SEC Filing Summary: Tengasco, Inc. (Form 8-K)
Business Context and Reporting Period
This Current Report (Form 8-K) was filed by Tengasco, Inc. on July 15, 2009, reporting events occurring on July 9, 2009. The registrant is an oil and gas exploration company headquartered in Knoxville, Tennessee. Note: The request metadata referenced "Riley Exploration Permian, Inc.," but the filing text explicitly identifies the registrant as Tengasco, Inc.
Key Financial Metrics
- Debt Facility: Revolving senior credit facility with Sovereign Bank of Dallas, Texas.
- Borrowing Base: Increased to $11.0 million (previously $10.25 million).
- Outstanding Borrowings: $9.9 million.
- Liquidity: The filing does not provide specific cash balance or liquidity ratios beyond the credit facility details.
- Revenue and Profit: The filing text does not provide revenue, profit, or margin data.
Material Changes
The primary material change is the increase in the company's borrowing base following a semiannual review of producing properties. The borrowing base was raised from $10.25 million to $11.0 million. However, this increase is temporary; the facility includes a mandatory monthly reduction of $150,000 starting August 5, 2009, which will return the borrowing base to $10.25 million by the next six-month review.
Outlook, Risks, and Management Commentary
The filing does not contain forward-looking guidance, management commentary on future operations, or specific risk factors beyond the structural terms of the credit facility. The scheduled reduction in the borrowing base represents a known future constraint on available credit.
Investor Verification Checklist
- Verify the current outstanding balance of the Sovereign Bank credit facility to confirm the $9.9 million figure.
- Confirm the specific terms of the monthly $150,000 borrowing base reduction and its impact on future liquidity.
- Review the semiannual property valuation report that triggered the temporary borrowing base increase.
- Check subsequent filings for the next borrowing base review results expected in six months.