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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001001614-05-000068.txt : 20050921
<SEC-HEADER>0001001614-05-000068.hdr.sgml : 20050921
<ACCEPTANCE-DATETIME>20050921130607
ACCESSION NUMBER:		0001001614-05-000068
CONFORMED SUBMISSION TYPE:	SC 13D
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20050921
DATE AS OF CHANGE:		20050921
GROUP MEMBERS:		DOLPHIN MANAGEMENT INC.
GROUP MEMBERS:		DOLPHIN OFFSHORE PARTNERS, L.P.
GROUP MEMBERS:		PETER E. SALAS

SUBJECT COMPANY:	

	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:		SC 13D
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-59803
		FILM NUMBER:		051095313

	BUSINESS ADDRESS:	
		STREET 1:		10215 TECHNOLOGY DRIVE
		STREET 2:		SUITE 301
		CITY:			KNOXVILLE
		STATE:			TN
		ZIP:			37932
		BUSINESS PHONE:		865-675-1554

	MAIL ADDRESS:	
		STREET 1:		10215 TECHNOLOGY DRIVE
		STREET 2:		SUITE 301
		CITY:			KNOXVILLE
		STATE:			TN
		ZIP:			37932

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DOLPHIN OFFSHORE PARTNERS LP
		CENTRAL INDEX KEY:			0001287741
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		SC 13D

	MAIL ADDRESS:	
		STREET 1:		129 EAST 17TH STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10003
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D
<SEQUENCE>1
<FILENAME>salas13d_sept05.htm
<DESCRIPTION>FORM 13 D PETER E. SALAS
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>
<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Microsoft Word
11.0.5604;.Schedule 13D </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%>&nbsp;</TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
SEC
1746 (11-02) Potential persons who are to respond to the collection of information
contained in this form are not required to respond unless the form displays a currently
valid OMB control number. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OMB
APPROVAL</I></FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OMB Number:
3235-0145Expires: <BR>December 31, 2005 Estimated <BR>average burdenhours <BR>per
response. . . 11</I></FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>UNITED STATES<br>SECURITIES AND
EXCHANGE COMMISSION<br> Washington, D.C. 20549</FONT></H1>



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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SCHEDULE 13D<br>Under the Securities
Exchange Act of 1934<br>(Amendment No.
________) </FONT></H1>


<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Tengasco, Inc. <br>(Name of Issuer) </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Common Stock<br>(Title of Class of
Securities) </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>88033R205<br>(CUSIP Number) </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>September 8, 2005<br>(Date of Event which
Requires Filing of this Statement)  </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></P>

<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Peter E. Salas<br>129 East
17<SUP>th</SUP> St.<br>NY, NY 10003 <br> Phone (212)-982-5071</FONT></P>



<!-- MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>With a copy to:<br>Kenneth N. Miller <br> Robson &amp; Miller, LLP
<br>530 Fifth Ave.<br>New York, New York 10036<br>(212)944-7595<br>(Name, Address and
Telephone Number of Person<br>Authorized to Receive
Notices and Communications)</FONT></P>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
If
the filing person has previously filed a statement on Schedule 13G to report the
acquisition that is the subject of this Schedule 13D, and is filing this schedule because
of &sect;&sect;240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. [ ]
Note: Schedules filed in paper format shall include a signed original and five copies of
the schedule, including all exhibits. See &sect;240.13d-7 for other parties to whom copies
are to be sent. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
*
The remainder of this cover page shall be filled out for a reporting person&#146;s initial
filing on this form with respect to the subject class of securities, and for any
subsequent amendment containing information which would alter disclosures provided in a
prior cover page. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
information required on the remainder of this cover page shall not be deemed to be
&#147;filed&#148; for the purpose of Section 18 of the Securities Exchange Act of 1934
(&#147;Act&#148;) or otherwise subject to the liabilities of that section of the Act but
shall be subject to all other provisions of the Act (however, see the Notes). <br><br><br>CUSIP No. 88033R205.................................</FONT></TD>
</TR>
</TABLE>
<BR>





<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Names of Reporting Person
         Peter E. Salas,<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S.S. or I.R.S. Identification NO. of above persons (Intentionally Omitted) </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Check
the Appropriate Box if a Member of a Group (See Instructions)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)./X/........................................................................<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)............................................................................. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;SEC
Use Only</FONT></P>


<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;Source
of Funds (See Instructions) 00</FONT></P>


<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;Check if Disclosure of Legal Proceedings Is Required Pursuant to Items
      2(d) or 2(e) .................</FONT></P>


<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;Citizenship
or Place of Organization USA<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beneficially<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owned by<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reporting<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Person With</FONT></P>



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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;Sole
Voting Power 21,007,492</FONT></P>



<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;Shared
Voting Power 0</FONT></P>



<!-- MARKER FORMAT-SHEET="Head Sub 3 Left-TNR" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;Sole
Dispositive Power 21,007,492</FONT></P>



<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;Shared
Dispositive Power 0 ............................................................</FONT></P>

  <!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;Aggregate Amount Beneficially Owned by Each Reporting Person  21,007,492</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
       Instructions) ...........</FONT></P>


<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;Percent
of Class Represented by Amount in Row (11) 35.9%...............................................................</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 3 Left-TNR"  -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;Type
of Reporting Person (See Instructions) IN,<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CUSIP &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No.
88033R205.................................</FONT></P>

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<HR SIZE="1" NOSHADE COLOR="#000000" STYLE="margin-top: -2px">
<HR SIZE="4" NOSHADE COLOR="#000000" STYLE="margin-top: -10px">

<!-- MARKER FORMAT-SHEET="Head Sub 3 Left-TNR"  -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
     <br><br><br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Names of Reporting Person<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dolphin Management Inc.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S.S. or I.R.S. Identification NO. of above persons (Intentionally Omitted) </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Check
the Appropriate Box if a Member of a Group (See Instructions)<br><br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)./X/..........................................................................<br><br><br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)................................................................ </FONT></P>



