<SEC-DOCUMENT>0001140361-20-025376.txt : 20201112
<SEC-HEADER>0001140361-20-025376.hdr.sgml : 20201112
<ACCEPTANCE-DATETIME>20201112164154
ACCESSION NUMBER:		0001140361-20-025376
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20201112
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20201112
DATE AS OF CHANGE:		20201112

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:		201307429

	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>8-K
<SEQUENCE>1
<FILENAME>brhc10016880_8k.htm
<DESCRIPTION>8-K
<TEXT>
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    <div style="text-align: center; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">SECURITIES and EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;">WASHINGTON, D.C. 20549</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 18pt; font-weight: bold;">FORM 8-K</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">Current Report Pursuant to Section 13 or 15(d) of the</div>
    <div style="text-align: center; font-weight: bold;">Securities Exchange Act of 1934</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">Date of Report (Date of Earliest Event Reported):</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">November 12, 2020</div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 24pt;"><u>Tengasco, Inc.</u></div>
    <div style="text-align: center;">(Exact Name of Registrant as specified in its charter)</div>
    <div><br>
    </div>
    <div style="text-align: center;">Commission File Number 1-15555</div>
    <div style="text-align: center;"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zcbdc1d387f5a486b9a65dfa6b42eaab9" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 49%; vertical-align: top;">
            <div><u>Delaware</u></div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 49%; vertical-align: top;">
            <div style="text-align: right;"><u>87-0267438</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 49%; vertical-align: top;">
            <div>(State of incorporation)</div>
          </td>
          <td style="width: 2%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 49%; vertical-align: top;">
            <div style="text-align: right;">&#160;(I.R.S. Employer Identification No.)</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: center;"><u>8000 E. Maplewood Avenue, Suite 130, Greenwood Village CO 80111</u></div>
    <div style="text-align: center;">(Address of Principal Executive Office)</div>
    <div style="text-align: center;"><u>(720)&#160; 420-4460</u></div>
    <div style="text-align: center;">(Registrant's Telephone number)</div>
    <div><br>
    </div>
    <div>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>
    <br>
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          <td style="width: 18pt; vertical-align: top;">&#9744;</td>
          <td style="width: auto; vertical-align: top;">
            <div>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z5f99aa0dbaf54d28800fac979f010672" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 18pt; vertical-align: top;">&#9744;</td>
          <td style="width: auto; vertical-align: top;">
            <div>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zfd328c9acade4cdebf7b39dd4a8b694a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 18pt; vertical-align: top;">&#9744;</td>
          <td style="width: auto; vertical-align: top;">
            <div>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="za8fff0d5941845dbae8948f4891b058e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 18pt; vertical-align: top;">&#9744;</td>
          <td style="width: auto; vertical-align: top;">
            <div>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div>Securities registered pursuant to Section 12(b) of the Act:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="z28a7f774e6aa4e149d60fa7d565c0559" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 33%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center;">Title of each class</div>
          </td>
          <td style="width: 34%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center;">Trading Symbol(s)</div>
          </td>
          <td style="width: 33%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center;">Name of each exchange on which registered</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center;">Common Stock</div>
          </td>
          <td style="width: 34%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center;">TGC</div>
          </td>
          <td style="width: 33%; vertical-align: middle; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center;">NYSE American</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>Indicate by check mark whether the registrant is an emerging growth company:</div>
    <div> <br>
    </div>
    <div>Emerging growth company&#160; &#9744;</div>
    <div> <br>
    </div>
    <div>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&#160; &#9744;</div>
    <div> <br>
    </div>
    <div>
      <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"> </div>
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          <td style="width: 63pt; vertical-align: top; font-weight: bold;">Item 2.02</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-weight: bold;">Results of Operations and Financial Condition.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">On November 12, 2020 Tengasco, Inc. issued a press release announcing its operating and financial results for the third quarter ended September 30, 2020.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">A copy of the press release is attached to this report as Exhibit 99.1.</div>
