<SEC-DOCUMENT>0001140361-18-042098.txt : 20181101
<SEC-HEADER>0001140361-18-042098.hdr.sgml : 20181101
<ACCEPTANCE-DATETIME>20181101163022
ACCESSION NUMBER:		0001140361-18-042098
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20181211
FILED AS OF DATE:		20181101
DATE AS OF CHANGE:		20181101
EFFECTIVENESS DATE:		20181101

FILER:

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

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15555
		FILM NUMBER:		181154185

	BUSINESS ADDRESS:	
		STREET 1:		8000 E. MAPLEWOOD AVENUE
		STREET 2:		SUITE 130
		CITY:			GREENWOOD VILLAGE
		STATE:			CO
		ZIP:			80111
		BUSINESS PHONE:		720-420-4460

	MAIL ADDRESS:	
		STREET 1:		8000 E. MAPLEWOOD AVENUE
		STREET 2:		SUITE 130
		CITY:			GREENWOOD VILLAGE
		STATE:			CO
		ZIP:			80111
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>formdef14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
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      <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 18pt; font-weight: bold;">SCHEDULE 14A INFORMATION</div>
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      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES EXCHANGE ACT OF 1934</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> <br>
        </font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Filed by the Registrant &#9746;</font></div>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Filed by a Party other than the Registrant &#9744;</font></div>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Check the Appropriate Box:</font></div>
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                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">Preliminary Proxy Statement</font></div>
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                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">Confidential for Use of Commission Only</font></div>
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                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">Definitive Proxy Statement</font></div>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">&#9744;</font></div>
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                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">Definitive Additional Materials</font></div>
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                <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">Soliciting Materials Pursuant to &#167;240.14a-11(c) or &#167;240.14a-12</font></div>
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      <div style="text-align: center; font-size: 24pt;"><font style="font-family: &quot;Times New Roman&quot;; font-weight: bold;"><font style="font-family: &quot;Times New Roman&quot;;">TENGASCO, INC.</font></font></div>
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      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">(Name of Registrant as Specified in its Charter)</font></div>
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      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">(Name of person(s) Filing Proxy Statement if other than Registrant)</font></div>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Payment of Filing Fee (Check the appropriate box)</font></div>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">&#9746;</font></div>
              </td>
              <td style="vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">No Fee Required</font></div>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">$125 per Exchange Act Rules-O-11(c)(1)(ii), 14a-6(i)(1), 14a-6(i)(2) or Item 22(a)(2) of Schedule 14A.</font></div>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Fee computed on table below per Exchange Act Rules14A-6(i)(4) and O-11.</font></div>
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      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">(1) Title of each class of securities to which each transaction applies:</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">(2) Aggregate number of securities to which transaction applies:</font></div>
      <div><br>
      </div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">3)&#160; Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule O-11 (Set forth the
          amount on which the filing fee is calculated and state how it was determined):</font></div>
      <div style="text-align: left; margin-left: 36pt;">
        <div><br>
        </div>
        <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">(4) Proposed maximum aggregate value of the transaction:</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> </font><br>
      </div>
      <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">(5) Total fee paid:</font></div>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Fee paid previously with preliminary materials.</font></div>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">&#9744;</font></div>
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              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the
                    offsetting fee was paid previously.&#160; Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</font></div>
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                <td style="width: 36pt; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">(1)</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Amount Previously Paid:</font></div>
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                <td style="width: 36pt; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">(2)</font></td>
                <td style="width: auto; vertical-align: top; text-align: left;">
                  <div><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Form Schedule or Registration No.:</font></div>
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                <td style="width: 36pt; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">(3)</font></td>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Filing Party:</font></div>
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                <td style="width: 36pt; vertical-align: top;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">(4)</font></td>
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                  <div><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Date Filed:</font></div>
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          <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-weight: bold;">TENGASCO, INC.</div>
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">8000 E. Maplewood Ave., Suite 130</font></div>
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">Greenwood Village, Colorado 80111</font></div>
          <div><br>
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          <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">NOTICE OF ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON</font></div>
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">December 11, 2018</font></div>
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          </div>
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">TO THE STOCKHOLDERS:</font></div>
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          <div>
            <div style="text-align: justify; text-indent: 36pt; margin-right: 2.5pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">Notice is hereby given that the 2018 annual meeting of stockholders (the &#8220;Annual Meeting&#8221;) of Tengasco, Inc.
              (the &#8220;Company&#8221;) has been called for and will be held at the central Conference Room, Suite 115, at 8000 E. Maplewood Ave., Greenwood Village, CO 80111 on December 11, 2018 at 9:00 AM local (Mountain) time for the following purposes:</div>
            <div><br>
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                      <td style="width: 18pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">1.</font></td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">To elect Matthew K. Behrent, Peter E. Salas, and Richard M. Thon, to the Board of Directors to hold office until their successors shall have been elected
                            and qualify;</font></div>
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            <div style="text-align: justify;">
              <div>
                <table cellspacing="0" cellpadding="0" id="z68db9b14a58840438de8f7c135ccf94a" class="DSPFListTable" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;">

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                      <td style="width: 18pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">2.</font></td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">To ratify the appointment by the Board of Directors of Moss Adams LLP to serve as the independent certified public accountants for the current fiscal
                            year;</font></div>
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            <div><br>
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            <div style="text-align: justify;">
              <div>
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                      <td style="width: 18pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">3.</font></td>
                      <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">To consider and transact such other business as may properly come before the Annual Meeting or any adjournments thereof.</font></div>
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          </div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The Board of Directors has fixed the close of business on October 15, 2018 as the record date for the determination of
              the stockholders entitled to receive notice and to vote at the Annual Meeting or any adjournments thereof. The list of stockholders entitled to vote will be available for examination by any stockholder at the Company&#8217;s offices at 8000 E.
              Maplewood Ave., Suite 130, Greenwood Village, CO 80111, for ten (10) days prior to December 11, 2018.</font></div>
          <div><br>
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                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Dated: November 1, 2018</font></div>
                </td>
                <td style="width: 50%; vertical-align: top;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">By Order of the Board of Directors</font></div>
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                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 50%; vertical-align: top;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">/s/ Michael J. Rugen</font></div>
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                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 50%; vertical-align: top;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Michael J. Rugen, <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-style: italic;">Chief Executive
                        Officer</font></font></div>
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          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">WHETHER OR NOT YOU EXPECT TO ATTEND THE MEETING, PLEASE FILL IN, SIGN AND DATE THE PROXY SUBMITTED
              HEREWITH AND RETURN IT IN THE ENCLOSED STAMPED ENVELOPE.&#160; THE GRANTING OF SUCH PROXY WILL NOT AFFECT YOUR RIGHT TO REVOKE SUCH PROXY IN PERSON SHOULD YOU LATER DECIDE TO ATTEND THE MEETING. THE ENCLOSED PROXY IS BEING SOLICITED BY THE BOARD
              OF DIRECTORS.</font></div>
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"> <br>
            </font></div>
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          </div>
          <!--PROfilePageNumberReset%Num%2%%%-->
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>INTERNET AVAILABILITY OF PROXY MATERIALS</u></font></font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">This Notice of Annual Meeting and Proxy Statement along with the form of proxy card and the Company&#8217;s Annual Report on
              Form 10-K for the year ended December 31, 2017 will be available online at <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>https://www.cstproxy.com/tengasco/2018</u></font><font style="font-size: 10pt;
                font-family: &quot;Times New Roman&quot;;">&#160;</font>on the first day these materials are mailed to shareholders which is<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#160;</font> anticipated to be November 1, 2018.</font></div>
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"> <br>
            </font></div>
          <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
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          </div>
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">TENGASCO, INC. - PROXY STATEMENT </font></div>
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"> <br>
            </font></div>
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">GENERAL</font></div>
          <div style="text-align: left; text-indent: -84.8pt; margin-right: 129.35pt; margin-left: 217.2pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"> <br>
            </font></div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">This proxy statement is furnished by the Board of Directors of Tengasco, Inc., a Delaware corporation (sometimes the
              &#8220;Company&#8221; or &#8220;Tengasco&#8221;), with offices located at 8000 E. Maplewood Ave., Suite 130, Greenwood Village, CO 80111, in connection with the solicitation of proxies to be used at the annual meeting of stockholders of the Company to be held on
              December 11, 2018 and at any adjournments thereof (the &#8220;Annual Meeting&#8221;).</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>If your share ownership is recorded directly
                  (i.e. your shares are in paper certificate form and are registered as such by the Company&#8217;s transfer agent) you will receive from our transfer agent by mail a written Notice of Internet Availability of Proxy Materials with instructions on
                  how to view proxy materials online, and how to vote your shares online.</u></font>&#160;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"><u>This is different from our practice in past years when
                  registered owners were mailed a printed copy of proxy materials and were asked to vote by mail.</u></font>&#160; The Notice of Internet Availability of Proxy Materials you will receive this year will contain instructions how you may request
              written proxy materials if you do not want to view them online or vote them online. If you do specifically request written proxy materials, you will then receive materials including a proxy card by mail at the address shown on the transfer
              agent&#8217;s records. Voting instructions will be included on the proxy card in the written materials you receive.&#160; We recommend that you vote by proxy even if you plan to attend the Annual Meeting. You may also vote in person at the Annual
              Meeting.</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">If your share ownership is beneficial (that is, your shares are held in the name of a bank, broker or other nominee
              referred to as in &#8220;street name&#8221;), your broker, bank, or nominee will mail you a Notice of Internet Availability of Proxy Materials with instructions on how to instruct them to vote your shares. Your voting instruction must be followed.&#160;
              Although most brokers and nominees offer mail, telephone, and internet voting, the availability of voting options and specific procedures to be used to vote will depend on their respective voting arrangements set out in the notice you receive
              by mail.&#160;&#160; <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"><u>IMPORTANT: If you wish to vote your shares that are held in street name in person at the Annual Meeting, you must request and obtain a
                  &#8220;legal proxy&#8221; from your bank or broker (not from the Company) and bring the &#8220;legal proxy&#8221; to the annual meeting or you will not be permitted to vote your shares in person at the meeting. </u></font> You must bring a &#8220;legal proxy&#8221; to vote
              in person at the meeting even if you have not instructed your broker to vote your shares.&#160; A legal proxy is necessary to assure that shares held in street name that are to be voted in person at the Annual Meeting have not been double-counted
              as a result of the vote collecting process. You may not use the form of proxy set out at the end of this Proxy Statement in the place of a &#8220;legal proxy&#8221; obtained from your bank or broker, to vote shares held in street name in person at the
              Annual Meeting.</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">If a proxy is properly executed and returned, the shares represented thereby will be voted as instructed on the proxy.
              Any proxy may be revoked by a stockholder prior to its exercise upon written notice to the Chief Executive Officer of the Company, or by a stockholder voting in person at the Annual Meeting. Unless instructions to the contrary are indicated,
              proxies will be voted FOR the election of the directors named therein and FOR the ratification of the selection by the Audit Committee of the Board of Directors of Moss Adams LLP as the independent certified public accountants of the Company.</font></div>
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"> <br>
            </font></div>
          <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
            <div id="DSPFPageBreak" style="page-break-after: always;">
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          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">A copy of the Company&#8217;s Annual Report on Form 10-K of the Company for the fiscal year ended December 31, 2017 (&#8220;Fiscal
              2017&#8221;), which contains financial statements audited by the Company&#8217;s independent certified public accountants, accompanies this proxy statement.</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The cost of preparing, assembling and mailing the Notice of Internet Availability of Proxy materials, notice of meeting,
              proxy statement, the enclosed Annual Report on Form 10-K and proxy card will be borne by the Company. In addition to solicitation of the proxies by use of the mails, some of the officers and regular employees of the Company, without extra
              remuneration, may solicit proxies personally or by telephone, fax transmission or e-mail. The Company may also request brokerage houses, nominees, custodians and fiduciaries to forward soliciting material to the beneficial owners of the
              common stock. The Company will reimburse such persons for their expenses in forwarding soliciting material.</font></div>
          <div><br>
          </div>
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">VOTING SECURITIES AND PRINCIPAL HOLDERS</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The Board of Directors has fixed October 15, 2018 as the record date (the &#8220;Record Date&#8221;) for determination of
              stockholders entitled to notice of and to vote at the Annual Meeting. Only stockholders on Record Date will be able to vote at the Annual Meeting.&#160; &#160; As of the Record Date, 10,639,290 shares of the Company&#8217;s common stock were outstanding, and
              each share will be entitled to one vote, with no shares having cumulative voting rights. Holders of shares of common stock are entitled to vote on all matters. Unless otherwise indicated herein, a majority of the votes represented by shares
              present or represented at the Annual Meeting is required for approval of each matter that will be submitted to the stockholders.</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Management knows of no business other than that specified in Items 1 and 2 in the Notice of Annual Meeting that will be
              presented at the Annual Meeting. If any other matter is properly presented, the persons named in the enclosed proxy intend to vote in their best judgment.</font></div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"> <br>
            </font></div>
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">Five Percent Stockholders<br>
              <br>
            </font></div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The following table sets forth the share holdings of those persons who own more than 5% of the Company&#8217;s common stock as
              of October 15, 2018 with these computations being based upon 10,639,290 shares of common stock being outstanding as of that date:</font></div>
          <div><br>
          </div>
          <table cellspacing="0" cellpadding="0" border="0" id="z4f5e9fb6baaf4a859bddd4cf3c700c00" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%; border-collapse: collapse;">

