Tengasco (TGC) Posts Wider Q1 Loss

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Tengasco Announces First Quarter 2016 Financial Results

May 13, 2016 9:03 AM EDT

GREENWOOD VILLAGE, Colo., May 13, 2016 /PRNewswire/ -- Tengasco, Inc. (NYSE MKT: TGC) announced today its financial results for the quarter ended March 31, 2016. The Company reported a net loss of $(1,404,000) or $(0.23) per share of common stock during the first quarter of 2016 compared to net loss of $(515,000) or $(0.08) per share of common stock during the first quarter of 2015.  The $889,000 decrease was primarily due to recording a $702,000 decrease in revenues, a non-cash ceiling test impairment of $641,000 as a result of the low oil prices experienced during 2015 and 2016, a $331,000 decrease in income tax benefit, all of which were partially offset by a... More