    <div>&#160;</div>
    <div style="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>
    <div>&#160;</div>
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          <td style="width: 63pt; vertical-align: top; font-weight: bold;">Item 9.01</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Financial Statements and Exhibits.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Exhibits</u>.</div>
    <div>&#160;</div>
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          <td style="width: 10%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Exhibit</div>
            <div style="text-align: center; font-weight: bold;">No.</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>
          <td style="width: 84%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="font-weight: bold;">Description</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;" colspan="1">&#160;</td>
          <td style="width: 10%; vertical-align: top;">
            <div style="text-align: center;"><a href="brhc10016880_ex99-1.htm">99.1</a></div>
          </td>
          <td style="width: 1%; vertical-align: top;">&#160;</td>
          <td style="width: 84%; vertical-align: top;">
            <div>Press Release dated November 12, 2020</div>
          </td>
        </tr>

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    <div><br>
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    <div style="text-align: center; font-weight: bold;">SIGNATURES</div>
    <div>&#160;</div>
    <div style="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>
    <div>&#160;</div>
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          <td style="width: 50%; vertical-align: top;">
            <div>Date:&#160; November 12, 2020</div>
          </td>
          <td style="vertical-align: top;" rowspan="1" colspan="2">&#160;&#160;&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" rowspan="1" colspan="2">&#160;</td>
        </tr>
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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" rowspan="1" colspan="2">
            <div>TENGASCO, INC.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" rowspan="1" colspan="2">&#160;&#160;&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
            <div>By:</div>
          </td>
          <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); width: 47%;" rowspan="1">
            <div>s/ Cary V. Sorensen</div>
          </td>
        </tr>

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          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5.12%; vertical-align: top;">
            <div>Name:</div>
          </td>
          <td style="width: 45%; vertical-align: top;">
            <div>Cary V. Sorensen</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5.12%; vertical-align: top;">
            <div>Title:</div>
          </td>
          <td style="width: 45%; vertical-align: top;">
            <div>Vice President</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>brhc10016880_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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              <div><font style="font-weight: bold;">Exhibit No. 99.1</font></div>
            </td>
            <td style="white-space: nowrap; width: 60%; text-align: center;"><font style="font-weight: bold;">Press Release dated November 12, 2020</font></td>
            <td style="width: 20%; text-align: center;" colspan="1">&#160;</td>
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    <div><br>
    </div>
    <div style="font-weight: bold;">Tengasco Announces Third Quarter 2020 Financial Results</div>
    <div>&#160;</div>
    <div style="text-align: justify;">GREENWOOD VILLAGE, Colo., November 12, 2020 /PRNewswire/ -- Tengasco, Inc. (NYSE American: TGC) <font style="color: rgb(0, 0, 0);">(the &#8220;Company&#8221; or &#8220;Tengasco&#8221;)</font>&#160;<font style="color: rgb(0, 0, 0);">announced
        today its financial results for the quarter ended September </font><font style="color: #000000;">30, 2020</font>.&#160; The Company reported a net loss of $(813,000) or $(0.08) per share of common stock during the third quarter of 2020 compared to net
      loss of $(182,000) or $(0.02) per share of common stock during the third quarter of 2019.&#160; The $631,000 decrease in net income was primarily due to an $450,000 decrease in revenues, and a $388,000 increase in general and administrative expenses,
      partially offset by a $167,000 decrease in production costs and taxes and a $40,000 decrease in depreciation, depletion, and amortization costs.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The Company recognized $765,000 in revenues during the third quarter of 2020 compared to $1.2 million during the third quarter of 2019. The $450,000 decrease in net revenues was primarily due to a $318,000 reduction
      related to a $15.15 per barrel decrease in the average oil price from $51.18 per barrel during the third quarter of 2019 to $36.03 per barrel during the third quarter of 2020, and a $133,000 reduction related to a 2.6MBbl decrease in oil sales
