6,589            0        69,110       1,876         198        67,036
 2007           27,652           0         2,914            0        30,566         829          87        29,650
 2008           10,817           0         1,140            0        11,957         325          35        11,597
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT       225,697           0        23,787            0       249,484       6,771         714       241,999
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL         225,697           0        23,787            0       249,484       6,771         714       241,999

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005          8,800           0      25,000           0        33,800         99,916        99,916        77,365
 2006          9,600           0           0           0         9,600         57,436       157,352        40,865
 2007          9,600           0           0           0         9,600         20,050       177,402        12,939
 2008          8,000           0           0           0         8,000          3,597       180,999         2,130
 2009              0           0           0           0             0              0       180,999             0
 2010              0           0           0           0             0              0       180,999             0
 2011              0           0           0           0             0              0       180,999             0
 2012              0           0           0           0             0              0       180,999             0
 2013              0           0           0           0             0              0       180,999             0
 2014              0           0           0           0             0              0       180,999             0
 2015              0           0           0           0             0              0       180,999             0
 2016              0           0           0           0             0              0       180,999             0
 2017              0           0           0           0             0              0       180,999             0

 SUBTOT       36,000           0      25,000           0        61,000        180,999                     133,299
 REMAIN            0           0           0           0             0              0       180,999             0
 TOTAL        36,000           0      25,000           0        61,000        180,999                     133,299

   LIFE OF EVALUATION IS 5.83 YEARS.
   FINAL PRODUCTION RATE: 44 BBLS/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    267
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   6-T1S-R75E                           PROVED
     STEPHEN LAWSON #5   (KNOX)                                     PRODUCING

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.656250                             4.22        5.00% -       191,293
 FINAL   -   1.000000                      0.656250                             4.22       10.00% -       158,916
 REMARKS -                                                                                 15.00% -       136,611
                                                                                           20.00% -       120,373
                                                                                           25.00% -       108,011



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0          22               0           0          14.517       0.00     4.22
 2004     1             0           0          15               0           0           9.900       0.00     4.22
 2005     1             0           0          12               0           0           7.797       0.00     4.22
 2006     1             0           0          10               0           0           6.546       0.00     4.22
 2007     1             0           0           9               0           0           5.701       0.00     4.22
 2008     1             0           0           8               0           0           5.086       0.00     4.22
 2009     1             0           0           7               0           0           4.613       0.00     4.22
 2010     1             0           0           6               0           0           4.237       0.00     4.22
 2011     1             0           0           6               0           0           3.930       0.00     4.22
 2012     1             0           0           6               0           0           3.672       0.00     4.22
 2013     1             0           0           5               0           0           3.454       0.00     4.22
 2014     1             0           0           5               0           0           3.265       0.00     4.22
 2015     1             0           0           5               0           0           3.098       0.00     4.22
 2016     1             0           0           4               0           0           2.943       0.00     4.22
 2017     1             0           0           4               0           0           2.796       0.00     4.22

 SUB-TOTAL              0           0         124               0           0          81.555       0.00     4.22
 REMAINDER              0           0          29               0           0          18.775       0.00     4.22
 TOTAL                  0           0         153               0           0         100.330       0.00     4.22

 CUMULATIVE             0           0          67
 ULTIMATE               0           0         220

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0        61,263            0        61,263           0       1,838        59,425
 2004                0           0        41,780            0        41,780           0       1,253        40,527
 2005                0           0        32,902            0        32,902           0         987        31,915
 2006                0           0        27,624            0        27,624           0         829        26,795
 2007                0           0        24,060            0        24,060           0         722        23,338
 2008                0           0        21,461            0        21,461           0         644        20,817
 2009                0           0        19,468            0        19,468           0         584        18,884
 2010                0           0        17,881            0        17,881           0         536        17,345
 2011                0           0        16,583            0        16,583           0         498        16,085
 2012                0           0        15,498            0        15,498           0         465        15,033
 2013                0           0        14,574            0        14,574           0         437        14,137
 2014                0           0        13,777            0        13,777           0         413        13,364
 2015                0           0        13,076            0        13,076           0         392        12,684
 2016                0           0        12,421            0        12,421           0         373        12,048
 2017                0           0        11,801            0        11,801           0         354        11,447

 SUB-TOT             0           0       344,169            0       344,169           0      10,325       333,844
 REMAIN              0           0        79,230            0        79,230           0       2,377        76,853
 TOTAL               0           0       423,399            0       423,399           0      12,702       410,697

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          7,200           0           0           0         7,200         52,225        52,225        49,944
 2004          7,200           0           0           0         7,200         33,327        85,552        28,796
 2005          7,200           0           0           0         7,200         24,715       110,267        19,317
 2006          7,200           0           0           0         7,200         19,595       129,862        13,858
 2007          7,200           0           0           0         7,200         16,138       146,000        10,329
 2008          7,200           0           0           0         7,200         13,617       159,617         7,888
 2009          7,200           0           0           0         7,200         11,684       171,301         6,126
 2010          7,200           0           0           0         7,200         10,145       181,446         4,814
 2011          7,200           0           0           0         7,200          8,885       190,331         3,817
 2012          7,200           0           0           0         7,200          7,833       198,164         3,045
 2013          7,200           0           0           0         7,200          6,937       205,101         2,442
 2014          7,200           0           0           0         7,200          6,164       211,265         1,964
 2015          7,200           0           0           0         7,200          5,484       216,749         1,581
 2016          7,200           0           0           0         7,200          4,848       221,597         1,266
 2017          7,200           0           0           0         7,200          4,247       225,844         1,004

 SUBTOT      108,000           0           0           0       108,000        225,844                     156,191
 REMAIN       61,200           0           0           0        61,200         15,653       241,497         2,725
 TOTAL       169,200           0           0           0       169,200        241,497                     158,916

   LIFE OF EVALUATION IS 23.50 YEARS.
   FINAL PRODUCTION RATE: 0.2 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    268
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   6-T1S-R75E                           PROVED
     STEPHEN LAWSON #5 BP   (KNOX)                                  BEHIND PIPE

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.656250                             4.22        5.00% -       412,725
 FINAL   -   1.000000                      0.656250                             4.22       10.00% -       105,099
 REMARKS -                                                                                 15.00% -        27,890
                                                                                           20.00% -         7,642
                                                                                           25.00% -         2,147



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0         689               0           0         452.127       0.00     4.22
 TOTAL                  0           0         689               0           0         452.127       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         689

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0     1,907,974            0     1,907,974           0      57,239     1,850,735
 TOTAL               0           0     1,907,974            0     1,907,974           0      57,239     1,850,735

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN      122,747           0      20,000           0       142,747      1,707,988     1,707,988       105,099
 TOTAL       122,747           0      20,000           0       142,747      1,707,988                     105,099

   LIFE OF EVALUATION IS 40.55 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    269
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   6-T1S-R75E                           PROVED
     STEPHEN LAWSON #6   (KNOX)                                     UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.656250                             4.22        5.00% -     1,119,268
 FINAL   -   1.000000                      0.656250                             4.22       10.00% -       798,300
 REMARKS -                                                                                 15.00% -       603,331
                                                                                           20.00% -       474,239
                                                                                           25.00% -       382,936



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     1             0           0         124               0           0          81.469       0.00     4.22
 2005     1             0           0          78               0           0          50.916       0.00     4.22
 2006     1             0           0          59               0           0          38.950       0.00     4.22
 2007     1             0           0          49               0           0          32.221       0.00     4.22
 2008     1             0           0          43               0           0          27.811       0.00     4.22
 2009     1             0           0          37               0           0          24.657       0.00     4.22
 2010     1             0           0          34               0           0          22.269       0.00     4.22
 2011     1             0           0          31               0           0          20.387       0.00     4.22
 2012     1             0           0          29               0           0          18.858       0.00     4.22
 2013     1             0           0          27               0           0          17.587       0.00     4.22
 2014     1             0           0          25               0           0          16.511       0.00     4.22
 2015     1             0           0          24               0           0          15.586       0.00     4.22
 2016     1             0           0          22               0           0          14.778       0.00     4.22
 2017     1             0           0          21               0           0          14.039       0.00     4.22

 SUB-TOTAL              0           0         603               0           0         396.039       0.00     4.22
 REMAINDER              0           0         173               0           0         113.208       0.00     4.22
 TOTAL                  0           0         776               0           0         509.247       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         776

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0       343,800            0       343,800           0      10,314       333,486
 2005                0           0       214,864            0       214,864           0       6,446       208,418
 2006                0           0       164,371            0       164,371           0       4,931       159,440
 2007                0           0       135,974            0       135,974           0       4,079       131,895
 2008                0           0       117,365            0       117,365           0       3,521       113,844
 2009                0           0       104,054            0       104,054           0       3,122       100,932
 2010                0           0        93,977            0        93,977           0       2,819        91,158
 2011                0           0        86,033            0        86,033           0       2,581        83,452
 2012                0           0        79,582            0        79,582           0       2,388        77,194
 2013                0           0        74,219            0        74,219           0       2,226        71,993
 2014                0           0        69,678            0        69,678           0       2,090        67,588
 2015                0           0        65,772            0        65,772           0       1,974        63,798
 2016                0           0        62,365            0        62,365           0       1,871        60,494
 2017                0           0        59,243            0        59,243           0       1,777        57,466

 SUB-TOT             0           0     1,671,297            0     1,671,297           0      50,139     1,621,158
 REMAIN              0           0       477,738            0       477,738           0      14,332       463,406
 TOTAL               0           0     2,149,035            0     2,149,035           0      64,471     2,084,564

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004          7,200           0     200,000           0       207,200        126,286       126,286       102,393
 2005          7,200           0           0           0         7,200        201,218       327,504       157,372
 2006          7,200           0           0           0         7,200        152,240       479,744       107,684
 2007          7,200           0           0           0         7,200        124,695       604,439        79,804
 2008          7,200           0           0           0         7,200        106,644       711,083        61,765
 2009          7,200           0           0           0         7,200         93,732       804,815        49,133
 2010          7,200           0           0           0         7,200         83,958       888,773        39,832
 2011          7,200           0           0           0         7,200         76,252       965,025        32,744
 2012          7,200           0           0           0         7,200         69,994     1,035,019        27,206
 2013          7,200           0           0           0         7,200         64,793     1,099,812        22,795
 2014          7,200           0           0           0         7,200         60,388     1,160,200        19,231
 2015          7,200           0           0           0         7,200         56,598     1,216,798        16,315
 2016          7,200           0           0           0         7,200         53,294     1,270,092        13,906
 2017          7,200           0           0           0         7,200         50,266     1,320,358        11,872

 SUBTOT      100,800           0     200,000           0       300,800      1,320,358                     742,052
 REMAIN       77,536           0           0           0        77,536        385,870     1,706,228        56,248
 TOTAL       178,336           0     200,000           0       378,336      1,706,228                     798,300

   LIFE OF EVALUATION IS 25.77 YEARS.
   FINAL PRODUCTION RATE: 1.0 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    270
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   7-T1S-R75E                           PROVED
     STEPHEN LAWSON #7   (KNOX)                                     UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.656250                             4.22        5.00% -       845,961
 FINAL   -   1.000000                      0.656250                             4.22       10.00% -       605,793
 REMARKS -                                                                                 15.00% -       454,913
                                                                                           20.00% -       353,446
                                                                                           25.00% -       281,338



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     1             0           0         101               0           0          66.114       0.00     4.22
 2005     1             0           0          63               0           0          41.827       0.00     4.22
 2006     1             0           0          49               0           0          32.116       0.00     4.22
 2007     1             0           0          41               0           0          26.616       0.00     4.22
 2008     1             0           0          35               0           0          22.999       0.00     4.22
 2009     1             0           0          31               0           0          20.405       0.00     4.22
 2010     1             0           0          28               0           0          18.439       0.00     4.22
 2011     1             0           0          26               0           0          16.887       0.00     4.22
 2012     1             0           0          24               0           0          15.625       0.00     4.22
 2013     1             0           0          22               0           0          14.576       0.00     4.22
 2014     1             0           0          21               0           0          13.687       0.00     4.22
 2015     1             0           0          20               0           0          12.922       0.00     4.22
 2016     1             0           0          18               0           0          12.254       0.00     4.22
 2017     1             0           0          18               0           0          11.641       0.00     4.22

 SUB-TOTAL              0           0         497               0           0         326.108       0.00     4.22
 REMAINDER              0           0         103               0           0          67.643       0.00     4.22
 TOTAL                  0           0         600               0           0         393.751       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         600

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0       279,001            0       279,001           0       8,370       270,631
 2005                0           0       176,512            0       176,512           0       5,295       171,217
 2006                0           0       135,530            0       135,530           0       4,066       131,464
 2007                0           0       112,321            0       112,321           0       3,370       108,951
 2008                0           0        97,054            0        97,054           0       2,912        94,142
 2009                0           0        86,110            0        86,110           0       2,583        83,527
 2010                0           0        77,812            0        77,812           0       2,334        75,478
 2011                0           0        71,262            0        71,262           0       2,138        69,124
 2012                0           0        65,939            0        65,939           0       1,978        63,961
 2013                0           0        61,510            0        61,510           0       1,846        59,664
 2014                0           0        57,757            0        57,757           0       1,732        56,025
 2015                0           0        54,530            0        54,530           0       1,636        52,894
 2016                0           0        51,711            0        51,711           0       1,551        50,160
 2017                0           0        49,123            0        49,123           0       1,474        47,649

 SUB-TOT             0           0     1,376,172            0     1,376,172           0      41,285     1,334,887
 REMAIN              0           0       285,453            0       285,453           0       8,564       276,889
 TOTAL               0           0     1,661,625            0     1,661,625           0      49,849     1,611,776

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004          7,200           0     200,000           0       207,200         63,431        63,431        47,900
 2005          7,200           0           0           0         7,200        164,017       227,448       128,275
 2006          7,200           0           0           0         7,200        124,264       351,712        87,895
 2007          7,200           0           0           0         7,200        101,751       453,463        65,120
 2008          7,200           0           0           0         7,200         86,942       540,405        50,355
 2009          7,200           0           0           0         7,200         76,327       616,732        40,010
 2010          7,200           0           0           0         7,200         68,278       685,010        32,393
 2011          7,200           0           0           0         7,200         61,924       746,934        26,592
 2012          7,200           0           0           0         7,200         56,761       803,695        22,063
 2013          7,200           0           0           0         7,200         52,464       856,159        18,458
 2014          7,200           0           0           0         7,200         48,825       904,984        15,549
 2015          7,200           0           0           0         7,200         45,694       950,678        13,171
 2016          7,200           0           0           0         7,200         42,960       993,638        11,210
 2017          7,200           0           0           0         7,200         40,449     1,034,087         9,554

 SUBTOT      100,800           0     200,000           0       300,800      1,034,087                     568,545
 REMAIN       51,242           0           0           0        51,242        225,647     1,259,734        37,248
 TOTAL       152,042           0     200,000           0       352,042      1,259,734                     605,793

   LIFE OF EVALUATION IS 22.12 YEARS.
   FINAL PRODUCTION RATE: 1.0 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    271
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        OIL LEASE
   TENGASCO, INC. - OPERATOR   10-T1S-R74E                          PROVED
     T.J. HARRISON #1 (TRENTON) SHUT-IN

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                                                                       5.00% -             0
 FINAL   -   1.000000                                                                      10.00% -             0
 REMARKS - NO REMAINING ECONOMIC RESERVES.                                                 15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE           727           0           0
 ULTIMATE             727           0           0

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 0.00 YEARS.
   FINAL PRODUCTION RATE: 0 BBLS/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    272
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   4-T1S-R75E                           PROVED
     WARREN REED #1   (KNOX)                                        SHUT-IN

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       195,851
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       173,731
 REMARKS -                                                                                 15.00% -       154,468
                                                                                           20.00% -       137,654
                                                                                           25.00% -       122,944



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     1             0           0          24               0           0          20.577       0.00     4.22
 2005     1             0           0          22               0           0          19.754       0.00     4.22
 2006     1             0           0          22               0           0          18.964       0.00     4.22
 2007     1             0           0           0               0           0           0.051       0.00     4.22
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0          68               0           0          59.346       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0          68               0           0          59.346       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0          68

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0        86,836            0        86,836           0       2,605        84,231
 2005                0           0        83,362            0        83,362           0       2,501        80,861
 2006                0           0        80,027            0        80,027           0       2,401        77,626
 2007                0           0           215            0           215           0           6           209
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       250,440            0       250,440           0       7,513       242,927
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       250,440            0       250,440           0       7,513       242,927

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004          7,200           0           0           0         7,200         77,031        77,031        66,394
 2005          7,200           0           0           0         7,200         73,661       150,692        57,472
 2006          7,200           0           0           0         7,200         70,426       221,118        49,739
 2007             20           0           0           0            20            189       221,307           126
 2008              0           0           0           0             0              0       221,307             0
 2009              0           0           0           0             0              0       221,307             0
 2010              0           0           0           0             0              0       221,307             0
 2011              0           0           0           0             0              0       221,307             0
 2012              0           0           0           0             0              0       221,307             0
 2013              0           0           0           0             0              0       221,307             0
 2014              0           0           0           0             0              0       221,307             0
 2015              0           0           0           0             0              0       221,307             0
 2016              0           0           0           0             0              0       221,307             0
 2017              0           0           0           0             0              0       221,307             0

 SUBTOT       21,620           0           0           0        21,620        221,307                     173,731
 REMAIN            0           0           0           0             0              0       221,307             0
 TOTAL        21,620           0           0           0        21,620        221,307                     173,731

   LIFE OF EVALUATION IS 4.00 YEARS.
   FINAL PRODUCTION RATE: 1.8 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    273
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   4-T1S-R75E                           PROVED
     WARREN REED #1 BP   (KNOX)                                     BEHIND PIPE

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       926,318
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       673,415
 REMARKS -                                                                                 15.00% -       494,390
                                                                                           20.00% -       366,206
                                                                                           25.00% -       273,455



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0          97               0           0          84.816       0.00     4.22
 2008     1             0           0          81               0           0          70.654       0.00     4.22
 2009     1             0           0          61               0           0          53.293       0.00     4.22
 2010     1             0           0          46               0           0          40.198       0.00     4.22
 2011     1             0           0          34               0           0          30.321       0.00     4.22
 2012     1             0           0          26               0           0          22.871       0.00     4.22
 2013     1             0           0          20               0           0          17.251       0.00     4.22
 2014     1             0           0          15               0           0          13.012       0.00     4.22
 2015     1             0           0           3               0           0           2.708       0.00     4.22
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         383               0           0         335.124       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         383               0           0         335.124       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         383

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0       357,925            0       357,925           0      10,738       347,187
 2008                0           0       298,160            0       298,160           0       8,945       289,215
 2009                0           0       224,897            0       224,897           0       6,746       218,151
 2010                0           0       169,637            0       169,637           0       5,090       164,547
 2011                0           0       127,954            0       127,954           0       3,838       124,116
 2012                0           0        96,515            0        96,515           0       2,896        93,619
 2013                0           0        72,799            0        72,799           0       2,184        70,615
 2014                0           0        54,912            0        54,912           0       1,647        53,265
 2015                0           0        11,429            0        11,429           0         343        11,086
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0     1,414,228            0     1,414,228           0      42,427     1,371,801
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0     1,414,228            0     1,414,228           0      42,427     1,371,801

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007          6,600           0      25,000           0        31,600        315,587       315,587       200,599
 2008          7,200           0           0           0         7,200        282,015       597,602       163,535
 2009          7,200           0           0           0         7,200        210,951       808,553       110,734
 2010          7,200           0           0           0         7,200        157,347       965,900        74,768
 2011          7,200           0           0           0         7,200        116,916     1,082,816        50,293
 2012          7,200           0           0           0         7,200         86,419     1,169,235        33,651
 2013          7,200           0           0           0         7,200         63,415     1,232,650        22,355
 2014          7,200           0           0           0         7,200         46,065     1,278,715        14,701
 2015          1,793           0           0           0         1,793          9,293     1,288,008         2,779
 2016              0           0           0           0             0              0     1,288,008             0
 2017              0           0           0           0             0              0     1,288,008             0

 SUBTOT       58,793           0      25,000           0        83,793      1,288,008                     673,415
 REMAIN            0           0           0           0             0              0     1,288,008             0
 TOTAL        58,793           0      25,000           0        83,793      1,288,008                     673,415

   LIFE OF EVALUATION IS 12.25 YEARS.
   FINAL PRODUCTION RATE: 1.0 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    274
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     WARREN REED #2   (KNOX)                                        PRODUCING

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.781250                             4.22        5.00% -     1,908,000
 FINAL   -   1.000000                      0.781250                             4.22       10.00% -     1,395,413
 REMARKS -                                                                                 15.00% -     1,113,741
                                                                                           20.00% -       935,091
                                                                                           25.00% -       810,692



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0         102               0           0          79.460       0.00     4.22
 2004     1             0           0          78               0           0          61.053       0.00     4.22
 2005     1             0           0          65               0           0          50.615       0.00     4.22
 2006     1             0           0          56               0           0          43.744       0.00     4.22
 2007     1             0           0          49               0           0          38.817       0.00     4.22
 2008     1             0           0          45               0           0          35.079       0.00     4.22
 2009     1             0           0          41               0           0          32.129       0.00     4.22
 2010     1             0           0          38               0           0          29.731       0.00     4.22
 2011     1             0           0          36               0           0          27.735       0.00     4.22
 2012     1             0           0          33               0           0          26.044       0.00     4.22
 2013     1             0           0          32               0           0          24.589       0.00     4.22
 2014     1             0           0          30               0           0          23.319       0.00     4.22
 2015     1             0           0          28               0           0          22.152       0.00     4.22
 2016     1             0           0          27               0           0          21.044       0.00     4.22
 2017     1             0           0          25               0           0          19.992       0.00     4.22