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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;SEC
Use Only</FONT></P>



<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;Source
of Funds (See Instructions) 00</FONT></P>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      5.Check if Disclosure of Legal Proceedings Is Required Pursuant to Items
      2(d) or 2(e) .................</FONT></P>


<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;Citizenship
or Place of Organization Delaware</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Beneficially<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owned by<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reporting<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Person With</FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;Sole
Voting Power 0</FONT></P>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;Shared
Voting Power 21,007,492</FONT></P>


<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;Sole
Dispositive Power 0</FONT></P>



<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;Shared
Dispositive Power 21,007,492.................................. .................</FONT></P>


<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;Aggregate Amount Beneficially Owned by Each Reporting Person  21,007,492</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
      Instructions) ...........</FONT></P>


<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;Percent
of Class Represented by Amount in Row (11) 35.9%..............................................................</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;Type
of Reporting Person (See Instructions) CO,<br><br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CUSIP No. .88033R205.................................</FONT></P><br><br><br>

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<HR SIZE="1" NOSHADE COLOR="#000000" STYLE="margin-top: -2px">
<HR SIZE="4" NOSHADE COLOR="#000000" STYLE="margin-top: -10px">

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.&nbsp;&nbsp;&nbsp;&nbsp;Names of Reporting Person<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dolphin Offshore Partners, L.P<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S.S. or I.R.S. Identification NO. of above persons (Intentionally Omitted) </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Check
the Appropriate Box if a Member of a Group (See Instructions)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)./X/.........................................................................<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)............................................................................. </FONT></P>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;SEC
Use Only</FONT></P>



<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;Source
of Funds (See Instructions) 00</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;Check if Disclosure of Legal Proceedings Is Required Pursuant to Items
      2(d) or 2(e) .................</FONT></P>


<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;Citizenship
or Place of Organization Delaware</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number of<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Beneficially<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owned by<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reporting<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Person With</FONT></P>
<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;Sole
Voting Power 0</FONT></P>


<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;Shared
Voting Power 21,007,492</FONT></P>



<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;Sole
Dispositive Power 0</FONT></P>



<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;Shared
Dispositive Power 21,007,492.................................. .................
</FONT></P>

  <!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;Aggregate Amount Beneficially Owned by Each Reporting Person  21,007,492</FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Default" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
      Instructions) ...........</FONT></P>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;Percent
of Class Represented by Amount in Row (11) 35.9%..............................................................</FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;Type
of Reporting Person (See Instructions) PN,</FONT></P>

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<HR SIZE="1" NOSHADE COLOR="#000000" STYLE="margin-top: -2px">
<HR SIZE="4" NOSHADE COLOR="#000000" STYLE="margin-top: -10px">

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<H1 ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 1.Security and
Issuer </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The title of the class of security to which this statement relates is the Common Stock of
Tengasco, Inc. whose principal executive offices are located at 10215 Technology Drive
Suite 301 Knoxville, TN 37932.</FONT>


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<H1 ALIGN=Left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 2.Identity and
Background </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
This statement is being jointly filed by each of the following persons pursuant to Rule
13d-1(k) promulgated by the Securities and Exchange Commission (the
&#147;COMMISSION&#148;) pursuant to Section 13 of the Securities Exchange Act of 1934, as
amended (the &#147;EXCHANGE ACT&#148;): Peter E. Salas (&#147;MR. SALAS&#148;), Dolphin
Management Inc., a New York corporation (&#147;DOLPHIN MANAGEMENT&#148;), and Dolphin
Offshore Partners, L.P., a Delaware limited partnership (&#147;DOLPHIN OFFSHORE&#148;).
Mr. Salas, Dolphin Management, and Dolphin Offshore are collectively referred to as the
&#147;REPORTING PERSONS&#148; Mr. Salas is a United States citizen.</FONT>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The principal business address of Mr. Salas, Dolphin Management, and Dolphin Offshore is c/o
Dolphin Asset Management Corp., 129 East 17<SUP>th</SUP> Street, New York, New York 10003.</FONT>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Dolphin Offshore is a private investment fund. Dolphin Management is the managing general partner
of Dolphin Offshore. The principal business of Dolphin Management is to serve as
investment manager to Dolphin Offshore and certain other entities. Mr. Salas is the sole
shareholder and President of Dolphin Management. The principal business of Mr. Salas is to
act as the sole shareholder and President of Dolphin Management, and as the principal of
investment funds.</FONT>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
During the past five years, none of the Reporting Persons and, to the knowledge of the Reporting
Persons, none of the executive officers or directors of the Reporting Persons, if
applicable, has been convicted in a criminal proceeding (excluding traffic violations or
similar misdemeanors), or has been a party to a civil proceeding or a judicial or
administrative body of competent jurisdiction and as a result of such proceeding was or is
subject to a judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state securities laws or
finding any violation with respect to such laws.</FONT>


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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 3.Source and Amount
of Funds or Other Consideration </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
4,495,040 shares of the Issuer&#146;s common stock were acquired by Dolphin Offshore in exchange for
its shares of Series B 8% Cumulative Convertible Preferred Stock pursuant to an exchange
offered to all of the Issuer&#146;s Series B &amp; C Preferred Stockholders The exchange
was based on four shares of common stock for every dollar =of the face amount of the
exchanged Preferred Stock together with the amount of all accrued and unpaid dividends and
interest thereon.</FONT>


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<H1 ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 4.Purpose of
Transaction </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Reporting Persons acquired the shares for investment purposes. </FONT></P>