              <tr>
                <td style="width: 35%; vertical-align: top;">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Name and Address</font></div>
                </td>
                <td style="width: 15%; vertical-align: top;">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Title</font></div>
                </td>
                <td style="width: 25%; vertical-align: top;">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Number of Shares</font></div>
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Beneficially Owned</font></div>
                </td>
                <td style="width: 25%; vertical-align: top;">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Percent of Class</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 35%; vertical-align: top;" rowspan="1">&#160;</td>
                <td style="width: 15%; vertical-align: top;" rowspan="1">&#160;</td>
                <td style="width: 25%; vertical-align: top;" rowspan="1">&#160;</td>
                <td style="width: 25%; vertical-align: top;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 35%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Dolphin Offshore Partners, L.P.</font></div>
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">c/o Dolphin Mgmt. Services, Inc.</font></div>
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">P.O. Box 16867</font></div>
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Fernandina Beach, FL 32035</font></div>
                </td>
                <td style="width: 15%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Stockholder</font></div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">5,293,741<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></font></div>
                </td>
                <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">49.8%</font></div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
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          <div> <br>
          </div>
          <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> Consists of shares held directly by Peter E. Salas individually, and shares held directly by Dolphin Offshore Partners, L.P. (&#8220;Dolphin&#8221;). Peter E. Salas is
              the sole shareholder of and controlling person of Dolphin Mgmt. Services, Inc. which is the general partner of Dolphin.</font></div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">4</font></div>
            <div style="page-break-after: always;" id="DSPFPageBreak">
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          </div>
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">PROPOSAL NO. 1: ELECTION OF DIRECTORS</font></div>
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"> <br>
            </font></div>
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">GENERAL</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Article 3.1 of the Company&#8217;s Bylaws provides that the number of directors of the Company shall be a minimum of three and
              a maximum of ten. The members of the Board of Directors are each elected for a one-year term or until their successors are elected and qualify with a plurality of votes cast in favor of their election. Three nominees are put forth before the
              stockholders for election to the Board of Directors at the Annual Meeting. All of the nominees are presently directors of the Company.</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The directors will serve until the next annual meeting of stockholders and thereafter until their successors shall have
              been elected and qualified.</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Unless authority is withheld, the proxies in the accompanying form will be voted in favor of the election of the
              nominees named above as directors. If any nominee should subsequently become unavailable for election, the persons voting the accompanying proxy may in their discretion vote for a substitute.</font></div>
          <div><br>
          </div>
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">BOARD OF DIRECTORS</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The Board of Directors has the responsibility for establishing broad corporate policies and for the overall performance
              of the Company. The members of the Board are kept informed of the Company&#8217;s business by various reports and documents sent to them as well as by operating and financial reports made at Board meetings. The Board of Directors held 6 meetings in
              Fiscal 2017. All directors who are up for re-election attended at least 75% of the aggregate number of meetings of the Board of Directors and of the committees on which such directors served during Fiscal 2017.</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">There is no understanding or arrangement between any director and any other persons pursuant to which such individual
              was or is to be selected as a director or nominee of the Company.</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The Company&#8217;s Chief Executive Officer does not currently serve as a Director. In the event a Chief Executive Officer
              also serves as a Director, the Board has previously determined as a matter of policy to divide the functions of CEO and Chairman between two individuals. Placing the CEO on the Board as a director may have the dual beneficial effects of
              assisting both the CEO in making operational decisions as he is expected to do in the ongoing operation of the Company with accessibility to the guidance of the Board, while allowing the Board to more effectively oversee the business risk
              without any additional influence from the CEO/Director if he were also serving as Chairman.</font></div>
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"> <br>
            </font></div>
          <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">5</font></div>
            <div id="DSPFPageBreak" style="page-break-after: always;">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
          </div>
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Identification of Director-Nominees</u></font></font></div>
          <div><br>
          </div>
          <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The following table sets forth the names of all
                director-nominees.</font></font></div>
          <div><br>
          </div>
          <table cellspacing="0" cellpadding="0" border="0" id="z088d74e4d9854129847b65e7ad48b03e" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%; border-collapse: collapse;">

              <tr>
                <td style="width: 33%; vertical-align: top;">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">Name</font></div>
                </td>
                <td style="width: 34%; vertical-align: top;">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">Positions Held</font></div>
                </td>
                <td style="width: 33%; vertical-align: top;">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">Date of Initial Election or Designation</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 33%; vertical-align: top;" rowspan="1">&#160;</td>
                <td style="width: 34%; vertical-align: top;" rowspan="1">&#160;</td>
                <td style="width: 33%; vertical-align: top; text-align: center;" rowspan="1">&#160;</td>
              </tr>
              <tr>
                <td style="width: 33%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Matthew K. Behrent</font></div>
                </td>
                <td style="width: 34%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Director</font></div>
                </td>
                <td style="width: 33%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">3/27/07</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 33%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Peter E. Salas</font></div>
                </td>
                <td style="width: 34%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Director;</font></div>
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Chairman of the Board</font></div>
                </td>
                <td style="width: 33%; vertical-align: top; background-color: rgb(255, 255, 255);">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">10/8/02</font></div>
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">10/21/04</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 33%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Richard M. Thon</font></div>
                </td>
                <td style="width: 34%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Director</font></div>
                </td>
                <td style="width: 33%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">11/22/13</font></div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Background of Directors</u></font></font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The following is a brief account of the experience, for at least the past five (5) years, of each nominee for director.</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Matthew K. Behrent is 48 years old. He is currently the Executive Vice President, Corporate Development of EDCI
              Holdings, Inc, a company that is currently engaged in carrying out a plan of dissolution. Before joining EDCI in June, 2005, Mr. Behrent was an investment banker, working as a Vice-President at Revolution Partners, a technology focused
              investment bank in Boston, from March 2004 until June 2005 and as an associate in Credit Suisse First Boston Corporation&#8217;s technology mergers and acquisitions group from June 2000 until January 2003. From June 1997 to May 2000, Mr. Behrent
              practiced law, most recently with Cleary, Gottlieb, Steen &amp; Hamilton in New York, advising financial sponsors and corporate clients in connection with financings and mergers and acquisitions transactions. Mr. Behrent received his J.D.
              from Stanford Law School in 1997, and his B.A. in Political Science and Political Theory from Hampshire College in 1992. He became a Director of the Company on March 27, 2007.&#160; He is also a Director and Chairman of the Audit Committee of
              Asure Software, Inc. (NASDAQ: ASUR). The experience, qualifications, attributes, and skills gained by Mr. Behrent in these sophisticated legal and financial positions directly apply to and support the financial oversight of the Company&#8217;s
              operations and qualify Mr. Behrent to serve as a Director of the Company.</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Peter E. Salas is 64 years old. He has been President of Dolphin Asset Management Corp. and its related companies since
              he founded it in 1988. Prior to establishing Dolphin, he was with J.P. Morgan Investment Management, Inc. for ten years, becoming Co-manager, Small Company Fund and Director-Small Cap Research.&#160; He received an A.B. degree in Economics from
              Harvard in 1978. Mr. Salas was elected to the Board of Directors on October 8, 2002. During a portion of the last five years, Mr. Salas also served on the Board of Directors of Southwall Technologies, Inc. and Williams Controls, Inc. The
              business experience, attributes, and skills gained by Mr. Salas in these sophisticated financial positions, together with his service as director of other public companies and his capacity as controlling person of the Company&#8217;s largest
              shareholder directly apply to and support his qualification as a director, and lead to the conclusion that Mr. Salas should serve as a Director of the Company.</font></div>
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"> <br>
            </font></div>
          <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">6</font></div>
            <div id="DSPFPageBreak" style="page-break-after: always;">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Richard M. Thon is 63 years old. He began a career with ARAMARK Corporation in 1987. ARAMARK is based in Philadelphia,
              has 270,000 employees worldwide, and provides food services, facilities management, and uniform and career apparel to health care institutions, universities, and businesses in 21 countries. Mr. Thon served in various capacities in the
              Corporate Finance Department of ARAMARK culminating with the position of Assistant Treasurer when he retired in June 2002. His responsibilities included bank credit agreements, public debt issuance, interest rate risk management, foreign
              subsidiary credit agreements, foreign exchange, letters of credit, insurance finance, off-balance-sheet finance, and real estate and equipment leasing. Prior to joining ARAMARK, Mr. Thon was a Vice President in the International Department of
              Mellon Bank. Since his retirement in 2002, Mr. Thon has served in a variety of volunteer charitable activities. In addition, during a portion of the past five years, he served on the board of ACT Conferencing, Inc. During the same period he
              has been, but is not currently, a director of Boston Restaurant Associates, Inc.&#160; Mr. Thon received a B.A. in Economics degree from Yale College in 1977 and a Masters of Business Administration degree in Finance from The Wharton School,
              University of Pennsylvania in 1979. Mr. Thon&#8217;s experience in the fields of banking and finance directly apply to the business needs of the Company and lead to the conclusion that he will provide significant benefit to the Board and that he is
              qualified to serve as a Director of the Company.</font></div>
          <div><br>
          </div>
          <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Director Independence</u></font></font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The Rules of the NYSE American stock exchange (the &#8220;NYSE American Rules&#8221;) require that an issuer such as the Company
              which is a &#8220;Smaller Reporting Company&#8221; pursuant to Regulation S-K Item 10(f)(1) maintain a board of directors of which at least one-half of the members are independent in that they&#160; are not officers of the Company and are free of any
              relationship that would interfere with the exercise of their independent judgment. The NYSE American Rules also require that as a Smaller Reporting Company, the Company&#8217;s Board of Directors&#8217; Audit Committee be comprised of at least two
              members all of whom qualify as independent under the criteria set forth in Rule 10 A-3 of the Securities Exchange Act of 1934 and NYSE American Rule 803(b)(2)(c).&#160;&#160; The Board of Directors has determined that the director-nominees, Matthew K.
              Behrent and Richard M. Thon,&#160; are&#160; independent&#160; as&#160; defined&#160; by&#160; the&#160; NYSE&#160; American&#160; Rules,&#160; and&#160; that&#160; Matthew&#160; K.&#160; Behrent, and Richard M. Thon are also independent as defined by Section 10A(m)(3) of the Securities Exchange Act of 1934 and
              the rules and regulations of the Securities and Exchange Commission and that each of these nominees does not have any relationship which would interfere with the exercise of his independent judgment in carrying out his responsibilities as a
              director. In reaching its determination, the Board of Directors reviewed certain categorical independence standards to provide assistance in the determination of director independence. The categorical standards are set forth below and provide
              that a director will not qualify as an independent director under the NYSE American Rules if:</font></div>
          <div><br>
          </div>
          <div style="text-align: left;">
            <div>
              <table cellspacing="0" cellpadding="0" id="z2e87e69e4977467bbc95bd56a03a5f75" class="DSPFListTable" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;">

                  <tr>
                    <td style="width: 36pt;"><br>
                    </td>
                    <td style="width: 18pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#8226;</font></td>
                    <td style="width: auto; vertical-align: top; text-align: left;">
                      <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The Director is, or has been during the last three years, an employee or an officer of the Company or any of its affiliates;</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify;">
            <div>
              <table cellspacing="0" cellpadding="0" id="z96b225e9ea8c48ccb946dcd1914f8478" class="DSPFListTable" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;">