 SUB-TOTAL              0           0         685               0           0         535.503       0.00     4.22
 REMAINDER              0           0         370               0           0         288.466       0.00     4.22
 TOTAL                  0           0       1,055               0           0         823.969       0.00     4.22

 CUMULATIVE             0           0         369
 ULTIMATE               0           0       1,424

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0       335,322            0       335,322           0      10,060       325,262
 2004                0           0       257,645            0       257,645           0       7,729       249,916
 2005                0           0       213,596            0       213,596           0       6,408       207,188
 2006                0           0       184,602            0       184,602           0       5,538       179,064
 2007                0           0       163,807            0       163,807           0       4,914       158,893
 2008                0           0       148,035            0       148,035           0       4,441       143,594
 2009                0           0       135,586            0       135,586           0       4,068       131,518
 2010                0           0       125,463            0       125,463           0       3,764       121,699
 2011                0           0       117,043            0       117,043           0       3,511       113,532
 2012                0           0       109,906            0       109,906           0       3,297       106,609
 2013                0           0       103,768            0       103,768           0       3,113       100,655
 2014                0           0        98,406            0        98,406           0       2,952        95,454
 2015                0           0        93,481            0        93,481           0       2,805        90,676
 2016                0           0        88,808            0        88,808           0       2,664        86,144
 2017                0           0        84,367            0        84,367           0       2,531        81,836

 SUB-TOT             0           0     2,259,835            0     2,259,835           0      67,795     2,192,040
 REMAIN              0           0     1,217,328            0     1,217,328           0      36,520     1,180,808
 TOTAL               0           0     3,477,163            0     3,477,163           0     104,315     3,372,848

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          7,200           0           0           0         7,200        318,062       318,062       303,553
 2004          7,200           0           0           0         7,200        242,716       560,778       209,505
 2005          7,200           0           0           0         7,200        199,988       760,766       156,193
 2006          7,200           0           0           0         7,200        171,864       932,630       121,472
 2007          7,200           0           0           0         7,200        151,693     1,084,323        97,035
 2008          7,200           0           0           0         7,200        136,394     1,220,717        78,969
 2009          7,200           0           0           0         7,200        124,318     1,345,035        65,148
 2010          7,200           0           0           0         7,200        114,499     1,459,534        54,311
 2011          7,200           0           0           0         7,200        106,332     1,565,866        45,653
 2012          7,200           0           0           0         7,200         99,409     1,665,275        38,634
 2013          7,200           0           0           0         7,200         93,455     1,758,730        32,875
 2014          7,200           0           0           0         7,200         88,254     1,846,984        28,103
 2015          7,200           0           0           0         7,200         83,476     1,930,460        24,061
 2016          7,200           0           0           0         7,200         78,944     2,009,404        20,598
 2017          7,200           0           0           0         7,200         74,636     2,084,040        17,629

 SUBTOT      108,000           0           0           0       108,000      2,084,040                   1,293,739
 REMAIN      199,982           0           0           0       199,982        980,826     3,064,866       101,674
 TOTAL       307,982           0           0           0       307,982      3,064,866                   1,395,413

   LIFE OF EVALUATION IS 42.78 YEARS.
   FINAL PRODUCTION RATE: 0.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    275
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     WARREN REED #2 BP1   (KNOX)                                    BEHIND PIPE

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.781250                             4.22        5.00% -       369,817
 FINAL   -   1.000000                      0.781250                             4.22       10.00% -        39,247
 REMARKS -                                                                                 15.00% -         4,242
                                                                                           20.00% -           466
                                                                                           25.00% -            52



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0       1,139               0           0         890.153       0.00     4.22
 TOTAL                  0           0       1,139               0           0         890.153       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0       1,139

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0     3,756,446            0     3,756,446           0     112,693     3,643,753
 TOTAL               0           0     3,756,446            0     3,756,446           0     112,693     3,643,753

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN       51,600           0      40,000           0        91,600      3,552,153     3,552,153        39,247
 TOTAL        51,600           0      40,000           0        91,600      3,552,153                      39,247

   LIFE OF EVALUATION IS 50.00 YEARS.
   FINAL PRODUCTION RATE: 6.8 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    276
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     WARREN REED #2 BP2   (SR-MFB)                                  BEHIND PIPE

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                                                                       5.00% -             0
 FINAL   -   1.000000                                                                      10.00% -             0
 REMARKS - NO RESERVES SHOWN BEYOND ECONOMIC LIFE OF FIELD.                                15.00% -             0
                                                                                           20.00% -             0
                                                                                           25.00% -             0



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007                   0           0           0               0           0           0.000       0.00     0.00
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0           0               0           0           0.000       0.00     0.00
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0           0               0           0           0.000       0.00     0.00

 CUMULATIVE             0           0           0
 ULTIMATE               0           0           0

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0             0            0             0           0           0             0
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0             0            0             0           0           0             0
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0             0            0             0           0           0             0

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007              0           0           0           0             0              0             0             0
 2008              0           0           0           0             0              0             0             0
 2009              0           0           0           0             0              0             0             0
 2010              0           0           0           0             0              0             0             0
 2011              0           0           0           0             0              0             0             0
 2012              0           0           0           0             0              0             0             0
 2013              0           0           0           0             0              0             0             0
 2014              0           0           0           0             0              0             0             0
 2015              0           0           0           0             0              0             0             0
 2016              0           0           0           0             0              0             0             0
 2017              0           0           0           0             0              0             0             0

 SUBTOT            0           0           0           0             0              0                           0
 REMAIN            0           0           0           0             0              0             0             0
 TOTAL             0           0           0           0             0              0                           0

   LIFE OF EVALUATION IS 49.92 YEARS.
   FINAL PRODUCTION RATE: 0.0 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    277
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   MILLER PETROLEUM - OPERATOR   12-T1S-R74E                        PROVED
     WELLS/YEARY #1   (REEDSVILLE-TRENTON)                          PRODUCING

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   0.500000                      0.437500                             4.22        5.00% -       102,347
 FINAL   -   0.500000                      0.437500                             4.22       10.00% -        80,321
 REMARKS -                                                                                 15.00% -        65,861
                                                                                           20.00% -        55,761
                                                                                           25.00% -        48,350



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0          11               0           0           5.002       0.00     4.22
 2004     1             0           0          11               0           0           4.504       0.00     4.22
 2005     1             0           0           9               0           0           4.078       0.00     4.22
 2006     1             0           0           9               0           0           3.710       0.00     4.22
 2007     1             0           0           7               0           0           3.390       0.00     4.22
 2008     1             0           0           7               0           0           3.111       0.00     4.22
 2009     1             0           0           7               0           0           2.866       0.00     4.22
 2010     1             0           0           6               0           0           2.648       0.00     4.22
 2011     1             0           0           6               0           0           2.455       0.00     4.22
 2012     1             0           0           5               0           0           2.283       0.00     4.22
 2013     1             0           0           5               0           0           2.128       0.00     4.22
 2014     1             0           0           4               0           0           1.989       0.00     4.22
 2015     1             0           0           4               0           0           1.864       0.00     4.22
 2016     1             0           0           4               0           0           1.750       0.00     4.22
 2017     1             0           0           4               0           0           1.646       0.00     4.22

 SUB-TOTAL              0           0          99               0           0          43.424       0.00     4.22
 REMAINDER              0           0          32               0           0          14.017       0.00     4.22
 TOTAL                  0           0         131               0           0          57.441       0.00     4.22

 CUMULATIVE             0           0          36
 ULTIMATE               0           0         167

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0        21,110            0        21,110           0         633        20,477
 2004                0           0        19,007            0        19,007           0         571        18,436
 2005                0           0        17,208            0        17,208           0         516        16,692
 2006                0           0        15,655            0        15,655           0         469        15,186
 2007                0           0        14,308            0        14,308           0         430        13,878
 2008                0           0        13,129            0        13,129           0         394        12,735
 2009                0           0        12,093            0        12,093           0         362        11,731
 2010                0           0        11,176            0        11,176           0         336        10,840
 2011                0           0        10,361            0        10,361           0         310        10,051
 2012                0           0         9,634            0         9,634           0         289         9,345
 2013                0           0         8,982            0         8,982           0         270         8,712
 2014                0           0         8,395            0         8,395           0         252         8,143
 2015                0           0         7,864            0         7,864           0         236         7,628
 2016                0           0         7,383            0         7,383           0         221         7,162
 2017                0           0         6,945            0         6,945           0         209         6,736

 SUB-TOT             0           0       183,250            0       183,250           0       5,498       177,752
 REMAIN              0           0        59,154            0        59,154           0       1,774        57,380
 TOTAL               0           0       242,404            0       242,404           0       7,272       235,132

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          3,600           0           0           0         3,600         16,877        16,877        16,081
 2004          3,600           0           0           0         3,600         14,836        31,713        12,796
 2005          3,600           0           0           0         3,600         13,092        44,805        10,221
 2006          3,600           0           0           0         3,600         11,586        56,391         8,188
 2007          3,600           0           0           0         3,600         10,278        66,669         6,575
 2008          3,600           0           0           0         3,600          9,135        75,804         5,290
 2009          3,600           0           0           0         3,600          8,131        83,935         4,262
 2010          3,600           0           0           0         3,600          7,240        91,175         3,435
 2011          3,600           0           0           0         3,600          6,451        97,626         2,771
 2012          3,600           0           0           0         3,600          5,745       103,371         2,234
 2013          3,600           0           0           0         3,600          5,112       108,483         1,799
 2014          3,600           0           0           0         3,600          4,543       113,026         1,447
 2015          3,600           0           0           0         3,600          4,028       117,054         1,162
 2016          3,600           0           0           0         3,600          3,562       120,616           930
 2017          3,600           0           0           0         3,600          3,136       123,752           741

 SUBTOT       54,000           0           0           0        54,000        123,752                      77,932
 REMAIN       42,600           0           0           0        42,600         14,780       138,532         2,389
 TOTAL        96,600           0           0           0        96,600        138,532                      80,321

   LIFE OF EVALUATION IS 26.83 YEARS.
   FINAL PRODUCTION RATE: 0.2 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    278
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   MILLER PETROLEUM - OPERATOR   14-T1S-R74E                        PROVED
     WOODROW DAVIS #1   (KNOX)                                      SHUT-IN

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   0.500000                      0.438125                             4.22        5.00% -       307,281
 FINAL   -   0.500000                      0.438125                             4.22       10.00% -       233,895
 REMARKS -                                                                                 15.00% -       186,403
                                                                                           20.00% -       153,527
                                                                                           25.00% -       129,487



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     1             0           0          44               0           0          19.482       0.00     4.22
 2005     1             0           0          30               0           0          12.988       0.00     4.22
 2006     1             0           0          23               0           0          10.145       0.00     4.22
 2007     1             0           0          20               0           0           8.481       0.00     4.22
 2008     1             0           0          16               0           0           7.367       0.00     4.22
 2009     1             0           0          15               0           0           6.560       0.00     4.22
 2010     1             0           0          14               0           0           5.943       0.00     4.22
 2011     1             0           0          12               0           0           5.453       0.00     4.22
 2012     1             0           0          12               0           0           5.053       0.00     4.22
 2013     1             0           0          11               0           0           4.720       0.00     4.22
 2014     1             0           0          10               0           0           4.436       0.00     4.22
 2015     1             0           0           9               0           0           4.192       0.00     4.22
 2016     1             0           0           9               0           0           3.977       0.00     4.22
 2017     1             0           0           9               0           0           3.778       0.00     4.22

 SUB-TOTAL              0           0         234               0           0         102.575       0.00     4.22
 REMAINDER              0           0          47               0           0          20.538       0.00     4.22
 TOTAL                  0           0         281               0           0         123.113       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         281

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0        82,213            0        82,213           0       2,466        79,747
 2005                0           0        54,808            0        54,808           0       1,645        53,163
 2006                0           0        42,812            0        42,812           0       1,284        41,528
 2007                0           0        35,791            0        35,791           0       1,074        34,717
 2008                0           0        31,089            0        31,089           0         932        30,157
 2009                0           0        27,683            0        27,683           0         831        26,852
 2010                0           0        25,078            0        25,078           0         752        24,326
 2011                0           0        23,012            0        23,012           0         691        22,321
 2012                0           0        21,325            0        21,325           0         639        20,686
 2013                0           0        19,917            0        19,917           0         598        19,319
 2014                0           0        18,721            0        18,721           0         561        18,160
 2015                0           0        17,689            0        17,689           0         531        17,158
 2016                0           0        16,783            0        16,783           0         504        16,279
 2017                0           0        15,945            0        15,945           0         478        15,467

 SUB-TOT             0           0       432,866            0       432,866           0      12,986       419,880
 REMAIN              0           0        86,671            0        86,671           0       2,600        84,071
 TOTAL               0           0       519,537            0       519,537           0      15,586       503,951

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004          3,600           0           0           0         3,600         76,147        76,147        65,916
 2005          3,600           0           0           0         3,600         49,563       125,710        38,756
 2006          3,600           0           0           0         3,600         37,928       163,638        26,827
 2007          3,600           0           0           0         3,600         31,117       194,755        19,915
 2008          3,600           0           0           0         3,600         26,557       221,312        15,381
 2009          3,600           0           0           0         3,600         23,252       244,564        12,189
 2010          3,600           0           0           0         3,600         20,726       265,290         9,834
 2011          3,600           0           0           0         3,600         18,721       284,011         8,039
 2012          3,600           0           0           0         3,600         17,086       301,097         6,642
 2013          3,600           0           0           0         3,600         15,719       316,816         5,530
 2014          3,600           0           0           0         3,600         14,560       331,376         4,637
 2015          3,600           0           0           0         3,600         13,558       344,934         3,909
 2016          3,600           0           0           0         3,600         12,679       357,613         3,308
 2017          3,600           0           0           0         3,600         11,867       369,480         2,803

 SUBTOT       50,400           0           0           0        50,400        369,480                     223,686
 REMAIN       23,653           0           0           0        23,653         60,418       429,898        10,209
 TOTAL        74,053           0           0           0        74,053        429,898                     233,895

   LIFE OF EVALUATION IS 21.57 YEARS.
   FINAL PRODUCTION RATE: 0.5 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    279
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LOCATION # 4   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -     1,209,355
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       974,545
 REMARKS -                                                                                 15.00% -       803,217
                                                                                           20.00% -       674,518
                                                                                           25.00% -       575,227



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0          52               0           0          45.425       0.00     4.22
 2004     1             0           0         107               0           0          93.452       0.00     4.22
 2005     1             0           0          63               0           0          55.703       0.00     4.22
 2006     1             0           0          48               0           0          42.052       0.00     4.22
 2007     1             0           0          40               0           0          34.565       0.00     4.22
 2008     1             0           0          34               0           0          29.721       0.00     4.22
 2009     1             0           0          30               0           0          26.284       0.00     4.22
 2010     1             0           0          27               0           0          23.696       0.00     4.22
 2011     1             0           0          25               0           0          21.664       0.00     4.22
 2012     1             0           0          23               0           0          20.018       0.00     4.22
 2013     1             0           0          21               0           0          18.653       0.00     4.22
 2014     1             0           0          20               0           0          17.500       0.00     4.22
 2015     1             0           0          19               0           0          16.510       0.00     4.22
 2016     1             0           0           2               0           0           1.883       0.00     4.22
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         511               0           0         447.126       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         511               0           0         447.126       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         511

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0       191,692            0       191,692           0       5,751       185,941
 2004                0           0       394,368            0       394,368           0      11,831       382,537
 2005                0           0       235,069            0       235,069           0       7,052       228,017
 2006                0           0       177,458            0       177,458           0       5,324       172,134
 2007                0           0       145,863            0       145,863           0       4,375       141,488
 2008                0           0       125,421            0       125,421           0       3,763       121,658
 2009                0           0       110,917            0       110,917           0       3,328       107,589
 2010                0           0        99,996            0        99,996           0       3,000        96,996
 2011                0           0        91,420            0        91,420           0       2,742        88,678
 2012                0           0        84,476            0        84,476           0       2,534        81,942
 2013                0           0        78,718            0        78,718           0       2,362        76,356
 2014                0           0        73,850            0        73,850           0       2,215        71,635
 2015                0           0        69,672            0        69,672           0       2,091        67,581
 2016                0           0         7,947            0         7,947           0         238         7,709
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0     1,886,867            0     1,886,867           0      56,606     1,830,261
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0     1,886,867            0     1,886,867           0      56,606     1,830,261

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          1,800           0     200,000           0       201,800        -15,859       -15,859       -15,901
 2004          7,200           0           0           0         7,200        375,337       359,478       325,421
 2005          7,200           0           0           0         7,200        220,817       580,295       172,727
 2006          7,200           0           0           0         7,200        164,934       745,229       116,671
 2007          7,200           0           0           0         7,200        134,288       879,517        85,947
 2008          7,200           0           0           0         7,200        114,458       993,975        66,292
 2009          7,200           0           0           0         7,200        100,389     1,094,364        52,623
 2010          7,200           0           0           0         7,200         89,796     1,184,160        42,602
 2011          7,200           0           0           0         7,200         81,478     1,265,638        34,988
 2012          7,200           0           0           0         7,200         74,742     1,340,380        29,052
 2013          7,200           0           0           0         7,200         69,156     1,409,536        24,330
 2014          7,200           0           0           0         7,200         64,435     1,473,971        20,520
 2015          7,200           0           0           0         7,200         60,381     1,534,352        17,405
 2016            847           0           0           0           847          6,862     1,541,214         1,868
 2017              0           0           0           0             0              0     1,541,214             0

 SUBTOT       89,047           0     200,000           0       289,047      1,541,214                     974,545
 REMAIN            0           0           0           0             0              0     1,541,214             0
 TOTAL        89,047           0     200,000           0       289,047      1,541,214                     974,545

   LIFE OF EVALUATION IS 13.12 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    280
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LOCATION # 5   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -     2,245,413
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -     1,754,737
 REMARKS -                                                                                 15.00% -     1,438,836
                                                                                           20.00% -     1,219,840
                                                                                           25.00% -     1,058,607



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0         144               0           0         126.233       0.00     4.22
 2004     1             0           0         135               0           0         117.998       0.00     4.22
 2005     1             0           0          86               0           0          75.506       0.00     4.22
 2006     1             0           0          67               0           0          58.181       0.00     4.22
 2007     1             0           0          55               0           0          48.303       0.00     4.22
 2008     1             0           0          48               0           0          41.782       0.00     4.22
 2009     1             0           0          42               0           0          37.097       0.00     4.22
 2010     1             0           0          39               0           0          33.539       0.00     4.22
 2011     1             0           0          35               0           0          30.728       0.00     4.22
 2012     1             0           0          32               0           0          28.441       0.00     4.22
 2013     1             0           0          31               0           0          26.537       0.00     4.22
 2014     1             0           0          28               0           0          24.923       0.00     4.22
 2015     1             0           0          27               0           0          23.534       0.00     4.22
 2016     1             0           0          25               0           0          22.324       0.00     4.22
 2017     1             0           0          25               0           0          21.258       0.00     4.22

 SUB-TOTAL              0           0         819               0           0         716.384       0.00     4.22
 REMAINDER              0           0         138               0           0         120.992       0.00     4.22
 TOTAL                  0           0         957               0           0         837.376       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         957


</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0       532,705            0       532,705           0      15,981       516,724
 2004                0           0       497,952            0       497,952           0      14,939       483,013
 2005                0           0       318,635            0       318,635           0       9,559       309,076
 2006                0           0       245,524            0       245,524           0       7,365       238,159
 2007                0           0       203,838            0       203,838           0       6,116       197,722
 2008                0           0       176,320            0       176,320           0       5,289       171,031
 2009                0           0       156,549            0       156,549           0       4,697       151,852
 2010                0           0       141,533            0       141,533           0       4,246       137,287
 2011                0           0       129,670            0       129,670           0       3,890       125,780
 2012                0           0       120,020            0       120,020           0       3,600       116,420
 2013                0           0       111,985            0       111,985           0       3,360       108,625
 2014                0           0       105,174            0       105,174           0       3,155       102,019
 2015                0           0        99,313            0        99,313           0       2,980        96,333
 2016                0           0        94,206            0        94,206           0       2,826        91,380
 2017                0           0        89,709            0        89,709           0       2,691        87,018

 SUB-TOT             0           0     3,023,133            0     3,023,133           0      90,694     2,932,439
 REMAIN              0           0       510,587            0       510,587           0      15,318       495,269
 TOTAL               0           0     3,533,720            0     3,533,720           0     106,012     3,427,708

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          3,600           0     200,000           0       203,600        313,124       313,124       288,589
 2004          7,200           0           0           0         7,200        475,813       788,937       412,069
 2005          7,200           0           0           0         7,200        301,876     1,090,813       236,068
 2006          7,200           0           0           0         7,200        230,959     1,321,772       163,353
 2007          7,200           0           0           0         7,200        190,522     1,512,294       121,927
 2008          7,200           0           0           0         7,200        163,831     1,676,125        94,883
 2009          7,200           0           0           0         7,200        144,652     1,820,777        75,821
 2010          7,200           0           0           0         7,200        130,087     1,950,864        61,715
 2011          7,200           0           0           0         7,200        118,580     2,069,444        50,919
 2012          7,200           0           0           0         7,200        109,220     2,178,664        42,451
 2013          7,200           0           0           0         7,200        101,425     2,280,089        35,683
 2014          7,200           0           0           0         7,200         94,819     2,374,908        30,195
 2015          7,200           0           0           0         7,200         89,133     2,464,041        25,693
 2016          7,200           0           0           0         7,200         84,180     2,548,221        21,964
 2017          7,200           0           0           0         7,200         79,818     2,628,039        18,851