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<H1 ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 5.Interest in
Securities of the Issuer </FONT></H1>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;<B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          </B>As of the date of this Schedule 13D, as discussed above, the Reporting
          Persons may be deemed to be a group as defined in rule 13d-5 (b) under the
          Exchange Act and, as such a group, may be deemed to beneficially own an
          aggregate of 21,007,492 shares of Common stock, which constitutes approximately
          35.9% of the outstanding shares Common Stock, based on 58,499,448 shares of
          Common Stock outstanding as of September 8, 2005. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of the date hereof, Mr. Salas, by virtue of his direct ownership of record of 168,000
shares of Common Stock of the Issuer and his relationship to Dolphin Management and
Dolphin Offshore, may be deemed to beneficially own all 21,007,492 shares of Common stock
referred to above, which constitute approximately 35.9% of the outstanding shares of
Common Stock. As of the date hereof, Dolphin Management, by virtue of its relationship
with respect to Dolphin Offshore and Mr. Salas may be deemed to beneficially own all
21,007,492 shares of Common Stock referred to above, which constitute approximately 35.9%
of the outstanding shares of Common Stock. As of the date hereof, Dolphin Offshore, by
virtue of its ownership of record of the 20,839,492 shares of Common Stock of the Issuer
and its relationship with Mr. Salas may be deemed to beneficially own the 21,007,492
shares of Common Stock referred to above which shares constitute approximately 35.9% of
the outstanding shares of Common Stock. Each of Mr. Salas, Dolphin Management, and Dolphin
Offshore, without implying the beneficial ownership of Common Stock by any other Reporting
Person other than as expressly set forth herein, disclaims beneficial ownership of any
shares beneficially owned by any other Reporting Person. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;<B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          </B>By virtue of the foregoing relationships, Mr. Salas is deemed to solely
          have, and each of Dolphin Management and Dolphin Offshore is deemed to share,
          the power to vote or direct the vote of, and to dispose or direct the
          disposition of, the shares of Common Stock referred to herein. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;<B>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          </B>The 4,595,040 shares of Common Stock received by Dolphin Offshore in
          exchange for its Series B Preferred Stock were received within the last 60 days
          as described above. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;<B>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          </B>Each of the Reporting Persons affirms that no person other than the
          Reporting Persons has the right to receive or the power to direct the receipt of
          dividends from, or the proceeds from the sale of, the shares of Common Stock
          deemed to be beneficially owned by such Reporting Person. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;<B>(e.)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          </B> Not applicable. </FONT></P>

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<H1 ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 6.Contracts,
Arrangements, Understandings or Relationships withRespect <BR>to Securities of the Issuer </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
described in Item 4, the 4,595,040 shares of Common Stock were received in connection with
the exchange for Dolphin Offshore&#146;s Series B Preferred Stock, which was consummated
as of September 8, 2005. The Reporting Persons retain complete, independent economic
control over their respective investments in the Common Stock and none of them has made
any specific agreement, commitment or arrangement regarding disposition of such Preferred
Stock or shares of Common Stock issuable upon conversion thereof. Mr. Salas individually
and as the controlling person of Dolphin Management has the exclusive right to vote the
shares of common stock of the Issuer owned by the Reporting Persons at any regular or
special meeting of the shareholders of the Issuer and/or any actions in lieu of meetings
or shareholder proceedings. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to Rule 13d-1(k) promulgated under the Exchange Act, the Reporting Persons have entered
into an agreement with respect to the joint filing of this Schedule 13D and any amendment,
or amendments hereto, which agreement is included as an exhibit hereto. </FONT></P>

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<H1 ALIGN=left><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item 7.Material to Be
Filed as Exhibits </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit
1. Subscription Agreement for exchange of Dolphin Offshore&#146;s Series B Stock for
Common Stock<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 2. Schedule 13D Joint Filing Agreement</FONT></P>





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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Signature </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>After reasonable inquiry and to the
best of our knowledge and belief, we certify that the information set forth in this
statement is true, complete and correct. Pursuant to Rule 13d-1 (k) (1)., each of the
undersigned agrees that this statement is filed on behalf of each of us. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date
September 21, 2005</FONT></P>

















<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH></TH>
     <TH></TH></TR>
<TR VALIGN="TOP">
     <TD>/s/ <u>Peter E. Salas</u><br>Peter E. Salas</TD>
     <TD></TD></TR>
<TR VALIGN="TOP">
     <TD><br><u>Dolphin Management Inc.</u><br>By: /s/ Peter E. Salas<br>Name: Peter E. Salas<br>Its: President</TD>
     <TD></TD></TR>
<TR VALIGN="TOP">
     <TD><br><u>Dolphin Offshore Partners, L.P.</u><br>By: Dolphin Management Inc.<br>Its: Managing General Partner</TD>
     <TD></TD></TR>
<TR VALIGN="TOP">
     <TD> By: /s/<u> Peter E. Salas</u><br>Name: Peter E. Salas<br>Its:  President</TD>
     <TD></TD></TR>
</TABLE>
      <br>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Attention: Intentional misstatements
or omissions of fact constitute Federal criminal violations (See 18 U.S.C. 1001) </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>http://www.sec.gov/divisions/corpfin/forms/13d.htmLast
<BR>update: 12/05/2002 </FONT></P>
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<TYPE>EX-99
<SEQUENCE>2
<FILENAME>jointfilingag.htm
<DESCRIPTION>EXHIBIT 2
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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 2 </FONT></H1>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Schedule 13D Joint
Filing Agreement </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
accordance with the requirements of Rule 13d-1 (k) under the Securities Exchange Act of
1934, as amended, and subject to the limitations set 13D to which this joint filing
agreement is attached, and have duly executed this joint filing agreement as of the date
set forth below. </FONT></P>

I        IN WITNESS WHEREOF,  the undersigned have caused this Agreement to be signed as of September 21, 2005



