<SEC-DOCUMENT>0001140361-14-018904.txt : 20140506
<SEC-HEADER>0001140361-14-018904.hdr.sgml : 20140506
<ACCEPTANCE-DATETIME>20140506091046
ACCESSION NUMBER:		0001140361-14-018904
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20140506
DATE AS OF CHANGE:		20140506

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/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-59803
		FILM NUMBER:		14815525

	BUSINESS ADDRESS:	
		STREET 1:		11121 KINGSTON PIKE
		STREET 2:		SUITE E
		CITY:			KNOXVILLE
		STATE:			TN
		ZIP:			37934
		BUSINESS PHONE:		865-675-1554

	MAIL ADDRESS:	
		STREET 1:		11121 KINGSTON PIKE
		STREET 2:		SUITE E
		CITY:			KNOXVILLE
		STATE:			TN
		ZIP:			37934

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SSB Ventures LLC
		CENTRAL INDEX KEY:			0001565629
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		11121 KINGSTON PIKE
		STREET 2:		SUITE E
		CITY:			KNOXVILLE
		STATE:			TN
		ZIP:			37934
		BUSINESS PHONE:		865-675-1554

	MAIL ADDRESS:	
		STREET 1:		11121 KINGSTON PIKE
		STREET 2:		SUITE E
		CITY:			KNOXVILLE
		STATE:			TN
		ZIP:			37934
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>formsc13da.htm
<DESCRIPTION>SSB VENTURES LLC SC 13D A NO 1 4-25-2014 (TENGASCO, INC)
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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold">U.S. Securities and Exchange Commission</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Washington, D.C. 20549</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 18pt; FONT-WEIGHT: bold">Schedule 13D</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">under the Securities Exchange Act of 1934</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;(Amendment No. <font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><u>_1__</u></font>)</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 24pt">Tengasco, Inc.</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Common Stock, $0.0001 Par Value</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">88033R205</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Peter E. Salas</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">P.O. Box 16867, Fernandina Beach FL 32035</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">904-491-5003</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">(Name, address, &amp; telephone number of person authorized to</div>

<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">receive notices and communications)</div>

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<div style="TEXT-ALIGN: center; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">April 25, 2014</div>

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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">SSB Ventures LLC</td>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: 54pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Name of Reporting Persons</div>

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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Check the Appropriate Box if a Member of a Group:</td>
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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">SEC use only</td>
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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Source of funds ----OO</td>
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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Check if Disclosure of Legal Proceedings Is Required Pursuant to items&#160; 2(d) or 2(e)</td>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; MARGIN-LEFT: 54pt; FONT-SIZE: 10pt">______</div>

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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Citizenship of place of organization&#8230;.USA</td>
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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Sole Voting Power 0</td>
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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Shared Voting Power 15,676,321</td>
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<td style="WIDTH: 18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">9.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Sole dispositive Power 15,676,321</td>
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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Shared Dispositive Power 0</td>
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<td style="WIDTH: 18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">11.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Aggregate amount Beneficially owned by Each Reporting Person 15,676,321</td>
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<td style="WIDTH: 18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">12.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">______ [check if row 11 excludes certain shares]</td>
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<td style="WIDTH: 18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">13.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Percent of class represented by row 11&#160; &#160; 25.77%</td>
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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Type of reporting person OO</td>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">This statement relates to the Common Stock of Tengasco, Inc., principal office located at 123 Center Park Drive, Suite 104, Knoxville TN&#160; 37922.</div>

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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Identity and Background</td>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">SSB Ventures LLC is a series limited liability company organized under the laws of the State of Delaware, with principal offices at P.O. Box 16867, Fernandina Beach FL 32035.&#160; SSB Ventures LLC has neither been convicted in any criminal proceeding nor been a party to any civil, judicial, or administrative proceeding during the last five years resulting in any action enjoining, prohibiting, or mandating action with regard to any state or federal securities laws.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">As of the date of this filing, SSB Ventures LLC has two members as follows:</div>

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<td style="WIDTH: 18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">1.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Peter E. Salas.&#160; Mr. Salas is Chairman of the Board of Directors of Tengasco, Inc.&#160; Mr. Salas has neither been convicted in any criminal proceeding nor been a party to any civil, judicial, or administrative proceeding during the last five years resulting in any action enjoining, prohibiting, or mandating action with regard to any state or federal securities laws. He is a citizen of the United States of America.</td>
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<td style="WIDTH: 18pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">2.</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Dolphin Direct Equity Partners, L.P. (&#8220;Dolphin Direct&#8221;).&#160; Dolphin Direct is a Delaware limited partnership with principal office at P.O. Box 16867, Fernandina Beach FL 32035.&#160; The managing general partner of Dolphin Direct is Dolphin Mgmt. Services, Inc., a Delaware corporation (&#8220;Dolphin Mgmt.&#8221;) of which Peter E. Salas listed above is President and controlling person.&#160; Neither Dolphin Direct nor Dolphin Mgmt. has been either convicted in any criminal proceeding or been a party to any civil, judicial, or administrative proceeding during the last five years resulting in any action enjoining, prohibiting, or mandating action with regard to any state or federal securities laws. Dolphin Direct purchased all the membership interest in SSB Ventures LLC of Dolphin Offshore Partners, L.P. (&#8220;Dolphin Offshore&#8221;) on December 31, 2013 and by consents of all members of SSB Ventures LLC on April 25, 2014 Dolphin Direct replaced Dolphin Offshore as a member of SSB Ventures LLC effective as of the date of the purchase from Dolphin Offshore.</td>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">On April 25, 2014, Jeffrey R. Bailey, an original member of SSB Ventures LLC, tendered his resignation as a member of SSB Ventures LLC and 500,000 shares of TGC stock, equal to the number of TGC shares initially contributed by him, were transferred by SSB Ventures LLC to him.&#160; Accordingly, Mr. Bailey is no longer a member of SSB Ventures LLC.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">On April 25, 2014, Cary V. Sorensen, an original member of SSB Ventures LLC tendered his resignation as a member of SSB Ventures LLC and 200,000 shares of TGC stock, equal to the number of TGC shares initially contributed by him, were transferred by SSB Ventures LLC to him.&#160; Accordingly, Mr. Sorensen is no longer a member of SSB Ventures LLC.</div>