 SUBTOT      104,400           0     200,000           0       304,400      2,628,039                   1,680,181
 REMAIN       48,095           0           0           0        48,095        447,174     3,075,213        74,556
 TOTAL       152,495           0     200,000           0       352,495      3,075,213                   1,754,737

   LIFE OF EVALUATION IS 21.68 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    281
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LOCATION # 8   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -     3,105,654
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -     2,316,318
 REMARKS -                                                                                 15.00% -     1,847,130
                                                                                           20.00% -     1,535,298
                                                                                           25.00% -     1,310,716



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003     1             0           0         100               0           0          87.804       0.00     4.22
 2004     1             0           0         208               0           0         181.646       0.00     4.22
 2005     1             0           0         124               0           0         108.492       0.00     4.22
 2006     1             0           0          94               0           0          81.946       0.00     4.22
 2007     1             0           0          77               0           0          67.373       0.00     4.22
 2008     1             0           0          66               0           0          57.940       0.00     4.22
 2009     1             0           0          58               0           0          51.245       0.00     4.22
 2010     1             0           0          53               0           0          46.202       0.00     4.22
 2011     1             0           0          48               0           0          42.242       0.00     4.22
 2012     1             0           0          45               0           0          39.035       0.00     4.22
 2013     1             0           0          42               0           0          36.375       0.00     4.22
 2014     1             0           0          39               0           0          34.127       0.00     4.22
 2015     1             0           0          36               0           0          32.197       0.00     4.22
 2016     1             0           0          35               0           0          30.518       0.00     4.22
 2017     1             0           0          33               0           0          29.043       0.00     4.22

 SUB-TOTAL              0           0       1,058               0           0         926.185       0.00     4.22
 REMAINDER              0           0         350               0           0         305.814       0.00     4.22
 TOTAL                  0           0       1,408               0           0       1,231.999       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0       1,408

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0       370,535            0       370,535           0      11,116       359,419
 2004                0           0       766,546            0       766,546           0      22,996       743,550
 2005                0           0       457,834            0       457,834           0      13,735       444,099
 2006                0           0       345,813            0       345,813           0      10,375       335,438
 2007                0           0       284,315            0       284,315           0       8,529       275,786
 2008                0           0       244,507            0       244,507           0       7,336       237,171
 2009                0           0       216,253            0       216,253           0       6,487       209,766
 2010                0           0       194,972            0       194,972           0       5,849       189,123
 2011                0           0       178,262            0       178,262           0       5,348       172,914
 2012                0           0       164,729            0       164,729           0       4,942       159,787
 2013                0           0       153,505            0       153,505           0       4,605       148,900
 2014                0           0       144,016            0       144,016           0       4,321       139,695
 2015                0           0       135,871            0       135,871           0       4,076       131,795
 2016                0           0       128,787            0       128,787           0       3,863       124,924
 2017                0           0       122,562            0       122,562           0       3,677       118,885

 SUB-TOT             0           0     3,908,507            0     3,908,507           0     117,255     3,791,252
 REMAIN              0           0     1,290,533            0     1,290,533           0      38,716     1,251,817
 TOTAL               0           0     5,199,040            0     5,199,040           0     155,971     5,043,069

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003          1,800           0     200,000           0       201,800        157,619       157,619       143,249
 2004          7,200           0           0           0         7,200        736,350       893,969       638,364
 2005          7,200           0           0           0         7,200        436,899     1,330,868       341,733
 2006          7,200           0           0           0         7,200        328,238     1,659,106       232,178
 2007          7,200           0           0           0         7,200        268,586     1,927,692       171,893
 2008          7,200           0           0           0         7,200        229,971     2,157,663       133,191
 2009          7,200           0           0           0         7,200        202,566     2,360,229       106,179
 2010          7,200           0           0           0         7,200        181,923     2,542,152        86,308
 2011          7,200           0           0           0         7,200        165,714     2,707,866        71,159
 2012          7,200           0           0           0         7,200        152,587     2,860,453        59,307
 2013          7,200           0           0           0         7,200        141,700     3,002,153        49,851
 2014          7,200           0           0           0         7,200        132,495     3,134,648        42,193
 2015          7,200           0           0           0         7,200        124,595     3,259,243        35,915
 2016          7,200           0           0           0         7,200        117,724     3,376,967        30,716
 2017          7,200           0           0           0         7,200        111,685     3,488,652        26,378

 SUBTOT      102,600           0     200,000           0       302,600      3,488,652                   2,168,614
 REMAIN      102,927           0           0           0       102,927      1,148,890     4,637,542       147,704
 TOTAL       205,527           0     200,000           0       405,527      4,637,542                   2,316,318

   LIFE OF EVALUATION IS 29.30 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    282
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LOCATION #12   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       530,231
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       428,710
 REMARKS -                                                                                 15.00% -       349,162
                                                                                           20.00% -       286,234
                                                                                           25.00% -       236,000



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     1             0           0          68               0           0          59.188       0.00     4.22
 2005     1             0           0          48               0           0          42.459       0.00     4.22
 2006     1             0           0          36               0           0          31.263       0.00     4.22
 2007     1             0           0          29               0           0          25.403       0.00     4.22
 2008     1             0           0          25               0           0          21.698       0.00     4.22
 2009     1             0           0          22               0           0          19.105       0.00     4.22
 2010     1             0           0          19               0           0          17.171       0.00     4.22
 2011     1             0           0           8               0           0           6.839       0.00     4.22
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         255               0           0         223.126       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         255               0           0         223.126       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         255

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0       249,772            0       249,772           0       7,493       242,279
 2005                0           0       179,176            0       179,176           0       5,375       173,801
 2006                0           0       131,932            0       131,932           0       3,958       127,974
 2007                0           0       107,200            0       107,200           0       3,216       103,984
 2008                0           0        91,564            0        91,564           0       2,747        88,817
 2009                0           0        80,622            0        80,622           0       2,419        78,203
 2010                0           0        72,460            0        72,460           0       2,174        70,286
 2011                0           0        28,861            0        28,861           0         866        27,995
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       941,587            0       941,587           0      28,248       913,339
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       941,587            0       941,587           0      28,248       913,339

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004          6,000           0     200,000           0       206,000         36,279        36,279        25,519
 2005          7,200           0           0           0         7,200        166,601       202,880       130,364
 2006          7,200           0           0           0         7,200        120,774       323,654        85,447
 2007          7,200           0           0           0         7,200         96,784       420,438        61,949
 2008          7,200           0           0           0         7,200         81,617       502,055        47,275
 2009          7,200           0           0           0         7,200         71,003       573,058        37,221
 2010          7,200           0           0           0         7,200         63,086       636,144        29,932
 2011          3,068           0           0           0         3,068         24,927       661,071        11,003
 2012              0           0           0           0             0              0       661,071             0
 2013              0           0           0           0             0              0       661,071             0
 2014              0           0           0           0             0              0       661,071             0
 2015              0           0           0           0             0              0       661,071             0
 2016              0           0           0           0             0              0       661,071             0
 2017              0           0           0           0             0              0       661,071             0

 SUBTOT       52,268           0     200,000           0       252,268        661,071                     428,710
 REMAIN            0           0           0           0             0              0       661,071             0
 TOTAL        52,268           0     200,000           0       252,268        661,071                     428,710

   LIFE OF EVALUATION IS 8.43 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    283
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LOCATION #13   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       530,231
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       428,710
 REMARKS -                                                                                 15.00% -       349,162
                                                                                           20.00% -       286,234
                                                                                           25.00% -       236,000



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     1             0           0          68               0           0          59.188       0.00     4.22
 2005     1             0           0          48               0           0          42.459       0.00     4.22
 2006     1             0           0          36               0           0          31.263       0.00     4.22
 2007     1             0           0          29               0           0          25.403       0.00     4.22
 2008     1             0           0          25               0           0          21.698       0.00     4.22
 2009     1             0           0          22               0           0          19.105       0.00     4.22
 2010     1             0           0          19               0           0          17.171       0.00     4.22
 2011     1             0           0           8               0           0           6.839       0.00     4.22
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         255               0           0         223.126       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         255               0           0         223.126       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         255

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0       249,772            0       249,772           0       7,493       242,279
 2005                0           0       179,176            0       179,176           0       5,375       173,801
 2006                0           0       131,932            0       131,932           0       3,958       127,974
 2007                0           0       107,200            0       107,200           0       3,216       103,984
 2008                0           0        91,564            0        91,564           0       2,747        88,817
 2009                0           0        80,622            0        80,622           0       2,419        78,203
 2010                0           0        72,460            0        72,460           0       2,174        70,286
 2011                0           0        28,861            0        28,861           0         866        27,995
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       941,587            0       941,587           0      28,248       913,339
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       941,587            0       941,587           0      28,248       913,339

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004          6,000           0     200,000           0       206,000         36,279        36,279        25,519
 2005          7,200           0           0           0         7,200        166,601       202,880       130,364
 2006          7,200           0           0           0         7,200        120,774       323,654        85,447
 2007          7,200           0           0           0         7,200         96,784       420,438        61,949
 2008          7,200           0           0           0         7,200         81,617       502,055        47,275
 2009          7,200           0           0           0         7,200         71,003       573,058        37,221
 2010          7,200           0           0           0         7,200         63,086       636,144        29,932
 2011          3,068           0           0           0         3,068         24,927       661,071        11,003
 2012              0           0           0           0             0              0       661,071             0
 2013              0           0           0           0             0              0       661,071             0
 2014              0           0           0           0             0              0       661,071             0
 2015              0           0           0           0             0              0       661,071             0
 2016              0           0           0           0             0              0       661,071             0
 2017              0           0           0           0             0              0       661,071             0

 SUBTOT       52,268           0     200,000           0       252,268        661,071                     428,710
 REMAIN            0           0           0           0             0              0       661,071             0
 TOTAL        52,268           0     200,000           0       252,268        661,071                     428,710

   LIFE OF EVALUATION IS 8.43 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    284
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LOCATION #14   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       188,356
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       155,702
 REMARKS -                                                                                 15.00% -       128,377
                                                                                           20.00% -       105,480
                                                                                           25.00% -        86,269



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     1             0           0          50               0           0          43.672       0.00     4.22
 2005     1             0           0          33               0           0          29.387       0.00     4.22
 2006     1             0           0          25               0           0          21.266       0.00     4.22
 2007     1             0           0          19               0           0          16.800       0.00     4.22
 2008                   0           0           0               0           0           0.000       0.00     0.00
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         127               0           0         111.125       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         127               0           0         111.125       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         127

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0       184,295            0       184,295           0       5,529       178,766
 2005                0           0       124,013            0       124,013           0       3,720       120,293
 2006                0           0        89,741            0        89,741           0       2,692        87,049
 2007                0           0        70,898            0        70,898           0       2,127        68,771
 2008                0           0             0            0             0           0           0             0
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       468,947            0       468,947           0      14,068       454,879
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       468,947            0       468,947           0      14,068       454,879

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004          6,000           0     200,000           0       206,000        -27,234       -27,234       -28,874
 2005          7,200           0           0           0         7,200        113,093        85,859        88,521
 2006          7,200           0           0           0         7,200         79,849       165,708        56,501
 2007          7,041           0           0           0         7,041         61,730       227,438        39,554
 2008              0           0           0           0             0              0       227,438             0
 2009              0           0           0           0             0              0       227,438             0
 2010              0           0           0           0             0              0       227,438             0
 2011              0           0           0           0             0              0       227,438             0
 2012              0           0           0           0             0              0       227,438             0
 2013              0           0           0           0             0              0       227,438             0
 2014              0           0           0           0             0              0       227,438             0
 2015              0           0           0           0             0              0       227,438             0
 2016              0           0           0           0             0              0       227,438             0
 2017              0           0           0           0             0              0       227,438             0

 SUBTOT       27,441           0     200,000           0       227,441        227,438                     155,702
 REMAIN            0           0           0           0             0              0       227,438             0
 TOTAL        27,441           0     200,000           0       227,441        227,438                     155,702

   LIFE OF EVALUATION IS 4.98 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    285
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LOCATION #15   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       191,123
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       157,989
 REMARKS -                                                                                 15.00% -       130,277
                                                                                           20.00% -       107,066
                                                                                           25.00% -        87,600



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     1             0           0          50               0           0          43.775       0.00     4.22
 2005     1             0           0          34               0           0          29.508       0.00     4.22
 2006     1             0           0          24               0           0          21.363       0.00     4.22
 2007     1             0           0          20               0           0          17.230       0.00     4.22
 2008     1             0           0           0               0           0           0.124       0.00     4.22
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         128               0           0         112.000       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         128               0           0         112.000       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         128

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0       184,731            0       184,731           0       5,542       179,189
 2005                0           0       124,524            0       124,524           0       3,736       120,788
 2006                0           0        90,151            0        90,151           0       2,704        87,447
 2007                0           0        72,710            0        72,710           0       2,181        70,529
 2008                0           0           524            0           524           0          16           508
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       472,640            0       472,640           0      14,179       458,461
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       472,640            0       472,640           0      14,179       458,461

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004          6,000           0     200,000           0       206,000        -26,811       -26,811       -28,514
 2005          7,200           0           0           0         7,200        113,588        86,777        88,908
 2006          7,200           0           0           0         7,200         80,247       167,024        56,782
 2007          7,200           0           0           0         7,200         63,329       230,353        40,540
 2008             57           0           0           0            57            451       230,804           273
 2009              0           0           0           0             0              0       230,804             0
 2010              0           0           0           0             0              0       230,804             0
 2011              0           0           0           0             0              0       230,804             0
 2012              0           0           0           0             0              0       230,804             0
 2013              0           0           0           0             0              0       230,804             0
 2014              0           0           0           0             0              0       230,804             0
 2015              0           0           0           0             0              0       230,804             0
 2016              0           0           0           0             0              0       230,804             0
 2017              0           0           0           0             0              0       230,804             0

 SUBTOT       27,657           0     200,000           0       227,657        230,804                     157,989
 REMAIN            0           0           0           0             0              0       230,804             0
 TOTAL        27,657           0     200,000           0       227,657        230,804                     157,989

   LIFE OF EVALUATION IS 5.01 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    286
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LOCATION #16   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       426,876
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       343,848
 REMARKS -                                                                                 15.00% -       278,290
                                                                                           20.00% -       226,185
                                                                                           25.00% -       184,511

</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     1             0           0          44               0           0          38.689       0.00     4.22
 2005     1             0           0          52               0           0          45.655       0.00     4.22
 2006     1             0           0          36               0           0          31.208       0.00     4.22
 2007     1             0           0          28               0           0          24.598       0.00     4.22
 2008     1             0           0          24               0           0          20.661       0.00     4.22
 2009     1             0           0          20               0           0          18.000       0.00     4.22
 2010     1             0           0          13               0           0          11.063       0.00     4.22
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         217               0           0         189.874       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         217               0           0         189.874       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         217

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0       163,267            0       163,267           0       4,898       158,369
 2005                0           0       192,666            0       192,666           0       5,780       186,886
 2006                0           0       131,696            0       131,696           0       3,951       127,745
 2007                0           0       103,803            0       103,803           0       3,114       100,689
 2008                0           0        87,192            0        87,192           0       2,616        84,576
 2009                0           0        75,961            0        75,961           0       2,279        73,682
 2010                0           0        46,687            0        46,687           0       1,400        45,287
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       801,272            0       801,272           0      24,038       777,234
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       801,272            0       801,272           0      24,038       777,234

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004          3,600           0     200,000           0       203,600        -45,231       -45,231       -41,210
 2005          7,200           0           0           0         7,200        179,686       134,455       140,744
 2006          7,200           0           0           0         7,200        120,545       255,000        85,315
 2007          7,200           0           0           0         7,200         93,489       348,489        59,853
 2008          7,200           0           0           0         7,200         77,376       425,865        44,824
 2009          7,200           0           0           0         7,200         66,482       492,347        34,854
 2010          4,879           0           0           0         4,879         40,408       532,755        19,468
 2011              0           0           0           0             0              0       532,755             0
 2012              0           0           0           0             0              0       532,755             0
 2013              0           0           0           0             0              0       532,755             0
 2014              0           0           0           0             0              0       532,755             0
 2015              0           0           0           0             0              0       532,755             0
 2016              0           0           0           0             0              0       532,755             0
 2017              0           0           0           0             0              0       532,755             0

 SUBTOT       44,479           0     200,000           0       244,479        532,755                     343,848
 REMAIN            0           0           0           0             0              0       532,755             0
 TOTAL        44,479           0     200,000           0       244,479        532,755                     343,848

   LIFE OF EVALUATION IS 7.68 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    287
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LOCATION #17   (KNOX)                                          UNDEVELOPED


<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       824,192
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       632,540
 REMARKS -                                                                                 15.00% -       493,823
                                                                                           20.00% -       391,284
                                                                                           25.00% -       313,994



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     1             0           0          53               0           0          46.080       0.00     4.22
 2005     1             0           0          68               0           0          59.781       0.00     4.22
 2006     1             0           0          49               0           0          42.477       0.00     4.22
 2007     1             0           0          38               0           0          33.992       0.00     4.22
 2008     1             0           0          33               0           0          28.786       0.00     4.22
 2009     1             0           0          29               0           0          25.208       0.00     4.22
 2010     1             0           0          26               0           0          22.569       0.00     4.22
 2011     1             0           0          23               0           0          20.528       0.00     4.22
 2012     1             0           0          22               0           0          18.895       0.00     4.22
 2013     1             0           0          20               0           0          17.552       0.00     4.22
 2014     1             0           0          19               0           0          16.424       0.00     4.22
 2015     1             0           0           3               0           0           2.832       0.00     4.22
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         383               0           0         335.124       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         383               0           0         335.124       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         383

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0       194,460            0       194,460           0       5,834       188,626
 2005                0           0       252,276            0       252,276           0       7,568       244,708
 2006                0           0       179,254            0       179,254           0       5,378       173,876
 2007                0           0       143,446            0       143,446           0       4,303       139,143
 2008                0           0       121,478            0       121,478           0       3,644       117,834
 2009                0           0       106,376            0       106,376           0       3,192       103,184
 2010                0           0        95,241            0        95,241           0       2,857        92,384
 2011                0           0        86,630            0        86,630           0       2,599        84,031
 2012                0           0        79,735            0        79,735           0       2,392        77,343
 2013                0           0        74,068            0        74,068           0       2,222        71,846
 2014                0           0        69,311            0        69,311           0       2,079        67,232
 2015                0           0        11,953            0        11,953           0         359        11,594
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0     1,414,228            0     1,414,228           0      42,427     1,371,801
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0     1,414,228            0     1,414,228           0      42,427     1,371,801

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004          3,600           0     200,000           0       203,600        -14,974       -14,974       -15,818
 2005          7,200           0           0           0         7,200        237,508       222,534       185,928
 2006          7,200           0           0           0         7,200        166,676       389,210       117,939
 2007          7,200           0           0           0         7,200        131,943       521,153        84,460
 2008          7,200           0           0           0         7,200        110,634       631,787        64,085
 2009          7,200           0           0           0         7,200         95,984       727,771        50,317
 2010          7,200           0           0           0         7,200         85,184       812,955        40,416
 2011          7,200           0           0           0         7,200         76,831       889,786        32,995
 2012          7,200           0           0           0         7,200         70,143       959,929        27,264
 2013          7,200           0           0           0         7,200         64,646     1,024,575        22,745
 2014          7,200           0           0           0         7,200         60,032     1,084,607        19,118
 2015          1,288           0           0           0         1,288         10,306     1,094,913         3,091
 2016              0           0           0           0             0              0     1,094,913             0
 2017              0           0           0           0             0              0     1,094,913             0

 SUBTOT       76,888           0     200,000           0       276,888      1,094,913                     632,540
 REMAIN            0           0           0           0             0              0     1,094,913             0
 TOTAL        76,888           0     200,000           0       276,888      1,094,913                     632,540

   LIFE OF EVALUATION IS 12.18 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    288
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LOCATION #19   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       525,410
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       420,244
 REMARKS -                                                                                 15.00% -       338,581
                                                                                           20.00% -       274,583
                                                                                           25.00% -       223,987



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     1             0           0          49               0           0          42.457       0.00     4.22
 2005     1             0           0          57               0           0          49.972       0.00     4.22
 2006     1             0           0          39               0           0          34.126       0.00     4.22
 2007     1             0           0          30               0           0          26.889       0.00     4.22
 2008     1             0           0          26               0           0          22.582       0.00     4.22
 2009     1             0           0          23               0           0          19.671       0.00     4.22
 2010     1             0           0          20               0           0          17.548       0.00     4.22
 2011     1             0           0          11               0           0           9.880       0.00     4.22
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         255               0           0         223.125       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         255               0           0         223.125       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         255

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0       179,167            0       179,167           0       5,375       173,792
 2005                0           0       210,883            0       210,883           0       6,327       204,556
 2006                0           0       144,012            0       144,012           0       4,320       139,692
 2007                0           0       113,472            0       113,472           0       3,404       110,068
 2008                0           0        95,294            0        95,294           0       2,859        92,435
 2009                0           0        83,011            0        83,011           0       2,490        80,521
 2010                0           0        74,054            0        74,054           0       2,222        71,832
 2011                0           0        41,694            0        41,694           0       1,251        40,443
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       941,587            0       941,587           0      28,248       913,339
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       941,587            0       941,587           0      28,248       913,339

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004          3,600           0     200,000           0       203,600        -29,808       -29,808       -28,221
 2005          7,200           0           0           0         7,200        197,356       167,548       154,584
 2006          7,200           0           0           0         7,200        132,492       300,040        93,770
 2007          7,200           0           0           0         7,200        102,868       402,908        65,856
 2008          7,200           0           0           0         7,200         85,235       488,143        49,377
 2009          7,200           0           0           0         7,200         73,321       561,464        38,439
 2010          7,200           0           0           0         7,200         64,632       626,096        30,667
 2011          4,392           0           0           0         4,392         36,051       662,147        15,772
 2012              0           0           0           0             0              0       662,147             0
 2013              0           0           0           0             0              0       662,147             0
 2014              0           0           0           0             0              0       662,147             0
 2015              0           0           0           0             0              0       662,147             0
 2016              0           0           0           0             0              0       662,147             0
 2017              0           0           0           0             0              0       662,147             0