<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0">
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     <TH></TH></TR>
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     <TD>/s/ Peter E. Salas<br>Peter E. Salas</TD>
     <TD></TD></TR>
<TR VALIGN="TOP">
     <TD><br>Dophin Management Inc.<br>By: /s/ Peter E. Salas<br>Name  Peter E. Salas<br>Its:President</TD>
     <TD></TD></TR>
<TR VALIGN="TOP">
     <TD><br>Dolphin Offshore Partners L.P.<br>By: /s/ Dolphin Management Inc.<br>Its:Managing General Partner<br>By: /s/ Peter E. Salas<br>Name  Peter E. Salas<br>Its: President</TD>
     <TD></TD></TR>
<TR VALIGN="TOP">
     <TD></TD>
     <TD></TD></TR>
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<DESCRIPTION>EXHIBIT 1
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<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Exhibit 1.</B> </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Workstation" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Tengasco, Inc. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Workstation" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10215 Technology Park,
Suite 301 </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Workstation" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Knoxville, TN 37932 </FONT></H1>

<!-- MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(865) 675-1554 </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>SUBSCRIPTION AGREEMENT FOR ONE OR
MORE EXCHANGE OPTIONS OF SERIES B AND SERIES C PREFERRED STOCK OF TENGASCO, INC.</B> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned, hereinafter sometimes referred to as the &#147;Subscriber&#148;, does hereby
subscribe to one or more of the EXCHANGE OPTIONS relating to the undersigned&#146;s
currently owned shares of Tengasco, Inc. Series B 8% Cumulative Convertible Preferred
Stock (&#147;Series B Preferred Stock&#148;) or Series C 6% Cumulative Convertible
Preferred Stock (&#147;Series C Preferred Stock&#148;). <B>Any owner of Series B Preferred
Stock or Series C Preferred Stock that does not desire to exchange any of his Series B
Preferred Stock or Series C Preferred Stock need not and should not execute this
Subscription Agreement.</B> </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>1.</U>&nbsp;&nbsp;&nbsp;&nbsp;
          <U>EXECUTION OF DOCUMENTS.</U> The Subscriber delivers to the Company this
          Subscription Agreement signed by the Subscriber for the purpose of subscribing
          to one or more of the options (&#147;Exchange Options&#148;) in exchange for all
          or a portion of his/her Series B Preferred Stock or Series C Preferred Stock
          (the &#147;Exchange&#148;), indicated on page 11 herein. THE SUBSCRIBER SHALL
          FILL IN ALL THE COLORED PAGES AND SIGN ON PAGE 11 of this Subscription
          Agreement, and return the COMPLETE, SIGNED SUBSCRIPTION AGREEMENT to the
          Company. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>2.&nbsp;&nbsp;&nbsp;&nbsp;
          </U> <U>SUBSCRIPTION</U>. The Subscriber subscribes for Exchange Options by his
          surrender of that number of shares of the Subscriber&#146;s existing Series B
          Preferred Stock or Series C Preferred Stock with a Liquidation Value ($100 per
          preferred share) that equal the value of Series B Preferred Stock or Series C
          Preferred Stock the Subscriber desires to exchange. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>3.&nbsp;&nbsp;&nbsp;&nbsp;
          </U> <U>REPRESENTATIONS AND WARRANTIES</U>. By executing this Subscription
          Agreement, the undersigned further: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          acknowledges that the undersigned has received and carefully read the following
          Reports filed by the Company with the Securities and Exchange Commission: (i)
          Annual Report on Form 10-K for the year ended December 31, 2004; and (ii)
          Quarterly Report on Form 10-Q for the Quarter ended March 31, 2005 (collectively
          referred to as the &#147;Reports&#148;). The undersigned also acknowledges that
          he has carefully read the Risk Factors contained in paragraph 4 of this
          Subscription Agreement, has based his decision to subscribe for one or more of
          the Exchange Options on the information contained in the Reports, and this
          Subscription Agreement and those documents referred to and incorporated into
          this Subscription Agreement and has not been furnished with any other offering
          literature or prospectus; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          represents and warrants that he is entering into the Exchange for the Exchange
          Option(s) for his own account as a principal, for investment purposes only and
          not with a view to, or for, resale or distribution and no other person has a
          direct or indirect beneficial interest in such Exchange Option(s) selected.
          Further, the undersigned does not have any contract, understanding, agreement or
          arrangement with any person to sell or transfer to such person or to any third
          person, with respect to any of the Exchange Option(s) selected. FOR THE PURPOSES
          OF THIS AGREEMENT, THE TERM &#147;EXCHANGE OPTION(S)&#148; SHALL MEAN ANY
          SECURITY OR SHARES ISSUED OR TO BE ISSUED PURSUANT TO THE EXCHANGE OPTION(S); </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          represents and warrants that he has such knowledge and experience in financial
          and business matters that he is capable of evaluating the merits and risks of
          the prospective Exchange Option(s); </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          represents and warrants that he is able to bear the economic risk of losing his
          entire investment in the Exchange for the Exchange Option(s) and is not relying
          on the Company with respect to advice as to the economic considerations in this
          investment; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          represents and warrants that his overall commitment to investments which are not
          readily marketable is not disproportionate to his net worth, and his Exchange
          for the Exchange Option(s) will not cause such overall commitment to become
          excessive; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          understands that the Company shall have the right, in its sole discretion, to
          accept or reject this subscription, in whole or in part, at any time prior to
          closing, or to allocate to him fewer than the number of Exchange Option(s) he
          has subscribed for. The Company will notify him whether this subscription is
          accepted or rejected. In the event his subscription is rejected, his payment
          will be returned to him with interest (to the extent obtained) and all of his
          obligations hereunder shall terminate; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          understands that the Exchange Option(s) have not been registered under the
          Securities Act of l933, as amended (the &#147;Securities Act&#148;) and, as the
          result thereof, are subject to substantial restrictions, which restrictions are
          described in the Risk Factors set forth below; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          agrees and understands that he will not sell or otherwise transfer any Exchange
          Option(s) or any interest therein unless the Exchange Option(s) are registered
          under the Securities Act and any other applicable securities laws or the
          undersigned obtains an opinion of counsel which is satisfactory to the Company
          (both as to the issuer of the opinion and the form and substance thereof) that
          the Exchange Option(s) may be transferred in reliance on an applicable exemption
          from such registration requirements; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          understands that no Federal or state agency has approved or disapproved the
