<SEC-DOCUMENT>0001140361-18-015521.txt : 20180328
<SEC-HEADER>0001140361-18-015521.hdr.sgml : 20180328
<ACCEPTANCE-DATETIME>20180328165303
ACCESSION NUMBER:		0001140361-18-015521
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180328
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180328
DATE AS OF CHANGE:		20180328

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15555
		FILM NUMBER:		18719477

	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
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<div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">UNITED STATES</div>

<div style="FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">SECURITIES and EXCHANGE COMMISSION</div>

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

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<div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">FORM 8-K</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">CURRENT REPORT</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">Date of Report (Date of Earliest Event Reported): <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">March 28, 2018</font></div>

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

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">(Exact name of registrant as specified in its charter)</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">Commission File Number: <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">1-15555</font></div>

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<div style="TEXT-ALIGN: center"><u>87-0267438</u></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">(State or other jurisdiction of incorporation or organization)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center"><u>8000 E. Maplewood Avenue, Suite 130, Greenwood Village CO 80111</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">(Address of principal executive offices, including zip code)</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center"><u>(720) 420-4460</u></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center">(Registrant&#8217;s telephone number, including area code)</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Emerging growth company <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#9744;</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">&#9744;</font></div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; WIDTH: 72pt; align: right">Item 2.02</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Results of Operations and Financial Condition.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">On March 28, 2018, Tengasco, Inc. issued a press release announcing its financial results for the year ended December 31, 2017.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">A copy of the press release is attached to this report as Exhibit 99.1.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: justify; TEXT-INDENT: 36pt">The information in this Current Report on Form 8-K, including the information set forth in Exhibit 99.1, is being furnished and shall not be deemed &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold">Financial Statements and Exhibits.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"><u>Exhibits</u></font>.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">No.</div>
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<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: black 2px solid; WIDTH: 78%">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: center"><a href="ex99_1.htm">99.1</a></div>
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<td style="VERTICAL-ALIGN: top; WIDTH: 2%; BACKGROUND-COLOR: #cceeff">&#160;</td>
<td style="VERTICAL-ALIGN: top; WIDTH: 78%; BACKGROUND-COLOR: #cceeff">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Press Release dated March 28, 2018 (a)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'">The exhibit relating to Item 2.02 is intended to be furnished to, not filed with, the U.S. Securities and Exchange Commission pursuant to General Instruction B.2 of Form 8-K.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-WEIGHT: bold; TEXT-ALIGN: center">SIGNATURES</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left; TEXT-INDENT: 36pt">Date: March 28, 2018</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">TENGASCO, INC.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">By:</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">s/ Michael J. Rugen</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Michael J. Rugen</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; TEXT-ALIGN: left">Chief Executive Officer</div>
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<DOCUMENT>
<TYPE>EX-99.1
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<DESCRIPTION>EXHIBIT 99.1
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Press Release dated March 28, 2018</div>
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<div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tengasco Announces Year-End 2017 Financials and Results of Operations</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">GREENWOOD VILLAGE, Colo., March 28, 2018 /PRNewswire/ -- Tengasco, Inc. (NYSE American: TGC) announced today that it has filed with the Securities and Exchange Commission its Annual Report on Form 10-K for the year ended December 31, 2017.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">The Company reported net loss from continuing operations of $(574,000) or $(0.06) per share in 2017 compared to $(4.2) million or $(0.69) per share in 2016. Included in the 2016 net loss was a $2.8 million non-cash impairment of the Company&#8217;s oil and gas properties and equipment inventory. Net loss before effect of the impairment was $(1.4) million or $(0.23) per share in 2016 (a non-GAAP financial measure &#8211; see GAAP to Non-GAAP Reconciliation at the end of this press release).</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">The non-cash impairment of oil and gas properties resulted from ceiling test failures during the quarters ended March 31, 2016, June 30, 2016, and September 30, 2016. However, there was no additional oil and gas property impairment taken during the quarter ended December 31, 2016 nor during the year ended December 31, 2017. These ceiling test failures were primarily a result of low oil prices experienced since late 2014.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">The Company realized revenues of approximately $5.3 million in 2017 compared to $4.7 million in 2016. During 2017, revenues increased approximately $591,000 of which $809,000 of this increase related to a $7.90 per barrel increase in the average oil price received from $37.53 per barrel received in 2016 to $45.43 per barrel received in 2017. This was partially offset by a $223,000 decrease related to decreases in oil sales volumes from 108.3 MBbl in 2016 to 102.4 MBbl in 2017. The more significant production declines were experienced in the Albers, Albers A, Howard A, Lewis, Liebenau, McElhaney A, Schneller, and Veverka B leases. These decreases were primarily due to natural declines.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">The Company reported total proved oil reserves at December 31, 2017 of approximately 870,000 barrels, valued at $8.2 million on a discounted future net cash flows basis before effect of income taxes, up from approximately 730,000 barrels valued at $5.8 million at December 31, 2016. The increases in proved reserves volume and value result primarily from increased pricing that enabled us to consider certain properties as being economic, or remaining economic longer, and to thereby be placed into, or remain longer in, a category of proved reserves eligible for inclusion in the Company&#8217;s proved reserves.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Michael J. Rugen, CEO, said &#8220;Calendar year 2017 provided some modest improvement in oil prices, and ushered in what we hope to be the conclusion of noncash reserves writedowns caused by the extended periods of low prices. We also experienced about an $8 per barrel increase in our average oil price received in 2017 over the prior year&#8217;s average price. As a result, the results of operations in 2017 show marked improvement over those in 2016, although not yet enough to offset the effects of naturally decreasing production volumes from existing wells and return us to profitability. The increase in oil pricing also resulted in an increase in volume and value of the Company&#8217;s proved reserves year over year. We continue to await oil pricing improvement sufficient to justify increased drilling activity. Higher oil prices helped support an increase in our borrowing base with our senior lender, Prosperity Bank. Our borrowing base now stands at $2.0 million and our current borrowings still remain at zero. With our available borrowing capability and the $2.65 million received from the sale of our Tennessee methane facility assets completed in January 2018 the Company plans to drill additional wells during 2018. In addition, the Company will continue to evaluate other corporate opportunities, acquisitions, or joint ventures that may add value to the Company going forward.&#8221;</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">The statements contained in this release that are not purely historical are forward-looking statements within the meaning of applicable securities laws. The Company's actual results could differ materially from the forward-looking statements.</div>