 SUBTOT       51,192           0     200,000           0       251,192        662,147                     420,244
 REMAIN            0           0           0           0             0              0       662,147             0
 TOTAL        51,192           0     200,000           0       251,192        662,147                     420,244

   LIFE OF EVALUATION IS 8.61 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    289
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LOCATION #20   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       525,410
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       420,244
 REMARKS -                                                                                 15.00% -       338,581
                                                                                           20.00% -       274,583
                                                                                           25.00% -       223,987



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     1             0           0          49               0           0          42.457       0.00     4.22
 2005     1             0           0          57               0           0          49.972       0.00     4.22
 2006     1             0           0          39               0           0          34.126       0.00     4.22
 2007     1             0           0          30               0           0          26.889       0.00     4.22
 2008     1             0           0          26               0           0          22.582       0.00     4.22
 2009     1             0           0          23               0           0          19.671       0.00     4.22
 2010     1             0           0          20               0           0          17.548       0.00     4.22
 2011     1             0           0          11               0           0           9.880       0.00     4.22
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         255               0           0         223.125       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         255               0           0         223.125       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         255

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0       179,167            0       179,167           0       5,375       173,792
 2005                0           0       210,883            0       210,883           0       6,327       204,556
 2006                0           0       144,012            0       144,012           0       4,320       139,692
 2007                0           0       113,472            0       113,472           0       3,404       110,068
 2008                0           0        95,294            0        95,294           0       2,859        92,435
 2009                0           0        83,011            0        83,011           0       2,490        80,521
 2010                0           0        74,054            0        74,054           0       2,222        71,832
 2011                0           0        41,694            0        41,694           0       1,251        40,443
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       941,587            0       941,587           0      28,248       913,339
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       941,587            0       941,587           0      28,248       913,339

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004          3,600           0     200,000           0       203,600        -29,808       -29,808       -28,221
 2005          7,200           0           0           0         7,200        197,356       167,548       154,584
 2006          7,200           0           0           0         7,200        132,492       300,040        93,770
 2007          7,200           0           0           0         7,200        102,868       402,908        65,856
 2008          7,200           0           0           0         7,200         85,235       488,143        49,377
 2009          7,200           0           0           0         7,200         73,321       561,464        38,439
 2010          7,200           0           0           0         7,200         64,632       626,096        30,667
 2011          4,392           0           0           0         4,392         36,051       662,147        15,772
 2012              0           0           0           0             0              0       662,147             0
 2013              0           0           0           0             0              0       662,147             0
 2014              0           0           0           0             0              0       662,147             0
 2015              0           0           0           0             0              0       662,147             0
 2016              0           0           0           0             0              0       662,147             0
 2017              0           0           0           0             0              0       662,147             0

 SUBTOT       51,192           0     200,000           0       251,192        662,147                     420,244
 REMAIN            0           0           0           0             0              0       662,147             0
 TOTAL        51,192           0     200,000           0       251,192        662,147                     420,244

   LIFE OF EVALUATION IS 8.61 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    290
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LOCATION #24   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       187,971
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       152,831
 REMARKS -                                                                                 15.00% -       123,962
                                                                                           20.00% -       100,216
                                                                                           25.00% -        80,665



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     1             0           0          34               0           0          30.136       0.00     4.22
 2005     1             0           0          40               0           0          34.571       0.00     4.22
 2006     1             0           0          27               0           0          23.394       0.00     4.22
 2007     1             0           0          21               0           0          18.372       0.00     4.22
 2008     1             0           0           6               0           0           5.527       0.00     4.22
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         128               0           0         112.000       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         128               0           0         112.000       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         128

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0       127,173            0       127,173           0       3,815       123,358
 2005                0           0       145,889            0       145,889           0       4,377       141,512
 2006                0           0        98,724            0        98,724           0       2,962        95,762
 2007                0           0        77,529            0        77,529           0       2,325        75,204
 2008                0           0        23,325            0        23,325           0         700        22,625
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       472,640            0       472,640           0      14,179       458,461
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       472,640            0       472,640           0      14,179       458,461

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004          3,600           0     200,000           0       203,600        -80,242       -80,242       -70,672
 2005          7,200           0           0           0         7,200        134,312        54,070       105,225
 2006          7,200           0           0           0         7,200         88,562       142,632        62,685
 2007          7,200           0           0           0         7,200         68,004       210,636        43,540
 2008          2,457           0           0           0         2,457         20,168       230,804        12,053
 2009              0           0           0           0             0              0       230,804             0
 2010              0           0           0           0             0              0       230,804             0
 2011              0           0           0           0             0              0       230,804             0
 2012              0           0           0           0             0              0       230,804             0
 2013              0           0           0           0             0              0       230,804             0
 2014              0           0           0           0             0              0       230,804             0
 2015              0           0           0           0             0              0       230,804             0
 2016              0           0           0           0             0              0       230,804             0
 2017              0           0           0           0             0              0       230,804             0

 SUBTOT       27,657           0     200,000           0       227,657        230,804                     152,831
 REMAIN            0           0           0           0             0              0       230,804             0
 TOTAL        27,657           0     200,000           0       227,657        230,804                     152,831

   LIFE OF EVALUATION IS 5.34 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    291
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LOCATION #25   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       185,641
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       149,073
 REMARKS -                                                                                 15.00% -       119,427
                                                                                           20.00% -        95,367
                                                                                           25.00% -        75,826



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     1             0           0          20               0           0          17.276       0.00     4.22
 2005     1             0           0          46               0           0          40.290       0.00     4.22
 2006     1             0           0          29               0           0          25.282       0.00     4.22
 2007     1             0           0          22               0           0          19.364       0.00     4.22
 2008     1             0           0          11               0           0           9.789       0.00     4.22
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         128               0           0         112.001       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         128               0           0         112.001       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         128

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0        72,904            0        72,904           0       2,187        70,717
 2005                0           0       170,025            0       170,025           0       5,101       164,924
 2006                0           0       106,688            0       106,688           0       3,201       103,487
 2007                0           0        81,715            0        81,715           0       2,451        79,264
 2008                0           0        41,308            0        41,308           0       1,239        40,069
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       472,640            0       472,640           0      14,179       458,461
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       472,640            0       472,640           0      14,179       458,461

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004          1,800           0     200,000           0       201,800       -131,083      -131,083      -110,098
 2005          7,200           0           0           0         7,200        157,724        26,641       123,703
 2006          7,200           0           0           0         7,200         96,287       122,928        68,174
 2007          7,200           0           0           0         7,200         72,064       194,992        46,146
 2008          4,257           0           0           0         4,257         35,812       230,804        21,148
 2009              0           0           0           0             0              0       230,804             0
 2010              0           0           0           0             0              0       230,804             0
 2011              0           0           0           0             0              0       230,804             0
 2012              0           0           0           0             0              0       230,804             0
 2013              0           0           0           0             0              0       230,804             0
 2014              0           0           0           0             0              0       230,804             0
 2015              0           0           0           0             0              0       230,804             0
 2016              0           0           0           0             0              0       230,804             0
 2017              0           0           0           0             0              0       230,804             0

 SUBTOT       27,657           0     200,000           0       227,657        230,804                     149,073
 REMAIN            0           0           0           0             0              0       230,804             0
 TOTAL        27,657           0     200,000           0       227,657        230,804                     149,073

   LIFE OF EVALUATION IS 5.59 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    292
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LOCATION #26   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       185,641
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       149,073
 REMARKS -                                                                                 15.00% -       119,427
                                                                                           20.00% -        95,367
                                                                                           25.00% -        75,826



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     1             0           0          20               0           0          17.276       0.00     4.22
 2005     1             0           0          46               0           0          40.290       0.00     4.22
 2006     1             0           0          29               0           0          25.282       0.00     4.22
 2007     1             0           0          22               0           0          19.364       0.00     4.22
 2008     1             0           0          11               0           0           9.789       0.00     4.22
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         128               0           0         112.001       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         128               0           0         112.001       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         128

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0        72,904            0        72,904           0       2,187        70,717
 2005                0           0       170,025            0       170,025           0       5,101       164,924
 2006                0           0       106,688            0       106,688           0       3,201       103,487
 2007                0           0        81,715            0        81,715           0       2,451        79,264
 2008                0           0        41,308            0        41,308           0       1,239        40,069
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       472,640            0       472,640           0      14,179       458,461
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       472,640            0       472,640           0      14,179       458,461

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004          1,800           0     200,000           0       201,800       -131,083      -131,083      -110,098
 2005          7,200           0           0           0         7,200        157,724        26,641       123,703
 2006          7,200           0           0           0         7,200         96,287       122,928        68,174
 2007          7,200           0           0           0         7,200         72,064       194,992        46,146
 2008          4,257           0           0           0         4,257         35,812       230,804        21,148
 2009              0           0           0           0             0              0       230,804             0
 2010              0           0           0           0             0              0       230,804             0
 2011              0           0           0           0             0              0       230,804             0
 2012              0           0           0           0             0              0       230,804             0
 2013              0           0           0           0             0              0       230,804             0
 2014              0           0           0           0             0              0       230,804             0
 2015              0           0           0           0             0              0       230,804             0
 2016              0           0           0           0             0              0       230,804             0
 2017              0           0           0           0             0              0       230,804             0

 SUBTOT       27,657           0     200,000           0       227,657        230,804                     149,073
 REMAIN            0           0           0           0             0              0       230,804             0
 TOTAL        27,657           0     200,000           0       227,657        230,804                     149,073

   LIFE OF EVALUATION IS 5.59 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    293
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LOCATION #27   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       217,661
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       174,604
 REMARKS -                                                                                 15.00% -       139,902
                                                                                           20.00% -       111,886
                                                                                           25.00% -        89,232



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     1             0           0          20               0           0          17.516       0.00     4.22
 2005     1             0           0          48               0           0          41.848       0.00     4.22
 2006     1             0           0          30               0           0          26.560       0.00     4.22
 2007     1             0           0          24               0           0          20.414       0.00     4.22
 2008     1             0           0          18               0           0          16.162       0.00     4.22
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         140               0           0         122.500       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         140               0           0         122.500       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         140

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0        73,917            0        73,917           0       2,218        71,699
 2005                0           0       176,598            0       176,598           0       5,297       171,301
 2006                0           0       112,084            0       112,084           0       3,363       108,721
 2007                0           0        86,146            0        86,146           0       2,584        83,562
 2008                0           0        68,205            0        68,205           0       2,046        66,159
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       516,950            0       516,950           0      15,508       501,442
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       516,950            0       516,950           0      15,508       501,442

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004          1,800           0     200,000           0       201,800       -130,101      -130,101      -109,285
 2005          7,200           0           0           0         7,200        164,101        34,000       128,680
 2006          7,200           0           0           0         7,200        101,521       135,521        71,876
 2007          7,200           0           0           0         7,200         76,362       211,883        48,896
 2008          6,850           0           0           0         6,850         59,309       271,192        34,437
 2009              0           0           0           0             0              0       271,192             0
 2010              0           0           0           0             0              0       271,192             0
 2011              0           0           0           0             0              0       271,192             0
 2012              0           0           0           0             0              0       271,192             0
 2013              0           0           0           0             0              0       271,192             0
 2014              0           0           0           0             0              0       271,192             0
 2015              0           0           0           0             0              0       271,192             0
 2016              0           0           0           0             0              0       271,192             0
 2017              0           0           0           0             0              0       271,192             0

 SUBTOT       30,250           0     200,000           0       230,250        271,192                     174,604
 REMAIN            0           0           0           0             0              0       271,192             0
 TOTAL        30,250           0     200,000           0       230,250        271,192                     174,604

   LIFE OF EVALUATION IS 5.95 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    294
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LOCATION #29   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       185,641
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       149,073
 REMARKS -                                                                                 15.00% -       119,427
                                                                                           20.00% -        95,367
                                                                                           25.00% -        75,826



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     1             0           0          20               0           0          17.276       0.00     4.22
 2005     1             0           0          46               0           0          40.290       0.00     4.22
 2006     1             0           0          29               0           0          25.282       0.00     4.22
 2007     1             0           0          22               0           0          19.364       0.00     4.22
 2008     1             0           0          11               0           0           9.789       0.00     4.22
 2009                   0           0           0               0           0           0.000       0.00     0.00
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         128               0           0         112.001       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         128               0           0         112.001       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         128

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0        72,904            0        72,904           0       2,187        70,717
 2005                0           0       170,025            0       170,025           0       5,101       164,924
 2006                0           0       106,688            0       106,688           0       3,201       103,487
 2007                0           0        81,715            0        81,715           0       2,451        79,264
 2008                0           0        41,308            0        41,308           0       1,239        40,069
 2009                0           0             0            0             0           0           0             0
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       472,640            0       472,640           0      14,179       458,461
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       472,640            0       472,640           0      14,179       458,461

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004          1,800           0     200,000           0       201,800       -131,083      -131,083      -110,098
 2005          7,200           0           0           0         7,200        157,724        26,641       123,703
 2006          7,200           0           0           0         7,200         96,287       122,928        68,174
 2007          7,200           0           0           0         7,200         72,064       194,992        46,146
 2008          4,257           0           0           0         4,257         35,812       230,804        21,148
 2009              0           0           0           0             0              0       230,804             0
 2010              0           0           0           0             0              0       230,804             0
 2011              0           0           0           0             0              0       230,804             0
 2012              0           0           0           0             0              0       230,804             0
 2013              0           0           0           0             0              0       230,804             0
 2014              0           0           0           0             0              0       230,804             0
 2015              0           0           0           0             0              0       230,804             0
 2016              0           0           0           0             0              0       230,804             0
 2017              0           0           0           0             0              0       230,804             0

 SUBTOT       27,657           0     200,000           0       227,657        230,804                     149,073
 REMAIN            0           0           0           0             0              0       230,804             0
 TOTAL        27,657           0     200,000           0       227,657        230,804                     149,073

   LIFE OF EVALUATION IS 5.59 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    295
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LOCATION #32   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       368,693
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       306,017
 REMARKS -                                                                                 15.00% -       254,790
                                                                                           20.00% -       212,717
                                                                                           25.00% -       178,000



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004     1             0           0          65               0           0          56.839       0.00     4.22
 2005     1             0           0          42               0           0          36.777       0.00     4.22
 2006     1             0           0          30               0           0          26.367       0.00     4.22
 2007     1             0           0          24               0           0          21.179       0.00     4.22
 2008     1             0           0          21               0           0          17.972       0.00     4.22
 2009     1             0           0           9               0           0           7.990       0.00     4.22
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         191               0           0         167.124       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         191               0           0         167.124       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         191

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0       239,861            0       239,861           0       7,196       232,665
 2005                0           0       155,201            0       155,201           0       4,656       150,545
 2006                0           0       111,270            0       111,270           0       3,338       107,932
 2007                0           0        89,374            0        89,374           0       2,681        86,693
 2008                0           0        75,843            0        75,843           0       2,275        73,568
 2009                0           0        33,718            0        33,718           0       1,012        32,706
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       705,267            0       705,267           0      21,158       684,109
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       705,267            0       705,267           0      21,158       684,109

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004          6,000           0     200,000           0       206,000         26,665        26,665        17,537
 2005          7,200           0           0           0         7,200        143,345       170,010       112,209
 2006          7,200           0           0           0         7,200        100,732       270,742        71,278
 2007          7,200           0           0           0         7,200         79,493       350,235        50,887
 2008          7,200           0           0           0         7,200         66,368       416,603        38,445
 2009          3,544           0           0           0         3,544         29,162       445,765        15,661
 2010              0           0           0           0             0              0       445,765             0
 2011              0           0           0           0             0              0       445,765             0
 2012              0           0           0           0             0              0       445,765             0
 2013              0           0           0           0             0              0       445,765             0
 2014              0           0           0           0             0              0       445,765             0
 2015              0           0           0           0             0              0       445,765             0
 2016              0           0           0           0             0              0       445,765             0
 2017              0           0           0           0             0              0       445,765             0

 SUBTOT       38,344           0     200,000           0       238,344        445,765                     306,017
 REMAIN            0           0           0           0             0              0       445,765             0
 TOTAL        38,344           0     200,000           0       238,344        445,765                     306,017

   LIFE OF EVALUATION IS 6.49 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    296
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LOCATION #33   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       884,267
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       653,151
 REMARKS -                                                                                 15.00% -       492,177
                                                                                           20.00% -       377,275
                                                                                           25.00% -       293,407



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005     1             0           0          85               0           0          74.263       0.00     4.22
 2006     1             0           0          63               0           0          55.395       0.00     4.22
 2007     1             0           0          47               0           0          41.284       0.00     4.22
 2008     1             0           0          39               0           0          33.729       0.00     4.22
 2009     1             0           0          33               0           0          28.900       0.00     4.22
 2010     1             0           0          29               0           0          25.499       0.00     4.22
 2011     1             0           0          26               0           0          22.951       0.00     4.22
 2012     1             0           0          24               0           0          20.957       0.00     4.22
 2013     1             0           0          22               0           0          19.347       0.00     4.22
 2014     1             0           0          21               0           0          18.014       0.00     4.22
 2015     1             0           0          19               0           0          16.890       0.00     4.22
 2016     1             0           0          13               0           0          11.146       0.00     4.22
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         421               0           0         368.375       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         421               0           0         368.375       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         421

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0       313,390            0       313,390           0       9,402       303,988
 2006                0           0       233,766            0       233,766           0       7,013       226,753
 2007                0           0       174,217            0       174,217           0       5,226       168,991
 2008                0           0       142,338            0       142,338           0       4,270       138,068
 2009                0           0       121,959            0       121,959           0       3,659       118,300
 2010                0           0       107,607            0       107,607           0       3,228       104,379
 2011                0           0        96,851            0        96,851           0       2,906        93,945
 2012                0           0        88,439            0        88,439           0       2,653        85,786
 2013                0           0        81,644            0        81,644           0       2,449        79,195
 2014                0           0        76,021            0        76,021           0       2,281        73,740
 2015                0           0        71,276            0        71,276           0       2,138        69,138
 2016                0           0        47,034            0        47,034           0       1,411        45,623
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0     1,554,542            0     1,554,542           0      46,636     1,507,906
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0     1,554,542            0     1,554,542           0      46,636     1,507,906

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005          6,000           0     200,000           0       206,000         97,988        97,988        70,938
 2006          7,200           0           0           0         7,200        219,553       317,541       155,485
 2007          7,200           0           0           0         7,200        161,791       479,332       103,606
 2008          7,200           0           0           0         7,200        130,868       610,200        75,822
 2009          7,200           0           0           0         7,200        111,100       721,300        58,250
 2010          7,200           0           0           0         7,200         97,179       818,479        46,112
 2011          7,200           0           0           0         7,200         86,745       905,224        37,255
 2012          7,200           0           0           0         7,200         78,586       983,810        30,548
 2013          7,200           0           0           0         7,200         71,995     1,055,805        25,331
 2014          7,200           0           0           0         7,200         66,540     1,122,345        21,191
 2015          7,200           0           0           0         7,200         61,938     1,184,283        17,855
 2016          4,996           0           0           0         4,996         40,627     1,224,910        10,758
 2017              0           0           0           0             0              0     1,224,910             0

 SUBTOT       82,996           0     200,000           0       282,996      1,224,910                     653,151
 REMAIN            0           0           0           0             0              0     1,224,910             0
 TOTAL        82,996           0     200,000           0       282,996      1,224,910                     653,151

   LIFE OF EVALUATION IS 13.69 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    297
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LOCATION #34   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       803,516
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       600,219
 REMARKS -                                                                                 15.00% -       455,953
                                                                                           20.00% -       351,465
                                                                                           25.00% -       274,349



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005     1             0           0          83               0           0          72.521       0.00     4.22
 2006     1             0           0          60               0           0          52.963       0.00     4.22
 2007     1             0           0          45               0           0          39.208       0.00     4.22
 2008     1             0           0          37               0           0          31.936       0.00     4.22
 2009     1             0           0          31               0           0          27.315       0.00     4.22
 2010     1             0           0          27               0           0          24.073       0.00     4.22
 2011     1             0           0          25               0           0          21.650       0.00     4.22
 2012     1             0           0          23               0           0          19.757       0.00     4.22
 2013     1             0           0          21               0           0          18.231       0.00     4.22
 2014     1             0           0          19               0           0          16.969       0.00     4.22
 2015     1             0           0          12               0           0          10.503       0.00     4.22
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         383               0           0         335.126       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         383               0           0         335.126       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         383

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0       306,039            0       306,039           0       9,181       296,858
 2006                0           0       223,503            0       223,503           0       6,705       216,798
 2007                0           0       165,458            0       165,458           0       4,964       160,494
 2008                0           0       134,769            0       134,769           0       4,043       130,726
 2009                0           0       115,271            0       115,271           0       3,458       111,813
 2010                0           0       101,588            0       101,588           0       3,048        98,540
 2011                0           0        91,361            0        91,361           0       2,741        88,620
 2012                0           0        83,374            0        83,374           0       2,501        80,873
 2013                0           0        76,933            0        76,933           0       2,308        74,625
 2014                0           0        71,608            0        71,608           0       2,148        69,460
 2015                0           0        44,323            0        44,323           0       1,330        42,993
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0     1,414,227            0     1,414,227           0      42,427     1,371,800
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0     1,414,227            0     1,414,227           0      42,427     1,371,800