          Exchange Option(s), passed upon or endorsed the merits of the offering thereof,
          or made any finding or determination as to the fairness of the Exchange for the
          Exchange Option(s); </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          acknowledges that all material documents, records, and books pertaining to the
          Exchange have on request been made available to him and his advisers; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          acknowledges that if he is entering into the Exchange for the Exchange Option(s)
          subscribed for hereby in a fiduciary capacity, the above representations and
          warranties shall be deemed to have been made on behalf of the person or persons
          for whom he is so purchasing; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          acknowledges that the Company has made available to him or her and his purchaser
          representative, if any, the opportunity to ask questions of, and receive answers
          from the Company or its representatives regarding its proposed business
          operations and has been given the opportunity for a reasonable time prior to the
          date hereof to review such additional information necessary to verify the
          accuracy of the Reports or such other information which was provided to the
          undersigned in order to evaluate the merits and risks of the Exchange for the
          Exchange Option(s) to the extent the Company could acquire it without
          unreasonable effort or expense; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          acknowledges that if he has used the services of a purchase representative in
          connection the Exchange, his purchaser representative has disclosed any material
          relationship which exists between each purchaser representative or his
          affiliates and the Company and its affiliates, which now exists or mutually is
          understood to be contemplated or which has existed at any time during the
          previous two years, and setting forth any compensation received or to be
          received as a result of such relationship; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          ACKNOWLEDGES THAT HE UNDERSTANDS THAT: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>THE INFORMATION PROVIDED HEREIN HAS
NOT BEEN REVIEWED BY THE ATTORNEY GENERAL OF ANY STATE AND NO ATTORNEY GENERAL OF ANY
STATE HAS PASSED ON OR ENDORSED THE MERITS OF THE EXCHANGE FOR THE EXCHANGE OPTION(S). ANY
REPRESENTATION TO THE CONTRARY IS UNLAWFUL; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          understands that the Exchange Option(s) are being offered and the Exchange is
          being made in reliance on specific exemptions from the registration requirements
          of Federal and State securities law and that the Company, relying upon the truth
          and accuracy of the representations, warranties, agreements, acknowledgments,
          and understandings set forth herein in order to determine the applicability of
          such exemptions and the suitability of the undersigned to enter into the
          Exchange for the Exchange Option(s); </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          represents, warrants, and agrees that no representative or warranties have been
          made to the undersigned by the Company, or any officer, employee, agent,
          affiliate or subsidiary of the Company, other than the representations of the
          Company contained in the written Reports, and in subscribing for the Exchange
          Option(s) the undersigned is not relying upon any representations other than
          those contained in such Reports. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          represents, warrants, and agrees that any information which the undersigned
          furnishes to the Company with respect to his financial position and business
          experience is correct and complete as of the date of this Subscription Agreement
          and if there should be any material change in such information he will
          immediately furnish such revised or corrected information to the Company; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          represents and warrants that the undersigned, if an individual, is a citizen of
          the United States, and is at least 21 years of age, or if a partnership,
          corporation or trust, the members, shareholders or beneficiaries thereof are all
          citizens of the Unites States and each is at least 21 years of age. The address
          set forth below is the undersigned&#146;s correct home address, or if the
          undersigned is other than an individual, the undersigned&#146;s correct home
          address, or if the undersigned is other than an individual, the
          undersigned&#146;s correct principal office and the undersigned has no present
          intention of changing such address; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          understands that the Exchange for the Exchange Option(s) is a speculative
          investment which involves a high degree of risk of loss of the entire investment
          in the Company; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          authorizes the Company or its respective designees to call the
          undersigned&#146;s bank or place of employment or otherwise inquire regarding
          the undersigned&#146;s financial standing; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          understands and agrees that the foregoing representations, warranties and
          agreements shall survive the date of acceptance of this Agreement by the Company
          and that the information set forth herein regarding the undersigned is true and
          correct; and </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Indent Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          acknowledges that he understands the meaning of the representations made by him
          in this Subscription Agreement, and that the Company will be requesting certain
          background and financial information from him in order to verify that he is
          eligible to subscribe for the Exchange Option(s), and that such information must
          be true and correct inasmuch as the Company is relying upon the accuracy of such
          information. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>4.</U>&nbsp;&nbsp;&nbsp;&nbsp;
          <B><U>RISK FACTORS.</U> </B> An investment in the Company or in the shares of
          the Company&#146;s common stock involves a high degree of risk. You should
          carefully consider the following factors and other information presented before
          deciding to enter into the Exchange for the Exchange Options. If the Company
          does not successfully address any one or more of the risks described below,
          there could be a material adverse effect on the Company&#146;s financial
          condition, operating results and business. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Company&#146;s
Auditors Have Issued Their Audit Report, Which Includes A Paragraph Emphasizing
Substantial DoubtAbout <BR>the Company&#146;s Ability To Continue As A Going Concern. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management
has indicated in the notes to the Company&#146;s Consolidated Financial Statements for the
year ended December 31, 2004, that circumstances raise substantial doubt about the
Company&#146;s ability to continue as a going concern, which depends upon the
Company&#146;s ability to obtain long-term debt or raise capital to satisfy the
Company&#146;s cash flow requirements. The Company must make substantial 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&#146;s
ability to re-work existing wells, drill new wells and acquire new properties is dependent
upon the Company&#146;s ability to fund these expenditures. Although the Company