      volumes.&#160; The 2.6MBbl decrease in sales volumes was primarily related to lower sales on the Albers, Dick A, Liebenau, and Stahl leases related to natural production declines and timing of crude pickups by the purchases, partially offset by sales from
      the Zimmerman well that was completed at the beginning of 2020.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The Company reported a net loss of $(1.9 million) or $(0.18) per share of common stock during the first nine months of 2020 compared to a net loss of $(269,000) or $(0.03) per share of common stock during the first
      nine months of 2019.&#160; The $1.6 million decrease in net income was primarily due to an $1.5 million decrease in revenues, a $411,000 increase in general and administrative expenses, and a $41,000 decrease in gain on sale of assets, partially offset by
      a $205,000 decrease in production costs and taxes, and a $105,000 decrease in depreciation, depletion, and amortization costs.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-size: 12pt;"><font style="font-size: 10pt;">The </font><font style="font-size: 10pt;">Company recognized $2.3 million of revenues during the first nine months of 2020 compared to $3.8 million during the first nine
        months of 2019.&#160; This decrease in net revenue was primarily due to an $1.2 million reduction related to a $18.12 per barrel decrease in the average oil price from $52.09 per barrel during the first nine months of 2019 to $33.97 per barrel during
        the first nine months of 2020, and a $269,000 reduction related to a 5.1MBbl decrease in sales volumes.&#160; The 5.1MBbl decrease in sales volumes was primarily related to lower sales on the Albers, BSU, Liebenau, Veverka D leases related to natural
        production declines, partially offset by sales from the Zimmerman well that was completed at the beginning of 2020.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify;"><a name="z_Hlk55899639"></a>Michael J. Rugen, CEO, said <a name="z_Hlk47701528"></a>&#8220;As noted in our press release issued on October 21, 2020, the Company entered into a merger agreement with Riley
      Exploration-Permian, LLC providing for an all-stock transaction.&#160; In addition, the Company recently filed a Registration Statement on Form S-4 related to the proposed merger.&#8221;</div>
    <div style="text-align: justify;"> <br>
    </div>
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    <div>
      <div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">No Offer or Solicitation</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; color: rgb(0, 0, 0);">Communications in this news release do not constitute an offer to sell or the solicitation of an offer to subscribe for or buy any securities or a solicitation of any vote or approval with
        respect to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the
        securities laws of any such jurisdiction.&#160; No public offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Additional Information for Stockholders</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; color: rgb(0, 0, 0);">In connection with the proposed transaction, Tengasco has filed materials with the Securities and Exchange Commission (&#8220;SEC&#8221;), including a Registration Statement on Form S-4 (the &#8220;Registration
        Statement&#8221;) that includes a preliminary proxy statement/prospectus. The information in the preliminary proxy statement/prospectus is not complete and may be changed.&#160; After the Registration Statement is declared effective by the SEC, Tengasco
        intends to mail a definitive proxy statement/prospectus to the stockholders of Tengasco. This news release is not a substitute for the definitive proxy statement/prospectus or the Registration Statement or for any other document that Tengasco may
        file with the SEC and send to Tengasco&#8217;s stockholder in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS OF TENGASCO ARE URGED TO CAREFULLY AND THOROUGHLY READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS,
        AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, AND OTHER RELEVANT DOCUMENTS FILED BY TENGASCO WITH THE SEC, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT TENGASCO, RILEY EXPLORATION-PERMIAN, LLC
        (&#8220;RILEY&#8221;), THE PROPOSED TRANSACTION, THE RISKS RELATED THERETO AND RELATED MATTERS.</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; color: rgb(0, 0, 0);">Investors are able to obtain free copies of the Registration Statement and proxy statement/prospectus, as each may be amended from time to time, and other relevant documents filed by Tengasco
        with the SEC (when they become available) through the website maintained by the SEC at www.sec.gov. Copies of documents filed with the SEC by Tengasco will be available free of charge from Tengasco&#8217;s website at www.tengasco.com under the &#8220;Investor&#8221;
        tab.</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Participants in the Proxy Solicitation</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; color: rgb(0, 0, 0);">Tengasco, Riley and their respective directors, managers and certain of their officers and other members of management and employees may be deemed, under SEC rules, to be participants in the
        solicitation of proxies from Tengasco&#8217;s stockholders in connection with the proposed transaction. Information regarding the officers and directors of Tengasco is included in its definitive proxy statement for its 2020 annual meeting filed with the
