The company reported revenues of $3.30 million for the first quarter of 2008, compared to $1.77 million for the same period of 2007. Oil prices in the first quarter of 2008 averaged $91.36 per barrel, as compared to $52.61 per barrel in the same quarter of 2007.
Production for the first quarter of 2008 of 47,654 gross barrels in Kansas with about 33,800 barrels being net to the company’s interest led to record revenues to the company for a single quarter. Increased production continued in April 2008 with a monthly production of 17,234 barrels in Kansas.
Jeffrey Bailey, CEO of Tengasco, said: We are extremely pleased with the two cents per share income to our shareholders for the quarter. The company experienced a very successful quarter with net operating income of $885,011 or about a 27% profit.