                  <tr>
                    <td style="width: 36pt;"><br>
                    </td>
                    <td style="width: 18pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#8226;</font></td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The Director has received, or has an immediate family member<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#160;</font>who
                          has received, during any twelve consecutive months in the last three years any compensation from the Company in excess of $120,000, other than compensation for service on the Board of Directors, compensation to an immediate family
                          member who is an employee of the Company other than an executive officer, compensation received as an interim executive officer or benefits under a tax-qualified retirement plan, or non-discretionary compensation;</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div><br>
          </div>
          <div>
            <hr noshade="noshade" align="left" style="background-color: rgb(0, 0, 0); border-width: medium; border-style: none; border-color: -moz-use-text-color; margin: 0px auto 0px 0px; height: 2px; width: 30%; color: rgb(0, 0, 0); text-align: left;"></div>
          <div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"><font style="font-family: &quot;Times New Roman&quot;;"> <br>
                  </font></sup></font></div>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"><font style="font-family: &quot;Times New Roman&quot;;">2</font></sup><font style="font-size: 10pt; font-family: &quot;Times New
                  Roman&quot;;">&#160;</font>Under these categorical standards &#8220;immediate family member&#8221; includes a person&#8217;s spouse, parents, children, siblings, mother-in-law, father-in-law, brother-in-law, sister-in-law, son-in-law, daughter-in-law, and
                anyone who resides in such person&#8217;s home (other than a domestic employee).</font></div>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">7</font></div>
            <div style="page-break-after: always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
          </div>
          <div style="text-align: justify;">
            <div>
              <table cellspacing="0" cellpadding="0" id="zd0b46d67f06d4fb3bee4066021822c19" class="DSPFListTable" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;">

                  <tr>
                    <td style="width: 36pt;"><br>
                    </td>
                    <td style="width: 18pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#8226;</font></td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The Director is a member of the immediate family of an individual who is, or has been in any of the past three years, employed by the Company or any of its
                          affiliates as an executive officer;</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify;">
            <div>
              <table cellspacing="0" cellpadding="0" id="zbeb904b8fff8426ab1d9d9126edf153e" class="DSPFListTable" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;">

                  <tr>
                    <td style="width: 36pt;"><br>
                    </td>
                    <td style="width: 18pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#8226;</font></td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The Director, or an immediate family member, is a partner in, or controlling shareholder or an executive officer of, any for-profit business organization to
                          which the Company made, or received, payments (other than those arising solely from investments in the Company&#8217;s securities) that exceed 5% of the Company&#8217;s or business organization&#8217;s consolidated gross revenues for that year, or
                          $200,000, whichever is more, in any of the past three years;</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify;">
            <div>
              <table cellspacing="0" cellpadding="0" id="zce5452359be2441b822798b97a968f7e" class="DSPFListTable" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;">

                  <tr>
                    <td style="width: 36pt;"><br>
                    </td>
                    <td style="width: 18pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#8226;</font></td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The Director, or an immediate family member, is employed as an executive officer of another entity where at any time during the most recent three fiscal
                          years any of the Company&#8217;s executives serve on that entity&#8217;s compensation committee; or</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify;">
            <div>
              <table cellspacing="0" cellpadding="0" id="z1ab7930c366a4fe89a68cdc82e7f51ce" class="DSPFListTable" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;">

                  <tr>
                    <td style="width: 36pt;"><br>
                    </td>
                    <td style="width: 18pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#8226;</font></td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The Director, or an immediate family member, is a current partner of the Company&#8217;s outside auditors, or was a partner or employee of the Company&#8217;s outside
                          auditors who worked on the Company&#8217;s audit at any time during the past three years.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div><br>
          </div>
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The following additional categorical standards were employed by the Board in determining whether a director qualified as independent to serve
              on the Audit Committee and provide that a director will not qualify if:</font></div>
          <div><br>
          </div>
          <div style="text-align: left;">
            <div>
              <table cellspacing="0" cellpadding="0" id="z41e17720208b45ae9b0688dff7d20e2d" class="DSPFListTable" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;">

                  <tr>
                    <td style="width: 36pt;"><br>
                    </td>
                    <td style="width: 18pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#8226;</font></td>
                    <td style="width: auto; vertical-align: top; text-align: left;">
                      <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The&#160; Director&#160; directly or&#160; indirectly&#160;&#160; accepts&#160; any consulting,&#160; advisory,&#160; or&#160; other compensatory fee from the Company or any of its subsidiaries;</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div><br>
          </div>
          <div style="text-align: left;">
            <div>
              <table cellspacing="0" cellpadding="0" id="zf7a5ca4383fd4b5b8cb71918a191ee2a" class="DSPFListTable" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;">

                  <tr>
                    <td style="width: 36pt;"><br>
                    </td>
                    <td style="width: 18pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#8226;</font></td>
                    <td style="width: auto; vertical-align: top; text-align: left;">
                      <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The Director is an affiliated person<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#160;</font>of the Company or any of
                          its subsidiaries; or</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div><br>
          </div>
          <div style="text-align: left;">
            <div>
              <table cellspacing="0" cellpadding="0" id="z97b9e6e180964313be49bbab468a7f71" class="DSPFListTable" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;">

                  <tr>
                    <td style="width: 36pt;"><br>
                    </td>
                    <td style="width: 18pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#8226;</font></td>
                    <td style="width: auto; vertical-align: top; text-align: left;">
                      <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The Director participated in the preparation of the Company&#8217;s financial statements at any time during the past three years.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <br>
          <div>
            <hr noshade="noshade" align="left" style="background-color: rgb(0, 0, 0); border-width: medium; border-style: none; border-color: -moz-use-text-color; margin: 0px auto 0px 0px; height: 2px; width: 30%; color: rgb(0, 0, 0); text-align: left;"></div>
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"><font style="font-family: &quot;Times New Roman&quot;;"> <br>
                </font></sup></font></div>
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"><font style="font-family: &quot;Times New Roman&quot;;">3</font></sup><font style="font-size: 10pt; font-family: &quot;Times New
                Roman&quot;;">&#160;</font>For purposes of this categorical standard, an &#8220;affiliated person of the Company&#8221; means a person that directly or indirectly through intermediaries controls, or is controlled by, or is under common control with the
              Company. A person will not be considered to be in control of the Company, and therefore not an affiliate of the Company, if he is not the beneficial owner, directly or indirectly of more than 10% of any class of voting securities of the
              Company and he is not an executive officer of the Company. Executive officers of an affiliate of the Company as well as a director who is also an employee of an affiliate of the Company will be deemed to be affiliates of the Company.</font></div>
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"> <br>
            </font></div>
          <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">8</font></div>
            <div id="DSPFPageBreak" style="page-break-after: always;">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The independent members of the Board meet as often as necessary to fulfill their responsibilities, but meet at least
              annually in executive session without the presence of non- independent directors and management.</font></div>
          <div><br>
          </div>
          <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Committees</u></font></font></div>
          <div><br>
          </div>
          <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The Company&#8217;s Board has audit and compensation/stock option committees.</font></div>
          <div><br>
          </div>
          <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Audit Committee</u></font></font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">In Fiscal 2017, director-nominees Matthew K. Behrent and Richard M. Thon were the members of the Audit Committee.&#160; Mr.
              Behrent was the Chairman of the Committee. The Board determined that both Mr. Behrent and Mr. Thon are qualified as an &#8220;audit committee financial expert&#8221; as defined by applicable Securities and Exchange Commission (&#8220;SEC&#8221;) regulations and the
              NYSE American Rules. Each of the members of the Audit Committee met the independence and experience requirements of the NYSE American exchange rules, the applicable securities laws, and the regulations and rules promulgated by the SEC.</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The Audit Committee adopted an Audit Committee Charter during fiscal 2001. In 2004 and</font><font style="font-size:
              10pt; font-family: &quot;Times New Roman&quot;;"> 2015, the Board adopted amendments to the Audit Committee Charter, a copy&#160; of which, as amended, is available on the Company&#8217;s internet website, <font style="font-size: 10pt; font-family:
                &quot;Times New Roman&quot;;"><u>www.tengasco.com. </u></font>The Audit Committee Charter fully complies with the requirements of the NYSE American Rules. The Audit Committee reviews and reassesses the Audit Committee Charter annually.</font>
          </div>
          <div><br>
          </div>
          <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The Audit Committee&#8217;s functions are:</font></div>
          <div><br>
          </div>
          <div style="text-align: left;">
            <div>
              <table cellspacing="0" cellpadding="0" id="za54b19bd87f54fe79829c03075b40ac5" class="DSPFListTable" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;">

                  <tr>
                    <td style="width: 50.8pt;"><br>
                    </td>
                    <td style="width: 17.2pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#8226;</font></td>
                    <td style="width: auto; vertical-align: top; text-align: left;">
                      <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">To review with management and the Company&#8217;s independent auditors the scope of the annual audit and quarterly statements, significant financial reporting
                          issues and judgments made in connection with the preparation&#160; of&#160; the Company&#8217;s financial statements;</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="text-align: justify;">
            <div>
              <table cellspacing="0" cellpadding="0" id="zee94ff2e58ed4e8ab160bc00af4dd054" class="DSPFListTable" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;">

                  <tr>
                    <td style="width: 50.8pt;"><br>
                    </td>
                    <td style="width: 17.2pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#8226;</font></td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">To review major changes to the Company&#8217;s auditing and accounting principles and practices suggested by the independent auditors;</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div>
            <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;" id="z5ab8889b6aba4b1687d14c43a68f2cb3" class="DSPFListTable">

                <tr style="vertical-align: top;">
                  <td style="width: 50.8pt;">&#160;</td>
                  <td style="vertical-align: top; width: 17.2pt;">
                    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#8226;</font></div>
                  </td>
                  <td style="vertical-align: top; width: auto;">
                    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">To monitor the independent auditor&#8217;s relationship with the Company;</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div style="text-align: justify;">
            <div>
              <table cellspacing="0" cellpadding="0" id="z7930554f654643a0a18fb365beaf3061" class="DSPFListTable" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;">

                  <tr>
                    <td style="width: 50.8pt;"><br>
                    </td>
                    <td style="width: 17.2pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#8226;</font></td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">To advise and assist the Board of Directors in evaluating the independent auditor&#8217;s examination;</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="text-align: justify;">
            <div>
              <table cellspacing="0" cellpadding="0" id="z030f1634b7cb4eecb7295560361ec62a" class="DSPFListTable" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;">

                  <tr>
                    <td style="width: 50.8pt;"><br>
                    </td>
                    <td style="width: 17.2pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#8226;</font></td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">To supervise the Company&#8217;s financial and accounting organization and financial reporting;</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="text-align: justify;">
            <div>
              <table cellspacing="0" cellpadding="0" id="z7c2daf35190e4dffa32880c699b8e17b" class="DSPFListTable" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;">

                  <tr>
                    <td style="width: 50.8pt;"><br>
                    </td>
                    <td style="width: 17.2pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#8226;</font></td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">To nominate, for approval of the Board of Directors, a firm of certified public accountants whose duty it is to audit the financial records of the Company
                          for the fiscal year for which it is appointed; and</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="text-align: justify;">
            <div>
              <table cellspacing="0" cellpadding="0" id="zee631fd30ac445c68ed8ea339db25c77" class="DSPFListTable" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;">

                  <tr>
                    <td style="width: 50.8pt;"><br>
                    </td>
                    <td style="width: 17.2pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#8226;</font></td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">To review and consider fee arrangements with, and fees charged by, the Company&#8217;s independent auditors.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The Audit Committee met each quarter and a total of 4 times in Fiscal 2017 with the Company&#8217;s auditors, including
              discussing the audit of the Company&#8217;s year end financial statements. It is intended that if elected as directors in 2018, Messrs. Behrent and Thon will continue to serve as members of the Audit Committee with Mr. Behrent again serves as the
              Chairman of the Committee and with Messrs. Behrent and Thon each being an audit committee financial expert.</font></div>
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"> <br>
            </font></div>
          <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">9</font></div>
            <div id="DSPFPageBreak" style="page-break-after: always;">
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          </div>
          <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-style: italic;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Audit Committee Report</u></font></font></div>
          <div><br>
          </div>
          <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The Audit Committee has:</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">I.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Reviewed and discussed the
              Company&#8217;s unaudited financial statements for the first three quarters of Fiscal 2017 and the Company&#8217;s audited financial statements for the year ended December 31, 2017 with the management of the Company and the Company&#8217;s independent
              auditors;</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">II.&#160; &#160; &#160; &#160; Discussed&#160; with&#160; the&#160; Company&#8217;s&#160; independent&#160; auditors&#160; the&#160; matters&#160; required&#160; to&#160; be discussed by Statement
              of Auditing Standards No. 61, as the same was in effect on the date of the Company&#8217;s financial statements; and</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; margin-left: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">III.&#160; &#160;&#160;&#160; Received the written disclosures and the letter from the Company&#8217;s independent accountant&#160; required by
              applicable requirements of the Public Company Accounting Oversight Board regarding the independent accountant&#8217;s communications with the audit committee concerning independence, and has discussed with the independent accountant the independent
              accountant&#8217;s independence.</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Based on the foregoing materials and discussions, the Audit Committee recommended to the Board of Directors that the
              unaudited financial statements for each of the first three quarters of Fiscal 2017 be included in the Quarterly Reports on Form 10-Q for those quarters and that the audited financial statements for the year ended December 31, 2017 be included
              in the Company&#8217;s Annual Report on Form 10-K for the year ended December 31, 2017.</font></div>
          <div style="text-align: justify; text-indent: 36pt; margin-right: 2.65pt; margin-left: 5.8pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"> <br>
            </font></div>
          <table cellspacing="0" cellpadding="0" border="0" id="zca50eedc3f284af693f31664551df630" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%; border-collapse: collapse;">

