Past year: ▲ 66%(26.02 – 43.21 USD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Mar 2020security holder rights change● Neutral
Tengasco's board extended by one year (to March 2021) a shareholder rights plan designed to protect its net operating loss tax carryforwards by discouraging any shareholder from crossing a 4.95% ownership threshold -- a tax shield, not a traditional anti-takeover pill.
14 Jan 2020business combination● NeutralMajor
Tengasco announced it had hired a financial advisor and begun reviewing potential business-combination alternatives -- the start of the process that would lead to its 2021 merger with Riley Exploration -- Permian.
26 Jan 2018asset acquisition disposition● NeutralMajor
Tengasco sold its last Tennessee assets -- the methane-recovery facilities at the Carter Valley landfill -- to Tennessee Renewable Group for $2.65 million, completing its exit from Tennessee (following the 2013 sale of its Swan Creek field and pipeline) and leaving its Kansas oil properties as the company's only remaining operations.
20 Nov 2017auditor change● Neutral
Tengasco's auditor Hein & Associates merged into Moss Adams, which took over as the company's independent accounting firm; a routine succession with no disagreements.
21 Oct 2015business combination▲ GoodMajor
ICN Fund's tender offer expired October 13, 2015 without enough shares tendered to meet its majority-ownership condition -- the hostile bid failed and Tengasco remained independent.
24 Sept 2015business combination● Neutral
ICN Fund extended its tender offer a further time, to October 13, 2015.
4 Sept 2015business combination▲ GoodMajor
ICN Fund extended its offer again to September 23, 2015, disclosing that only about 6.2 million of Tengasco's roughly 57.6 million shares had been tendered so far -- well short of the majority needed -- evidence the board's rejection recommendation was working.
3 Sept 2015business combination● Neutral
Procedural amendment to ICN Fund's tender offer statement coinciding with the September 3 deadline extension.
7 Aug 2015business combination● Neutral
ICN Fund extended its tender offer's deadline to September 3, 2015.
4 Aug 2015business combination● Neutral
Procedural amendment to ICN Fund's tender offer statement; no change to the bid's core terms.
21 July 2015business combination▼ Bad
Tengasco's board expanded on its rejection rationale, noting the ICN offer price was 20% below the stock's average price over the prior year and reflected depressed industry-wide oil prices rather than the company's underlying reserve value.
17 July 2015business combination● Neutral
ICN Fund refiled its Offer to Purchase document; a procedural amendment with no change to the $0.2736 offer price.
13 July 2015business combination▼ BadMajor
Tengasco's board formally recommended shareholders reject ICN Fund's tender offer, filing its Schedule 14D-9 rationale that the price undervalued the company.
26 June 2015business combination▼ BadMajor
ICN Fund I, LLC launched an unsolicited cash tender offer to buy all of Tengasco's outstanding shares at $0.2736 per share (about $15.75 million total).
22 Sept 2011auditor change● Neutral
Tengasco dismissed Rodefer Moss and engaged Hein & Associates as its new auditor; no disagreements over accounting were involved.
20 Apr 2011business combination● Neutral
Tengasco filed a preliminary proxy for its annual meeting on 2011-06-20. Shareholders will vote on electing five directors (Bailey, Behrent, Brooks, Clendening and Salas), moving the company's incorporation from Tennessee to Delaware, and ratifying Rodefer Moss & Co, PLLC as auditor. Dolphin Offshore Partners, with Peter Salas as Chairman, holds 34.8% of the 60,687,413 shares outstanding, continuing its role as the dominant holder. The Delaware move is the first step toward the state of incorporation the company has today, though the visible text does not state the reason for it, and no business combination appears in the text shown.
25 Feb 2011debt financing▲ Good
F&M Bank's periodic review raised Tengasco's borrowing base from $14 million to $20 million (with a $40 million maximum line) and extended the facility to January 2013.
5 Aug 2010material agreement▲ Good
Tengasco's credit facility was reassigned again, from Sovereign Bank to F&M Bank & Trust of Dallas, which raised the borrowing base to $14 million on improved terms and extended the maturity to January 2012.
15 July 2009debt financing● Neutral
Sovereign Bank's semiannual review raised Tengasco's borrowing base slightly to $11 million, though it is set to step back down to $10.25 million by early 2010 -- a sign of tightening credit terms as oil prices remained weak after the 2008-09 crash.
10 Sept 2008asset acquisition disposition● Neutral
Routine follow-up filing adding the required pro forma financial statements for the Black Diamond acquisition; no change to the deal's terms.
2 July 2008asset acquisition disposition▲ GoodMajor
Tengasco closed the Black Diamond acquisition (the 'Riffe field'), adding producing wells and equipment in Rooks County, Kansas, funded mainly through the recently expanded Sovereign Bank credit line.
2 June 2008debt financing▲ GoodMajor
Tengasco agreed to buy Black Diamond Oil's Rooks County, Kansas oil-producing properties for $5.35 million, and Sovereign Bank raised its borrowing base from $7 million to $11 million to help fund the deal.
21 Dec 2007debt financing▲ Good
Tengasco's credit facility was reassigned from Citibank to Sovereign Bank of Dallas, which raised the borrowing base from $3.3 million to $7 million; the company drew $4.2 million to pay off the Citibank balance.
21 Sept 2007material agreement▲ Good
Tengasco signed a second Hoactzin-funded drilling program, this time for ten Kansas wells, with Hoactzin paying $400,000 per productive well and $250,000 per dry hole (total $2.5-4 million) -- continuing the same funding partnership from 2005.
24 Apr 2007debt financing● Neutral
Tengasco borrowed an additional $700,000 under its Citibank facility after the bank raised its borrowing base to $3.3 million, fully drawing the line.
5 July 2006debt financing▲ GoodMajor
Tengasco entered a new $50 million revolving credit facility with Citibank Texas, replacing its reliance on related-party Dolphin financing with a conventional bank line secured by its oil and gas properties; initial draw was $2.6 million.
5 Oct 2005material agreement termination● Neutral
Tengasco brought in Hoactzin Partners to fund a 12-well Kansas drilling program; in exchange, Hoactzin surrendered $2.514 million of the company's promissory notes (previously assigned to it) tied to the earlier Dolphin-financed preferred-stock buybacks, extinguishing that obligation.
24 Aug 2005capital raising announcement● NeutralMajor
Tengasco retired all of its Series B and C preferred stock, a total of $5,113,045.39 in face value plus accrued dividends and interest, by letting holders choose cash or common stock. Holders of about 54.3% took cash totalling $1,814,184.30, funded mainly by a new $1,814,000 loan from Dolphin Offshore Partners (12% interest, secured on company assets, due 2005-12-31). The rest, including Dolphin, took 9,567,620 new common shares, of which 4,595,040 go to Dolphin, so common shareholders are diluted and Dolphin's stake and lending exposure both grow. The same filing extends Dolphin's existing $700,000 note from 2005-08-20 to 2005-12-31 on the same terms, continuing the company's reliance on Dolphin.
6 June 2005auditor change● Neutral
Tengasco dismissed BDO Seidman as its auditor after a competitive review, with no disagreements over accounting.
9 Mar 2005asset acquisition disposition● Neutral
Tengasco sold its Rush County, Kansas gas-producing properties to Bear Petroleum for $2.4 million, using the proceeds to pay down its note to related-party lender Dolphin Offshore Partners from $2.5 million to $150,000.
