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| | Business Wire: Tengasco Announces Sale of Its Rush County, Kan... @ HighBeam Research (Site not responding. Last check: 2007-10-16) |
 | | The sale involved fifty-three producing gas wells and saltwater disposal wells, and the associated gathering system, as well as the underlying leases and rights of way, being all of the gas wells, leases, and gathering system in Rush County, Kansas that were purchased from AFG Energy by the Company in 1998. |
 | | In 2004, the gas wells that were sold produced 261,466 Mcf of gas resulting in revenues to the Company of approximately $868,092 which constitutes about 19.5% of the Company's revenues from all of its Kansas oil and gas properties in 2004. |
 | | The net proceeds of the sale were applied to reduce the principal outstanding on the Company's promissory note dated May 18, 2004 bearing interest at 12% per annum and payable to Dolphin Offshore Partners, L.P. ("Dolphin") from the original amount of $2.5 million to $150,000 as of March 4, 2005. |
| highbeam.com /library/doc0.asp?docid=1G1:129979581&refid=ink_tptd_np (400 words) |
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