SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
SALAS PETER E
(Last) (First) (Middle)
P.O. BOX 16867
(Street)
FERNDANDINA FL 32095
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
TENGASCO INC [ TGC ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
12/31/2012
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 12/31/2012 S 218,000 D $1.1(1) 0 D
Common Stock 12/31/2012 S 15,458,321 D $1.1(2) 5,381,171 I By Affiliate Partnership
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Option Right to Buy $0.64 01/02/2013 J(3) 1 01/02/2013 01/01/2018 Common Stock 6,250 $0 1 D
Option Right to buy $0.73 10/01/2012 J(3) 1 10/01/2012 09/30/2017 Common Stock 6,250 $0 1 D
Option Right to buy $0.81 07/02/2012 J(3) 1 07/02/2012 07/01/2017 Common Stock 6,250 $0 1 D
Option Right to buy $1.07 04/02/2012 J(3) 1 04/02/2012 04/01/2017 Common Stock 6,250 $0 1 D
Option Right to buy $0.75 01/03/2012 J(3) 1 01/03/2012 01/02/2017 Common Stock 6,250 $0 1 D
Option Right to Buy $0.72 10/03/2011 J(3) 1 10/03/2011 10/02/2016 Common Stocik 6,250 $0 1 D
Option Right to buy $0.84 07/06/2011 J(3) 1 07/06/2011 07/05/2016 Common Stock 6,250 $0 1 D
Option Right to buy $1.16 04/01/2011 J(3) 1 04/01/2011 03/31/2016 Common Stock 6,250 $0 1 D
Option Right to Buy $1.08 03/17/2011 J(3) 1 03/17/2011 03/16/2016 Common Stock 25,000 $0 1 D
Option Right to buy $0.43 02/08/2010 J(3) 1 02/08/2010 02/07/2015 Common Stock 25,000 $0 1 D
Option Right to Buy $0.7 01/08/2009 J(3) 1 01/08/2009 01/07/2014 Common Stock 25,000 $0 1 D
Option Right to buy $1.44 06/03/2008 J(3) 1 06/03/2008 06/02/2013 Common Stock 25,000 $0 1 D
1. Name and Address of Reporting Person*
SALAS PETER E
(Last) (First) (Middle)
P.O. BOX 16867
(Street)
FERNDANDINA FL 32095
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
X Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
DOLPHIN OFFSHORE PARTNERS LP
(Last) (First) (Middle)
129 EAST 17TH STREET
(Street)
NEW YORK NY 10003
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
Explanation of Responses:
1. Shares were sold in a private transaction to SSB Ventures LLC, a Delaware limited liability company in which Peter E. Salas is a member, for the consideration of a promissory note dated December 31, 2012 by SSB Ventures LLC in amount of $239,800. Pursuant to the SSB Ventures LLC company agreement, Peter E. Salas retains the power to direct the voting by SSB Ventures LLC of the shares sold to it by Peter E. Salas.
2. Shares were sold in a private transaction to SSB Ventures LLC, a Delaware limited liability company in which Dolphin Offshore Partners, L.P. is a member, for the consideration of a promissory note dated December 31, 2012 by SSB Ventures LLC in amount of $17,004,153.10. Pursuant to the SSB Ventures LLC company agreement, Dolphin Offshore Partners, L.P. retains the power to direct the voting by SSB Ventures LLC of the shares sold to it by Dolphin Offshore Partners L.P.. Peter E. Salas, the Chairman of the Company's Board of Directors, is the sole shareholder and controlling person of Dolphin Mgmt. Services, Inc., the managing general partner of Dolphin Offshore Partners, L.P. This sale neither results in a change of control of the Company nor any effect upon management of the Company.
3. Grant of option pursuant to Tengasco's Stock Incentive Plan.
Remarks:
s/Peter E Salas 01/03/2013
Dolphin Offshore Partners LP 01/03/2013
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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