SEC Filing Summary: Tengasco, Inc. (Form 8-K)
Business Context and Reporting Period
This Form 8-K was filed by Tengasco, Inc. on July 2, 2008. The report details the completion of an asset acquisition. Note: The request metadata referenced "Riley Exploration Permian, Inc.", but the filing text explicitly identifies the registrant as Tengasco, Inc.
Key Financial Metrics and Transaction Details
- Transaction Type: Acquisition of oil producing properties and related leases/equipment.
- Counterparty: Black Diamond Oil, Inc.
- Asset Scope: Approximately 80 barrels per day of oil production in Rooks County, Kansas (Riffe field), including producing wells, saltwater disposal wells, and equipment.
- Purchase Price: $5.35 million.
- Effective Date: June 1, 2008 (gas production basis).
- Funding Source: Primarily borrowings of approximately $5.35 million under a credit facility with Sovereign Bank, supplemented by cash flow from operations.
Material Changes
The primary material change is the expansion of Tengasco's asset base through the acquisition of the Riffe field assets. The filing does not provide comparative financial metrics (revenue, profit, margins) for the prior period as this is a current event report rather than a periodic financial statement.
Guidance, Outlook, and Contingencies
Financial Statements: The filing states that financial statements of the acquired business and pro forma financial information are not included in this report. They will be filed by amendment no later than 71 calendar days after the due date of this Form 8-K.
Outlook: No specific forward-looking guidance or management commentary regarding future production targets or pricing was included in this specific text.
Investor Verification Checklist
- Verify the identity of the registrant (Tengasco, Inc.) versus the metadata request (Riley Exploration Permian, Inc.).
- Monitor the upcoming amendment (within 71 days) for the required pro forma financial information and acquired business financial statements.
- Confirm the utilization of the Sovereign Bank credit facility and the impact on the company's total debt load.
- Review the press release (Exhibit 99.1) for additional operational details regarding the Riffe field.