UNITED STATES
SECURITIES and EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):
May 30, 2008
Tengasco, Inc.
(Exact Name of Registrant as specified in its charter)
Commission File Number 1-15555
Tennessee
87-0267438
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or
organization)
10215 Technology Drive N.W., Suite 301, Knoxville,
Tennessee 37932
(Address of Principal Executive Office
(865) 675-1554
(Registrant's Telephone number)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following provisions (see
General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agrement
On May 30, 2008, the Company signed a letter agreement with Black Diamond Oil, Inc. to purchase approximately 80 barrels per day of oil producing properties and related leases and equipment in Rooks County, Kansas for $5.35 million effective with gas production beginning June 1, 2008. It is anticipated that the closing of the purchase will take place on or before July 1, 2008. The assets purchased include producing oil wells and saltwater disposal wells, equipment, and the underlying working interests in leases that have been owned and operated by Black Diamond for many years.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off- Balance Sheet Arrangement of a Registrant
The Company also announced that on June 2, 2008 it entered into an amendment to its credit
facility with Sovereign Bank of Dallas, TX whereby the Company’s borrowing base is
being increased by the Bank as a result of its review of the Company’s currently
owned producing properties. The borrowing base is being increased from $7 million to $11
million effective June 2, 2008. The Company has previously utilized about $4.2 million of
the Sovereign credit facility, leaving approximately $6.8 million available for use by the
Company upon this borrowing base increase. The Company will use $5.35 million of its
available $6.8 million borrowing base for the purchase of the Black Diamond Oil properties
discussed above.
Item 9.01 Financial Statements and Exhibits
(a) FINANCIAL STATEMENTS OF
BUSINESSES ACQUIRED
The financial statements required by this Item will be filed by amendment
not later than 71 calendar days after the date that a Report on Form 8-K announcing the
closing of the agreement referred to in Item 1.01 was due to be filed.
(b) PRO FORMA FINANCIAL INFORMATION
The financial statements required by this Item will be filed by amendment
not later than 71 calendar days after the date that a Report on Form 8-K announcing the
closing of the agreement referred to in Item 1.01 was due to be filed.
The following exhibits are filed herewith:
99.1 press release dated June 2, 2008
SIGNATURES
Pursuant to the requirements of the Securities and Exchange
Act of 1934, the Registrant has duly caused and authorized this report to be signed on its
behalf by the undersigned.
Dated: June 2,
2008
Tengasco,
Inc.
By:
s/Jeffrey R. Bailey
Jeffrey R. Bailey,
Chief Executive Officer