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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt"><u>GAAP to Non-GAAP Reconciliation ($ millions, except per share data)</u></div>

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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">December 31, 2017</div>
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<div style="TEXT-ALIGN: right; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">December 31, 2016</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Net loss (US GAAP)</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(0.6</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">)</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(4.2</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">$</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">2.8</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Net income from continuing operations before effect of impairment</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">$</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(0.6</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">)</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(1.4</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">)</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Net loss per share &#8211; basic and diluted (US GAAP)</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">$</div>
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<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(0.06</div>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">)</div>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">$</div>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(0.69</div>
</td>
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<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">)</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Impairment &#8211; basic and diluted</div>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #ffffff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #ffffff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">0.46</div>
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<div style="TEXT-ALIGN: left; TEXT-INDENT: -7.2pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 7.2pt; FONT-SIZE: 10pt">Net income per share before effect of impairment &#8211; basic and diluted</div>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(0.06</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">)</div>
</td>
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<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">$</div>
</td>
<td style="TEXT-ALIGN: right; BACKGROUND-COLOR: #cceeff; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">(0.23</div>
</td>
<td style="TEXT-ALIGN: left; BACKGROUND-COLOR: #cceeff; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
<div style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">)</div>
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<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">CONTACT: Cary V. Sorensen, V.P., 720-420-4460</div>

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