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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Source and Amount of Funds or Other Consideration.</td>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">The securities now held by SSB Ventures LLC were initially purchased by SSB Ventures LLC from Peter E. Salas (218,000 shares), and Dolphin Offshore (which prior to the purchase was the largest shareholder of Tengasco, Inc.) (15,458,321 shares). The consideration for purchase of these shares was two promissory notes by SSB Ventures LLC as maker to each of the two respective sellers. The principal amount of each promissory note was calculated as the product of the number of shares sold by $1.10 per share for the shares sold by Peter E. Salas and Dolphin Offshore. There was no consideration of any kind for the purchase by SSB Ventures LLC other than the issuance of the promissory notes.&#160; By purchase from Dolphin Offshore, Dolphin Direct has acquired all the membership interest in SSB Ventures LLC of Dolphin Offshore and by consents of all members of SSB Ventures LLC on April 25, 2014 Dolphin Direct has replaced Dolphin Offshore as a member of SSB Ventures LLC effective as of the date of the purchase by Dolphin Direct from Dolphin Offshore.</div>

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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Purpose of Transaction.</td>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">The purpose of the transaction was for investment planning. SSB Ventures LLC has no plans or proposals which relate to or would result in acquisition or disposition of any additional securities of the issuer Tengasco, Inc., any extraordinary corporate transaction by this issuer, any sale of any assets of the issuer or its subsidiaries, any change in the board or management of the issuer, any change in present capitalization or dividend policy of the issuer, any change in charter, bylaws or other actions which may impede the acquisition of control of the issuer by any person, any other material change in the issuer&#8217;s business or corporate structure; causing delisting of shares from any exchange or causing termination of registration of any securities of the issuer, or any similar action.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">SSB Ventures LLC is owner of 15,676,321 shares of the common stock of Tengasco, Inc. or 25.77% of the total shares outstanding.&#160;&#160; The two members of SSB Ventures LLC named in Item 2 manage the assets of SSB Ventures LLC and no single member has sole power to dispose or direct the disposition of all of the shares owned by SSB Ventures LLC.&#160; However, each of the two members of SSB Ventures LLC has the right to direct the voting of that number of shares associated with that member, being that number of shares sold by that member to SSB Ventures LLC and set out in Item 3 above.&#160; For share voting purposes, Dolphin Direct is designated as agent for voting each member&#8217;s associated shares in accordance with the direction of the respective member as to such vote.&#160; There are no other shared voting rights or shared power of disposition of the shares owned by SSB Ventures LLC.</div>

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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer</td>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">The Limited Liability Company Agreement (&#8220;LLC Agreement&#8221;) of SSB Ventures LLC provides for the management of the LLC by all its members. As to voting of shares of the Issuer, the LLC Agreement provides that in the event a vote of shareholders of Tengasco, Inc.&#160; is called for or required at any time SSB Ventures LLC holds Tengasco shares, then Dolphin Direct shall be agent of all members for voting the assets of SSB Ventures LLC and shall vote the respective shares associated with each member as set out above in such manner as may be directed by each member.&#160; Other than that provision in the LLC Agreement, there are no other contracts, arrangements, understandings, or relationships between (a) SSB Ventures LLC and any other person or (b) between the members of SSB Ventures LLC with respect to securities of the issuer.</div>

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<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Material to Be Filed as Exhibits</td>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">None.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Signature:</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete, and correct.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Date: May 6, 2014</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SSB VENTURES LLC</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">BY ITS MEMBERS:</div>

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<div style="TEXT-ALIGN: left; FONT-VARIANT: small-caps; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">DOLPHIN DIRECT EQUITY PARTNERS, L.P.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">BY: Dolphin Mgmt. Services, Inc., its Managing General Partner</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;BY: <font style="FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><u>s/Peter E. Salas</u></font></div>

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<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">Peter E. Salas, President</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 36pt; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt"><u>S/Peter E. Salas</u></div>

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<div style="TEXT-ALIGN: left; FONT-VARIANT: small-caps; FONT-FAMILY: ''Times New Roman'', Times, serif; FONT-SIZE: 10pt">PETER E. SALAS</div>

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