anticipated that after the resolution of its dispute with its primary lender, Bank One, it
would be able to find alternative institutional sources of financing for its activities,
to date it has been unable to do so. The Company&#146;s inability to obtain a replacement
credit facility to fund its operations 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 ($33,517,963) and a working
capital deficit of ($6,882,318) as of December 31, 2004, the Company&#146;s public
accountants issued their opinion which emphasized their substantial doubt about the
Company&#146;s ability to continue as a going concern as described above. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the present time and if and until the Company is able to obtain institutional financing,
the Company must obtain the necessary funds to proceed with the Company&#146;s operations
from other sources, such as equity investments or joint ventures with other companies. In
addition, the Company&#146;s revenues or cash flows could decline in the future because of
a variety of reasons, including lower oil and gas prices or the inoperability of some or
all of the Company&#146;s existing wells. If the Company&#146;s revenues or cash flows
decrease or the Company is unable to procure additional financing, the Company would be
required to reduce production over time or would otherwise be adversely affected, which
would adversely impact the Company&#146;s ability to continue in business. In addition to
the Company&#146;s operational cash requirements, the Company has a significant amount of
loans and other obligations either due or maturing August 20, 2005 including
interest-bearing loans in the aggregate principal amount of approximately $700,000 plus
accrued dividends on preferred stock in an aggregate amount in excess of $649,000. The
Company can make no assurances that it will obtain any additional funding required, in
which event it may not be able to continue as a going concern. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Declines In Oil and Gas
Prices Will Materially Adversely Affect the Company. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s future financial condition and results of operations will depend in part
upon the prices obtainable for the Company&#146;s oil and natural gas production and the
costs of finding, acquiring, 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 Company&#146;s
control. 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&#146;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&#146;s oil and 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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>There Are Risks In Rates
Of Oil and Gas Production, Development Expenditures, and Cash Flows. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Projecting
the effects of commodity prices on production, and timing of development expenditures
include many factors beyond the Company&#146;s control. The future estimates of net cash
flows from the Company&#146;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 assumptions could result in the actual
future net cash flows being materially different from the estimates. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Oil and Gas Operations
Involve Substantial Costs and Are Subject To Various Economic Risks. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s oil and gas operations 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&#146;s exploration, development and production activities
to be unsuccessful. This could result in a total loss of the Company&#146;s investment. In
addition, the cost and timing of drilling, completing and operating wells is often
uncertain. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Company Has
Significant Costs To Conform To Regulation Of The Oil and Gas Industry. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;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&#146;s operations and limit the quantity of hydrocarbons it may produce and
sell. In addition, at the 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. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Company Has
Significant Costs Related To Environmental Matters. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s operations are subject to numerous and frequently changing laws and
regulations governing the discharge of materials into the environment or otherwise
relating to environmental protection. The Company owns or leases, and has owned or leased,
properties that have been leased for the exploration and production of oil and gas and
these properties and the wastes disposed on these properties may be subject to the
Comprehensive Environmental Response, Compensation and Liability Act, the Oil Pollution
Act of 1990, the Resource Conservation and Recovery Act, the Federal Water Pollution
Control Act and similar state laws. Under such laws, the Company could be required to
remove or remediate wastes or property contamination. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Laws
and regulations protecting the environment have generally become more stringent and, may
in some cases, impose &#147;strict liability&#148; for environmental damage. Strict
liability means that the Company may be held liable for damage without regard to whether
it was negligent or otherwise at fault. Environmental laws and regulations may expose the
Company to liability for the conduct of or conditions caused by others or for acts that
were in compliance with all applicable laws at the time they were performed. Failure to
comply with these laws and regulations may result in the imposition of administrative,
civil and criminal penalties. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s ability to conduct continued operations is subject to satisfying applicable
regulatory and permitting controls. The Company&#146;s current permits and authorizations
and ability to get future permits and authorizations may be susceptible, on a going
forward basis, to increased scrutiny, greater complexity resulting in increased costs or
delays in receiving appropriate authorizations. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Insurance Does Not Cover
All Risks. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. Although 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,
insurance is not available to the Company against all operational risks. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Company Is Not
Competitive With Respect To Acquisitions Or Personnel. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
oil and gas business is highly competitive. In addition, the Company is presently in a
weak financial condition. In seeking any suitable oil and gas properties for acquisition,
or drilling rig operators and related personnel and equipment, the Company is not able to
compete with most other companies, including large oil and gas companies and other
independent operators with greater financial and technical resources and longer history
and experience in property acquisition and operation. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Company Depends On
Key Personnel, Whom It May Not Be Able To Retain Or Recruit. </FONT></H1>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Members
of present management and certain Company employees have substantial expertise in the
areas of endeavor presently conducted and to be engaged in by the Company. To the extent
that their services become unavailable, the Company would be required to retain other
qualified personnel. The Company does not know whether it would be able to recruit and
hire qualified persons upon acceptable terms. The Company does not maintain &#147;Key
Person&#148; insurance for any of the Company&#146;s key employees. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
Economic Conditions.</b></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Large Indent Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtually
all of the Company&#146;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. </FONT></P>