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005          6,000           0     200,000           0       206,000         90,858        90,858        65,459
 2006          7,200           0           0           0         7,200        209,598       300,456       148,448
 2007          7,200           0           0           0         7,200        153,294       453,750        98,169
 2008          7,200           0           0           0         7,200        123,526       577,276        71,570
 2009          7,200           0           0           0         7,200        104,613       681,889        54,849
 2010          7,200           0           0           0         7,200         91,340       773,229        43,343
 2011          7,200           0           0           0         7,200         81,420       854,649        34,968
 2012          7,200           0           0           0         7,200         73,673       928,322        28,638
 2013          7,200           0           0           0         7,200         67,425       995,747        23,724
 2014          7,200           0           0           0         7,200         62,260     1,058,007        19,828
 2015          4,705           0           0           0         4,705         38,288     1,096,295        11,223
 2016              0           0           0           0             0              0     1,096,295             0
 2017              0           0           0           0             0              0     1,096,295             0

 SUBTOT       75,505           0     200,000           0       275,505      1,096,295                     600,219
 REMAIN            0           0           0           0             0              0     1,096,295             0
 TOTAL        75,505           0     200,000           0       275,505      1,096,295                     600,219

   LIFE OF EVALUATION IS 12.65 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    298
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LOCATION #35   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       790,263
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       580,621
 REMARKS -                                                                                 15.00% -       433,851
                                                                                           20.00% -       328,979
                                                                                           25.00% -       252,630



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005     1             0           0          56               0           0          48.834       0.00     4.22
 2006     1             0           0          70               0           0          61.079       0.00     4.22
 2007     1             0           0          48               0           0          42.714       0.00     4.22
 2008     1             0           0          39               0           0          33.963       0.00     4.22
 2009     1             0           0          33               0           0          28.662       0.00     4.22
 2010     1             0           0          29               0           0          25.043       0.00     4.22
 2011     1             0           0          25               0           0          22.388       0.00     4.22
 2012     1             0           0          23               0           0          20.341       0.00     4.22
 2013     1             0           0          22               0           0          18.706       0.00     4.22
 2014     1             0           0          20               0           0          17.365       0.00     4.22
 2015     1             0           0          18               0           0          16.032       0.00     4.22
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         383               0           0         335.127       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         383               0           0         335.127       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         383

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0       206,078            0       206,078           0       6,182       199,896
 2006                0           0       257,753            0       257,753           0       7,733       250,020
 2007                0           0       180,252            0       180,252           0       5,407       174,845
 2008                0           0       143,324            0       143,324           0       4,300       139,024
 2009                0           0       120,951            0       120,951           0       3,629       117,322
 2010                0           0       105,682            0       105,682           0       3,170       102,512
 2011                0           0        94,476            0        94,476           0       2,834        91,642
 2012                0           0        85,837            0        85,837           0       2,576        83,261
 2013                0           0        78,939            0        78,939           0       2,368        76,571
 2014                0           0        73,279            0        73,279           0       2,198        71,081
 2015                0           0        67,656            0        67,656           0       2,030        65,626
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0     1,414,227            0     1,414,227           0      42,427     1,371,800
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0     1,414,227            0     1,414,227           0      42,427     1,371,800

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005          3,600           0     200,000           0       203,600         -3,704        -3,704        -5,703
 2006          7,200           0           0           0         7,200        242,820       239,116       172,105
 2007          7,200           0           0           0         7,200        167,645       406,761       107,389
 2008          7,200           0           0           0         7,200        131,824       538,585        76,388
 2009          7,200           0           0           0         7,200        110,122       648,707        57,743
 2010          7,200           0           0           0         7,200         95,312       744,019        45,230
 2011          7,200           0           0           0         7,200         84,442       828,461        36,267
 2012          7,200           0           0           0         7,200         76,061       904,522        29,568
 2013          7,200           0           0           0         7,200         69,371       973,893        24,409
 2014          7,200           0           0           0         7,200         63,881     1,037,774        20,345
 2015          7,105           0           0           0         7,105         58,521     1,096,295        16,880
 2016              0           0           0           0             0              0     1,096,295             0
 2017              0           0           0           0             0              0     1,096,295             0

 SUBTOT       75,505           0     200,000           0       275,505      1,096,295                     580,621
 REMAIN            0           0           0           0             0              0     1,096,295             0
 TOTAL        75,505           0     200,000           0       275,505      1,096,295                     580,621

   LIFE OF EVALUATION IS 12.99 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    299
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LOCATION #36   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -     1,070,802
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       771,131
 REMARKS -                                                                                 15.00% -       570,037
                                                                                           20.00% -       430,580
                                                                                           25.00% -       331,020



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005     1             0           0          68               0           0          59.794       0.00     4.22
 2006     1             0           0          84               0           0          72.972       0.00     4.22
 2007     1             0           0          57               0           0          50.523       0.00     4.22
 2008     1             0           0          46               0           0          40.016       0.00     4.22
 2009     1             0           0          39               0           0          33.699       0.00     4.22
 2010     1             0           0          33               0           0          29.406       0.00     4.22
 2011     1             0           0          30               0           0          26.264       0.00     4.22
 2012     1             0           0          28               0           0          23.847       0.00     4.22
 2013     1             0           0          25               0           0          21.919       0.00     4.22
 2014     1             0           0          23               0           0          20.340       0.00     4.22
 2015     1             0           0          22               0           0          19.017       0.00     4.22
 2016     1             0           0          20               0           0          17.890       0.00     4.22
 2017     1             0           0          19               0           0          16.917       0.00     4.22

 SUB-TOTAL              0           0         494               0           0         432.604       0.00     4.22
 REMAINDER              0           0          17               0           0          14.522       0.00     4.22
 TOTAL                  0           0         511               0           0         447.126       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         511

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0       252,329            0       252,329           0       7,570       244,759
 2006                0           0       307,941            0       307,941           0       9,238       298,703
 2007                0           0       213,205            0       213,205           0       6,396       206,809
 2008                0           0       168,868            0       168,868           0       5,066       163,802
 2009                0           0       142,209            0       142,209           0       4,267       137,942
 2010                0           0       124,093            0       124,093           0       3,722       120,371
 2011                0           0       110,833            0       110,833           0       3,325       107,508
 2012                0           0       100,634            0       100,634           0       3,019        97,615
 2013                0           0        92,500            0        92,500           0       2,775        89,725
 2014                0           0        85,833            0        85,833           0       2,575        83,258
 2015                0           0        80,251            0        80,251           0       2,408        77,843
 2016                0           0        75,498            0        75,498           0       2,265        73,233
 2017                0           0        71,390            0        71,390           0       2,142        69,248

 SUB-TOT             0           0     1,825,584            0     1,825,584           0      54,768     1,770,816
 REMAIN              0           0        61,283            0        61,283           0       1,838        59,445
 TOTAL               0           0     1,886,867            0     1,886,867           0      56,606     1,830,261

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005          3,600           0     200,000           0       203,600         41,159        41,159        28,506
 2006          7,200           0           0           0         7,200        291,503       332,662       206,636
 2007          7,200           0           0           0         7,200        199,609       532,271       127,867
 2008          7,200           0           0           0         7,200        156,602       688,873        90,747
 2009          7,200           0           0           0         7,200        130,742       819,615        68,556
 2010          7,200           0           0           0         7,200        113,171       932,786        53,704
 2011          7,200           0           0           0         7,200        100,308     1,033,094        43,082
 2012          7,200           0           0           0         7,200         90,415     1,123,509        35,147
 2013          7,200           0           0           0         7,200         82,525     1,206,034        29,037
 2014          7,200           0           0           0         7,200         76,058     1,282,092        24,223
 2015          7,200           0           0           0         7,200         70,643     1,352,735        20,365
 2016          7,200           0           0           0         7,200         66,033     1,418,768        17,231
 2017          7,200           0           0           0         7,200         62,048     1,480,816        14,655

 SUBTOT       90,000           0     200,000           0       290,000      1,480,816                     759,756
 REMAIN        6,492           0           0           0         6,492         52,953     1,533,769        11,375
 TOTAL        96,492           0     200,000           0       296,492      1,533,769                     771,131

   LIFE OF EVALUATION IS 15.90 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    300
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LOCATION #38   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       640,630
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       474,353
 REMARKS -                                                                                 15.00% -       355,612
                                                                                           20.00% -       269,542
                                                                                           25.00% -       206,279



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005     1             0           0          48               0           0          41.810       0.00     4.22
 2006     1             0           0          62               0           0          54.103       0.00     4.22
 2007     1             0           0          43               0           0          38.399       0.00     4.22
 2008     1             0           0          36               0           0          30.714       0.00     4.22
 2009     1             0           0          29               0           0          26.004       0.00     4.22
 2010     1             0           0          26               0           0          22.767       0.00     4.22
 2011     1             0           0          24               0           0          20.382       0.00     4.22
 2012     1             0           0          21               0           0          18.537       0.00     4.22
 2013     1             0           0          19               0           0          17.061       0.00     4.22
 2014     1             0           0          11               0           0           9.348       0.00     4.22
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         319               0           0         279.125       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         319               0           0         279.125       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         319

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0       176,438            0       176,438           0       5,293       171,145
 2006                0           0       228,316            0       228,316           0       6,850       221,466
 2007                0           0       162,044            0       162,044           0       4,861       157,183
 2008                0           0       129,613            0       129,613           0       3,888       125,725
 2009                0           0       109,735            0       109,735           0       3,292       106,443
 2010                0           0        96,077            0        96,077           0       2,883        93,194
 2011                0           0        86,011            0        86,011           0       2,580        83,431
 2012                0           0        78,227            0        78,227           0       2,347        75,880
 2013                0           0        71,997            0        71,997           0       2,160        69,837
 2014                0           0        39,449            0        39,449           0       1,183        38,266
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0     1,177,907            0     1,177,907           0      35,337     1,142,570
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0     1,177,907            0     1,177,907           0      35,337     1,142,570

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005          3,600           0     200,000           0       203,600        -32,455       -32,455       -27,634
 2006          7,200           0           0           0         7,200        214,266       181,811       151,839
 2007          7,200           0           0           0         7,200        149,983       331,794        96,069
 2008          7,200           0           0           0         7,200        118,525       450,319        68,680
 2009          7,200           0           0           0         7,200         99,243       549,562        52,038
 2010          7,200           0           0           0         7,200         85,994       635,556        40,807
 2011          7,200           0           0           0         7,200         76,231       711,787        32,741
 2012          7,200           0           0           0         7,200         68,680       780,467        26,699
 2013          7,200           0           0           0         7,200         62,637       843,104        22,039
 2014          4,186           0           0           0         4,186         34,080       877,184        11,075
 2015              0           0           0           0             0              0       877,184             0
 2016              0           0           0           0             0              0       877,184             0
 2017              0           0           0           0             0              0       877,184             0

 SUBTOT       65,386           0     200,000           0       265,386        877,184                     474,353
 REMAIN            0           0           0           0             0              0       877,184             0
 TOTAL        65,386           0     200,000           0       265,386        877,184                     474,353

   LIFE OF EVALUATION IS 11.58 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    301
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LOCATION #39   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       722,482
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       528,266
 REMARKS -                                                                                 15.00% -       392,306
                                                                                           20.00% -       295,326
                                                                                           25.00% -       224,944



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005     1             0           0          49               0           0          42.633       0.00     4.22
 2006     1             0           0          64               0           0          56.619       0.00     4.22
 2007     1             0           0          47               0           0          40.672       0.00     4.22
 2008     1             0           0          37               0           0          32.695       0.00     4.22
 2009     1             0           0          32               0           0          27.758       0.00     4.22
 2010     1             0           0          28               0           0          24.346       0.00     4.22
 2011     1             0           0          25               0           0          21.822       0.00     4.22
 2012     1             0           0          22               0           0          19.865       0.00     4.22
 2013     1             0           0          21               0           0          18.295       0.00     4.22
 2014     1             0           0          20               0           0          17.003       0.00     4.22
 2015     1             0           0          12               0           0          10.668       0.00     4.22
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         357               0           0         312.376       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         357               0           0         312.376       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         357

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0       179,910            0       179,910           0       5,397       174,513
 2006                0           0       238,933            0       238,933           0       7,168       231,765
 2007                0           0       171,637            0       171,637           0       5,149       166,488
 2008                0           0       137,974            0       137,974           0       4,140       133,834
 2009                0           0       117,138            0       117,138           0       3,514       113,624
 2010                0           0       102,739            0       102,739           0       3,082        99,657
 2011                0           0        92,087            0        92,087           0       2,763        89,324
 2012                0           0        83,829            0        83,829           0       2,514        81,315
 2013                0           0        77,205            0        77,205           0       2,317        74,888
 2014                0           0        71,752            0        71,752           0       2,152        69,600
 2015                0           0        45,019            0        45,019           0       1,351        43,668
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0     1,318,223            0     1,318,223           0      39,547     1,278,676
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0     1,318,223            0     1,318,223           0      39,547     1,278,676

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005          3,600           0     200,000           0       203,600        -29,087       -29,087       -25,086
 2006          7,200           0           0           0         7,200        224,565       195,478       159,110
 2007          7,200           0           0           0         7,200        159,288       354,766       102,023
 2008          7,200           0           0           0         7,200        126,634       481,400        73,376
 2009          7,200           0           0           0         7,200        106,424       587,824        55,802
 2010          7,200           0           0           0         7,200         92,457       680,281        43,874
 2011          7,200           0           0           0         7,200         82,124       762,405        35,271
 2012          7,200           0           0           0         7,200         74,115       836,520        28,811
 2013          7,200           0           0           0         7,200         67,688       904,208        23,816
 2014          7,200           0           0           0         7,200         62,400       966,608        19,874
 2015          4,775           0           0           0         4,775         38,893     1,005,501        11,395
 2016              0           0           0           0             0              0     1,005,501             0
 2017              0           0           0           0             0              0     1,005,501             0

 SUBTOT       73,175           0     200,000           0       273,175      1,005,501                     528,266
 REMAIN            0           0           0           0             0              0     1,005,501             0
 TOTAL        73,175           0     200,000           0       273,175      1,005,501                     528,266

   LIFE OF EVALUATION IS 12.66 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    302
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LOCATION #40   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       713,525
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       515,276
 REMARKS -                                                                                 15.00% -       377,955
                                                                                           20.00% -       281,039
                                                                                           25.00% -       211,451



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005     1             0           0          27               0           0          23.374       0.00     4.22
 2006     1             0           0          73               0           0          63.765       0.00     4.22
 2007     1             0           0          49               0           0          43.543       0.00     4.22
 2008     1             0           0          40               0           0          34.309       0.00     4.22
 2009     1             0           0          32               0           0          28.812       0.00     4.22
 2010     1             0           0          29               0           0          25.098       0.00     4.22
 2011     1             0           0          26               0           0          22.390       0.00     4.22
 2012     1             0           0          23               0           0          20.312       0.00     4.22
 2013     1             0           0          21               0           0          18.658       0.00     4.22
 2014     1             0           0          20               0           0          17.304       0.00     4.22
 2015     1             0           0          17               0           0          14.810       0.00     4.22
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         357               0           0         312.375       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         357               0           0         312.375       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         357

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0        98,638            0        98,638           0       2,959        95,679
 2006                0           0       269,087            0       269,087           0       8,073       261,014
 2007                0           0       183,752            0       183,752           0       5,512       178,240
 2008                0           0       144,782            0       144,782           0       4,344       140,438
 2009                0           0       121,588            0       121,588           0       3,647       117,941
 2010                0           0       105,915            0       105,915           0       3,178       102,737
 2011                0           0        94,486            0        94,486           0       2,834        91,652
 2012                0           0        85,717            0        85,717           0       2,572        83,145
 2013                0           0        78,736            0        78,736           0       2,362        76,374
 2014                0           0        73,025            0        73,025           0       2,191        70,834
 2015                0           0        62,497            0        62,497           0       1,875        60,622
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0     1,318,223            0     1,318,223           0      39,547     1,278,676
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0     1,318,223            0     1,318,223           0      39,547     1,278,676

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005          1,800           0     200,000           0       201,800       -106,121      -106,121       -80,921
 2006          7,200           0           0           0         7,200        253,814       147,693       179,957
 2007          7,200           0           0           0         7,200        171,040       318,733       109,575
 2008          7,200           0           0           0         7,200        133,238       451,971        77,211
 2009          7,200           0           0           0         7,200        110,741       562,712        58,070
 2010          7,200           0           0           0         7,200         95,537       658,249        45,337
 2011          7,200           0           0           0         7,200         84,452       742,701        36,272
 2012          7,200           0           0           0         7,200         75,945       818,646        29,523
 2013          7,200           0           0           0         7,200         69,174       887,820        24,340
 2014          7,200           0           0           0         7,200         63,634       951,454        20,267
 2015          6,575           0           0           0         6,575         54,047     1,005,501        15,645
 2016              0           0           0           0             0              0     1,005,501             0
 2017              0           0           0           0             0              0     1,005,501             0

 SUBTOT       73,175           0     200,000           0       273,175      1,005,501                     515,276
 REMAIN            0           0           0           0             0              0     1,005,501             0
 TOTAL        73,175           0     200,000           0       273,175      1,005,501                     515,276

   LIFE OF EVALUATION IS 12.91 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    303
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LOCATION #41   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       176,605
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       134,943
 REMARKS -                                                                                 15.00% -       102,887
                                                                                           20.00% -        78,209
                                                                                           25.00% -        59,205



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005     1             0           0          20               0           0          17.276       0.00     4.22
 2006     1             0           0          46               0           0          40.290       0.00     4.22
 2007     1             0           0          29               0           0          25.282       0.00     4.22
 2008     1             0           0          22               0           0          19.364       0.00     4.22
 2009     1             0           0          11               0           0           9.789       0.00     4.22
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         128               0           0         112.001       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         128               0           0         112.001       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         128

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0        72,904            0        72,904           0       2,187        70,717
 2006                0           0       170,025            0       170,025           0       5,101       164,924
 2007                0           0       106,688            0       106,688           0       3,201       103,487
 2008                0           0        81,715            0        81,715           0       2,451        79,264
 2009                0           0        41,308            0        41,308           0       1,239        40,069
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       472,640            0       472,640           0      14,179       458,461
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       472,640            0       472,640           0      14,179       458,461

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005          1,800           0     200,000           0       201,800       -131,083      -131,083       -99,662
 2006          7,200           0           0           0         7,200        157,724        26,641       111,978
 2007          7,200           0           0           0         7,200         96,287       122,928        61,711
 2008          7,200           0           0           0         7,200         72,064       194,992        41,772
 2009          4,257           0           0           0         4,257         35,812       230,804        19,144
 2010              0           0           0           0             0              0       230,804             0
 2011              0           0           0           0             0              0       230,804             0
 2012              0           0           0           0             0              0       230,804             0
 2013              0           0           0           0             0              0       230,804             0
 2014              0           0           0           0             0              0       230,804             0
 2015              0           0           0           0             0              0       230,804             0
 2016              0           0           0           0             0              0       230,804             0
 2017              0           0           0           0             0              0       230,804             0

 SUBTOT       27,657           0     200,000           0       227,657        230,804                     134,943
 REMAIN            0           0           0           0             0              0       230,804             0
 TOTAL        27,657           0     200,000           0       227,657        230,804                     134,943

   LIFE OF EVALUATION IS 6.59 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    304
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LOCATION #42   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       501,480
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       378,548
 REMARKS -                                                                                 15.00% -       287,925
                                                                                           20.00% -       220,512
                                                                                           25.00% -       169,934



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005     1             0           0          29               0           0          25.738       0.00     4.22
 2006     1             0           0          68               0           0          59.339       0.00     4.22
 2007     1             0           0          43               0           0          37.040       0.00     4.22
 2008     1             0           0          32               0           0          28.325       0.00     4.22
 2009     1             0           0          27               0           0          23.427       0.00     4.22
 2010     1             0           0          23               0           0          20.219       0.00     4.22
 2011     1             0           0          20               0           0          17.925       0.00     4.22
 2012     1             0           0          15               0           0          12.862       0.00     4.22
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         257               0           0         224.875       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         257               0           0         224.875       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         257

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0       108,614            0       108,614           0       3,258       105,356
 2006                0           0       250,412            0       250,412           0       7,513       242,899
 2007                0           0       156,308            0       156,308           0       4,689       151,619
 2008                0           0       119,531            0       119,531           0       3,586       115,945
 2009                0           0        98,864            0        98,864           0       2,966        95,898
 2010                0           0        85,324            0        85,324           0       2,560        82,764
 2011                0           0        75,641            0        75,641           0       2,269        73,372
 2012                0           0        54,278            0        54,278           0       1,628        52,650
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       948,972            0       948,972           0      28,469       920,503
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       948,972            0       948,972           0      28,469       920,503

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005          1,800           0     200,000           0       201,800        -96,444       -96,444       -73,627
 2006          7,200           0           0           0         7,200        235,699       139,255       167,337
 2007          7,200           0           0           0         7,200        144,419       283,674        92,556
 2008          7,200           0           0           0         7,200        108,745       392,419        63,030
 2009          7,200           0           0           0         7,200         88,698       481,117        46,516
 2010          7,200           0           0           0         7,200         75,564       556,681        35,862
 2011          7,200           0           0           0         7,200         66,172       622,853        28,423
 2012          5,665           0           0           0         5,665         46,985       669,838        18,451
 2013              0           0           0           0             0              0       669,838             0
 2014              0           0           0           0             0              0       669,838             0
 2015              0           0           0           0             0              0       669,838             0
 2016              0           0           0           0             0              0       669,838             0
 2017              0           0           0           0             0              0       669,838             0

 SUBTOT       50,665           0     200,000           0       250,665        669,838                     378,548
 REMAIN            0           0           0           0             0              0       669,838             0
 TOTAL        50,665           0     200,000           0       250,665        669,838                     378,548