              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 50%; vertical-align: top;">
                  <div style="text-align: left;"><u><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Members of the Audit Committee</font></font></u></div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 50%; vertical-align: top;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Matthew K. Behrent</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 50%; vertical-align: top;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Richard M. Thon</font></div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Nominations for the Board of Directors are determined by&#160; the independent directors pursuant to procedures adopted by
              the Board. Those procedures provide that the qualifications that should be met by any person recommended as a nominee for a position on the Company&#8217;s Board of Directors should include one or more of the following: a background or experience
              in oil and gas exploration, production, transportation, geology, construction, finance or in another business, government service, or profession that would reasonably enable the nominee to provide seasoned and reputable service to the
              shareholders of the Company in the performance of the duties of a member of the Board of Directors.&#160;&#160; The Board has not paid fees to any third party to identify, evaluate or to assist in identifying or evaluating, potential nominees, but may
              do so in the future if the Board determines doing so is necessary or appropriate.</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The Board has no policy regarding the consideration of &#8220;diversity&#8221; in identifying nominees for director. The Company has
              no separate policy with regard to the consideration of any director candidates recommended by security holders. However, the Board will consider director candidates recommended by security holders provided that such nominations are timely
              made as set forth hereinafter under the heading &#8220;Stockholders Proposals&#8221;. Any person recommended by a security holder to serve on the Board of Directors is considered upon the same terms as candidates recommended by any other person. To date,
              the Company has not received any recommendation\ from shareholders requesting that the Company consider a candidate for inclusion among the Committee&#8217;s slate of nominees in the Company&#8217;s proxy statement.</font></div>
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"> <br>
            </font></div>
          <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">10</font></div>
            <div id="DSPFPageBreak" style="page-break-after: always;">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
          </div>
          <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Among the nominating procedures are the following:</font></div>
          <div><br>
          </div>
          <div style="text-align: justify;">
            <div>
              <table cellspacing="0" cellpadding="0" id="z40d33bd633df479e93224c2b2c746649" class="DSPFListTable" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;">

                  <tr>
                    <td style="width: 18pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#8226;</font></td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Any shareholder, officer, or director may recommend for nomination any person for the slate of candidates for membership on the Company&#8217;s Board of Directors
                          to be presented to the shareholders at the Company&#8217;s annual meeting of shareholders. Such recommendations must be furnished in writing addressed to the Company&#8217;s Board of Directors at the Company&#8217;s principal offices. All such
                          nominations will be furnished to the Board which may conduct interviews, investigations or make other determinations as to the qualifications of such recommended persons.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify;">
            <div>
              <table cellspacing="0" cellpadding="0" id="z8f919f75cbd542a293a918fc470a0151" class="DSPFListTable" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;">

                  <tr>
                    <td style="width: 18pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#8226;</font></td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Any then-current members of the Board of Directors desiring to stand for re-election may be placed on the slate of directors for re-election without further
                          inquiry as to their qualifications.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify;">
            <div>
              <table cellspacing="0" cellpadding="0" id="za175bdb75684490499c3b633d6386743" class="DSPFListTable" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;">

                  <tr>
                    <td style="width: 18pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#8226;</font></td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The Board will determine the slate of candidates for the Board in such a manner and at such a time so as not to delay either the mailing of the proxy
                          statement to the Company&#8217;s shareholders or the annual meeting of shareholders.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify;">
            <div>
              <table cellspacing="0" cellpadding="0" id="zf44c6151585e4a018fcf5d1415620fa4" class="DSPFListTable" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;">

                  <tr>
                    <td style="width: 18pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#8226;</font></td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The adopted procedures apply only to the determination of the slate of directors to be presented for election at the annual meeting of the shareholders. Any
                          vacancies on the Board of Directors following the annual meeting of shareholders may be filled in the manner currently applicable under the Company&#8217;s Charter, Bylaws, and applicable law.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify;">
            <div>
              <table cellspacing="0" cellpadding="0" id="z5a61a1f9e31e4c3aa0ed19e8ee35df4d" class="DSPFListTable" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;">

                  <tr>
                    <td style="width: 18pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#8226;</font></td>
                    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The procedures adopted may be amended from time to time by the Board of Directors in order to comply with any applicable provision or interpretation of any
                          rule, statute, or stock exchange rule of the exchange on which the Company&#8217;s stock may be listed.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The nomination procedures adopted are posted on the Company&#8217;s internet website at www.tengasco.com. In the event of any
              such amendment to the procedures, the Company intends to disclose the amendments on the Company&#8217;s internet website within five business days following such amendment.</font></div>
          <div><br>
          </div>
          <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The independent members of the Board determined the slate of candidates for the Board of Directors presented for election
              at this year&#8217;s Annual Meeting.</font></div>
          <div><br>
          </div>
          <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Compensation/Stock Option
                  Committee</u></font></font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The members of the Compensation/Stock Option Committee in Fiscal 2017 were Matthew K.&#160; Behrent, and Richard M. Thon,
              with Mr. Thon acting as Chairman. Messrs. Behrent and Thon meet the current independence standards established by the NYSE American Rules. It is intended that if elected as directors in 2018, Messrs. Behrent and Thon will continue to serve as
              a members of the Compensation/Stock Option Committee with Mr. Thon serving as Chairman.</font></div>
          <div><br>
          </div>
          <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The Board of Directors has adopted a charter for the Compensation/Stock Option Committee which is available at the
              Company&#8217;s internet website, www.tengasco.com.</font></div>
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"> <br>
            </font></div>
          <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">11</font></div>
            <div id="DSPFPageBreak" style="page-break-after: always;">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The Compensation/Stock Option Committee&#8217;s functions, in conjunction with the Board of Directors, are to&#160; provide
              recommendations with respect to&#160; general and specific compensation policies and practices of the Company for directors, officers and other employees of the Company. The Compensation/Stock Option Committee expects to periodically review the
              approach to executive compensation and to make changes as competitive conditions and other circumstances warrant and will seek to ensure the Company&#8217;s compensation philosophy is consistent with the Company&#8217;s best interests and is properly
              implemented. The Committee determines or recommends to the Board of Directors for determination the specific compensation of the Company&#8217;s Chief Executive Officer and all of the Company&#8217;s other officers. Although the Committee may seek the
              input of the Company&#8217;s Chief Executive Officer in determining the compensation of the Company&#8217;s other executive officers, the Chief Executive Officer may not be present during the voting or deliberations with respect to his compensation. The
              Committee may not delegate any of its responsibilities unless it is to a subcommittee formed by the Committee, but only if such subcommittee consists entirely of directors who meet the independence requirements of the NYSE American exchange
              rules.</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The Compensation/Stock Option Committee is also charged with administering the Tengasco, Inc. 2018 Stock Incentive Plan
              (the &#8220;Stock Incentive Plan&#8221;).&#160; The Compensation/Stock Option Committee has complete discretionary authority with respect to the awarding of options and Stock Appreciation Rights (&#8220;SARs&#8221;), under the Stock Incentive Plan, including, but not
              limited to, determining the individuals who shall receive shares, options, and SARs; the times when they shall receive them; whether an option shall be an incentive or a non-qualified stock option; whether an SAR shall be granted separately,
              in tandem with or in addition to an option; the number of shares to be subject to each option and SAR; the term of each option and SAR; the date each option and SAR shall become exercisable; whether an option or SAR shall be exercisable in
              whole, in part or in installments and the terms relating to such installments; the exercise price of each option and the base price of each SAR; the form of payment of the exercise price; the form of payment by the Company upon the exercise
              of an SAR; whether to restrict the sale or other disposition of the shares of common stock acquired upon the exercise of an option or SAR; to subject the exercise of all or any portion of an option or SAR to the fulfillment of a contingency,
              and to determine whether such contingencies have been met; with the consent of the person receiving such option or SAR, to cancel or modify an option or SAR, provided such option or SAR as modified would be permitted to be granted on such
              date under the terms of the Stock Incentive Plan; and to make all other determinations necessary or advisable for administering the Stock Incentive Plan.</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The Compensation/Stock Option Committee did not meet in Fiscal 2017. The Committee has the authority to retain a
              compensation consultant or other advisors to assist it in the evaluation of compensation and has the sole authority to approve the fees and other terms of retention of such consultants and advisors and to terminate their services. The
              Committee did not retain any such consultants or advisors in 2017.</font></div>
          <div><br>
          </div>
          <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-style: italic;">Compensation/Stock Option Committee Interlocking and Insider Participation</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">No interlocking relationship existed or exists between any member of the Company&#8217;s Compensation/Stock Option Committee
              and any member of the compensation committee of any other company, nor has any such interlocking relationship existed in the past. No member or nominee of the Compensation/Stock Option Committee is now or was previously an officer or an
              employee of the Company.</font></div>
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"> <br>
            </font></div>
          <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">12</font></div>
            <div id="DSPFPageBreak" style="page-break-after: always;">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
          </div>
          <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Section 16(a) Beneficial
                  Ownership Reporting Compliance</u></font></font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Section 16(a) of the Securities Exchange Act of 1934 requires the Company&#8217;s executive officers, directors and persons
              who beneficially own more than 10% of the Company&#8217;s Common Stock to file initial reports of ownership and reports of changes in ownership with the SEC no later than the second business day after the date on which the transaction occurred
              unless certain exceptions apply. In fiscal 2017, the Company, its officers, directors and shareholders owning more than 10% of its common stock were not delinquent in filing any Form 3, 4, and 5 reports.</font></div>
          <div><br>
          </div>
          <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Family and Other
                  Relationships</u></font></font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">There are no family relationships between any of the present directors or executive officers of the Company.</font></div>
          <div><br>
          </div>
          <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"><u>Involvement in Certain Legal
                  Proceeding</u></font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>s</u></font></font></div>
          <div><br>
          </div>
          <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">To the knowledge of management, no director, executive officer or affiliate of the Company or owner of record or
              beneficially of more than 5% of the Company&#8217;s common stock is a party adverse to the Company or has a material interest adverse to the Company in any proceeding.</font></div>
          <div><br>
          </div>
          <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">To the knowledge of management, during the past ten years, unless specifically indicated below with respect to any&#160;
              numbered item, no present director, executive officer or person nominated to become a director or an executive officer of the Company:</font></div>
          <div><br>
          </div>
          <div>
            <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;" id="z97bdebccac9e4e4f86e564fb90110ce7" class="DSPFListTable">

                <tr style="vertical-align: top;">
                  <td style="width: 36pt;">&#160;</td>
                  <td style="vertical-align: top; width: 26pt;">
                    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(1)</font></div>
                  </td>
                  <td style="vertical-align: top;">
                    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Filed a petition under the federal bankruptcy laws or any state insolvency law, nor had a receiver, fiscal agent or similar officer
                        appointed by a court for the business or property of such person, or any partnership in which he or she was a general partner at or within two years before the time of such filing, or any corporation or business association of which
                        he or she was an executive officer at or within two years before the time of such filing; provided however that:</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="text-align: left;">
            <div>
              <table cellspacing="0" cellpadding="0" id="z4c3fb20e3c4448eaadeb20124b34cd30" class="DSPFListTable" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;">

                  <tr>
                    <td style="width: 63pt;"><br>
                    </td>
                    <td style="width: 18pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(a)</font></td>
                    <td style="width: auto; vertical-align: top; text-align: left;">
                      <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">the Company&#8217;s Chief Executive Officer and Chief Financial Officer Michael J. Rugen during 2007 through mid 2009 was Vice President of Accounting and Finance
                          for Nighthawk Oilfield Services in Houston, Texas (Nighthawk); Nighthawk filed for bankruptcy protection under Chapter 7 of the bankruptcy laws on July 10, 2009 and such fact was affirmatively disclosed&#160; to the Company&#8217;s Board
                          before Mr. Rugen was appointed to the position of Chief Financial Officer of the Company in September 2009, and the Board determined that the circumstances surrounding bankruptcy filing did not disclose any reason to question the
                          integrity or qualifications of Mr. Rugen for the position of Chief Financial Officer of the Company; and</font></div>
                    </td>
                  </tr>