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<HR SIZE=5 COLOR=GRAY NOSHADE>



<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Default" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.&nbsp;&nbsp;&nbsp;&nbsp;
          GENERAL INFORMATION ABOUT THE SUBSCRIBER </FONT></P>
<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(a)      Name of Subscriber:  __________________________________________</FONT></P>

<!-- MARKER FORMAT-SHEET="Para (List) Flush Lv 0- TNR" FSL="Workstation" -->
     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(b)&nbsp;&nbsp;&nbsp;&nbsp;
          Address and telephone number of Subscriber: </FONT></P>

<!-- MARKER FORMAT-SHEET="Footnote Rule-TNR" FSL="Workstation" -->
<HR SIZE=1 NOSHADE WIDTH=15% ALIGN=LEFT>

<!-- MARKER FORMAT-SHEET="Footnote Rule-TNR" FSL="Workstation" -->
<HR SIZE=1 NOSHADE WIDTH=15% ALIGN=LEFT>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lvl 3-TNR" FSL="Workstation" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(c) </FONT></TD>
          <TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Social Security or Tax ID Number of Subscriber:
          _____________________________________ </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lvl 3-TNR" FSL="Workstation" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(d) </FONT></TD>
          <TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Can Subscriber afford to hold Subscriber&#146;s investment in the Company for an
          indefinite period of time? (Answer yes or no) Yes _____ No _____ </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lvl 3-TNR" FSL="Workstation" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(e) </FONT></TD>
          <TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Can Subscriber afford a loss of its prospective investment in the Company?
          (Answer yes or no) Yes _____ No _____ </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lvl 3-TNR" FSL="Workstation" -->
     <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=15%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
          <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(f) </FONT></TD>
          <TD WIDTH=80%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          If Subscriber is not an individual: </FONT></TD>
          </TR>
          </TABLE>
          <BR>

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          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1) </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Is Subscriber&#146;s principal place of business located, or does Subscriber
               have substantial amounts of assets, in any other state(s)? If yes, which
               state(s)? </FONT></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lvl 4-TNR" FSL="Workstation" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2) </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               In which state(s), if any, does Subscriber file state or local franchise,
               business or other tax returns? </FONT></TD>
               </TR>
               </TABLE>
               <BR>

<!-- MARKER FORMAT-SHEET="Para (List) Hang Lvl 4-TNR" FSL="Workstation" -->
          <TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3) </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               In which state(s) is Subscriber authorized to do business? </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(4) </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Subscriber is (check appropriate type and give the requested information): </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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<TD WIDTH=25%>&nbsp;</TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Corporation (jurisdiction and date of incorporation): </FONT></TD>
</TR>
</TABLE>
<BR>
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<TD WIDTH=25%>&nbsp;</TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
__________Partnership
(jurisdiction and date where original Certificate filed or date of Partnership Agreement
if filing not required):</FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=25%>&nbsp;</TD>
<TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>__________
Trust (jurisdiction and date of Trust Agreement):<br>_________ Other (Describe): </FONT></TD>
</TR>
</TABLE>
<BR>

                           _

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               <TD WIDTH=20%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
               <TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(5) </FONT></TD>
               <TD WIDTH=75%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               Was Subscriber organized for the specific purpose of acquiring the Unit(s)?
               (Answer yes or no) Yes _____ No _____ </FONT></TD>
               </TR>
               </TABLE>
               <BR>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(g)&nbsp;&nbsp;&nbsp;&nbsp;
          Subscriber is an &#147;accredited investor&#148; because it falls within the
          applicable category(ies) checked below: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>__________ (1) Any employee benefit
plan (a &#147;Qualified Plan&#148;) within the meaning of ERISA, if a self-directed plan,
with investment decisions made solely by persons that are Accredited investors; or if the
investment decision is made by a plan fiduciary, as defined in section 3(21) of such Act,
which is either a bank, savings and loan association, insurance company, or registered
investment adviser, or if the employee benefit plan has total assets in excess of $5
million; or </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>__________ (2) Any bank as defined in
section 3(a)(2) of the Act, or any savings or loan association or other institution as
defined in section 3(a)(5)(A) of the Act whether acting in its individual or fiduciary
capacity; any broker or dealer registered pursuant to section 15 of the Securities
Exchange Act of 1934; any insurance company as defined in section 2(13) of the Act; any
investment company registered under the Investment Company Act of 1940 or a business
development company as defined in section 2(a)(48) of that Act; any Small Business
Investment Company licensed by the U.S. Small Business Administration under section 301(c)
or (d) of the Small Business Investment Act of 1958, any plan established and maintained
by a state, its political subdivisions, or any agency or instrumentality of a state or its
political subdivisions, for the benefit of its employees if such plan has total assets in
excess of $5 million; or </FONT></P>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> __________        (3)      Any  private  business  development  company as defined  in  section  202(a)(22)  of the Investment Advisers Act
of 1940; or </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>__________ (4) Any organization
described in section 501(c)(3) of the Internal Revenue Code of 1986, corporation,
Massachusetts or similar business trust, or partnership, not formed for the specific
purpose of acquiring the Exchange Option(s), with total assets in excess of $5,000,000; or </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>__________ (5) Any natural person
whose individual net worth, or joint net worth that persons&#146; spouse, at the time of
his purchase exceeds $1,000,000; or </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>__________ (6) Any natural person who
had an income in excess of $200,000 in each of the two most recent years or joint income
with that person&#146;s spouse in excess of $300,000 in each of those years and has a
reasonable expectation of reaching the same income level in the current Year; or </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>__________ (7) Any trust with total
assets in excess of $5,000,000, not formed for the specific purpose of purchasing the
Exchange Option(s), whose purchase is directed by a &#147;Sophisticated&#148; person; or </FONT></P>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
__________        (8)      Any entity in which all of the equity owners are "Accredited investors."</FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;<U>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          MISCELLANEOUS. </U>The representations, warranties and agreements contained
          herein shall survive the delivery of Series B Preferred Stock or Series C
          Preferred Stock certificates for Exchange and the payment or issuance of any
          cash, stock, or interest for any Exchange option(s) subscribed. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;<U>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          SERIES B OR SERIES C SHARE CERTIFICATES</U> for the value of the Exchange
          Option(s) subscribed hereby are tendered herewith by delivery of original share
          certificates for the Company&#146;s Series B or C Convertible Preferred Stock.
          If the number of shares to be exchanged is less than the number of shares
          represented by the Certificate tendered, the Company will reissue a new Series B
          Preferred Stock or Series C Preferred Stock certificate for the number of shares
          representing the difference in the shares stated in the certificate tendered and
          the number of shares necessary for the Exchange Options subscribed. </FONT></P>