   LIFE OF EVALUATION IS 9.79 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    305
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LOCATION #43   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       176,605
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       134,943
 REMARKS -                                                                                 15.00% -       102,887
                                                                                           20.00% -        78,209
                                                                                           25.00% -        59,205



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005     1             0           0          20               0           0          17.276       0.00     4.22
 2006     1             0           0          46               0           0          40.290       0.00     4.22
 2007     1             0           0          29               0           0          25.282       0.00     4.22
 2008     1             0           0          22               0           0          19.364       0.00     4.22
 2009     1             0           0          11               0           0           9.789       0.00     4.22
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         128               0           0         112.001       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         128               0           0         112.001       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         128

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0        72,904            0        72,904           0       2,187        70,717
 2006                0           0       170,025            0       170,025           0       5,101       164,924
 2007                0           0       106,688            0       106,688           0       3,201       103,487
 2008                0           0        81,715            0        81,715           0       2,451        79,264
 2009                0           0        41,308            0        41,308           0       1,239        40,069
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       472,640            0       472,640           0      14,179       458,461
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       472,640            0       472,640           0      14,179       458,461

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005          1,800           0     200,000           0       201,800       -131,083      -131,083       -99,662
 2006          7,200           0           0           0         7,200        157,724        26,641       111,978
 2007          7,200           0           0           0         7,200         96,287       122,928        61,711
 2008          7,200           0           0           0         7,200         72,064       194,992        41,772
 2009          4,257           0           0           0         4,257         35,812       230,804        19,144
 2010              0           0           0           0             0              0       230,804             0
 2011              0           0           0           0             0              0       230,804             0
 2012              0           0           0           0             0              0       230,804             0
 2013              0           0           0           0             0              0       230,804             0
 2014              0           0           0           0             0              0       230,804             0
 2015              0           0           0           0             0              0       230,804             0
 2016              0           0           0           0             0              0       230,804             0
 2017              0           0           0           0             0              0       230,804             0

 SUBTOT       27,657           0     200,000           0       227,657        230,804                     134,943
 REMAIN            0           0           0           0             0              0       230,804             0
 TOTAL        27,657           0     200,000           0       227,657        230,804                     134,943

   LIFE OF EVALUATION IS 6.59 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    306
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LOCATION #44   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       176,605
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       134,943
 REMARKS -                                                                                 15.00% -       102,887
                                                                                           20.00% -        78,209
                                                                                           25.00% -        59,205



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005     1             0           0          20               0           0          17.276       0.00     4.22
 2006     1             0           0          46               0           0          40.290       0.00     4.22
 2007     1             0           0          29               0           0          25.282       0.00     4.22
 2008     1             0           0          22               0           0          19.364       0.00     4.22
 2009     1             0           0          11               0           0           9.789       0.00     4.22
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         128               0           0         112.001       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         128               0           0         112.001       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         128

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0        72,904            0        72,904           0       2,187        70,717
 2006                0           0       170,025            0       170,025           0       5,101       164,924
 2007                0           0       106,688            0       106,688           0       3,201       103,487
 2008                0           0        81,715            0        81,715           0       2,451        79,264
 2009                0           0        41,308            0        41,308           0       1,239        40,069
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       472,640            0       472,640           0      14,179       458,461
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       472,640            0       472,640           0      14,179       458,461

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005          1,800           0     200,000           0       201,800       -131,083      -131,083       -99,662
 2006          7,200           0           0           0         7,200        157,724        26,641       111,978
 2007          7,200           0           0           0         7,200         96,287       122,928        61,711
 2008          7,200           0           0           0         7,200         72,064       194,992        41,772
 2009          4,257           0           0           0         4,257         35,812       230,804        19,144
 2010              0           0           0           0             0              0       230,804             0
 2011              0           0           0           0             0              0       230,804             0
 2012              0           0           0           0             0              0       230,804             0
 2013              0           0           0           0             0              0       230,804             0
 2014              0           0           0           0             0              0       230,804             0
 2015              0           0           0           0             0              0       230,804             0
 2016              0           0           0           0             0              0       230,804             0
 2017              0           0           0           0             0              0       230,804             0

 SUBTOT       27,657           0     200,000           0       227,657        230,804                     134,943
 REMAIN            0           0           0           0             0              0       230,804             0
 TOTAL        27,657           0     200,000           0       227,657        230,804                     134,943

   LIFE OF EVALUATION IS 6.59 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    307
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LOCATION #45   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       181,821
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       143,014
 REMARKS -                                                                                 15.00% -       112,235
                                                                                           20.00% -        87,802
                                                                                           25.00% -        68,398



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005     1             0           0          50               0           0          43.775       0.00     4.22
 2006     1             0           0          34               0           0          29.508       0.00     4.22
 2007     1             0           0          24               0           0          21.363       0.00     4.22
 2008     1             0           0          20               0           0          17.230       0.00     4.22
 2009     1             0           0           0               0           0           0.124       0.00     4.22
 2010                   0           0           0               0           0           0.000       0.00     0.00
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         128               0           0         112.000       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         128               0           0         112.000       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         128

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0       184,731            0       184,731           0       5,542       179,189
 2006                0           0       124,524            0       124,524           0       3,736       120,788
 2007                0           0        90,151            0        90,151           0       2,704        87,447
 2008                0           0        72,710            0        72,710           0       2,181        70,529
 2009                0           0           524            0           524           0          16           508
 2010                0           0             0            0             0           0           0             0
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       472,640            0       472,640           0      14,179       458,461
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       472,640            0       472,640           0      14,179       458,461

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005          6,000           0     200,000           0       206,000        -26,811       -26,811       -25,811
 2006          7,200           0           0           0         7,200        113,588        86,777        80,480
 2007          7,200           0           0           0         7,200         80,247       167,024        51,400
 2008          7,200           0           0           0         7,200         63,329       230,353        36,698
 2009             57           0           0           0            57            451       230,804           247
 2010              0           0           0           0             0              0       230,804             0
 2011              0           0           0           0             0              0       230,804             0
 2012              0           0           0           0             0              0       230,804             0
 2013              0           0           0           0             0              0       230,804             0
 2014              0           0           0           0             0              0       230,804             0
 2015              0           0           0           0             0              0       230,804             0
 2016              0           0           0           0             0              0       230,804             0
 2017              0           0           0           0             0              0       230,804             0

 SUBTOT       27,657           0     200,000           0       227,657        230,804                     143,014
 REMAIN            0           0           0           0             0              0       230,804             0
 TOTAL        27,657           0     200,000           0       227,657        230,804                     143,014

   LIFE OF EVALUATION IS 6.01 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    308
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LOCATION #46   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       202,806
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       151,629
 REMARKS -                                                                                 15.00% -       113,268
                                                                                           20.00% -        84,477
                                                                                           25.00% -        62,848



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006     1             0           0          51               0           0          44.947       0.00     4.22
 2007     1             0           0          36               0           0          30.913       0.00     4.22
 2008     1             0           0          25               0           0          22.496       0.00     4.22
 2009     1             0           0          21               0           0          18.185       0.00     4.22
 2010     1             0           0           7               0           0           5.959       0.00     4.22
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         140               0           0         122.500       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         140               0           0         122.500       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         140

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0       189,677            0       189,677           0       5,690       183,987
 2007                0           0       130,454            0       130,454           0       3,914       126,540
 2008                0           0        94,934            0        94,934           0       2,848        92,086
 2009                0           0        76,739            0        76,739           0       2,302        74,437
 2010                0           0        25,146            0        25,146           0         754        24,392
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       516,950            0       516,950           0      15,508       501,442
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       516,950            0       516,950           0      15,508       501,442

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006          6,000           0     200,000           0       206,000        -22,013       -22,013       -20,021
 2007          7,200           0           0           0         7,200        119,340        97,327        76,534
 2008          7,200           0           0           0         7,200         84,886       182,213        49,217
 2009          7,200           0           0           0         7,200         67,237       249,450        35,268
 2010          2,650           0           0           0         2,650         21,742       271,192        10,631
 2011              0           0           0           0             0              0       271,192             0
 2012              0           0           0           0             0              0       271,192             0
 2013              0           0           0           0             0              0       271,192             0
 2014              0           0           0           0             0              0       271,192             0
 2015              0           0           0           0             0              0       271,192             0
 2016              0           0           0           0             0              0       271,192             0
 2017              0           0           0           0             0              0       271,192             0

 SUBTOT       30,250           0     200,000           0       230,250        271,192                     151,629
 REMAIN            0           0           0           0             0              0       271,192             0
 TOTAL        30,250           0     200,000           0       230,250        271,192                     151,629

   LIFE OF EVALUATION IS 7.37 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    309
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LOCATION #47   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       328,722
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       244,289
 REMARKS -                                                                                 15.00% -       182,138
                                                                                           20.00% -       136,173
                                                                                           25.00% -       102,032



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006     1             0           0          59               0           0          51.892       0.00     4.22
 2007     1             0           0          42               0           0          36.429       0.00     4.22
 2008     1             0           0          30               0           0          26.658       0.00     4.22
 2009     1             0           0          25               0           0          21.601       0.00     4.22
 2010     1             0           0          21               0           0          18.422       0.00     4.22
 2011     1             0           0          14               0           0          12.124       0.00     4.22
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         191               0           0         167.126       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         191               0           0         167.126       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         191

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0       218,983            0       218,983           0       6,570       212,413
 2007                0           0       153,730            0       153,730           0       4,611       149,119
 2008                0           0       112,496            0       112,496           0       3,375       109,121
 2009                0           0        91,157            0        91,157           0       2,735        88,422
 2010                0           0        77,739            0        77,739           0       2,332        75,407
 2011                0           0        51,162            0        51,162           0       1,535        49,627
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       705,267            0       705,267           0      21,158       684,109
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       705,267            0       705,267           0      21,158       684,109

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006          6,000           0     200,000           0       206,000          6,413         6,413           -56
 2007          7,200           0           0           0         7,200        141,919       148,332        91,006
 2008          7,200           0           0           0         7,200        101,921       250,253        59,089
 2009          7,200           0           0           0         7,200         81,222       331,475        42,602
 2010          7,200           0           0           0         7,200         68,207       399,682        32,374
 2011          5,308           0           0           0         5,308         44,319       444,001        19,274
 2012              0           0           0           0             0              0       444,001             0
 2013              0           0           0           0             0              0       444,001             0
 2014              0           0           0           0             0              0       444,001             0
 2015              0           0           0           0             0              0       444,001             0
 2016              0           0           0           0             0              0       444,001             0
 2017              0           0           0           0             0              0       444,001             0

 SUBTOT       40,108           0     200,000           0       240,108        444,001                     244,289
 REMAIN            0           0           0           0             0              0       444,001             0
 TOTAL        40,108           0     200,000           0       240,108        444,001                     244,289

   LIFE OF EVALUATION IS 8.74 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    310
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LOCATION #48   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       328,722
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       244,289
 REMARKS -                                                                                 15.00% -       182,138
                                                                                           20.00% -       136,173
                                                                                           25.00% -       102,032



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006     1             0           0          59               0           0          51.892       0.00     4.22
 2007     1             0           0          42               0           0          36.429       0.00     4.22
 2008     1             0           0          30               0           0          26.658       0.00     4.22
 2009     1             0           0          25               0           0          21.601       0.00     4.22
 2010     1             0           0          21               0           0          18.422       0.00     4.22
 2011     1             0           0          14               0           0          12.124       0.00     4.22
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         191               0           0         167.126       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         191               0           0         167.126       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         191

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0       218,983            0       218,983           0       6,570       212,413
 2007                0           0       153,730            0       153,730           0       4,611       149,119
 2008                0           0       112,496            0       112,496           0       3,375       109,121
 2009                0           0        91,157            0        91,157           0       2,735        88,422
 2010                0           0        77,739            0        77,739           0       2,332        75,407
 2011                0           0        51,162            0        51,162           0       1,535        49,627
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       705,267            0       705,267           0      21,158       684,109
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       705,267            0       705,267           0      21,158       684,109

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006          6,000           0     200,000           0       206,000          6,413         6,413           -56
 2007          7,200           0           0           0         7,200        141,919       148,332        91,006
 2008          7,200           0           0           0         7,200        101,921       250,253        59,089
 2009          7,200           0           0           0         7,200         81,222       331,475        42,602
 2010          7,200           0           0           0         7,200         68,207       399,682        32,374
 2011          5,308           0           0           0         5,308         44,319       444,001        19,274
 2012              0           0           0           0             0              0       444,001             0
 2013              0           0           0           0             0              0       444,001             0
 2014              0           0           0           0             0              0       444,001             0
 2015              0           0           0           0             0              0       444,001             0
 2016              0           0           0           0             0              0       444,001             0
 2017              0           0           0           0             0              0       444,001             0

 SUBTOT       40,108           0     200,000           0       240,108        444,001                     244,289
 REMAIN            0           0           0           0             0              0       444,001             0
 TOTAL        40,108           0     200,000           0       240,108        444,001                     244,289

   LIFE OF EVALUATION IS 8.74 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    311
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LOCATION #49   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       172,972
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       129,458
 REMARKS -                                                                                 15.00% -        96,691
                                                                                           20.00% -        72,005
                                                                                           25.00% -        53,406



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006     1             0           0          50               0           0          43.775       0.00     4.22
 2007     1             0           0          34               0           0          29.508       0.00     4.22
 2008     1             0           0          24               0           0          21.363       0.00     4.22
 2009     1             0           0          20               0           0          17.230       0.00     4.22
 2010     1             0           0           0               0           0           0.124       0.00     4.22
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         128               0           0         112.000       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         128               0           0         112.000       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         128

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0       184,731            0       184,731           0       5,542       179,189
 2007                0           0       124,524            0       124,524           0       3,736       120,788
 2008                0           0        90,151            0        90,151           0       2,704        87,447
 2009                0           0        72,710            0        72,710           0       2,181        70,529
 2010                0           0           524            0           524           0          16           508
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       472,640            0       472,640           0      14,179       458,461
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       472,640            0       472,640           0      14,179       458,461

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006          6,000           0     200,000           0       206,000        -26,811       -26,811       -23,365
 2007          7,200           0           0           0         7,200        113,588        86,777        72,852
 2008          7,200           0           0           0         7,200         80,247       167,024        46,528
 2009          7,200           0           0           0         7,200         63,329       230,353        33,219
 2010             57           0           0           0            57            451       230,804           224
 2011              0           0           0           0             0              0       230,804             0
 2012              0           0           0           0             0              0       230,804             0
 2013              0           0           0           0             0              0       230,804             0
 2014              0           0           0           0             0              0       230,804             0
 2015              0           0           0           0             0              0       230,804             0
 2016              0           0           0           0             0              0       230,804             0
 2017              0           0           0           0             0              0       230,804             0

 SUBTOT       27,657           0     200,000           0       227,657        230,804                     129,458
 REMAIN            0           0           0           0             0              0       230,804             0
 TOTAL        27,657           0     200,000           0       227,657        230,804                     129,458

   LIFE OF EVALUATION IS 7.01 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    312
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LOCATION #50   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       325,945
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       239,701
 REMARKS -                                                                                 15.00% -       176,895
                                                                                           20.00% -       130,943
                                                                                           25.00% -        97,176



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006     1             0           0          43               0           0          37.562       0.00     4.22
 2007     1             0           0          49               0           0          42.963       0.00     4.22
 2008     1             0           0          33               0           0          29.044       0.00     4.22
 2009     1             0           0          26               0           0          22.800       0.00     4.22
 2010     1             0           0          22               0           0          19.110       0.00     4.22
 2011     1             0           0          18               0           0          15.646       0.00     4.22
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         191               0           0         167.125       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         191               0           0         167.125       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         191

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0       158,511            0       158,511           0       4,755       153,756
 2007                0           0       181,305            0       181,305           0       5,439       175,866
 2008                0           0       122,566            0       122,566           0       3,677       118,889
 2009                0           0        96,216            0        96,216           0       2,887        93,329
 2010                0           0        80,645            0        80,645           0       2,419        78,226
 2011                0           0        66,024            0        66,024           0       1,981        64,043
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       705,267            0       705,267           0      21,158       684,109
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       705,267            0       705,267           0      21,158       684,109

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006          3,600           0     200,000           0       203,600        -49,844       -49,844       -36,931
 2007          7,200           0           0           0         7,200        168,666       118,822       108,273
 2008          7,200           0           0           0         7,200        111,689       230,511        64,776
 2009          7,200           0           0           0         7,200         86,129       316,640        45,184
 2010          7,200           0           0           0         7,200         71,026       387,666        33,716
 2011          6,750           0           0           0         6,750         57,293       444,959        24,683
 2012              0           0           0           0             0              0       444,959             0
 2013              0           0           0           0             0              0       444,959             0
 2014              0           0           0           0             0              0       444,959             0
 2015              0           0           0           0             0              0       444,959             0
 2016              0           0           0           0             0              0       444,959             0
 2017              0           0           0           0             0              0       444,959             0

 SUBTOT       39,150           0     200,000           0       239,150        444,959                     239,701
 REMAIN            0           0           0           0             0              0       444,959             0
 TOTAL        39,150           0     200,000           0       239,150        444,959                     239,701

   LIFE OF EVALUATION IS 8.94 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    313
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LOCATION #51   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       170,118
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       125,231
 REMARKS -                                                                                 15.00% -        92,004
                                                                                           20.00% -        67,398
                                                                                           25.00% -        49,178



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006     1             0           0          34               0           0          30.136       0.00     4.22
 2007     1             0           0          40               0           0          34.571       0.00     4.22
 2008     1             0           0          27               0           0          23.394       0.00     4.22
 2009     1             0           0          21               0           0          18.372       0.00     4.22
 2010     1             0           0           6               0           0           5.527       0.00     4.22
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         128               0           0         112.000       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         128               0           0         112.000       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         128

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0       127,173            0       127,173           0       3,815       123,358
 2007                0           0       145,889            0       145,889           0       4,377       141,512
 2008                0           0        98,724            0        98,724           0       2,962        95,762
 2009                0           0        77,529            0        77,529           0       2,325        75,204
 2010                0           0        23,325            0        23,325           0         700        22,625
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       472,640            0       472,640           0      14,179       458,461
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       472,640            0       472,640           0      14,179       458,461


</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006          3,600           0     200,000           0       203,600        -80,242       -80,242       -57,909
 2007          7,200           0           0           0         7,200        134,312        54,070        86,222
 2008          7,200           0           0           0         7,200         88,562       142,632        51,365
 2009          7,200           0           0           0         7,200         68,004       210,636        35,677
 2010          2,457           0           0           0         2,457         20,168       230,804         9,876
 2011              0           0           0           0             0              0       230,804             0
 2012              0           0           0           0             0              0       230,804             0
 2013              0           0           0           0             0              0       230,804             0
 2014              0           0           0           0             0              0       230,804             0
 2015              0           0           0           0             0              0       230,804             0
 2016              0           0           0           0             0              0       230,804             0
 2017              0           0           0           0             0              0       230,804             0

 SUBTOT       27,657           0     200,000           0       227,657        230,804                     125,231
 REMAIN            0           0           0           0             0              0       230,804             0
 TOTAL        27,657           0     200,000           0       227,657        230,804                     125,231

   LIFE OF EVALUATION IS 7.34 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    314
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LOCATION #53   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       170,118
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       125,231
 REMARKS -                                                                                 15.00% -        92,004
                                                                                           20.00% -        67,398
                                                                                           25.00% -        49,178



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006     1             0           0          34               0           0          30.136       0.00     4.22
 2007     1             0           0          40               0           0          34.571       0.00     4.22
 2008     1             0           0          27               0           0          23.394       0.00     4.22
 2009     1             0           0          21               0           0          18.372       0.00     4.22
 2010     1             0           0           6               0           0           5.527       0.00     4.22
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         128               0           0         112.000       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         128               0           0         112.000       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         128

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0       127,173            0       127,173           0       3,815       123,358
 2007                0           0       145,889            0       145,889           0       4,377       141,512
 2008                0           0        98,724            0        98,724           0       2,962        95,762
 2009                0           0        77,529            0        77,529           0       2,325        75,204
 2010                0           0        23,325            0        23,325           0         700        22,625
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       472,640            0       472,640           0      14,179       458,461
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       472,640            0       472,640           0      14,179       458,461

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006          3,600           0     200,000           0       203,600        -80,242       -80,242       -57,909
 2007          7,200           0           0           0         7,200        134,312        54,070        86,222
 2008          7,200           0           0           0         7,200         88,562       142,632        51,365
 2009          7,200           0           0           0         7,200         68,004       210,636        35,677
 2010          2,457           0           0           0         2,457         20,168       230,804         9,876
 2011              0           0           0           0             0              0       230,804             0
 2012              0           0           0           0             0              0       230,804             0
 2013              0           0           0           0             0              0       230,804             0
 2014              0           0           0           0             0              0       230,804             0
 2015              0           0           0           0             0              0       230,804             0
 2016              0           0           0           0             0              0       230,804             0
 2017              0           0           0           0             0              0       230,804             0

 SUBTOT       27,657           0     200,000           0       227,657        230,804                     125,231
 REMAIN            0           0           0           0             0              0       230,804             0
 TOTAL        27,657           0     200,000           0       227,657        230,804                     125,231

   LIFE OF EVALUATION IS 7.34 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    315
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          POSSIBLE
     LOCATION #54   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       340,687
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       261,377
 REMARKS -                                                                                 15.00% -       201,223
                                                                                           20.00% -       155,385
                                                                                           25.00% -       120,304



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005     1             0           0          26               0           0          23.030       0.00     4.22
 2006     1             0           0          59               0           0          51.068       0.00     4.22
 2007     1             0           0          36               0           0          31.342       0.00     4.22
 2008     1             0           0          27               0           0          23.851       0.00     4.22
 2009     1             0           0          22               0           0          19.680       0.00     4.22
 2010     1             0           0          20               0           0          16.960       0.00     4.22
 2011     1             0           0           1               0           0           1.194       0.00     4.22
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         191               0           0         167.125       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         191               0           0         167.125       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         191