              </table>
              <div> <br>
              </div>
            </div>
          </div>
          <div style="text-align: left;">
            <div>
              <table cellspacing="0" cellpadding="0" id="z5375823940b54d6194677a9106974f32" class="DSPFListTable" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;">

                  <tr>
                    <td style="width: 63pt;"><br>
                    </td>
                    <td style="width: 18pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(b)</font></td>
                    <td style="width: auto; vertical-align: top; text-align: left;">
                      <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Peter E. Salas, a director of the Company, Chairman of the Board of the Company, and a nominee for reelection as a director of the Company was the chief
                          executive officer of Boston Restaurant Associates, Inc. when that company filed a Chapter 11 reorganization plan under federal bankruptcy laws on May 20, 2015. The plan of reorganization became effective on August 31, 2015 and Mr.
                          Salas has remained the chief executive officer and sole director of that company since the reorganization.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">13</font></div>
            <div style="page-break-after: always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
          </div>
          <div style="text-align: justify;">
            <div>
              <table cellspacing="0" cellpadding="0" id="zb2c7c76d1d454b19b3ad98e3cc702ea6" class="DSPFListTable" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;">

                  <tr>
                    <td style="width: 36pt;">&#160;</td>
                    <td style="width: 26pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(2)</font></td>
                    <td style="vertical-align: top; text-align: justify;">
                      <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Was convicted in a criminal proceeding or named the subject of a pending criminal proceeding (excluding traffic violations and other minor offenses);</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify;">
            <div>
              <table cellspacing="0" cellpadding="0" id="z0c6d22a65ba14a95862ee00792b95754" class="DSPFListTable" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;">

                  <tr>
                    <td style="width: 36pt;"><br>
                    </td>
                    <td style="width: 26pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(3)</font></td>
                    <td style="vertical-align: top; text-align: justify;">
                      <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Was the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or
                          temporarily enjoining him or her from or otherwise limiting the following activities: (a) acting as a futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, floor broker, leverage
                          transaction merchant, any other person regulated by the Commodity Futures Trading Commission, or an associated person of any of the foregoing, or as an investment adviser, underwriter, broker or dealer in securities, or as an
                          affiliated person, director or employee of any investment company, bank, savings and loan association or insurance company, or engaging in or continuing any conduct or practice in connection with such activity; (b) engaging in any
                          type of business practice; or (c) engaging in any activity in connection with the purchase or sale of any security or commodity or in connection with any violation of federal or state securities laws or federal commodities laws;</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify;">
            <div>
              <table cellspacing="0" cellpadding="0" id="z8d8ad01b05bb47358602642c90764875" class="DSPFListTable" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;">

                  <tr>
                    <td style="width: 36pt;"><br>
                    </td>
                    <td style="width: 26pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(4)</font></td>
                    <td style="vertical-align: top; text-align: justify;">
                      <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Was the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any Federal or State authority barring, suspending or
                          otherwise limiting him or her for more than 60 days from engaging in any activity described in paragraph 3(a) above, or being associated with any persons engaging in any such activity;</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify;">
            <div>
              <table cellspacing="0" cellpadding="0" id="zfc659cc853d641e3af474ed7d8a8013e" class="DSPFListTable" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;">

                  <tr>
                    <td style="width: 36pt;"><br>
                    </td>
                    <td style="width: 26pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(5)</font></td>
                    <td style="vertical-align: top; text-align: justify;">
                      <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Was found by a court of competent jurisdiction in a civil action or by the SEC to have violated any federal or state securities law, and the judgment in
                          such civil action or finding by the SEC has not been subsequently reversed, suspended, or vacated;</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify;">
            <div>
              <table cellspacing="0" cellpadding="0" id="zc369dbb79d754003a6219f18bd0b9fec" class="DSPFListTable" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;">

                  <tr>
                    <td style="width: 36pt;"><br>
                    </td>
                    <td style="width: 26pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(6)</font></td>
                    <td style="vertical-align: top; text-align: justify;">
                      <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Was found by a court of competent jurisdiction in a civil action or by&#160; the Commodity Futures Trading Commission (&#8220;CFTC&#8221;) to have violated any federal&#160;
                          commodities law, and the judgment in such civil action or finding by the&#160; CFTC has not been subsequently reversed, suspended, or vacated;</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify;">
            <div>
              <table cellspacing="0" cellpadding="0" id="z5af7c114a5a54c22b047694675baa9aa" class="DSPFListTable" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;">

                  <tr>
                    <td style="width: 36pt;"><br>
                    </td>
                    <td style="width: 26pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(7)</font></td>
                    <td style="vertical-align: top; text-align: justify;">
                      <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Was&#160; the&#160; subject&#160; of,&#160; or&#160; a&#160; party&#160; to,&#160; any&#160; federal&#160; or&#160; state&#160; judicial&#160; or administrative order, judgment, decree, or finding, not subsequently
                          reversed, suspended or vacated, relating to an alleged violation of: (i) any federal or state securities or commodities law or regulation; (ii) any law or regulation respecting financial institutions or insurance companies
                          including but not limited to a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease and desist order, or removal or prohibition order; or (iii) any law or
                          regulation prohibiting mail&#160; or&#160; wire&#160; fraud&#160; or&#160; fraud in&#160; connection&#160; with&#160; any business entity; or</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify;">
            <div>
              <table cellspacing="0" cellpadding="0" id="z8efc990bbedd424e96c29048bf56b36e" class="DSPFListTable" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;">

                  <tr>
                    <td style="width: 36pt;"><br>
                    </td>
                    <td style="width: 26pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(8)</font></td>
                    <td style="vertical-align: top; text-align: justify;">
                      <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Was the subject of, or a party to, any sanction or order, not subsequently reversed,&#160; suspended&#160; or&#160; vacated,&#160; of&#160; any&#160; self-regulatory&#160; organization&#160; (as
                          defined in Section 3(a)(26) of the Exchange Act [15 U.S.C. 78c(a)(26)], any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange Act [7 U.S.C. 1(a)(29)], or any equivalent exchange, association, entity or
                          organization that has disciplinary authority over its members or persons associated with a member.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">14</font></div>
            <div style="page-break-after: always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
          </div>
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Stockholder Communications with the Board of
                  Directors</u></font></font></div>
          <br>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Stockholders may communicate with the Board of Directors of the Company by writing to: Cary V. Sorensen, Secretary,
              Tengasco, Inc., 8000 E. Maplewood Ave., Suite 130, Greenwood Village, CO 80111 or by e-mail: to:&#160; csorensen@tengasco.com Subject: Communication to Board of Directors. All letters and e-mails will be answered, if possible, and will be
              distributed to Board members as appropriate. Notwithstanding the foregoing, the Company has the authority to discard or disregard any communication, which is unduly hostile, threatening, illegal or otherwise inappropriate or to take any other
              appropriate actions with respect to such communications.</font></div>
          <div><br>
          </div>
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">SECURITY OWNERSHIP OF DIRECTORS AND OFFICERS</font></font></div>
          <div><br>
          </div>
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;" id="z11808a3470714985ad138b9ddc6dd772">

              <tr>
                <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 35%;">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">Name and Address</font></div>
                </td>
                <td valign="bottom" style="vertical-align: top; padding-bottom: 2px; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 35%;">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">Title</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 15%;">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">Number of Shares </font></div>
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">Beneficially Owned<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">4</sup></font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); width: 15%;">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">Percent of</font></div>
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">Class<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">5</sup></font></div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 35%;">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Matthew K. Behrent<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup></font></div>
                </td>
                <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 35%;">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Director</font></div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 15%;" colspan="1">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">66,025</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); width: 15%;">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Less than 1%</font></div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 35%;">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Michael J. Rugen<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup></font></div>
                </td>
                <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 35%;">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Chief Executive Officer; </font></div>
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Chief Financial Officer</font></div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 15%;" colspan="1">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">48,395</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); width: 15%;">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Less than 1%</font></div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 35%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Peter E. Salas<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">8</sup></font></div>
                </td>
                <td valign="bottom" style="vertical-align: middle; width: 35%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Director;</font></div>
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Chairman of the Board</font></div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">5,299,366</font></div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div>
                    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">49.8 </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">%</font></div>
                  </div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 35%;">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Cary V. Sorensen<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup></font></div>
                </td>
                <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 35%;">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Vice President; General Counsel; </font></div>
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Secretary</font></div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 15%;" colspan="1">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">23,623</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); width: 15%;">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Less than 1%</font></div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 35%;">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Richard M. Thon<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">10</sup></font></div>
                </td>
                <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 35%;">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Director</font></div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); width: 15%;" colspan="1">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">34,125</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); width: 15%;">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Less than 1%</font></div>
                </td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 35%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">All Officers and Directors</font></div>
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">as a group<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">11</sup></font></div>
                </td>
                <td valign="bottom" style="vertical-align: middle; width: 35%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">5,471,534</font></div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 15%; background-color: rgb(255, 255, 255); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);" colspan="1">
                  <div>
                    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">51.4 </font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">%</font></div>
                  </div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Change in Control</u></font></font></div>
          <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u> <br>
                </u></font></font></div>
          <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">To the knowledge of the Company&#8217;s management, there are no present arrangements or pledges of the Company&#8217;s securities
              which may result in a change in control of the Company.</font></div>
          <br>
          <hr noshade="noshade" align="left" style="background-color: rgb(0, 0, 0); border-width: medium; border-style: none; border-color: -moz-use-text-color; margin: 0px auto 0px 0px; height: 2px; width: 30%; color: rgb(0, 0, 0); text-align: left;">
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> <br>
              </sup></font></div>
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">4</sup>&#160;<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Unless otherwise stated, all shares of common stock are
                directly held with sole voting and dispositive power. The shares set forth in the table are as of October 15, 2018.</font></font></div>
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">5</sup><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#160;</font>Calculated pursuant to Rule 13d-3(d) under the
              Securities Exchange Act of 1934 based upon 10,639,290 shares of common stock</font></div>
          <div style="text-align: left; margin-right: 5.05pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">being outstanding. Shares not outstanding that are subject to options exercisable by the holder within 60 days of
              October 18, 2018 are deemed outstanding for the purposes of calculating the number and percentage owned by such stockholder, but not of any other person. </font></div>
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#160;</font><font style="font-size: 10pt; font-family:
                &quot;Times New Roman&quot;;">Consists of 60,400 shares held directly and 5,625 vested, fully exercisable options to purchase shares.</font></font></div>
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7 </sup><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Consists of shares held directly.</font></font></div>
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">8</sup><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"> Consists of Peter E. Salas&#8217; directly, vested, fully
                exercisable options to purchase 5,625 shares and his 5,500 shares held individually; and 5,288,241 shares held directly by Dolphin Offshore Partners, L.P. (&#8220;Dolphin&#8221;). Peter E. Salas is the sole shareholder of and controlling person of
                Dolphin Mgmt. Services, Inc. which is the general partner of Dolphin.</font></font></div>
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#160;</font><font style="font-size: 10pt; font-family:
                &quot;Times New Roman&quot;;">Consists of shares held directly</font></font></div>
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">10</sup><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#160;</font><font style="font-size: 10pt; font-family:
                &quot;Times New Roman&quot;;">Consists of 28,500 shares held directly; and vested, fully exercisable options to purchase 5,625 shares.</font></font></div>
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"><font style="font-family: &quot;Times New Roman&quot;;">11</font></sup><font style="font-size: 10pt; font-family: &quot;Times New
                Roman&quot;;">&#160;</font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Consists of 166,418 shares held directly by directors and management; 5,288,241 shares held by Dolphin; and vested, and fully exercisable options
                to purchase 16,875 shares.</font></font></div>
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"> <br>
              </font></font></div>
          <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">15</font></div>
            <div id="DSPFPageBreak" style="page-break-after: always;">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
          </div>
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"> </font></font>
            <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>EXECUTIVE COMPENSATION</u></font></font></div>
            <div><br>
            </div>
            <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The Company is a &#8220;smaller reporting company&#8221; under the rules promulgated by the Securities and Exchange Commission and
                complies with the disclosure requirements specifically applicable to smaller reporting companies. This Section and Summary Compensation Table are not intended to meet the &#8220;Compensation Disclosure and Analysis&#8221; disclosure that is required to
                be made by larger reporting companies.</font></div>
            <div><br>
            </div>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The following table sets forth a summary of all compensation awarded to, earned or paid to, the Company&#8217;s Chief
              Executive Officer, Chief Financial Officer and other executive officers whose compensation exceeded $100,000 during fiscal years ended December 31, 2017 and December 31, 2016.</font></div>
          <div style="text-align: justify; text-indent: 30.8pt; margin-right: 4.55pt; margin-left: 5.8pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"> <br>
            </font></div>
          <table cellspacing="0" cellpadding="0" border="0" align="center" style="width: 90%; font-size: 10pt;" id="zf7ff9d236fd746838b37bca7b1f8f3d2">

