Tengasco has successfully completed its merger with Riley Exploration – Permian, LLC, now renamed Riley Exploration Permian, Inc., effective February 26, 2021. The merger was approved by Tengasco stockholders on February 25, 2021. The stock will begin trading under the symbol REPX on March 1, 2021, following a 1-for-12 reverse stock split that reduced outstanding shares to approximately 17.8 million. The merger aims to enhance financial strength and flexibility, with a focus on growth within the Permian Basin.
Tengasco and Riley Exploration – Permian announced a merger with a 1-for-12 reverse stock split effective March 1, 2021. Following the merger on February 26, Tengasco will rebrand to Riley Exploration Permian, Inc., and trade under the new symbol 'REPX'. The reverse split will consolidate shares, maintaining their par value at $0.001. A majority of stockholders approved the split, which will not change ownership percentages, except for fractional shares compensated with whole shares. Continental Stock Transfer & Trust Company will manage the exchange.
Tengasco, Inc. (NYSE American: TGC) reported a net loss of $(813,000) or $(0.08) per share for Q3 2020, a significant decline from a net loss of $(182,000) or $(0.02) per share in Q3 2019. Revenue for the quarter was $765,000, down $450,000 year-over-year, attributed to a $318,000 decline in average oil prices and a 2.6MBbl decrease in sales volumes. For the first nine months, a net loss of $(1.9 million) was recorded versus $(269,000) in the same period of 2019. The company is pursuing a merger with Riley Exploration-Permian.
Tengasco Inc. (NYSE American: TGC) has announced a merger with Riley Exploration – Permian, LLC in an all-stock deal. Tengasco will issue approximately 203 million shares to Riley members, resulting in them owning 95% of Tengasco post-merger. Riley, which focuses on oil and gas properties in the Permian Basin, boasts a strong balance sheet with a low debt ratio and a history of cash dividends totaling $25 million. Following the merger, Tengasco will be renamed Riley Exploration Permian, Inc. and stock will trade under the new symbol "REPX".
Tengasco, Inc. (NYSE American: TGC) reported a net loss of $554,000 or $0.05 per share for Q2 2020, a decline from a net income of $9,000 in Q2 2019. Revenues were $563,000, down from $1.4 million year-over-year, primarily due to a $30.26 per barrel drop in average oil prices and a 2.6MBbl decrease in sales volumes. For the first half of 2020, the net loss was $(1.1 million) compared to $(87,000) in 2019, with revenues at $1.53 million, down from $2.56 million. CEO Michael J. Rugen noted ongoing market challenges but emphasized the company's liquidity and debt-free status.