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Tengasco Inc. Message Board

oubobcat60 11 posts  |  Last Activity: 22 hours ago Member since: Jan 12, 2008
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  • Reply to

    Loose Lips and Sinking Ships

    by jerginsa Jun 30, 2015 3:16 AM
    oubobcat60 oubobcat60 22 hours ago Flag

    jerginsa,

    I like your thinking. With all of 4,000 share traded today, that board of directors meeting to evaluate the bid will be meaningless. Only one guy on our board of directors, if memory serves me correctly, has any shares. Our president has ZERO shares so what does he care about shareholder value. It will be interesting to read what they "announce." They are probably hoping to get a buy-out like they bought out MacInturff. They valued his (worthless) options even though they were never exercised and paid him as if he exercised them at who knows what price. Anyway, another "accounting" miracle dreamed up by our CPA who has yet to convince anyone he looked at a geographic map of oil holdings, fields, and drilling sites in Kansas. Would he even know what he's looking for? Maybe, just maybe, somebody might say at that board of directors meeting that Tengasco should start acting and, prayers be answered, executing as an oil company. We should have 50 drilling sites plotted in areas where we have very valuable leases. But do we?

    oubobcat60

  • oubobcat60 by oubobcat60 Jun 12, 2015 4:34 PM Flag

    Are the effects over? or is it a non-issue.

    oubobcat60

  • oubobcat60 by oubobcat60 May 30, 2015 11:53 AM Flag

    really should say, "un"date. Consider KGS reports these are Tengasco's "producing" wells in the Albers lease: A1, A2, 1, 3. 4, B1, B3, and C1, that's 8 wells. Only 4 reported for the latest production figures released two days ago. Now the B3, just south of Tengasco's best well that came in with 110 bbls initial daily production, still has not reported initial production, Also the Albers 3, making a triangle with the B3 and Tgc's best well, has not reported initial production. Also our friends at Palomino just filed an intent south of these three wells. Dare we assume, hope, pray, that Tengasco is locking up more drilling sites in the area?

    oubobcat60

  • oubobcat60 by oubobcat60 May 28, 2015 12:33 PM Flag

    ....make that February "reported" production according to KGS. The Liebenau and McIlhaney leases were each up almost 200 bbls for the month. Trego county leases were all down or "not" reported. Howard A1 down from 1282 to 973, Albers A down from 482 to 162 and Albers B1 down from 455 to 275 bbls. I suspect the pumped oil that was not "reported" is going into the storage tanks on which TGS spend $100,000 in anticipation of oil prices going up. According to the 10Q they might start to sell when prices are above $70.

    oubobcat60

  • My bad! Got so upset that we were getting deeper with more Salas debt, posted before I finished reading the complete quarterly report. So to answer my question the $100,000 buy storage oil tanks , I assume, until prices go up. Should have remembered what I wrote about six months ago when the Trego wells were "not" reporting. So when prices go up, I gather, over $70, TGC prices to consider re-instating salary cuts, they might be releasing some of this oil at better prices.

    oubobcat60

  • oubobcat60 by oubobcat60 May 14, 2015 7:26 PM Flag

    From the 10K: Accounts Payable Third Party (that means Hoactzin) went UP! So not only is Salas NOT paying for the last five years, but in the first three months of 2015 he managed to rack up $12,000 more on properties which were transferred to him more than 2 years ago! And Tengasco is not managing anything !!!! (wink, wink) Just doing Salas' accounting and collecting Salas' bills for which Tengasco is not getting paid. Remember we were supposed to be getting away from all this, not getting deeper involved.
    Long term debt went up by about $100,000. So not only do we borrow more when production is way down, while we are selling properties at a loss, while we did not drill a single well and have no current plans to drill, we have nothing (?) to show for that $100,000. Maybe I'm wrong: somebody tell me what that $100,000 was for.