              <tr>
                <td valign="bottom" style="vertical-align: bottom; border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 21%;">
                  <div style="text-align: left; text-indent: -9pt; margin-left: 9pt;"><font style="font-size: 10pt; font-weight: bold;">Name and Principal Position</font></div>
                </td>
                <td style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 9%;">
                  <div><font style="font-size: 10pt; font-weight: bold;">Year</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
                <td nowrap="nowrap" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="2">
                  <div><font style="font-size: 10pt; font-weight: bold;"><font style="font-size: 10pt; font-weight: bold;">Salary</font></font></div>
                  <div><font style="font-size: 10pt; font-weight: bold;"><font style="font-size: 10pt; font-weight: bold;"></font>($)</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
                <td nowrap="nowrap" style="vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="2">
                  <div><font style="font-size: 10pt; font-weight: bold;"><font style="font-size: 10pt; font-weight: bold;">Bonus</font></font></div>
                  <div><font style="font-size: 10pt; font-weight: bold;"><font style="font-size: 10pt; font-weight: bold;"></font>($)</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="2">
                  <div style="text-align: center;">
                    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">Stock</font></div>
                    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">Awards</font></div>
                    <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">($)</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="2">
                  <div style="text-align: center;">
                    <div><font style="font-size: 10pt; font-weight: bold;">All Other</font></div>
                    <div><font style="font-size: 10pt; font-weight: bold;">Compensation<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup><br>
                      </font></div>
                    <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">($)</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);" colspan="2">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">Total</font></font></div>
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"></font>($)</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); width: 1%;" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 21%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-left: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: left; text-indent: -9pt; margin-left: 9pt;"><font style="font-size: 10pt;">Michael J. Rugen,</font></div>
                </td>
                <td valign="bottom" style="vertical-align: top; text-align: center; width: 9%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                  <div><font style="font-size: 10pt;">2017</font></div>
                </td>
                <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                  <div><font style="font-size: 10pt;">163,857</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                  <div><font style="font-size: 10pt;">19,276</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                  <div><font style="font-size: 10pt;">9,149</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                  <div><font style="font-size: 10pt;">6,673</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                  <div><font style="font-size: 10pt;">198,955</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 21%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-left: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: left; text-indent: -9pt; margin-left: 9pt;"><font style="font-size: 10pt;">Chief Financial Officer<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></font></div>
                </td>
                <td valign="bottom" style="vertical-align: top; text-align: center; width: 9%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                  <div><font style="font-size: 10pt;">2016</font></div>
                </td>
                <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                  <div><font style="font-size: 10pt;">163,857</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                  <div><font style="font-size: 10pt;">21,685</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                  <div><font style="font-size: 10pt;">6,931</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                  <div><font style="font-size: 10pt;">199,210</font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 21%; background-color: rgb(204, 238, 255); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: left; text-indent: -9pt; margin-left: 9pt;"><font style="font-size: 10pt;">Chief Executive Officer (interim)</font></div>
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                <td valign="bottom" style="vertical-align: top; text-align: center; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 21%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-left: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: left; text-indent: -9pt; margin-left: 9pt;"><font style="font-size: 10pt;">Cary V. Sorensen,</font></div>
                </td>
                <td valign="bottom" style="vertical-align: top; text-align: center; width: 9%; padding-bottom: 2px; background-color: rgb(255, 255, 255);">
                  <div><font style="font-size: 10pt;">2017</font></div>
                </td>
                <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                  <div><font style="font-size: 10pt;">81,900</font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                  <div><font style="font-size: 10pt;">&#8212;</font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#8212;</font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                  <div><font style="font-size: 10pt;">3,454</font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255);" colspan="1">
                  <div><font style="font-size: 10pt;">85,354</font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 21%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: left; text-indent: -9pt; margin-left: 9pt;"><font style="font-size: 10pt;">General Counsel</font></div>
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                <td valign="bottom" style="vertical-align: top; text-align: center; width: 9%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div><font style="font-size: 10pt;">2016</font></div>
                </td>
                <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt;">81,900</font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt;">&#8212;</font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#8212;</font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt;">3,495</font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: center; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt;">85,395</font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
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          <div><br>
          </div>
          <div>
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          <div><br>
          </div>
          <div style="text-align: left;">
            <div>
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                  <tr>
                    <td style="width: 18pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(1)</font></td>
                    <td style="width: auto; vertical-align: top; text-align: left;">
                      <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The amounts in this column consist of the Company&#8217;s matching contributions to its 401(k) plan and the portion of company-wide group term life insurance
                          premiums allocable to these named executive officers.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div style="text-align: left;">
            <div>
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                  <tr>
                    <td style="width: 18pt; vertical-align: top;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(2)</font></td>
                    <td style="width: auto; vertical-align: top; text-align: left;">
                      <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Mr. Rugen was appointed interim Chief Executive Officer on June 28, 2013. The bonus and stock award information for Mr. Rugen for 2017 and 2016 represents
                          his compensation for his services as CEO.</font></div>
                    </td>
                  </tr>

              </table>
            </div>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The following table sets forth certain information concerning unexercised options held by the Company&#8217;s named executive
              officers as of December 31, 2017.</font></div>
          <div style="text-align: center;"><br>
            <table cellspacing="0" cellpadding="0" border="0" id="zf47ab17a17c3464e936083ef5c8123c9" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%; border-collapse: collapse;">

                <tr>
                  <td style="vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);" colspan="5">
                    <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 10pt;">OUTSTANDING EQUITY AWARDS AT FISCAL 2017 YEAR-END</div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 25%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">&#160;</td>
                  <td style="vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);" colspan="4">
                    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">OPTION AWARDS</font></div>
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                </tr>
                <tr>
                  <td style="width: 25%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">&#160;</td>
                  <td style="width: 22%; vertical-align: bottom; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); text-align: center;">
                    <div style="margin-right: 23.25pt; margin-left: 24.45pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Number of</font></div>
                    <div style="text-indent: 0.1pt; margin-right: 2.45pt; margin-left: 3.5pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">securities </font></div>
                    <div style="text-indent: 0.1pt; margin-right: 2.45pt; margin-left: 3.5pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">underlying</font></div>
                    <div style="text-indent: 0.1pt; margin-right: 2.45pt; margin-left: 3.5pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"> unexercised options</font></div>
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                  <td style="width: 23%; vertical-align: bottom; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); text-align: center;">
                    <div style="margin-right: 23.25pt; margin-left: 24.45pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Number of</font></div>
                    <div style="text-indent: 0.1pt; margin-right: 2.45pt; margin-left: 3.5pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">securities</font></div>
                    <div style="text-indent: 0.1pt; margin-right: 2.45pt; margin-left: 3.5pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"> underlying </font></div>
                    <div style="text-indent: 0.1pt; margin-right: 2.45pt; margin-left: 3.5pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">unexercised options</font></div>
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                  <td style="width: 12.03%; vertical-align: bottom; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); text-align: center;">
                    <div>&#160;</div>
                    <div style="text-indent: -0.1pt; margin-right: 6.6pt; margin-left: 7.5pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Option</font></div>
                    <div style="text-indent: -0.1pt; margin-right: 6.6pt; margin-left: 7.5pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"> exercise </font></div>
                    <div style="text-indent: -0.1pt; margin-right: 6.6pt; margin-left: 7.5pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">price</font></div>
                  </td>
                  <td style="width: 18%; vertical-align: bottom; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); text-align: center;">
                    <div>&#160; <br>
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                    <div style="text-indent: 19pt; margin-right: 6.15pt; margin-left: 9.35pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Option</font></div>
                    <div style="text-indent: 19pt; margin-right: 6.15pt; margin-left: 9.35pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"> expiration date</font></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 25%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); text-indent: -9pt; margin-left: 9pt;">&#160;</td>
                  <td style="width: 22%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">exercisable</font></div>
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                  <td style="width: 23%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">unexercisable</font></div>
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                  <td style="width: 12.03%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">&#160;</td>
                  <td style="width: 18%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">&#160;</td>
                </tr>
                <tr>
                  <td style="width: 25%; vertical-align: top; background-color: rgb(204, 238, 255); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: left; text-indent: -9pt; margin-left: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Michael J. Rugen</font></div>
                  </td>
                  <td style="width: 22%; vertical-align: top; background-color: rgb(204, 238, 255); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: center; margin-right: 42.65pt; margin-left: 48.65pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">0</font></div>
                  </td>
                  <td style="width: 23%; vertical-align: top; background-color: rgb(204, 238, 255); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: center; margin-right: 42.65pt; margin-left: 48.65pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">0</font></div>
                  </td>
                  <td style="width: 12.03%; vertical-align: top; background-color: rgb(204, 238, 255); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: center; margin-right: 19.45pt; margin-left: 25.65pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">-</font></div>
                  </td>
                  <td style="width: 18%; vertical-align: top; background-color: rgb(204, 238, 255); border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: center; margin-right: 40.25pt; margin-left: 39.85pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">-</font></div>
                  </td>
                </tr>
                <tr>
                  <td style="width: 25%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: left; text-indent: -9pt; margin-left: 9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Cary V. Sorensen</font></div>
                  </td>
                  <td style="width: 22%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: center; margin-right: 44.05pt; margin-left: 50.05pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">0</font></div>
                  </td>
                  <td style="width: 23%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: center; margin-right: 44.05pt; margin-left: 50.05pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">0</font></div>
                  </td>
                  <td style="width: 12.03%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: center; margin-right: 20.85pt; margin-left: 27.05pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">-</font></div>
                  </td>
                  <td style="width: 18%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
                    <div style="text-align: center; margin-right: 40.25pt; margin-left: 41.25pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">-</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"> <br>
            </font></div>
          <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">16</font></div>
            <div id="DSPFPageBreak" style="page-break-after: always;">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
          </div>
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">Option and Award Exercises</font></div>
          <div><br>
          </div>
          <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">No options were exercised by any person during 2016 or 2017.</font></div>
          <div><br>
          </div>
          <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Employment Contracts</u></font></font></div>
          <div><br>
          </div>
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">Employment Contracts and Compensation Agreements</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">On September 18, 2013, the Company and its Chief Financial Officer and interim Chief Executive Officer Michael J. Rugen
              entered into a written Compensation Agreement as reported on Form 8-K filed on September 24, 2013.&#160; Under the terms of the Compensation Agreement, Mr. Rugen&#8217;s annual salary will increase from $150,000 to $170,000 per year in his capacity as
              Chief Financial Officer, and he will receive a bonus of $7,500 per quarter for each quarter during which he also serves as interim Chief Executive Officer. At June 1, 2015, Mr. Rugen&#8217;s salary was increased to $199,826 per year in his capacity
              as Chief Financial Officer, the quarterly bonus received while in the capacity as interim Chief Financial Officer was increased to $8,815 per quarter. The increases at June 1, 2015 were for cost of living adjustments related to the relocation
              of the corporate office from Knoxville to Greenwood Village. The Compensation agreement is not an employment contract, but does provide that in the event Mr. Rugen were terminated without cause, he would receive a severance payment in the
              amount of six month&#8217;s salary in effect at the time of any such termination.</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">On February 25, 2015, the Company and its Vice President, General Counsel, and Corporate Secretary Cary V. Sorensen
              entered into a written Compensation Agreement as reported on Form 8- K filed on February 19, 2015. Under the terms of the Compensation Agreement, effective March 2, 2015, Mr. Sorensen&#8217;s annual salary will be reduced from $137,500 to $91,000
              in consideration of the Company&#8217;s agreement to permit Mr. Sorensen to serve as a full time employee from a virtual office in Galveston, Texas with presence in the Denver area headquarters as required. He will remain eligible for certain
              existing benefits: 401-K plan, bonus potential; Company-paid state bar membership dues and charges, and mobile phone charges. The Company also pays reasonable and customary office operating expenses. The Company would pay for business travel
              on a mileage basis and out of pocket travel costs. However, as to health insurance, Mr. Sorensen will obtain a combination of private/governmental health and disability insurance in lieu of the Company plans, with the Company reimbursing up
              to $13,000 per year in premiums incurred by him.&#160; The Compensation agreement is not an employment contract.</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">In addition, during the quarter ended March 31, 2015, the Company initiated cost reduction measures including
              compensation reductions for each employee, the Board of Directors, and both of the two executive officers of the Company. Mr. Rugen&#8217;s annual salary was reduced 18% from $199,826 to $163,857 and his quarterly payment was also reduced 18% from
              $8,815 to $7,228; and Mr. Sorensen&#8217;s annual salary was reduced by 10% from the $91,000 stated above. These compensation reductions for the executive officers and employees will remain in place until such time, if any, that the market price of
              crude oil, calculated as a thirty day trailing average of WTI postings as published by the U.S. Energy Information Administration meets or exceeds $70 per barrel when compensation shall revert to the levels in place before the reductions
              became effective. In May 2018, oil prices as so calculated exceeded $70 and Messrs. Rugen&#8217;s and Sorensen&#8217;s salaries reverted at that time. At such time, if any, that the market price of crude oil, calculated as a thirty day trailing average
              of WTI postings as published by the U.S. Energy Information Administration meets or exceeds $85 per barrel, all previous reductions made will be reimbursed to each officer, employee, and member of the Board of Directors if still employed by
              the Company or still a member of the Board of Directors.</font></div>
          <div><br>
          </div>
          <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">17</font></div>
            <div id="DSPFPageBreak" style="page-break-after: always;">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">There are presently no other employment contracts relating to any member of management. However, depending upon the
              Company&#8217;s operations and requirements, the Company may offer long-term contracts to executive officers or key employees in the future.</font></div>
          <div><br>
          </div>
          <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Compensation of Directors</u></font></font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The Board of Directors has resolved to compensate members of the Board of Directors for attendance at meetings at the
              rate of $250 per diem, together with direct out-of-pocket expenses incurred in attendance at the meetings, including travel. The Directors, however, have waived per diem fees as of this date for all prior meetings.</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Members of the Board of Directors may also be requested to perform consulting or other professional services for the
              Company from time to time, although at this time no such arrangements are in place. The Board of Directors has reserved to itself the right to review all directors&#8217; claims for compensation on an <font style="font-size: 10pt; font-family:
                &quot;Times New Roman&quot;; font-style: italic;">ad hoc </font>basis.</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Board members currently receive fees from the Company for their services as director. They may also from time to time be
              granted stock options and common stock under the Tengasco, Inc. 2018 Stock Incentive Plan. A separate plan to issue cash and/or shares of stock to independent directors for service on the Board and committees of the Board of Directors was
              authorized by the Board and approved by the Company&#8217;s shareholders. A copy of that plan is posted at the Company&#8217;s website at www.tengasco.com. No award was made to any independent director under that plan in Fiscal 2016.</font></div>
          <div><br>
          </div>
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">DIRECTOR COMPENSATION FOR FISCAL 2017</font></div>
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"> <br>
            </font></div>
          <table cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; width: 100%;" id="zb921722a873344a88a809d0e0180b881">

