Tengasco (TGC) Reports Q2 Loss of $0.27/Share

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Tengasco Announces Second Quarter 2016 Financial Results

August 12, 2016 8:43 AM EDT

GREENWOOD VILLAGE, Colo., Aug. 12, 2016 /PRNewswire/ -- Tengasco, Inc. (NYSE MKT: TGC) announced today its financial results for the quarter ended June 30, 2016. The Company reported a net loss of $1.6 million or $0.27 per share of common stock during the second quarter of 2016 compared to a net loss of $76,000 or $0.01 per share of common stock during the second quarter of 2015.  The $1.55 million increase in net loss was primarily due to a non-cash ceiling test impairment of $1.4 million recorded in the second quarter of 2016 as a result of the low oil prices experienced during 2015 and 2016, and a $617,000 decrease in revenues,... More