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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;<U>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
          OPTIONS OFFERED</U>. The following is a statement of the terms of each of the
          three Exchange Options offered: </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>OPTION 1- </FONT></P>



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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EXCHANGE of SERIES B PREFERRED STOCK OR SERIES C PREFERRED STOCK FOR CASH<br>TERMS OF OPTION 1: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>You may EXCHANGE Series B Preferred
Stock or Series C Preferred Stock for cash in an amount equal to 66.67% of the outstanding
principal amount, accrued and unpaid dividends and interest of the Series B Preferred
Stock or Series C Preferred Stock, in full satisfaction of the Company&#146;s obligations
relating to the Series B Preferred Stock or Series C Preferred Stock. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The cash payment to be issued for
this exchange for cash will be forwarded to the subscriber within five business days of
the receipt of the original Series B Preferred Stock or Series C Preferred Stock
certificate and the Subscription Agreement signed by the Subscriber electing this option. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If a Subscriber elects to restructure
less than all of his existing Series B Preferred Stock or Series C Preferred Stock for
cash or any combination of the other Exchange Options, the Company will reissue a Series B
or Series C certificate in the amount of the original Series B or C Shares not
restructured. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-OPTION 2- </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXCHANGE
of SERIES B PREFERRED STOCK OR SERIES C PREFERRED STOCK FOR INTEREST IN DRILLING PROGRAM
UNIT. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>You may Exchange Series B or Series C
Shares, on a dollar for dollar basis, for an interest in a drilling program to drill oil
wells in Kansas. All terms of the program are set out in Tengasco, Inc. document entitled
&#147;KANSAS TWELVE WELL DRILLING PROGRAM&#148; dated August 1, 2005 and incorporated
herein by this reference. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>-OPTION 3- </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXCHANGE
of SERIES B PREFERRED STOCK OR SERIES C PREFERRED STOCK FOR COMMON STOCK of TENGASCO, INC. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>TERMS OF OPTION 3: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>You may Exchange Series B Preferred
Stock or Series C Preferred Stock for common shares of Tengasco, Inc. at $1.00 of Series B
Preferred Stock or Series C Preferred Stock at the rate of four shares of common stock.
The shares would be issued within 5 business days of receipt of signed Subscription
Agreement and original Series B Preferred Stock or Series C Preferred Stock Certificate
for shares subject to this reconstruction option. Under Rule 144, the common shares issued
would generally (unless the Subscriber is an affiliate of the Company) be issued in
unrestricted form and be tradable by the Subscriber. If a Subscriber elects to restructure
less than all of his existing Series B Preferred Stock or Series C Preferred Stock for
common stock or any combination of the other Exchange Options, the Company will reissue a
Series B or C certificate in the amount of the original Series B or C Shares not
restructured. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.  EXCHANGE  OPTION(S)  SUBSCRIBED.  The  undersigned  Subscriber  submits this  Subscription,  for the
Exchange  Options  as  indicated.  The  total  number  and face  value of  Series B  Preferred  Stock or  Series C
Preferred  Stock to be  Exchanged may be less  than,  but not more than,  the total  value of shares you now own.</FONT></P>

  <!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>  FACE VALUE ONLY IS SHOWN IN THE  FOLLOWING  TABLE.  THE COMPANY  CALULATES  THAT AS OF JUNE 30, 2005,  THE COMPANY
OWES THE  ADDITIONAL  AMOUNTS TO YOU OF  $216,000 IN  DIVIDENDS  AND $21,060  INTEREST  ON UNPAID  DIVIDENDS.  THE
COMPANY  WILL  CALCULATE  AND  APPORTION  THE  DIVIDENDS  AND INTEREST  ATTRIBUTABLE  TO THE  EXCHANGED  SHARES IN
PROPORTION TO THE EXCHANGE OPTIONS YOU SELECT.</FONT></P>





<TABLE width=760 BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="BOTTOM">
     <TH>x   </TH>
     <TH>Exchange Face Value, Dividends,<br>and Interest for Common Stock<br>(Terms as set out in Paragraph 8)</TH>
     <TH>Number of B or C shares owned<br> 9,000</TH>
     <TH>Value of shares owned<br>$900,000 </TH></TR>
<TR VALIGN="TOP">
     <TD></TD>
     <TD></TD>
     <TD></TD>
     <TD></TD></TR>
<TR VALIGN="TOP">
     <TD>  </TD>
     <TD></TD>
     <TD></TD>
     <TD></TD></TR>
<TR VALIGN="TOP">
     <TD> </TD>
     <TD></TD>
     <TD></TD>
     <TD></TD></TR>
</TABLE>
<br><br>

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<TR VALIGN="BOTTOM">
     <TH> </TH>
     <TH> </TH></TR>
<TR VALIGN="TOP">
     <TD><b>SUBSCRIBER:</b> <br>Dolphin Offshore Partners, L.P.  </TD>
     <TD> <b>ACCEPTED:</b><br>TENGASCO, INC.</TD></TR>
<TR VALIGN="TOP">
     <TD>s/Peter E. Salas</TD>
     <TD> BY: s/ Jeffrey R. Bailey</TD></TR>
<TR VALIGN="TOP">
     <TD>(Signature) </TD>
     <TD>JEFFREY R. BAILEY, PRESIDENT</TD></TR>
<TR VALIGN="TOP">
     <TD>DATE: 8/18/05  </TD>
     <TD> DATE: 8/22/05</TD></TR>
</TABLE>


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