SEC Filing Summary: Tengasco, Inc. (Form 8-K)
Business Context and Reporting Period
This Form 8-K was filed by Tengasco, Inc. on February 25, 2011, reporting events occurring on February 22, 2011. The registrant is incorporated in Tennessee and operates in the energy sector, specifically managing producing properties.
Key Financial Metrics and Debt
- Debt Facility: Senior revolving credit facility with F&M Bank and Trust Company, N.A.
- Borrowing Base: Increased from $14 million to $20 million.
- Maximum Credit Line: Increased to $40 million.
- Outstanding Borrowings: Approximately $9 million as of the filing date.
- Facility Term: Extended to January 27, 2013.
- Revenue and Profit: The filing text does not provide a clear value for revenue, profit, cash flow, or margins.
Material Changes
The primary material change is the amendment of the senior revolving credit facility following a semiannual review of the Company's producing properties. This amendment significantly increased the borrowing capacity and extended the maturity date of the debt instrument.
Outlook, Risks, and Contingencies
The borrowing base remains subject to existing periodic redetermination provisions within the credit facility. The filing references the full text of the Ninth Amendment to the Loan and Security Agreement (Exhibit 10.1) for complete terms. No specific forward-looking guidance or management commentary regarding future production or pricing was included in this specific report.
Key Facts for Investor Verification
- Verify the specific terms of the periodic redetermination provisions that could affect the $20 million borrowing base.
- Confirm the current utilization rate of the $40 million credit line relative to the $9 million outstanding balance.
- Review the full text of the Ninth Amendment to the Loan and Security Agreement (Exhibit 10.1) for covenants and interest rate details.
- Assess the impact of the facility extension on the company's liquidity position through January 2013.