May 15--Tengasco Inc. reported Thursday that it earned a profit of $424,000, or 1 cent per share, in the first quarter, that's down from $978,000, or 2 cents per share in the same period last year.
The Knoxville-based oil and natural gas company reported revenue of $3.5 million for the quarter ended March 31, compared to revenue of $4.3 million in the year-ago period, due in part to a 9 million barrel decrease in Kansas oil sales volumes.
Tengasco announced last month that it would move its principle offices from Knoxville to Denver. The move is expected to be complete by June 30.
"We continue the drilling program that we re-started in September 2013. Since that time, the company has drilled 8 wells. Of the 8 wells drilled, 5 were completed as producers, 1 is in the process of being completed, and 2 wells have been dry," CEO Michael Rugen said in a news release. "Subject to rig availability, we expect to drill 2 more wells in the 2nd quarter of 2014."
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