Tengasco Resumes Drilling in Swan Creek Field
April 23 2004 - 11:30AM
PR Newswire (US)
Tengasco Resumes Drilling in Swan Creek Field KNOXVILLE, Tenn.,
April 23 /PRNewswire-FirstCall/ -- Tengasco, Inc. announced today
that drilling began April 22, 2004 on a new gas well, the Hazel
Sutton #3, in the Swan Creek field in Hancock County, Tennessee. A
contract for drilling services was entered into with Union Drilling
of Norton, Virginia. The Company intends to drill the Hazel Sutton
#3 to the gas reservoir in the Knox formation at an approximate
depth of 5,000 ft, but may complete the Hazel Sutton #3 as an oil
well if commercial quantities of oil are encountered at a shallower
depth. It is expected the Hazel Sutton #3 well can be drilled to
the depth of the Knox reservoir and completed in approximately
three weeks. Upon completion of the Hazel Sutton #3, Union Drilling
will move to another location and begin drilling the Paul Reed #12,
which is also expected to be a Knox gas well. Additional locations
are being constructed for wells that will be part of the future
development of the Swan Creek field. Workovers are also underway on
a number of existing oil wells in both Tennessee and Kansas. The
Company's dispute with Bank One continues, but the rights offering
that was completed on March 19, 2004 produced working capital for
the new drilling and workovers of existing wells. The statements
contained in this release that are not purely historical are
forward-looking statements within the meaning of applicable
securities laws. Forward-looking statements include statements
regarding "expectations," "anticipations," "intentions," "beliefs,"
or "strategies" regarding the future. Forward-looking statements
also include statements regarding revenue, margins, expenses, and
earnings analysis for 2003 and thereafter; the Company's going
concern qualification; oil and gas prices; reserve calculation and
valuation; exploration activities; development expenditures; costs
of regulatory compliance; environmental matters; technological
developments; future products or product development; the Company's
products and distribution development strategies; potential
acquisitions or strategic alliances; and liquidity and anticipated
cash needs and availability. The Company's actual results could
differ materially from the forward-looking statements. DATASOURCE:
Tengasco, Inc. CONTACT: Dr. Richard T. Williams, CEO, Tengasco,
Inc., +1-865-523-1124 Web site: http://www.tengasco.com/
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