              <tr>
                <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center; text-indent: -9pt; margin-left: 9pt;"><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">Name</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);" colspan="2">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">Fees earned or</font></div>
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">paid in cash</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: middle; border-top: 2px solid rgb(0, 0, 0);" colspan="2">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">Stock awards</font></div>
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">compensation</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="text-align: center; vertical-align: bottom; padding-bottom: 2px; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; text-align: center; border-top: 2px solid rgb(0, 0, 0);" colspan="2">
                  <div><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">Total</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 64%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: left; text-indent: -9pt; margin-left: 9pt;"><font style="font-size: 10pt; font-family: &amp;quot;">Matthew K. Behrent</font></div>
                </td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">$</font></div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">7,500</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">$</font></div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">1,235</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">$</font></div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">8,735</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 64%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: left; text-indent: -9pt; margin-left: 9pt;"><font style="font-size: 10pt; font-family: &amp;quot;">Hughree F. Brooks</font></div>
                </td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">$</font></div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">7,113</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">$</font></div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">1,235</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">$</font></div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">8,348</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 64%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: left; text-indent: -9pt; margin-left: 9pt;"><font style="font-size: 10pt; font-family: &amp;quot;">Richard M. Thon</font></div>
                </td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">$</font></div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">7,500</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">$</font></div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">1,235</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">$</font></div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">8,735</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: middle; width: 64%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: left; text-indent: -9pt; margin-left: 9pt;"><font style="font-size: 10pt; font-family: &amp;quot;">Peter E. Salas</font></div>
                </td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid
                  rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">$</font></div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">7,500</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid
                  rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">$</font></div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">1,235</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid
                  rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">$</font></div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">8,735</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);
                  border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              </tr>

          </table>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The amounts represented in the column &#8220;Stock awards compensation&#8221; are equal to the aggregate grant date fair value of
              the award computed in accordance with FASB ASC Topic 718, Compensation-Stock Compensation, in connection with options granted under the Tengasco, Inc. Stock Incentive Plan. See Note 11 Stock and Stock Options in the Notes to Consolidated
              Financial Statements included in the Company&#8217;s Annual Report on Form 10-K for the year ended December 31, 2017 for information on the relevant valuation assumptions.</font></div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
            <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">18</font></div>
            <div style="page-break-after: always;" id="DSPFPageBreak">
              <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0);"></div>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">As of December 31, 2017, Mr. Behrent held 8,125 unexercised options; Mr. Brooks held 8,125 unexercised options (all of
              which options expired thirty days after his term of office as a director ended on December 12, 2017); Mr. Salas held 8,125 unexercised options; and Mr. Thon held 5,625 unexercised options. The number of unexercised options has been adjusted
              to reflect the impact of the 1 for 10 reverse stock split approved at the stockholder meeting dated March 21, 2016, effective with trading on March 24, 2016.</font></div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"> <br>
            </font></div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>CERTAIN TRANSACTIONS</u></font></font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">There have been no material transactions, series of similar transactions or currently proposed transactions entered into
              during 2017 and 2016, to which the Company or any of its subsidiaries was or is to be a party, in which the amount involved exceeds the lesser of $120,000 or one percent of the average of the Company&#8217;s total assets at year-end for its last
              two completed fiscal years in which any director or executive officer or any security holder who is known to the Company to own of record or beneficially more than 5% of the Company&#8217;s common stock, or any member of the immediate family of any
              of the foregoing persons, had a material interest.</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">In the Company&#8217;s Report on Form 10-K for the year ended December 31, 2017, the Company described two transactions of the
              type set out above, that the Company entered into with Hoactzin Partners, L.P in 2007 that remained in existence in 2017 and 2016.&#160;&#160; As noted in Item 1, Business, page 7 of the Report, Peter E. Salas, the Chairman of the Board of Directors of
              the Company, is the controlling person of Hoactzin and of Dolphin Offshore Partners, L.P., the Company&#8217;s largest shareholder. These two 2007 transactions between the Company and Hoactzin were described at the following page locations in the
              Report and in its attached Notes to Consolidated Financial Statements:&#160; (1) the Ten Well Program, see Item 1, Business pages 7; and (2) the net profits agreement at the Methane Project, see Item 1, Business, pages 8 and F-12.</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The approximate dollar value of the amount of Hoactzin&#8217;s interest in each of these two 2007 transactions during each of
              the years 2017 and 2016 was as follows: (1) Ten Well Program - $31,000 in 2017; and $25,000 in 2016 (calculated as the total payments attributable to Hoactzin for its program interest); and (2) Net Profits agreement at the Methane Project -
              $0 in 2017 and 2016 (calculated as the amount of net profits payable to Hoactzin; the project generated no net profits as described in the agreement, and therefore no amount was paid to Hoactzin for net profits, in either 2017 or 2016).</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">In addition to the two 2007 transactions, Hoactzin owns a drilling program interest in the Company&#8217;s &#8220;6 Well Program&#8221; in
              Kansas, acquired in 2005 by Hoactzin in exchange for surrender of the Company&#8217;s promissory notes given by the Company for borrowings to fund the redemption in 2004 of the Company&#8217;s three series of preferred stock, all as previously
              disclosed.&#160; Hoactzin&#8217;s interest in the 6 Well Program was $10,000 in 2017; and $7,000 in 2016 (calculated as the total payments attributable to Hoactzin for its program interest) and is expected to decrease in the future as the wells involved
              naturally decline in produced volumes.</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">During the second quarter of 2015, the Company received from Hoactzin a copy of a preliminary internal analysis prepared
              by Hoactzin setting out certain issues that Hoactzin may consider to form the basis of operational and other claims against the Company primarily under the Management Agreement.&#160; This analysis raised issues other than the &#8220;Incident of
              Non-Compliance&#8221; discussed above.&#160; The Company is discussing this preliminary analysis, as well as the civil penalty discussed above, with Hoactzin in an effort to determine whether there is possibility of a reasonable resolution of some or
              all of these issues on a negotiated basis.</font></div>
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"> <br>
            </font></div>
          <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">19</font></div>
            <div id="DSPFPageBreak" style="page-break-after: always;">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
          </div>
          <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Review, Approval or
                  Ratification of Transactions with Related Parties</u></font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"><u>12</u></sup></font></div>
          <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"><u> <br>
                </u></sup></font></div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The Company&#8217;s Board of Directors has adopted a written Related Party Transactions Approval Policy which is posted on the
              Company&#8217;s website at www.tengasco.com. It is the Company&#8217;s preference to avoid entering into a material related-party transaction if a transaction with a non-related party is available on an equally timely and equally beneficial basis.
              However, if a Related Party Transaction appears to be in the Company&#8217;s best interest then it will be approved or ratified if the Board of Directors pursuant to the Company&#8217;s Related Party Transaction Approval Policy expressly finds that the
              terms of the transaction are comparable to or more beneficial to the Company than those that could be obtained in arm&#8217;s length dealings with an unrelated third party; or, the transaction is approved by the majority of disinterested directors
              of the Company&#8217;s Board.</font></div>
          <div><br>
          </div>
          <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><u>Parent of Issuer</u></font></font></div>
          <div><br>
          </div>
          <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The Company has no parent.</font></div>
          <div><br>
          </div>
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">BOARD RECOMMENDATION AND VOTE REQUIRED</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">For Proposal No. 1 regarding the election of directors, votes may be cast in favor of all nominees, may be withheld with
              regard to all nominees or may be withheld only with regard to nominees specified by the stockholder. Directors will be elected by a plurality of the votes of the shares of the Company&#8217;s common stock present in person or represented by proxy,
              and entitled to vote on the election of directors at a meeting at which a quorum is present.&#160; Abstentions are tabulated in determining the votes present at a meeting. Consequently, an abstention has the same effect as a vote against a
              director-nominee, as each abstention would be one less vote in favor of a director nominee. If a broker indicates on the proxy that it does not have discretionary authority as to certain shares to vote on a particular matter (i.e., a &#8220;broker
              non-vote&#8221;), those shares will not be considered as present and entitled to vote with respect to that matter. The Board of Directors recommends that stockholders vote &#8220;FOR&#8221; the nominees set forth above. Unless marked to the contrary, proxies
              received will be voted FOR the nominees set forth above.</font></div>
          <br>
          <div>
            <hr noshade="noshade" align="left" style="background-color: rgb(0, 0, 0); border-width: medium; border-style: none; border-color: -moz-use-text-color; margin: 0px auto 0px 0px; height: 2px; width: 30%; color: rgb(0, 0, 0); text-align: left;">
            <div> <br>
            </div>
          </div>
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"><font style="font-family: &quot;Times New Roman&quot;;">12</font></sup><font style="font-size: 10pt; font-family: &quot;Times New
                Roman&quot;;">&#160;</font>A &#8220;Related Party&#8221; is any director or executive officer of the Company, any nominee for director, any shareholder known to be the beneficial owner of more than 5% of any class of the Company&#8217;s voting stock, and any
              Immediate Family Member of any such Party. &#8220;Immediate Family Member&#8221; means any child, stepchild, parent, stepparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law of a person, and
              any person (other than a tenant or an employee) sharing the household of such person.</font></div>
          <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"> <br>
            </font></div>
          <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">20</font></div>
            <div id="DSPFPageBreak" style="page-break-after: always;">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
          </div>
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">PROPOSAL No. 2</font></div>
          <div><br>
          </div>
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">RATIFICATION OF SELECTION </font></div>
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">OF</font></div>
          <div style="text-align: center;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">MOSS ADAMS LLP AS INDEPENDENT AUDITORS</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The Board&#8217;s Audit Committee has recommended and the Board of Directors has approved the engagement of Moss Adams LLP
              (&#8220;Moss Adams&#8221;) as independent certified public accountants, to audit the accounts for the Company for Fiscal 2018.</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Hein &amp; Associates LLP (&#8220;Hein&#8221;) performed these services for the year ended December 31, 2016, and the first three
              quarters of 2017.&#160; In November 2017, Hein combined with Moss Adams LLP (&#8220;Moss Adams&#8221;) and Moss Adams was selected by the Audit Committee at that time to continue as the Company&#8217;s independent accountants.</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The Company is advised that neither Moss Adams nor any of its partners has any material direct or indirect relationship
              with the Company. The Audit Committee considers Moss Adams to be well qualified for the function of serving as the Company&#8217;s auditors.&#160; Delaware law does not require the approval of the selection of auditors by the Company&#8217;s stockholders, but
              in view of the importance of the financial statements to stockholders, the Board of Directors deems it desirable that they pass upon its selection of auditors.&#160; In the event the stockholders disapprove of the selection, the Board of Directors
              will consider the selection of other auditors.</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">Audit and Non-Audit Fees</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The following table presents the fees for professional audit services rendered by the Company&#8217;s independent registered
              public accounting firm, for the audit of the Company&#8217;s annual consolidated financial statements and fees for professional audit services rendered for the quarterly reviews for the fiscal years ended December 31, 2017 and December 31, 2016.</font></div>
          <div><br>
          </div>
          <table cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; width: 100%;" id="z4f168c31c21846a7ba1b3665d19264d8">