        SEC on October 30, 2020. Additional information regarding such persons, as well as information regarding Riley&#8217;s directors, managers and officers and other persons who may be deemed participants in the proposed transaction, is set forth in the
        Registration Statement and the preliminary proxy statement/prospectus and will be set forth in other materials when they are filed with the SEC in connection with the proposed transaction. Free copies of these documents may be obtained as described
        in the paragraphs above.</div>
      <div style="text-align: justify; color: rgb(0, 0, 0);"> <br>
      </div>
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    <div>
      <div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Cautionary Statement Regarding Forward-Looking Information</div>
      <div>&#160;</div>
    </div>
    <div>
      <div style="text-align: justify; color: rgb(0, 0, 0);">Certain statements in this news release concerning the proposed transaction are &#8220;forward-looking&#8221; statements based on assumptions currently believed to be valid. Forward-looking statements are
        all statements other than statements of historical facts. The words &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;ensure,&#8221; &#8220;expect,&#8221; &#8220;if,&#8221; &#8220;intend,&#8221; &#8220;estimate,&#8221; &#8220;probable,&#8221; &#8220;project,&#8221; &#8220;forecasts,&#8221; &#8220;predict,&#8221; &#8220;outlook,&#8221; &#8220;aim,&#8221; &#8220;will,&#8221; &#8220;could,&#8221; &#8220;should,&#8221; &#8220;would,&#8221;
        &#8220;potential,&#8221; &#8220;may,&#8221; &#8220;might,&#8221; &#8220;anticipate,&#8221; &#8220;likely&#8221; &#8220;plan,&#8221; &#8220;positioned,&#8221; &#8220;strategy,&#8221; and similar expressions or other words of similar meaning, and the negatives thereof, are intended to identify forward-looking statements. The forward-looking
        statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995.</div>
      <div>&#160;<br>
      </div>
    </div>
    <div>
      <div style="text-align: justify; color: rgb(0, 0, 0);">These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those anticipated, including, but not limited to, the
        possibility that stockholders of Tengasco may not approve the issuance of new shares of Tengasco common stock in the transaction or other proposals that are a condition to the transaction or that the stockholders of Tengasco and the members of
        Riley may not approve the merger agreement; the risk that a condition to closing of the proposed transaction may not be satisfied, that either party may terminate the merger agreement or that the closing of the proposed transaction might be delayed
        or not occur at all; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction; the diversion of management time on transaction-related issues; the
        ultimate timing, outcome and results of integrating the operations of Tengasco and Riley; the effects of the business combination of Tengasco and Riley, including the combined company&#8217;s future financial condition, results of operations, strategy
        and plans; changes in capital markets and the ability of the combined company to finance operations in the manner expected; the fact that any dividend payments will be at the discretion of the combined company&#8217;s Board of Directors and may be
        subject to legal, contractual or other restrictions; the effects of commodity prices; the risks of oil and gas activities; and the fact that operating costs and business disruption may be greater than expected following the public announcement or
        consummation of the proposed transaction. Expectations regarding business outlook, including changes in revenue, pricing, capital expenditures, cash flow generation, strategies for our operations, oil and natural gas market conditions, legal,
        economic and regulatory conditions, and environmental matters are only forecasts regarding these matters.</div>
      <div>&#160;</div>
    </div>
    <div>
      <div style="text-align: justify; color: rgb(0, 0, 0);">Additional factors that could cause results to differ materially from those described above can be found in Tengasco&#8217;s Annual Report on Form 10-K for the year ended December 31, 2019 and in its
        subsequently filed Quarterly Reports on Form 10-Q, each of which is on file with the SEC and available from Tengasco&#8217;s website at www.tengasco.com under the &#8220;Investor&#8221; tab, and in other documents Tengasco files with the SEC.</div>
      <div style="text-align: justify; color: rgb(0, 0, 0);"> <br>
      </div>
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    </div>
    <div>
      <div style="text-align: justify; color: rgb(0, 0, 0);">All forward-looking statements speak only as of the date they are made and are based on information available at that time. Tengasco does not assume any obligation to update forward-looking
        statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As forward-looking statements
        involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.</div>
      <div style="text-align: justify; color: rgb(0, 0, 0);"> <br>
      </div>
    </div>
    <div>CONTACT: Cary V. Sorensen, V.P., 720-420-4460<br>
      <div><br>
      </div>
      <br>
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