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0        97,185            0        97,185           0       2,916        94,269
 2006                0           0       215,508            0       215,508           0       6,465       209,043
 2007                0           0       132,265            0       132,265           0       3,968       128,297
 2008                0           0       100,649            0       100,649           0       3,019        97,630
 2009                0           0        83,048            0        83,048           0       2,492        80,556
 2010                0           0        71,572            0        71,572           0       2,147        69,425
 2011                0           0         5,040            0         5,040           0         151         4,889
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       705,267            0       705,267           0      21,158       684,109
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       705,267            0       705,267           0      21,158       684,109

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005          1,800           0     200,000           0       201,800       -107,531      -107,531       -81,955
 2006          7,200           0           0           0         7,200        201,843        94,312       143,343
 2007          7,200           0           0           0         7,200        121,097       215,409        77,617
 2008          7,200           0           0           0         7,200         90,430       305,839        52,417
 2009          7,200           0           0           0         7,200         73,356       379,195        38,472
 2010          7,200           0           0           0         7,200         62,225       441,420        29,532
 2011            544           0           0           0           544          4,345       445,765         1,951
 2012              0           0           0           0             0              0       445,765             0
 2013              0           0           0           0             0              0       445,765             0
 2014              0           0           0           0             0              0       445,765             0
 2015              0           0           0           0             0              0       445,765             0
 2016              0           0           0           0             0              0       445,765             0
 2017              0           0           0           0             0              0       445,765             0

 SUBTOT       38,344           0     200,000           0       238,344        445,765                     261,377
 REMAIN            0           0           0           0             0              0       445,765             0
 TOTAL        38,344           0     200,000           0       238,344        445,765                     261,377

   LIFE OF EVALUATION IS 8.08 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    316
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          POSSIBLE
     LOCATION #55   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       340,687
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       261,377
 REMARKS -                                                                                 15.00% -       201,223
                                                                                           20.00% -       155,385
                                                                                           25.00% -       120,304



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005     1             0           0          26               0           0          23.030       0.00     4.22
 2006     1             0           0          59               0           0          51.068       0.00     4.22
 2007     1             0           0          36               0           0          31.342       0.00     4.22
 2008     1             0           0          27               0           0          23.851       0.00     4.22
 2009     1             0           0          22               0           0          19.680       0.00     4.22
 2010     1             0           0          20               0           0          16.960       0.00     4.22
 2011     1             0           0           1               0           0           1.194       0.00     4.22
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         191               0           0         167.125       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         191               0           0         167.125       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         191

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0        97,185            0        97,185           0       2,916        94,269
 2006                0           0       215,508            0       215,508           0       6,465       209,043
 2007                0           0       132,265            0       132,265           0       3,968       128,297
 2008                0           0       100,649            0       100,649           0       3,019        97,630
 2009                0           0        83,048            0        83,048           0       2,492        80,556
 2010                0           0        71,572            0        71,572           0       2,147        69,425
 2011                0           0         5,040            0         5,040           0         151         4,889
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       705,267            0       705,267           0      21,158       684,109
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       705,267            0       705,267           0      21,158       684,109

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005          1,800           0     200,000           0       201,800       -107,531      -107,531       -81,955
 2006          7,200           0           0           0         7,200        201,843        94,312       143,343
 2007          7,200           0           0           0         7,200        121,097       215,409        77,617
 2008          7,200           0           0           0         7,200         90,430       305,839        52,417
 2009          7,200           0           0           0         7,200         73,356       379,195        38,472
 2010          7,200           0           0           0         7,200         62,225       441,420        29,532
 2011            544           0           0           0           544          4,345       445,765         1,951
 2012              0           0           0           0             0              0       445,765             0
 2013              0           0           0           0             0              0       445,765             0
 2014              0           0           0           0             0              0       445,765             0
 2015              0           0           0           0             0              0       445,765             0
 2016              0           0           0           0             0              0       445,765             0
 2017              0           0           0           0             0              0       445,765             0

 SUBTOT       38,344           0     200,000           0       238,344        445,765                     261,377
 REMAIN            0           0           0           0             0              0       445,765             0
 TOTAL        38,344           0     200,000           0       238,344        445,765                     261,377

   LIFE OF EVALUATION IS 8.08 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    317
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          POSSIBLE
     LOCATION #56   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       333,677
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       250,753
 REMARKS -                                                                                 15.00% -       189,104
                                                                                           20.00% -       143,059
                                                                                           25.00% -       108,519



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006     1             0           0          65               0           0          56.839       0.00     4.22
 2007     1             0           0          42               0           0          36.777       0.00     4.22
 2008     1             0           0          30               0           0          26.367       0.00     4.22
 2009     1             0           0          24               0           0          21.179       0.00     4.22
 2010     1             0           0          21               0           0          17.972       0.00     4.22
 2011     1             0           0           9               0           0           7.990       0.00     4.22
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         191               0           0         167.124       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         191               0           0         167.124       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         191

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0       239,861            0       239,861           0       7,196       232,665
 2007                0           0       155,201            0       155,201           0       4,656       150,545
 2008                0           0       111,270            0       111,270           0       3,338       107,932
 2009                0           0        89,374            0        89,374           0       2,681        86,693
 2010                0           0        75,843            0        75,843           0       2,275        73,568
 2011                0           0        33,718            0        33,718           0       1,012        32,706
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       705,267            0       705,267           0      21,158       684,109
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       705,267            0       705,267           0      21,158       684,109

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006          6,000           0     200,000           0       206,000         26,665        26,665        14,370
 2007          7,200           0           0           0         7,200        143,345       170,010        91,945
 2008          7,200           0           0           0         7,200        100,732       270,742        58,406
 2009          7,200           0           0           0         7,200         79,493       350,235        41,698
 2010          7,200           0           0           0         7,200         66,368       416,603        31,502
 2011          3,544           0           0           0         3,544         29,162       445,765        12,832
 2012              0           0           0           0             0              0       445,765             0
 2013              0           0           0           0             0              0       445,765             0
 2014              0           0           0           0             0              0       445,765             0
 2015              0           0           0           0             0              0       445,765             0
 2016              0           0           0           0             0              0       445,765             0
 2017              0           0           0           0             0              0       445,765             0

 SUBTOT       38,344           0     200,000           0       238,344        445,765                     250,753
 REMAIN            0           0           0           0             0              0       445,765             0
 TOTAL        38,344           0     200,000           0       238,344        445,765                     250,753

   LIFE OF EVALUATION IS 8.49 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    318
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          POSSIBLE
     LOCATION #57   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       627,145
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       454,784
 REMARKS -                                                                                 15.00% -       333,752
                                                                                           20.00% -       247,559
                                                                                           25.00% -       185,369



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006     1             0           0          79               0           0          68.994       0.00     4.22
 2007     1             0           0          55               0           0          48.324       0.00     4.22
 2008     1             0           0          40               0           0          35.340       0.00     4.22
 2009     1             0           0          33               0           0          28.629       0.00     4.22
 2010     1             0           0          28               0           0          24.411       0.00     4.22
 2011     1             0           0          25               0           0          21.470       0.00     4.22
 2012     1             0           0          22               0           0          19.281       0.00     4.22
 2013     1             0           0          20               0           0          17.577       0.00     4.22
 2014     1             0           0          16               0           0          14.226       0.00     4.22
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         318               0           0         278.252       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         318               0           0         278.252       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         318

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0       291,153            0       291,153           0       8,735       282,418
 2007                0           0       203,927            0       203,927           0       6,117       197,810
 2008                0           0       149,135            0       149,135           0       4,474       144,661
 2009                0           0       120,813            0       120,813           0       3,625       117,188
 2010                0           0       103,012            0       103,012           0       3,090        99,922
 2011                0           0        90,602            0        90,602           0       2,718        87,884
 2012                0           0        81,366            0        81,366           0       2,441        78,925
 2013                0           0        74,174            0        74,174           0       2,225        71,949
 2014                0           0        60,033            0        60,033           0       1,801        58,232
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0     1,174,215            0     1,174,215           0      35,226     1,138,989
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0     1,174,215            0     1,174,215           0      35,226     1,138,989

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006          6,000           0     200,000           0       206,000         76,418        76,418        49,203
 2007          7,200           0           0           0         7,200        190,610       267,028       122,224
 2008          7,200           0           0           0         7,200        137,461       404,489        79,692
 2009          7,200           0           0           0         7,200        109,988       514,477        57,688
 2010          7,200           0           0           0         7,200         92,722       607,199        44,008
 2011          7,200           0           0           0         7,200         80,684       687,883        34,658
 2012          7,200           0           0           0         7,200         71,725       759,608        27,884
 2013          7,200           0           0           0         7,200         64,749       824,357        22,785
 2014          6,291           0           0           0         6,291         51,941       876,298        16,642
 2015              0           0           0           0             0              0       876,298             0
 2016              0           0           0           0             0              0       876,298             0
 2017              0           0           0           0             0              0       876,298             0

 SUBTOT       62,691           0     200,000           0       262,691        876,298                     454,784
 REMAIN            0           0           0           0             0              0       876,298             0
 TOTAL        62,691           0     200,000           0       262,691        876,298                     454,784

   LIFE OF EVALUATION IS 11.87 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    319
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          POSSIBLE
     LOCATION #58   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       333,677
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       250,753
 REMARKS -                                                                                 15.00% -       189,104
                                                                                           20.00% -       143,059
                                                                                           25.00% -       108,519



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006     1             0           0          65               0           0          56.839       0.00     4.22
 2007     1             0           0          42               0           0          36.777       0.00     4.22
 2008     1             0           0          30               0           0          26.367       0.00     4.22
 2009     1             0           0          24               0           0          21.179       0.00     4.22
 2010     1             0           0          21               0           0          17.972       0.00     4.22
 2011     1             0           0           9               0           0           7.990       0.00     4.22
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         191               0           0         167.124       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         191               0           0         167.124       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         191

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0       239,861            0       239,861           0       7,196       232,665
 2007                0           0       155,201            0       155,201           0       4,656       150,545
 2008                0           0       111,270            0       111,270           0       3,338       107,932
 2009                0           0        89,374            0        89,374           0       2,681        86,693
 2010                0           0        75,843            0        75,843           0       2,275        73,568
 2011                0           0        33,718            0        33,718           0       1,012        32,706
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       705,267            0       705,267           0      21,158       684,109
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       705,267            0       705,267           0      21,158       684,109

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006          6,000           0     200,000           0       206,000         26,665        26,665        14,370
 2007          7,200           0           0           0         7,200        143,345       170,010        91,945
 2008          7,200           0           0           0         7,200        100,732       270,742        58,406
 2009          7,200           0           0           0         7,200         79,493       350,235        41,698
 2010          7,200           0           0           0         7,200         66,368       416,603        31,502
 2011          3,544           0           0           0         3,544         29,162       445,765        12,832
 2012              0           0           0           0             0              0       445,765             0
 2013              0           0           0           0             0              0       445,765             0
 2014              0           0           0           0             0              0       445,765             0
 2015              0           0           0           0             0              0       445,765             0
 2016              0           0           0           0             0              0       445,765             0
 2017              0           0           0           0             0              0       445,765             0

 SUBTOT       38,344           0     200,000           0       238,344        445,765                     250,753
 REMAIN            0           0           0           0             0              0       445,765             0
 TOTAL        38,344           0     200,000           0       238,344        445,765                     250,753

   LIFE OF EVALUATION IS 8.49 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    320
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          POSSIBLE
     LOCATION #59   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       483,484
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       355,974
 REMARKS -                                                                                 15.00% -       264,096
                                                                                           20.00% -       197,288
                                                                                           25.00% -       148,295



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006     1             0           0          71               0           0          62.078       0.00     4.22
 2007     1             0           0          49               0           0          42.843       0.00     4.22
 2008     1             0           0          36               0           0          31.206       0.00     4.22
 2009     1             0           0          28               0           0          25.236       0.00     4.22
 2010     1             0           0          25               0           0          21.496       0.00     4.22
 2011     1             0           0          22               0           0          18.894       0.00     4.22
 2012     1             0           0          19               0           0          16.960       0.00     4.22
 2013     1             0           0           5               0           0           4.412       0.00     4.22
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         255               0           0         223.125       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         255               0           0         223.125       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         255

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0       261,968            0       261,968           0       7,859       254,109
 2007                0           0       180,798            0       180,798           0       5,424       175,374
 2008                0           0       131,691            0       131,691           0       3,951       127,740
 2009                0           0       106,494            0       106,494           0       3,195       103,299
 2010                0           0        90,713            0        90,713           0       2,721        87,992
 2011                0           0        79,734            0        79,734           0       2,392        77,342
 2012                0           0        71,572            0        71,572           0       2,147        69,425
 2013                0           0        18,617            0        18,617           0         559        18,058
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       941,587            0       941,587           0      28,248       913,339
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       941,587            0       941,587           0      28,248       913,339

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006          6,000           0     200,000           0       206,000         48,109        48,109        29,319
 2007          7,200           0           0           0         7,200        168,174       216,283       107,845
 2008          7,200           0           0           0         7,200        120,540       336,823        69,884
 2009          7,200           0           0           0         7,200         96,099       432,922        50,405
 2010          7,200           0           0           0         7,200         80,792       513,714        38,347
 2011          7,200           0           0           0         7,200         70,142       583,856        30,130
 2012          7,200           0           0           0         7,200         62,225       646,081        24,192
 2013          1,992           0           0           0         1,992         16,066       662,147         5,852
 2014              0           0           0           0             0              0       662,147             0
 2015              0           0           0           0             0              0       662,147             0
 2016              0           0           0           0             0              0       662,147             0
 2017              0           0           0           0             0              0       662,147             0

 SUBTOT       51,192           0     200,000           0       251,192        662,147                     355,974
 REMAIN            0           0           0           0             0              0       662,147             0
 TOTAL        51,192           0     200,000           0       251,192        662,147                     355,974

   LIFE OF EVALUATION IS 10.28 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    321
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          POSSIBLE
     LOCATION #60   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       483,484
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       355,974
 REMARKS -                                                                                 15.00% -       264,096
                                                                                           20.00% -       197,288
                                                                                           25.00% -       148,295



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006     1             0           0          71               0           0          62.078       0.00     4.22
 2007     1             0           0          49               0           0          42.843       0.00     4.22
 2008     1             0           0          36               0           0          31.206       0.00     4.22
 2009     1             0           0          28               0           0          25.236       0.00     4.22
 2010     1             0           0          25               0           0          21.496       0.00     4.22
 2011     1             0           0          22               0           0          18.894       0.00     4.22
 2012     1             0           0          19               0           0          16.960       0.00     4.22
 2013     1             0           0           5               0           0           4.412       0.00     4.22
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         255               0           0         223.125       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         255               0           0         223.125       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         255

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0       261,968            0       261,968           0       7,859       254,109
 2007                0           0       180,798            0       180,798           0       5,424       175,374
 2008                0           0       131,691            0       131,691           0       3,951       127,740
 2009                0           0       106,494            0       106,494           0       3,195       103,299
 2010                0           0        90,713            0        90,713           0       2,721        87,992
 2011                0           0        79,734            0        79,734           0       2,392        77,342
 2012                0           0        71,572            0        71,572           0       2,147        69,425
 2013                0           0        18,617            0        18,617           0         559        18,058
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       941,587            0       941,587           0      28,248       913,339
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       941,587            0       941,587           0      28,248       913,339

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006          6,000           0     200,000           0       206,000         48,109        48,109        29,319
 2007          7,200           0           0           0         7,200        168,174       216,283       107,845
 2008          7,200           0           0           0         7,200        120,540       336,823        69,884
 2009          7,200           0           0           0         7,200         96,099       432,922        50,405
 2010          7,200           0           0           0         7,200         80,792       513,714        38,347
 2011          7,200           0           0           0         7,200         70,142       583,856        30,130
 2012          7,200           0           0           0         7,200         62,225       646,081        24,192
 2013          1,992           0           0           0         1,992         16,066       662,147         5,852
 2014              0           0           0           0             0              0       662,147             0
 2015              0           0           0           0             0              0       662,147             0
 2016              0           0           0           0             0              0       662,147             0
 2017              0           0           0           0             0              0       662,147             0

 SUBTOT       51,192           0     200,000           0       251,192        662,147                     355,974
 REMAIN            0           0           0           0             0              0       662,147             0
 TOTAL        51,192           0     200,000           0       251,192        662,147                     355,974

   LIFE OF EVALUATION IS 10.28 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    322
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          POSSIBLE
     LOCATION #61   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       320,098
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       232,228
 REMARKS -                                                                                 15.00% -       169,003
                                                                                           20.00% -       123,299
                                                                                           25.00% -        90,118



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006     1             0           0          38               0           0          32.831       0.00     4.22
 2007     1             0           0          47               0           0          41.491       0.00     4.22
 2008     1             0           0          33               0           0          29.143       0.00     4.22
 2009     1             0           0          27               0           0          23.213       0.00     4.22
 2010     1             0           0          22               0           0          19.608       0.00     4.22
 2011     1             0           0          20               0           0          17.142       0.00     4.22
 2012     1             0           0           4               0           0           3.697       0.00     4.22
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         191               0           0         167.125       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         191               0           0         167.125       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         191

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0       138,547            0       138,547           0       4,156       134,391
 2007                0           0       175,092            0       175,092           0       5,253       169,839
 2008                0           0       122,983            0       122,983           0       3,690       119,293
 2009                0           0        97,957            0        97,957           0       2,938        95,019
 2010                0           0        82,745            0        82,745           0       2,483        80,262
 2011                0           0        72,341            0        72,341           0       2,170        70,171
 2012                0           0        15,603            0        15,603           0         468        15,135
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       705,268            0       705,268           0      21,158       684,110
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       705,268            0       705,268           0      21,158       684,110

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006          3,600           0     200,000           0       203,600        -69,209       -69,209       -50,348
 2007          7,200           0           0           0         7,200        162,639        93,430       104,347
 2008          7,200           0           0           0         7,200        112,093       205,523        65,000
 2009          7,200           0           0           0         7,200         87,819       293,342        46,066
 2010          7,200           0           0           0         7,200         73,062       366,404        34,680
 2011          7,200           0           0           0         7,200         62,971       429,375        27,051
 2012          1,669           0           0           0         1,669         13,466       442,841         5,432
 2013              0           0           0           0             0              0       442,841             0
 2014              0           0           0           0             0              0       442,841             0
 2015              0           0           0           0             0              0       442,841             0
 2016              0           0           0           0             0              0       442,841             0
 2017              0           0           0           0             0              0       442,841             0

 SUBTOT       41,269           0     200,000           0       241,269        442,841                     232,228
 REMAIN            0           0           0           0             0              0       442,841             0
 TOTAL        41,269           0     200,000           0       241,269        442,841                     232,228

   LIFE OF EVALUATION IS 9.23 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    323
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          POSSIBLE
     LOCATION #62   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       170,118
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       125,231
 REMARKS -                                                                                 15.00% -        92,004
                                                                                           20.00% -        67,398
                                                                                           25.00% -        49,178



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006     1             0           0          34               0           0          30.136       0.00     4.22
 2007     1             0           0          40               0           0          34.571       0.00     4.22
 2008     1             0           0          27               0           0          23.394       0.00     4.22
 2009     1             0           0          21               0           0          18.372       0.00     4.22
 2010     1             0           0           6               0           0           5.527       0.00     4.22
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         128               0           0         112.000       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         128               0           0         112.000       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         128

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0       127,173            0       127,173           0       3,815       123,358
 2007                0           0       145,889            0       145,889           0       4,377       141,512
 2008                0           0        98,724            0        98,724           0       2,962        95,762
 2009                0           0        77,529            0        77,529           0       2,325        75,204
 2010                0           0        23,325            0        23,325           0         700        22,625
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       472,640            0       472,640           0      14,179       458,461
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       472,640            0       472,640           0      14,179       458,461

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006          3,600           0     200,000           0       203,600        -80,242       -80,242       -57,909
 2007          7,200           0           0           0         7,200        134,312        54,070        86,222
 2008          7,200           0           0           0         7,200         88,562       142,632        51,365
 2009          7,200           0           0           0         7,200         68,004       210,636        35,677
 2010          2,457           0           0           0         2,457         20,168       230,804         9,876
 2011              0           0           0           0             0              0       230,804             0
 2012              0           0           0           0             0              0       230,804             0
 2013              0           0           0           0             0              0       230,804             0
 2014              0           0           0           0             0              0       230,804             0
 2015              0           0           0           0             0              0       230,804             0
 2016              0           0           0           0             0              0       230,804             0
 2017              0           0           0           0             0              0       230,804             0

 SUBTOT       27,657           0     200,000           0       227,657        230,804                     125,231
 REMAIN            0           0           0           0             0              0       230,804             0
 TOTAL        27,657           0     200,000           0       227,657        230,804                     125,231

   LIFE OF EVALUATION IS 7.34 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    324
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          POSSIBLE
     LOCATION #63   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       167,655
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       123,418
 REMARKS -                                                                                 15.00% -        90,663
                                                                                           20.00% -        66,400
                                                                                           25.00% -        48,430



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006     1             0           0          34               0           0          30.079       0.00     4.22
 2007     1             0           0          40               0           0          34.440       0.00     4.22
 2008     1             0           0          26               0           0          23.290       0.00     4.22
 2009     1             0           0          21               0           0          18.286       0.00     4.22
 2010     1             0           0           6               0           0           5.029       0.00     4.22
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         127               0           0         111.124       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         127               0           0         111.124       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         127