              <tr>
                <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);" colspan="2">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">2017</font></div>
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">Moss Adams</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);" colspan="2">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">2017</font></div>
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">Hein</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0);" colspan="2">
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">2016</font></div>
                  <div style="text-align: center;"><font style="font-size: 10pt; font-family: &amp;quot; font-weight: bold;">Hein</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt;">Audit Fees</font></div>
                </td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">$</font></div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">73,500</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">$</font></div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">37,800</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">$</font></div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">111,300</font></div>
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                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt;">Audit-Related Fees</font></div>
                </td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">&#8212;</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">&#8212;</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">18,322</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt;">Tax Fees</font></div>
                </td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">&#8212;</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">&#8212;</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">&#8212;</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: bottom; width: 64%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt;">All Other Fees</font></div>
                </td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">&#8212;</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">&#8212;</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">&#8212;</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              </tr>
              <tr>
                <td valign="bottom" style="vertical-align: top; width: 64%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: left; margin-left: 9pt;"><font style="font-size: 10pt; font-weight: bold;">Total Fees</font></div>
                </td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid
                  rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">$</font></div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">73,500</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid
                  rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">$</font></div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">37,800</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid
                  rgb(0, 0, 0);" colspan="1">&#160;</td>
                <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">$</font></div>
                </td>
                <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
                  <div><font style="font-size: 10pt; font-family: &amp;quot;">129,622</font></div>
                </td>
                <td valign="bottom" nowrap="nowrap" style="text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);
                  border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
              </tr>

          </table>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Audit fees include fees related to the services rendered in connection with the annual audit of the Company&#8217;s
              consolidated financial statements, the quarterly reviews of the Company&#8217;s quarterly reports on Form 10-Q and the reviews of and other services related to statutory filings or engagements for the subject fiscal years.</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Audit-related fees are for assurance and related services by the principal accountants that are reasonably related to
              the performance of the audit or review of the Company&#8217;s financial statements.</font></div>
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"> <br>
            </font></div>
          <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">21</font></div>
            <div id="DSPFPageBreak" style="page-break-after: always;">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Tax Fees include services for (i) tax compliance, (ii) tax advice, (iii) tax planning and (iv) tax reporting.</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">All Other Fees includes fees for all other services provided by the principal accountants not covered in the other
              categories such as litigation support, etc.</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">All of the 2017 services described above were approved by the Audit Committee pursuant to the SEC rule that requires
              audit committee pre-approval of audit and non-audit services provided by the Company&#8217;s independent auditors. The Audit Committee considered whether the provisions of such services, including non-audit services, by Hein and Moss Adams were
              compatible with maintaining its independence and concluded they were.</font></div>
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"> </font><br>
          </div>
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">BOARD RECOMMENDATION AND VOTE REQUIRED</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The Board of Directors recommends that you vote in favor of the above proposal to ratify the appointment of Moss Adams
              LLP as independent auditors of the Company for Fiscal 2017. Ratification will require the affirmative vote of a majority of the shares present and voting at the meeting in person or by proxy. In the event ratification is not provided, the
              Audit Committee and the Board of Directors will review the future selection of the Company&#8217;s independent auditors.</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Unless otherwise directed by the stockholder giving the proxy, the proxy will be voted for the ratification of the
              selection by the Board of Directors of Moss Adams LLP as the Company&#8217;s independent certified public accountants for Fiscal 2018. Shares voted as abstaining will count as votes cast. If a broker indicates on the proxy that it does not have
              discretionary authority as to certain shares to vote on a particular matter (i.e., a &#8220;broker non-vote&#8221;), those shares will not be considered as present and entitled to vote with respect to that matter. An abstention from voting by a
              stockholder present in person or by proxy at the meeting has the same legal effect as a vote &#8220;against&#8221; Proposal No. 2 because it represents a share present or represented at the meeting and entitled to vote, thereby&#160; increasing the number of
              affirmative votes required to approve this proposal.</font></div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"> <br>
            </font></div>
          <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">22</font></div>
            <div id="DSPFPageBreak" style="page-break-after: always;">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
          </div>
          <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">STOCKHOLDERS&#8217; PROPOSALS</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Proposals of stockholders intended to be presented at the 2019 annual meeting must be received in writing, by the Chief
              Executive Officer of the Company at its offices by July 1, 2019 in order to be considered for inclusion in the Company&#8217;s proxy statement relating to that meeting.</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">SEC rules and regulations provide that if the date of the Company&#8217;s 2019 Annual Meeting is advanced or delayed more than
              30 days from the date of the 2018 Annual Meeting, stockholder proposals intended to be included in the proxy materials for the 2019 Annual Meeting must be received by the Company within a reasonable time before the Company begins to print and
              mail the proxy materials for the 2019 Annual Meeting. Upon determination by the Company that the date of the 2019 Annual Meeting will be advanced or delayed by more than 30 days from the date of the 2018 Annual Meeting, the Company will
              disclose such change by filing Form 8-K within four business days from the date when the 2019 annual meeting date is determined.</font></div>
          <div><br>
          </div>
          <table cellspacing="0" cellpadding="0" border="0" id="z6517869ac2f744328df70b519a35df20" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%; border-collapse: collapse;">

              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 50%; vertical-align: top;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">By Order of the Board of Directors</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 50%; vertical-align: top;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">/s/ Cary V. Sorensen</font></div>
                </td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
              </tr>
              <tr>
                <td style="width: 50%; vertical-align: top;">&#160;</td>
                <td style="width: 50%; vertical-align: top;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Cary V. Sorensen, <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-style: italic;">Secretary</font></font></div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">23</font></div>
            <div id="DSPFPageBreak" style="page-break-after: always;">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0px; height: 2px; color: rgb(0, 0, 0); background-color: rgb(0, 0, 0); clear: both;"></div>
          </div>
          <div style="text-align: center; margin-right: 188.15pt; margin-left: 188.9pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">TENGASCO, INC.</font></div>
          <div><br>
          </div>
          <div style="text-align: center; margin-right: 122.25pt; margin-left: 122.95pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt; margin-right: 2.8pt; margin-left: 6pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">The undersigned hereby appoints Michael J. Rugen and Cary V. Sorensen as proxies
              (the &#8220;Proxies&#8221;), each with power of substitution and re-substitution, to vote all shares of Common Stock, $.001 par value per share, of Tengasco, Inc. (the &#8220;Company&#8221;) held of record by the undersigned on October 15, 2018 at the Annual Meeting
              of stockholders to be held at 8000 E. Maplewood Ave., Suite 115, Greenwood Village, CO 80111 on December 11, 2018 at 9:00 AM local (Mountain ) time, or at any adjournments thereof, as directed below, and in their discretion on all other
              matters coming before the meeting or any adjournments thereof.</font></div>
          <div><br>
          </div>
          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">Please mark boxes /&#160; / in blue or black ink.</font></div>
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              <div style="text-align: justify;"><font style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; </font></font><font style="font-size: 10pt; font-family: &quot;Times New
                  Roman&quot;;">Election of Directors: Matthew K.&#160; Behrent, Peter E. Salas, and Richard M. Thon.</font></div>
            </div>
          </div>
          <div><br>
          </div>
          <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">(Mark only one of the two boxes for this item)</font></div>
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                    </td>
                    <td style="width: 30pt; vertical-align: top; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#9744;</font></td>
                    <td style="width: auto; vertical-align: top; text-align: left;">
                      <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">VOTE FOR all nominees named above except those who may be named on these two lines:</font></div>
                    </td>
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            <table cellspacing="0" cellpadding="0" border="0" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;" id="z4837be7940c54b30973079647d7be52e">

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                    <div>&#160;</div>
                  </td>
                  <td style="width: 80%; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
                  <td style="width: 14%; padding-bottom: 2px;">&#160;</td>
                </tr>

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          <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">(OR)</font></font></div>
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            <div>
              <table cellspacing="0" cellpadding="0" id="z913c49273d354248b4197f63754fce81" class="DSPFListTable" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 100%;">

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                    <td style="width: 30pt; vertical-align: top; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#9744;</font></td>
                    <td style="width: auto; vertical-align: top; text-align: left;">
                      <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">VOTE WITHHELD as to all nominees named above.</font></div>
                    </td>
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              <div style="text-align: justify;"><font style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; </font></font><font style="font-size: 10pt; font-family: &quot;Times New
                  Roman&quot;;">Proposal to ratify appointment of Moss Adams LLP as the Company&#8217;s independent certified public accountants for Fiscal 2018:</font></div>
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                <td style="width: 4%; vertical-align: top;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">FOR</font></div>
                </td>
                <td style="width: 10%; vertical-align: top;">
                  <div style="text-align: center; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#9744;</font></div>
                </td>
                <td style="width: 4%; vertical-align: top;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">AGAINST</font></div>
                </td>
                <td style="width: 10%; vertical-align: top;">
                  <div style="text-align: center; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#9744;</font></div>
                </td>
                <td style="width: 10%; vertical-align: top;">
                  <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">ABSTAIN</font></div>
                </td>
                <td style="width: 54%; vertical-align: top;">
                  <div style="text-align: left; font-weight: normal;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&#9744;</font></div>
                </td>
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          <div style="text-align: justify;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">3.</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; <font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">In their discretion, the Proxies are
              authorized to vote upon such other business as may properly come before the meeting.</font></div>
          <div><br>
          </div>
          <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">When properly executed, this Proxy will be voted as directed. If no direction is made, this Proxy will be voted &#8220;FOR&#8221;
              election of all Directors named in Proposal 1 and FOR Proposal 2.</font></div>
          <div><br>
          </div>
          <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">Please mark, date, and sign and return this Proxy promptly in the enclosed envelope.</font></div>
          <div style="text-align: left; text-indent: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"> <br>
            </font></div>
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            <div><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;"></font><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-weight: bold;">Please sign exactly as name appears hereon. When
                shares are held by joint tenants, both should sign.&#160;&#160; When signing as attorney or executor, administrator, trustee or guardian, please give your full title as such. If a corporation, please sign in full corporate name by president or other
                authorized officer. If a partnership, please sign in partnership name by authorized person.</font></div>
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                  <td style="width: 40%; vertical-align: top;">&#160;</td>
                  <td style="vertical-align: top;" colspan="3" rowspan="1">
                    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Dated: 2018</font></font></div>
                  </td>
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                  <td style="width: 40%; vertical-align: top;">&#160;</td>
                  <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
                  <td style="vertical-align: top;" colspan="2">&#160;</td>
                </tr>
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                  <td style="width: 40%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                  <td style="width: 2%; vertical-align: top; padding-bottom: 2px;" colspan="1"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">X</font></td>
                  <td style="width: 25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;<br>
                  </td>
                  <td style="width: 33%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                </tr>
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                  <td style="width: 40%; vertical-align: top;">&#160;</td>
                  <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
                  <td style="vertical-align: top;" colspan="2">
                    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Signature</font></font></div>
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                  <td style="width: 40%; vertical-align: top;">&#160;</td>
                  <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
                  <td style="vertical-align: top;" colspan="2">&#160;</td>
                </tr>
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                  <td style="width: 40%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                  <td style="width: 2%; vertical-align: top; padding-bottom: 2px;" colspan="1"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">X</font></td>
                  <td style="width: 25%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;<br>
                  </td>
                  <td style="width: 33%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
                </tr>
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                  <td style="width: 40%; vertical-align: top;">&#160;</td>
                  <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
                  <td style="vertical-align: top;" colspan="2">
                    <div style="text-align: left;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Print Name(s)</font></font></div>
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