    oubobcat60

  • oubobcat60 by oubobcat60 May 9, 2015 12:05 PM Flag

    Our closest geographic competitor, Palomino, reported on its first well in the new Rosemary Field, north of Tengasco's Trego county most productive wells. Palomino is pumping 125 bbls of oil a day from that well. Two other wells in that area are listed as spudded by Palonimo. This year, Tengasco has yet to announce an intent to drill.

    oubobcat60

  • Looking at the map around Tengasco's most recent and productive areas in Trego County, I have to believe everyone has been on vacation in Tengasco's "geology" department for all of 2015. Tengasco's "neighbor" Palonimo is moving in on all four sides in Tengasco best holdings. Palomino, which has filed 22 intents to drill since 1/21/15, has established itself with three spuds north of Tengasco's best holdings in the newly designated Rosemary & Rosemary SE areas. Their one dry hole was between Rosemary and Tengasco holdings. Phillips is the other ?new company moving quickly into the newly designated fields near Tengasco. Check Palonimo's production figures for the past few years and Tengasco's. And Palomino has FEWER active wells! There's lots of oil in Kansas. What will it take to get Tengasco interested in drilling for it?

    oubobcat60

    p.s. For those who want to read about Palonimo: 30742 is their ID number.

  • Reply to

    Who's running TGC?

    by oubobcat60 Apr 7, 2015 3:08 PM
    oubobcat60 oubobcat60 Apr 8, 2015 11:10 PM Flag

    babydog,

    Did you read Macinturff's golden parachute? Compare it with Bailey's exit. Guys who ruin Tengasco get rewarded. The guy who tried to build Tengasco gets a royal -------. Do you really believe Rugen has the interest of Tengasco shareholders on his agenda: Moving the company from one address in Knoxville, to another address in Knoxville, to an address in Denver, to where we are now. All in one year! I was starting to believe he went into the real estate business, selling property to himself and having Tengasco pay. Wonder where he learned that? He couldn't "find" an office and we expect him to find oil? Let me repeat: Who's in charge?

    oubobcat60

  • oubobcat60 by oubobcat60 Apr 7, 2015 3:08 PM Flag

    On April 6, 2015, SEC posted the latest figures on BOD ownership of TGC. Two independent directors kept their ownership of TGC stock at ZERO. They got more options but elected not to purchase ONE share. The third independent directos also got options and he also purchased ZERO shares. Salas purchased ZERO shares but he is still the owner of the largest block of TGC stock.

    Methinks Rugen is looking for a job. He has options to purchase 400,000 shares and since he's been with Tengasco has purchased ZERO shares. He engineered (?) his own salary cut and tells us in the annual report he can't find any land for sale or lease. Others are finding new oil fields and getting leases in Tengasco's former "best area"! Regun's options expire in September. I suspect he's spending more time looking for a future with another company than he is in building a future for himself at Tengasco.

    Which brings me to the KEY questions: Who told Peter Salas that he can't talk or say anything at the shareholder's meeting? Does he (they) have a plan to let Tengasco be taken over by another company? All the "talk" about Salas repaying Tengasco and Tengasco collecting back from Salas the $386,000 seems like "talk" to quiet rumblings. Never really any substance there. Did I read the 10K correctly that Tengasco is ready to write all this off as they wrote off MMC... and just have a cash plum ready for the takeover?

    oubobcat60

  • Time to get movin...Three areas very near the Albers' leases have been designated as Discovery Fields by KGS: Rosemary, Rosemary Southeast, and Cedar Point. It seems Palomino Petroleum is exploiting these fields and several others. So when Palomino is SHOWING that prices ARE attractive and moving ahead in VERY productive areas where Tengasco has their best foothold, why can't Tengasco see the same things? Tengasco was more established in this area than Palomino was a few months ago but it looks like Rugen won't do anything (does he even know where to look?) while others are passing Tengasco in Tengasco's former own back yard!

    oubobcat60

    p.s. This is why I was really confused when Tengasco drilled a few months ago in another MAI D & A. That area is NORTH of Tengasco's best holding. The new areas are SOUTH. Somebody buy Rugen a compass!

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