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0       126,935            0       126,935           0       3,808       123,127
 2007                0           0       145,337            0       145,337           0       4,360       140,977
 2008                0           0        98,286            0        98,286           0       2,949        95,337
 2009                0           0        77,165            0        77,165           0       2,315        74,850
 2010                0           0        21,224            0        21,224           0         636        20,588
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       468,947            0       468,947           0      14,068       454,879
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       468,947            0       468,947           0      14,068       454,879

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006          3,600           0     200,000           0       203,600        -80,473       -80,473       -58,068
 2007          7,200           0           0           0         7,200        133,777        53,304        85,880
 2008          7,200           0           0           0         7,200         88,137       141,441        51,119
 2009          7,200           0           0           0         7,200         67,650       209,091        35,491
 2010          2,241           0           0           0         2,241         18,347       227,438         8,996
 2011              0           0           0           0             0              0       227,438             0
 2012              0           0           0           0             0              0       227,438             0
 2013              0           0           0           0             0              0       227,438             0
 2014              0           0           0           0             0              0       227,438             0
 2015              0           0           0           0             0              0       227,438             0
 2016              0           0           0           0             0              0       227,438             0
 2017              0           0           0           0             0              0       227,438             0

 SUBTOT       27,441           0     200,000           0       227,441        227,438                     123,418
 REMAIN            0           0           0           0             0              0       227,438             0
 TOTAL        27,441           0     200,000           0       227,441        227,438                     123,418

   LIFE OF EVALUATION IS 7.31 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    325
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          POSSIBLE
     LOCATION #65   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       167,655
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       123,418
 REMARKS -                                                                                 15.00% -        90,663
                                                                                           20.00% -        66,400
                                                                                           25.00% -        48,430



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006     1             0           0          34               0           0          30.079       0.00     4.22
 2007     1             0           0          40               0           0          34.440       0.00     4.22
 2008     1             0           0          26               0           0          23.290       0.00     4.22
 2009     1             0           0          21               0           0          18.286       0.00     4.22
 2010     1             0           0           6               0           0           5.029       0.00     4.22
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         127               0           0         111.124       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         127               0           0         111.124       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         127

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0       126,935            0       126,935           0       3,808       123,127
 2007                0           0       145,337            0       145,337           0       4,360       140,977
 2008                0           0        98,286            0        98,286           0       2,949        95,337
 2009                0           0        77,165            0        77,165           0       2,315        74,850
 2010                0           0        21,224            0        21,224           0         636        20,588
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       468,947            0       468,947           0      14,068       454,879
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       468,947            0       468,947           0      14,068       454,879

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006          3,600           0     200,000           0       203,600        -80,473       -80,473       -58,068
 2007          7,200           0           0           0         7,200        133,777        53,304        85,880
 2008          7,200           0           0           0         7,200         88,137       141,441        51,119
 2009          7,200           0           0           0         7,200         67,650       209,091        35,491
 2010          2,241           0           0           0         2,241         18,347       227,438         8,996
 2011              0           0           0           0             0              0       227,438             0
 2012              0           0           0           0             0              0       227,438             0
 2013              0           0           0           0             0              0       227,438             0
 2014              0           0           0           0             0              0       227,438             0
 2015              0           0           0           0             0              0       227,438             0
 2016              0           0           0           0             0              0       227,438             0
 2017              0           0           0           0             0              0       227,438             0

 SUBTOT       27,441           0     200,000           0       227,441        227,438                     123,418
 REMAIN            0           0           0           0             0              0       227,438             0
 TOTAL        27,441           0     200,000           0       227,441        227,438                     123,418

   LIFE OF EVALUATION IS 7.31 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    326
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          POSSIBLE
     LOCATION #67   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       165,577
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       120,384
 REMARKS -                                                                                 15.00% -        87,346
                                                                                           20.00% -        63,188
                                                                                           25.00% -        45,525



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006     1             0           0          20               0           0          17.254       0.00     4.22
 2007     1             0           0          46               0           0          40.155       0.00     4.22
 2008     1             0           0          28               0           0          25.172       0.00     4.22
 2009     1             0           0          22               0           0          19.274       0.00     4.22
 2010     1             0           0          11               0           0           9.271       0.00     4.22
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         127               0           0         111.126       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         127               0           0         111.126       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         127

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0        72,813            0        72,813           0       2,184        70,629
 2007                0           0       169,452            0       169,452           0       5,084       164,368
 2008                0           0       106,225            0       106,225           0       3,187       103,038
 2009                0           0        81,336            0        81,336           0       2,440        78,896
 2010                0           0        39,121            0        39,121           0       1,173        37,948
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       468,947            0       468,947           0      14,068       454,879
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       468,947            0       468,947           0      14,068       454,879

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006          1,800           0     200,000           0       201,800       -131,171      -131,171       -90,275
 2007          7,200           0           0           0         7,200        157,168        25,997       101,008
 2008          7,200           0           0           0         7,200         95,838       121,835        55,602
 2009          7,200           0           0           0         7,200         71,696       193,531        37,619
 2010          4,041           0           0           0         4,041         33,907       227,438        16,430
 2011              0           0           0           0             0              0       227,438             0
 2012              0           0           0           0             0              0       227,438             0
 2013              0           0           0           0             0              0       227,438             0
 2014              0           0           0           0             0              0       227,438             0
 2015              0           0           0           0             0              0       227,438             0
 2016              0           0           0           0             0              0       227,438             0
 2017              0           0           0           0             0              0       227,438             0

 SUBTOT       27,441           0     200,000           0       227,441        227,438                     120,384
 REMAIN            0           0           0           0             0              0       227,438             0
 TOTAL        27,441           0     200,000           0       227,441        227,438                     120,384

   LIFE OF EVALUATION IS 7.56 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    327
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LOCATION #68   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       165,577
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       120,384
 REMARKS -                                                                                 15.00% -        87,346
                                                                                           20.00% -        63,188
                                                                                           25.00% -        45,525



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006     1             0           0          20               0           0          17.254       0.00     4.22
 2007     1             0           0          46               0           0          40.155       0.00     4.22
 2008     1             0           0          28               0           0          25.172       0.00     4.22
 2009     1             0           0          22               0           0          19.274       0.00     4.22
 2010     1             0           0          11               0           0           9.271       0.00     4.22
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         127               0           0         111.126       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         127               0           0         111.126       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         127

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0        72,813            0        72,813           0       2,184        70,629
 2007                0           0       169,452            0       169,452           0       5,084       164,368
 2008                0           0       106,225            0       106,225           0       3,187       103,038
 2009                0           0        81,336            0        81,336           0       2,440        78,896
 2010                0           0        39,121            0        39,121           0       1,173        37,948
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       468,947            0       468,947           0      14,068       454,879
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       468,947            0       468,947           0      14,068       454,879

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006          1,800           0     200,000           0       201,800       -131,171      -131,171       -90,275
 2007          7,200           0           0           0         7,200        157,168        25,997       101,008
 2008          7,200           0           0           0         7,200         95,838       121,835        55,602
 2009          7,200           0           0           0         7,200         71,696       193,531        37,619
 2010          4,041           0           0           0         4,041         33,907       227,438        16,430
 2011              0           0           0           0             0              0       227,438             0
 2012              0           0           0           0             0              0       227,438             0
 2013              0           0           0           0             0              0       227,438             0
 2014              0           0           0           0             0              0       227,438             0
 2015              0           0           0           0             0              0       227,438             0
 2016              0           0           0           0             0              0       227,438             0
 2017              0           0           0           0             0              0       227,438             0

 SUBTOT       27,441           0     200,000           0       227,441        227,438                     120,384
 REMAIN            0           0           0           0             0              0       227,438             0
 TOTAL        27,441           0     200,000           0       227,441        227,438                     120,384

   LIFE OF EVALUATION IS 7.56 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    328
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LOCATION #69   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       165,577
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       120,384
 REMARKS -                                                                                 15.00% -        87,346
                                                                                           20.00% -        63,188
                                                                                           25.00% -        45,525



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006     1             0           0          20               0           0          17.254       0.00     4.22
 2007     1             0           0          46               0           0          40.155       0.00     4.22
 2008     1             0           0          28               0           0          25.172       0.00     4.22
 2009     1             0           0          22               0           0          19.274       0.00     4.22
 2010     1             0           0          11               0           0           9.271       0.00     4.22
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         127               0           0         111.126       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         127               0           0         111.126       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         127

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0        72,813            0        72,813           0       2,184        70,629
 2007                0           0       169,452            0       169,452           0       5,084       164,368
 2008                0           0       106,225            0       106,225           0       3,187       103,038
 2009                0           0        81,336            0        81,336           0       2,440        78,896
 2010                0           0        39,121            0        39,121           0       1,173        37,948
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       468,947            0       468,947           0      14,068       454,879
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       468,947            0       468,947           0      14,068       454,879

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006          1,800           0     200,000           0       201,800       -131,171      -131,171       -90,275
 2007          7,200           0           0           0         7,200        157,168        25,997       101,008
 2008          7,200           0           0           0         7,200         95,838       121,835        55,602
 2009          7,200           0           0           0         7,200         71,696       193,531        37,619
 2010          4,041           0           0           0         4,041         33,907       227,438        16,430
 2011              0           0           0           0             0              0       227,438             0
 2012              0           0           0           0             0              0       227,438             0
 2013              0           0           0           0             0              0       227,438             0
 2014              0           0           0           0             0              0       227,438             0
 2015              0           0           0           0             0              0       227,438             0
 2016              0           0           0           0             0              0       227,438             0
 2017              0           0           0           0             0              0       227,438             0

 SUBTOT       27,441           0     200,000           0       227,441        227,438                     120,384
 REMAIN            0           0           0           0             0              0       227,438             0
 TOTAL        27,441           0     200,000           0       227,441        227,438                     120,384

   LIFE OF EVALUATION IS 7.56 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    329
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LOCATION #70   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       162,170
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       115,491
 REMARKS -                                                                                 15.00% -        82,086
                                                                                           20.00% -        58,175
                                                                                           25.00% -        41,066



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007     1             0           0          50               0           0          43.672       0.00     4.22
 2008     1             0           0          33               0           0          29.387       0.00     4.22
 2009     1             0           0          25               0           0          21.266       0.00     4.22
 2010     1             0           0          19               0           0          16.800       0.00     4.22
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         127               0           0         111.125       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         127               0           0         111.125       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         127

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0       184,295            0       184,295           0       5,529       178,766
 2008                0           0       124,013            0       124,013           0       3,720       120,293
 2009                0           0        89,741            0        89,741           0       2,692        87,049
 2010                0           0        70,898            0        70,898           0       2,127        68,771
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       468,947            0       468,947           0      14,068       454,879
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       468,947            0       468,947           0      14,068       454,879

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007          6,000           0     200,000           0       206,000        -27,234       -27,234       -21,417
 2008          7,200           0           0           0         7,200        113,093        85,859        65,660
 2009          7,200           0           0           0         7,200         79,849       165,708        41,909
 2010          7,041           0           0           0         7,041         61,730       227,438        29,339
 2011              0           0           0           0             0              0       227,438             0
 2012              0           0           0           0             0              0       227,438             0
 2013              0           0           0           0             0              0       227,438             0
 2014              0           0           0           0             0              0       227,438             0
 2015              0           0           0           0             0              0       227,438             0
 2016              0           0           0           0             0              0       227,438             0
 2017              0           0           0           0             0              0       227,438             0

 SUBTOT       27,441           0     200,000           0       227,441        227,438                     115,491
 REMAIN            0           0           0           0             0              0       227,438             0
 TOTAL        27,441           0     200,000           0       227,441        227,438                     115,491

   LIFE OF EVALUATION IS 7.98 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>



                                  TENGASCO, INC.                    TABLE    330
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LOCATION #71   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       162,170
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       115,491
 REMARKS -                                                                                 15.00% -        82,086
                                                                                           20.00% -        58,175
                                                                                           25.00% -        41,066



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007     1             0           0          50               0           0          43.672       0.00     4.22
 2008     1             0           0          33               0           0          29.387       0.00     4.22
 2009     1             0           0          25               0           0          21.266       0.00     4.22
 2010     1             0           0          19               0           0          16.800       0.00     4.22
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         127               0           0         111.125       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         127               0           0         111.125       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         127

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0       184,295            0       184,295           0       5,529       178,766
 2008                0           0       124,013            0       124,013           0       3,720       120,293
 2009                0           0        89,741            0        89,741           0       2,692        87,049
 2010                0           0        70,898            0        70,898           0       2,127        68,771
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       468,947            0       468,947           0      14,068       454,879
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       468,947            0       468,947           0      14,068       454,879

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007          6,000           0     200,000           0       206,000        -27,234       -27,234       -21,417
 2008          7,200           0           0           0         7,200        113,093        85,859        65,660
 2009          7,200           0           0           0         7,200         79,849       165,708        41,909
 2010          7,041           0           0           0         7,041         61,730       227,438        29,339
 2011              0           0           0           0             0              0       227,438             0
 2012              0           0           0           0             0              0       227,438             0
 2013              0           0           0           0             0              0       227,438             0
 2014              0           0           0           0             0              0       227,438             0
 2015              0           0           0           0             0              0       227,438             0
 2016              0           0           0           0             0              0       227,438             0
 2017              0           0           0           0             0              0       227,438             0

 SUBTOT       27,441           0     200,000           0       227,441        227,438                     115,491
 REMAIN            0           0           0           0             0              0       227,438             0
 TOTAL        27,441           0     200,000           0       227,441        227,438                     115,491

   LIFE OF EVALUATION IS 7.98 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

<PAGE>


                                  TENGASCO, INC.                    TABLE    331
                      ESTIMATED FUTURE RESERVES AND INCOME
             ATTRIBUTABLE TO CERTAIN LEASEHOLD AND ROYALTY INTERESTS
                                    SEC CASE
                             AS OF DECEMBER 31, 2002

 SWAN CREEK FIELD, HANCOCK COUNTY, TENNESSEE                        GAS LEASE
   TENGASCO, INC. - OPERATOR   11-T1S-R74E                          PROVED
     LOCATION #72   (KNOX)                                          UNDEVELOPED

<TABLE>
<CAPTION>

                            REVENUE INTEREST                    PRODUCT PRICES
                       ----------------------------  -------------------------------------       DISCOUNTED
             EXPENSE     OIL/     PLANT                OIL/COND.    PL PROD      GAS        FUTURE NET INCOME - $
             INTEREST    COND.   PRODUCTS     GAS        $/BBL      $/BBL       $/MCF      COMPOUNDED    MONTHLY
             --------  --------  --------  --------  -------------  ------  -------------- ----------------------
<S>          <C>       <C>       <C>       <C>       <C>            <C>     <C>            <C>          <C>
 INITIAL -   1.000000                      0.875000                             4.22        5.00% -       162,170
 FINAL   -   1.000000                      0.875000                             4.22       10.00% -       115,491
 REMARKS -                                                                                 15.00% -        82,086
                                                                                           20.00% -        58,175
                                                                                           25.00% -        41,066



</TABLE>

<TABLE>
<CAPTION>

                 ESTIMATED 8/8 THS PRODUCTION                COMPANY NET PRODUCTION              AVERAGE PRICES
            -------------------------------------  ------------------------------------------  ------------------
      NO OF   OIL/COND.   PLANT PROD.     GAS        OIL/COND.    PLANT PROD.         GAS      OIL/COND.   GAS
  PD  WELLS    BARRELS      BARRELS      MMCF         BARRELS       BARRELS          MMCF       $/BBL.    $/MCF
 ---- ----- ------------- ----------- -----------  -------------- -----------    ------------  --------- --------
<S>   <C>   <C>           <C>         <C>          <C>            <C>            <C>           <C>       <C>
 2003                   0           0           0               0           0           0.000       0.00     0.00
 2004                   0           0           0               0           0           0.000       0.00     0.00
 2005                   0           0           0               0           0           0.000       0.00     0.00
 2006                   0           0           0               0           0           0.000       0.00     0.00
 2007     1             0           0          50               0           0          43.672       0.00     4.22
 2008     1             0           0          33               0           0          29.387       0.00     4.22
 2009     1             0           0          25               0           0          21.266       0.00     4.22
 2010     1             0           0          19               0           0          16.800       0.00     4.22
 2011                   0           0           0               0           0           0.000       0.00     0.00
 2012                   0           0           0               0           0           0.000       0.00     0.00
 2013                   0           0           0               0           0           0.000       0.00     0.00
 2014                   0           0           0               0           0           0.000       0.00     0.00
 2015                   0           0           0               0           0           0.000       0.00     0.00
 2016                   0           0           0               0           0           0.000       0.00     0.00
 2017                   0           0           0               0           0           0.000       0.00     0.00

 SUB-TOTAL              0           0         127               0           0         111.125       0.00     4.22
 REMAINDER              0           0           0               0           0           0.000       0.00     0.00
 TOTAL                  0           0         127               0           0         111.125       0.00     4.22

 CUMULATIVE             0           0           0
 ULTIMATE               0           0         127

</TABLE>

<TABLE>
<CAPTION>

                      COMPANY FUTURE GROSS REVENUE (FGR) - $                  PRODUCTION TAXES - $
        ------------------------------------------------------------------- -----------------------   FGR AFTER
             FROM         FROM         FROM                                                           PRODUCTION
  PD      OIL/COND.    PLANT PROD.      GAS          OTHER         TOTAL     OIL/COND.    GAS/P.P.    TAXES - $
 ----   -------------- ----------- ------------- ------------ ------------- ----------- ----------- -------------
<S>     <C>            <C>         <C>           <C>          <C>           <C>         <C>         <C>
 2003                0           0             0            0             0           0           0             0
 2004                0           0             0            0             0           0           0             0
 2005                0           0             0            0             0           0           0             0
 2006                0           0             0            0             0           0           0             0
 2007                0           0       184,295            0       184,295           0       5,529       178,766
 2008                0           0       124,013            0       124,013           0       3,720       120,293
 2009                0           0        89,741            0        89,741           0       2,692        87,049
 2010                0           0        70,898            0        70,898           0       2,127        68,771
 2011                0           0             0            0             0           0           0             0
 2012                0           0             0            0             0           0           0             0
 2013                0           0             0            0             0           0           0             0
 2014                0           0             0            0             0           0           0             0
 2015                0           0             0            0             0           0           0             0
 2016                0           0             0            0             0           0           0             0
 2017                0           0             0            0             0           0           0             0

 SUB-TOT             0           0       468,947            0       468,947           0      14,068       454,879
 REMAIN              0           0             0            0             0           0           0             0
 TOTAL               0           0       468,947            0       468,947           0      14,068       454,879

</TABLE>

<TABLE>
<CAPTION>
                                DEDUCTIONS - $                         FUTURE NET INCOME BEFORE INCOME TAXES - $
        -------------------------------------------------------------- ------------------------------------------
         OPERATING   AD VALOREM  DEVELOPMENT                                   UNDISCOUNTED           DISCOUNTED
  PD       COSTS        TAXES       COSTS       OTHER        TOTAL         ANNUAL      CUMULATIVE     @  10.00 %
 ----   ------------ ----------- ----------- ----------- ------------- -------------- ------------- -------------
<S>     <C>          <C>         <C>         <C>         <C>           <C>            <C>           <C>
 2003              0           0           0           0             0              0             0             0
 2004              0           0           0           0             0              0             0             0
 2005              0           0           0           0             0              0             0             0
 2006              0           0           0           0             0              0             0             0
 2007          6,000           0     200,000           0       206,000        -27,234       -27,234       -21,417
 2008          7,200           0           0           0         7,200        113,093        85,859        65,660
 2009          7,200           0           0           0         7,200         79,849       165,708        41,909
 2010          7,041           0           0           0         7,041         61,730       227,438        29,339
 2011              0           0           0           0             0              0       227,438             0
 2012              0           0           0           0             0              0       227,438             0
 2013              0           0           0           0             0              0       227,438             0
 2014              0           0           0           0             0              0       227,438             0
 2015              0           0           0           0             0              0       227,438             0
 2016              0           0           0           0             0              0       227,438             0
 2017              0           0           0           0             0              0       227,438             0

 SUBTOT       27,441           0     200,000           0       227,441        227,438                     115,491
 REMAIN            0           0           0           0             0              0       227,438             0
 TOTAL        27,441           0     200,000           0       227,441        227,438                     115,491

   LIFE OF EVALUATION IS 7.98 YEARS.
   FINAL PRODUCTION RATE: 1.5 MMCF/MO

</TABLE>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.17A
<SEQUENCE>6
<FILENAME>c27529_ex99-17a.txt
<TEXT>
                                                                Exhibit 99.17(a)



                   CONSENT OF INDEPENDENT PETROLEUM ENGINEERS

     As independent oil and gas  consultants,  Ryder Scott Company,  L.P. hereby
consents  to: (a) the use of our report  setting  forth our  estimates of proved
reserves  and future  revenue,  as of  December  31,  2002,  to the  interest of
Tengasco,  Inc.  ("Tengasco")  in certain  oil and gas  properties;  and (b) all
references to our firm included in or made a part of Tengasco's Annual Report on
Form 10-K for the year ended December 31, 2002.


                                                   /s/ Ryder Scott Company, L.P.

                                                       RYDER SCOTT COMPANY, L.P.


Houston, Texas
March 20, 2003



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.18
<SEQUENCE>7
<FILENAME>c27529_ex99-18.txt
<TEXT>

                         [Letterhead BDO Seidman, LLP]


CONSENT OF INDEPENDENT AUDITORS


Tengasco Inc. and Subsidiaries
Knoxville, Tennessee

We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 (No. 333-48694) of Tengasco Inc. and Subsidiaries of our
report dated February 27, 2003, relating to the consolidated financial
statements, which appears in the Annual Report to Shareholders, which is
incorporated in this Annual Report on Form 10-K. Our report contains an
explanatory paragraph regarding the Company's ability to continue as a going
concern.



Atlanta, Georgia                                            /s/ BDO Seidman, LLP
March 31, 2003

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
